4 easy ways for S’poreans to save money without making much changes to lifestyle

Singapore is one of the most stressed out countries, with a 2019 survey finding that 92 per cent of employed respondents in Singapore feeling stressed out.

If you’re one of them, your financial wellbeing is probably one of the things weighing on your mind.

To save some cash, you might be thinking that you should probably stay at home and avoid hanging out with friends, or choose to forego buying that product you’ve been eyeing. But being prudent about your finances need not necessarily equate to such restrictions.

How is that possible? All you have to do is to stretch your dollar while maintaining your lifestyle. Hopefully one that’s not too extravagant.

Here are four ways you can make the most out of your money.

1. Visit GST-free restaurants

If you’re heading out for a meal, consider dining at restaurants with no GST or service charge.

GST and service charge can amount to 17 per cent of the total bill, and that can equate to quite a hefty cost should your meal be on the pricier side.

Considering the recent announcement of the planned GST hike to nine per cent in the coming years, these additional charges are not insignificant.

Finding restaurants and eateries that are GST- or service charge-free can be as simple as a quick Google or a visit to eateries’ social media pages.

Some popular restaurants and cafes that do not charge GST or service charge include:

• Food For Thought
• Nakhon Kitchen
• Peperoni Pizzeria
• Nam Nam Noodle Bar
• Lola’s Cafe

Or if you’re really on a tight budget, you can fall back on our trusty hawker centres and kopitiams for value-for-money local delights.

2. Changing to a SIM-only plan

If you’re not in need of a new phone, why not switch to a SIM-only no-contract mobile plan?

SIM-only no-contract plans offer a package of data, talk time and SMS-es at a fixed monthly price, as opposed to the typical contract data plans which bind consumers for two years.

Aside from being more affordable, they offer more flexibility and customisation, where you have the freedom to switch to another plan whenever you want, as well as choose which add-ons to include in your bundle.

However, do note that if you regularly use more add-ons for data, talk time and SMS-es, the accumulated costs may not be as worth it as compared to purchasing a contract data plan.

Ultimately, depending on your needs, a SIM-only no-contract plan might very well work better for your wallet.

3. Compare prices across ride-hailing apps

Sometimes when public transport is no longer available, the price of trying to catch a ride home can give one quite a shock.

One quick way to save money would be to compare prices across various ride-hailing apps before making a booking, especially with the wide range of options there are since the proliferation of such services in Singapore.

“Surge”, or “dynamic pricing” was introduced across several apps to account for demand and supply and encourage drivers to pick up passengers.

Different apps can experience surge at different timings, so should there be a surge in fares on one app, simply take a few minutes to check other apps.

You might have to wait a wee bit longer, but you could very well save some dollars.

4. Switch to an electricity retailer

As you can tell, there are always more value-for-money options as long as you are willing to do some quick searches.

Another surefire way to save money is to switch to a more pocket-friendly electricity retailer.

In the Open Electricity Market, retailers are able to offer rates reflecting the current market conditions, level of competition and short-term costs of producing electricity, as compared to a regulated tariff.

Geneco is currently having special offers for a limited time only.

Its most popular Get It Fixed 24 plan has a low fixed rate of 19.58 cents per kWh for two years, so there’s no need to fret about the fluctuating electricity rates.

For comparison, SP Group’s regulated tariff increased to 24.13 cents per kWh in April 2021. By switching to Get It Fixed 24, you get to save up to S$452 across two years on your electricity bill.

Geneco’s current offer also lets you save more on your electricity bill with up to S$165 worth of rebates, which is the highest in town.

With the promo code “GENECO80”, you can enjoy S$80 of rebates on your bill. Use your friend’s referral code for an additional S$50 off — which is also the highest referral rebate in the market.

Plus, add on up to S$35 bill rebate with their credit card offers.

Additionally, after becoming a Geneco customer, you can earn endless S$50 bill rebates when you refer your family and friends.

You can check out Geneco’s website for more information.

This sponsored article by Geneco made the author more conscious about her spending habits.

Top photo by Ashley Tan