5 ways to better manage your finances in 2021

No need to procrastinate when it comes to these new year resolutions.

Kayla Wong | January 16, 2021, 10:47 AM

The start of a new year often means setting new year resolutions for yourself, in the hope that you can finally complete whatever you wanted to do in the past year.

It can be anything from leading a more healthy lifestyle by working out more, or starting on a balanced diet, to setting your finances straight so you can have more savings by the end of the year.

If you’re hoping to do the latter, here are five ways to better manage your finances in 2021. While you might have come across these tips before, they can still come in handy if you need a refresher.

1. Set a target for how much you want to save each month

A way to do this is to split your pay into different categories and allocate how much you would like to use for each segment.

For instance, out of your monthly salary, you could set aside 25 per cent for savings, 10 per cent for your parents, and another 15 per cent for bills and groceries, depending on your personal expenditure.

Keeping to a clearer goal that you’ve set for yourself can help you reach your targets more easily, and avoid that end-of-month panic when you ask yourself “where did my money go” after you see a lower amount than expected in your bank account.

2. Choose a credit card that aligns with your spending habits

If you’re going to be spending your hard-earned money anyway, why not make the most out of your buck by strategising how you are going to spend it?

Certain credit cards can give you some rebates when you make certain purchases at the supermarket or the mall.

Of course, it goes without saying that you should be paying your credit card bills on time, so you don’t incur any late payment charges, which brings us to our next point.

3. Pay your bills on time

This might be a no-brainer, but there are some of us who might have neglected to pay our bills on time when we get busy with work, or life in general.

Paying our bills on time means we are not charged late payment fees, something which you definitely do not want to see in your monthly statement if you don’t like to see money go to waste.

4. Limit your spending on unnecessary wants

Besides limiting yourself on how much to spend each month, you can cut down on unnecessary spending too.

A cup of bubble tea might feel fulfilling the moment you poke your straw in your drink and in the subsequent five minutes when you savour it.

But the purchase can set you back at anywhere from $5 to $7 -- an amount that can add up to quite a bit if accumulated over time.

If you manage to fight against the temptation, not only can you save money and reduce plastic waste, you can also cut down on your sugar intake.

That’s killing two birds with one stone if you’re looking to make healthier lifestyle choices as well.

The same goes for any other food, drink or item that is not really necessary.

5. Look out for deals when it comes to necessities

Lastly, when it comes to things that you have to spend on, look out for value for money offers that can stretch your buck further.

One example is Geneco, a retail energy brand under YTL PowerSeraya, one of the leading electricity retailers in Singapore.

Geneco’s most popular plan -- Get It Fixed 24 -- allows subscribers to enjoy a low fixed rate at 17.66¢/kWh for two years (vs regulated tariff at 22.21¢/kWh) without having to worry about the fluctuations in the electricity market.

This is useful if you find your electricity bills fluctuating even though your household consumption has remained more or less the same every month.

You can enjoy savings of up to 25 per cent with Geneco as well.

In addition, SP customers can enjoy an online exclusive if they switch to Geneco. Simply sign up online with the promo code “GOLDEN70” and receive a $50 bill rebate and $20 grocery voucher.

Non SP-customers can also enjoy a $50 bill rebate with the promo code “GOLDEN50”.

Stack on even more savings with a $20 referral rebate and up to $20 bill rebate when you make a recurring payment with selected credit cards.

As a Geneco customer, you can earn endless $20 bill rebates when you share your referral code with your family and friends. The top five referrers from now till Feb. 28 will walk away with up to $1,000 grocery vouchers!

You can check out their website for more details on their deals available!

This sponsored piece by Geneco forced the writer to do something she has been putting off for the longest time.

Top image via @f7photo/Unsplash