It seems nowadays everybody is trying to pinch pennies and save money where they can. Between world events, the ongoing COVID-19 pandemic, and national labor shortage, many people are trying their best to save and spend responsibly. Young couples in Singapore are among the multitudes saving a buck here and there and are looking for ways to be more mindful about their finances.
We’ve rounded up our top favourite ways to stay frugal while still having fun!
Date Night In/Out
Dating your spouse long after you’re married is key to staying in love and further developing your relationship. Date nights can add up fast depending on what you both like to do. Here are a few less expensive ways to have date nights in and out!
- Take a bike ride together throughout the city (either solo bikes or a tandem bike)
- Stroll through the parks closest to you
- Visit the local library and each pick a book for one another
- Not as inexpensive, but save you money and splurge on a cooking class (sometimes you can find them on sale)
- Try a new place that you’ve talked about visiting but haven’t yet
- Find a movie series you enjoy and take a Saturday for a movie marathon
Buy Used, Not New
Whether you’re living in a flat or renting an apartment, you’re going to need furniture. Depending on what you both bring into a home from where you lived before, you’ll need to consider style, colors, and textures.
Before heading to five star furniture stores that cost a fortune, consider buying gently used items from thrift stores, discount stores, or even from friends and family. Hopping out of bed in the morning on a Saturday means you can find some treasures at local yard sales. There’s multiple fun ideas of upcycling furniture on Pinterest!
Debt Planning + Accounts
As we’ve mentioned in past blogs, joint accounts with a common savings account can save some trouble and arguments down the road. Finding specific accounts that offer a higher interest rate is a helpful tool to save money and gain more than you began with. The higher the interest rate, the more returns and freebies you earn!
TheSmartLocal has great insight on what types of bank accounts work best in this situation, “Take for example, if you have an initial DBS/POSB Multiplier account balance of $50,000 and you’re crediting your salary of $4,000 into the account plus spending $500 on a DBS/POSB credit card, that will amount to a $4,500 transaction, entitling you to a 1.85% p.a. deposit interest rate. And you can make your earnings grow even more.”
Bulk Grocery Shopping
While the grocery store isn’t the first place you think of saving money, the savings start when you shop in bulk! If feasible depending on the size of your home, stock up on expensive items like toilet paper, paper towels, and certain foods.
When buying in bulk, bring plenty of reusable grocery bags, consider high quality containers for storage, and find a local package-free grocery store!
House Hack
Savings happen in the strangest of places! In your home, consider using sun blocking film to minimize sun exposure into your house which ups your electricity bills. These films typically can block up to 97% of the sun’s harmful rays and make your home feel cooler. Not only that, but the film blocks out damaging UV rays. It’ll keep you cool and safe!
Summary
Achieving freedom with your finances isn’t outside the realm of possibilities. Using the tips above will guide you to make the best choices for you and your partner.
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