New Year Resolutions: 7 Ways to Save Money in 2019

Growingyour funds and saving are two continuous processes that require in-depthknowledge of financial planning and discipline. The closer you stick to theplan, the easier it is to grow your earnings and savings. As 2019 approaches,it is prudent that you establish an idea on how you are going to start saving,the amount to save and how long you intend to save. Investing is also anexcellent option but requires some patience and risk tolerance.

Ifsaving is one of your new year resolutions, here is a money saving checklistthat will help you get your New Year’s resolutions on track , to the rightstart and get you to a healthier financial you in 2019.

Get affordable electricity

Ifyou are an economic news follower, you by now have an idea of the openelectricity market whereby there will be several new energy distributors in thecountry venturing the retail market. You can take advantage of the situationand switch to a provider that offers the most economical rates based on yourbudget and get the most suitable plan for you.

Youcan start your own little research do the math and come up with a wise decisionthat will enable you to save on energy bills mainly if your electricityconsumption rates are always high. Also, watch out for promotional discountsfrom the new providers, that can help boost your savings.

Switch to data-only plans

Onefinancially draining partof our lives is our mobilephones. Your mobile could be using up lots of money every month depending onthe service plan you have installed. Talk time and SMS are the predominantmoney extractors in most cases. Reliable and fast networks available inSingapore allow you to virtually do everything including making phone calls andsending high definition videos through data alone.

Switchto sim only data plan which will help you stop paying for services that youdon’t need. These data only plans provide you with more data food, reducing theneed to purchase costly data top-ups.

Don’t pay for packaging

Haveyou ever tried to calculate the amount you use each month for the cardboard andplastic packaging whenever you purchase things from the stores? You may assumethat cardboard and plastic packaging you pay for every time cost a relativelylittle amount, but you will be quite shocked to learn how costly packaged goodscan be.

Packageditems are usually pricier than other fresh items which makes them stay longerin the supermarket. What you don’t know is that you are paying for that can orthat bottle unknowingly. Now that you know, 2019 is the year to pick items thatdon’t charge too much on packaging. In any case, packaged items are not alwaysthe best, try fresh grocery and get your own package when freezing them. Thisway you save more and reduce wastage by paying for quantities you do not need.

Consider the local brands

Someof us are obsessed with various brands — Victoria secrets, Gucci, Abercrombie,Michael Kors, Adidas, Polo, NIKE and many more. When it comes to food items, wepurchase the imported and leave the local brands on the shelves. For anywealthy—really wealthy Singaporean, this is a perfect lifestyle but for anyonewith goals to accomplish in the next few years, choosing expensive brands isn’tthe way to go. The Singaporean market provides its residents with quality,unique brands that are averagely priced which could well serve as any worldwidebrand. Instead of focusing on the brands, why not check out what your style isan decide to find local brands with similar taste. You may see yourself gettingsweet deals and liking the local brands more, which will allow you to savemore.

Maximize credit card cashback

Cashback is the money given back to you forthe items you already intended to buy. You can optimize your cashback funds bygetting the right credit card. The seemingly measly earn rates should not foolyou. With a maximum cashback of between $60 to $100 a month, the cashback cardscan help you save almost a thousand Singaporean dollars every year. Forinstance, the Citi Cashback for rebates on petrol, dining and groceries is oneexcellent card as it gives you cash back on things that you use every day. Ifyou’re a travel enthusiast the OCBC is the card for you; you get cash back fortravelling, dining, and booking hotels.

Get proper travel insurance

Holidaysare meant to be enjoyed and for people to have fun and forget a little abouttheir problems, work, and personal wrangles but accidents and mishaps dohappen. Having the right insurance ensure that you are well covered financiallyand do not have to spend any money when things go wrong. If you are travelling,make sure that you have travel insurance that covers for crucial things likeflight cancellations in case of a disaster, the cost of lost luggage, andmedical coverage.

Creditcards do offer some form of coverage, but it is not reliable as it may notcover for all your needs. Purchase insurance from a reputableinsurance company tomake sure that you get the most out of it. In case you are far away andsuddenly got sick; the insurance must convince you that you won’t have to pay apenny for treatment.

Move to a better bank

2019 is the year to make changes with regards to your finances. If you have been in Singapore for the last five years, you probably must have noticed that the local savings accounts interests rates have been stagnant for the longest time now. You may want to seek alternatives from other banks with better prices. However, it is not that bad as banks have launched several types of savings accounts that offer better interest rates. You can open a saving account—strictly meant for saving—and earn interest from it while the other account serves as the expense account.

You may also like to read:

New Year’s Resolutions: Here’s your checklist for planning your finances in 2018

How to plan your finances for the new year ahead (2019)

4 more portfolio resolutions for 2017

(By Molly Joshi)

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