January 26, 2017, 10:56 AM 
Ah, ang pow money, one of the few saving graces of Chinese New Year, the time of the year where families gather to see who is better than who and unwittingly cause rivalries amongst relatives to spend some much needed time together.
The sad thing? Our ang pow hauls grow smaller the older we become. And $200 just seems a lot less these days.
So why not spend it in a way that helps you save more moolah in the long run? Sounds like a good deal to us.
1. Get a blender to make your own smoothies
How much: $40 - $80
Why: $3.25 can buy you a whole bunch of bananas and make 4 - 5 slurps. Get 3 avocados for $5 and you can have about 6 shakes. See where we’re coming from? You could save a small fortune.
What’s stopping you: If you don’t have 15 minutes a day to blend your custom concoction, then wash and dry your blender. (Though you can technically put leave the blender in the pantry for the cleaning lady to help you wash.)
What you’d potentially save in a year: About $480, if you get a juice fix twice a week; if you’re an addict, you’d be patting yourself on the back for easily saving more than $500 a year.
2. Make your daily MRT fare work for you
How much: Instead of spending 20 bucks on a cab ride, how about $0.80 - $2.50 for a train ride?
Why: LTA’s Travel Smart Rewards scheme rewards you with a point for every km travelled on the MRT/ LRT, and travelling during off-peak hours earns you extra points. The more points you have, the higher your chance of winning cold, hard $ -- which comes in the form of a “Spin to Win” game.
Clever people spend less to save money. Wise people save money by spending.
What’s stopping you: You are so lazy you can’t even be bothered sign up for Travel Smart Rewards. We really can’t think of any other excuses.
What you’d potentially save in a year: You won’t be saving money. You’d be profiting from it. And there’s nothing, nothing better than that.
3. Top up your CPF account
How much: Up to you. At least half or all of your ang pow money sounds like a decent amount to us.
Why: Don’t you want to retire comfortably with higher retirement payouts?
Topping up your own or your loved ones’ CPF Special Accounts (SAs) (for members below 55 years old) or Retirement Accounts (RAs) (for members 55 years old and above) can earn up to 6%* interest per year. Compound this over time, and every dollar in your SA will more than double in 20 years’ time.
If you top-up your SA or RA with cash, you’ll be eligible for tax relief of up to $7000 per year.
Even better? If you are topping up for your loved ones with cash, you can enjoy further tax relief of up to $7000 per year. Conditions apply.
What’s stopping you: The fact that once the money goes into the CPF account, you will only get to enjoy it as monthly payouts starting from your payout eligibility age (PEA). But hey, it pays to think long-term.
What you’d potentially save in a year: Since the amount to save is an arbitrary decision, we’ll use an example instead -- if you start saving $500 every month from the age of 21, you’ll have $483,096 in your account by 65 (assuming an annual interest of 2.5%). If you start later at 30, you would only have accumulated $270,001.
That’s a difference of $213,095 in savings. Woah.
* Inclusive of an extra 1% interest paid on the first $60,000 of a member’s combined balances. Members aged 55 and above will also receive an additional 1% interest on the first $30,000 of their combined income.
4. Invest in a bicycle so you can cycle to work
How much: if you wait for discount season or buy secondhand, decent bikes can be bought for around $300 bucks. It’s best not to cheap out, especially on your brakes.
Why: Other than cutting down on transport costs, cycling to work is decent cardio and forces you to exercise. It’s also an escape from the frustration of train breakdowns.
What’s stopping you: Quite a lot actually. Including but not limited to:
- Your workplace does not have a shower.
- Your workplace is ridiculously far from where you live.
- Your route to work brings you into proximity with many homicidal drivers.
What you’d potentially save in a year: Between $600 and $1120 each year, depending on the distance between your home and your workplace.
5. Invest in a nice jacket
How much: Totally based on your preference, but a decent one would cost at least $50 for the ladies. Guys, be prepared to spend more than $100.
Why: Truth #1: People are always judged by their external appearances.
Truth #2: A jacket is the most exterior of garments.
Classic polytechnic hack. Wearing a nice jacket outside means you can wear your old clothes inside. People will judge you based on your swanky outer garment, not expensive Calvin Kleins.
What’s stopping you: You work in a non-air conditioned environment. Either that, or you’re mindful of those judgy aunties and uncles who don’t understand fashion and mock you for wearing a jacket in Singapore.
What you’d potentially save in a year: If you spend $50 on clothes from Cotton On each month, that’s $600 a year – but come on, that’s a conservative estimate.
6. Switch out your phone contract to a SIM only postpaid plan
What? You get the 3GB data, SMS and outgoing call minutes at half the price?!
How much: $15 - $20 for a for a 3GB data package, depending on the telco. Plus $5 for caller ID.
Why: With a SIM only plan, you get the exact same benefits. The only things you’ll be missing out on are mobile plan discounts and special prices on smartphones when you renew your contract.
But hey, with every new smartphone, the changes get more and more incremental. So what’s the point of being part of an endless race?
What’s stopping you: You’re the type who feels more secure in a relationship.
What you’d potentially save in a year: A 3GB 4G data plan costs roughly $43 - $63 per month, so you could be packing away some $300 yearly.
7. Tent – start camping, it’s the cheapest kind of holiday
How much: Good two-person tents can be had for $250+ and above (Don’t buy those $20 tents from hypermarkets unless you enjoy sleeping in very moist conditions).
Why: You want to see the Northern Lights, the Swiss Alps and the glacial blue lakes of New Zealand, but you don’t have enough moolah to fork out $100 per night on AirBnBs/Hotels.
Basically if you’re going to any wilderness area in Europe, North America, Australia, Taiwan, or Japan.
What’s stopping you: You travel exclusively to the city, or within Southeast asia, where it’s cheaper and more comfortable to get a hotel room than a tent.
What you’d potentially save in a year: Let’s say you have 16 days of leave each year. That’s potentially $1600 spent in hotels or ‘glamping’.
8. Guys, invest in an electric clipper to cut your own damn hair. And girls, invest in one for your guys.
How much: $50 bucks tops for a good shaver.
Why: Even the cheapest haircuts in Singapore cost about $10. A neighbourhood barber may charge about $8, but that’s in Toa Payoh.
What’s stopping you: Okay, if you’re only getting a shaver, the resulting haircut is probably going to be pretty basic. So if you / your guy are chasing the latest, elaborate hair trends, this probably won’t cut it (pun not intended).
What you’d potentially save in a year: If you cut your own hair, you’ll break even in 5 months, and that’s still $70 in savings for 2017, and $120 the next.
This sponsored post allows us to top-up more than just our ang pow money into our CPF accounts.
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