Trimming the fat is something we all look forward to doing. Being a first-world nation, we can relate to that. Consuming more food than we actually need is a common problem that many of us have.
The same problem applies to our expenditure. We need money to provide for our families and ourselves. These things help us survive, give us comfort, and buy us quality time with our family and friends.
But do we need to be spending so much each month? Or are there efficient ways in which we can trim the fats from our expenditure without changing our lifestyle completely.
(1) Group Your Telco Plans
When you group your mobile phone plans together, you get to enjoy a bundle discount. This can potentially add up to quite a bit of money each month.
For example, a family of 4 who all have their mobile lines with M1 will get to enjoy a 25% savings off their mobile subscription. Assuming they sign up for the Lite+ (200 mins, 3GB) at $42 a month, they will enjoy a total discount of $42 each month. That’s like having one free mobile line for every 3 that you apply for.
(2) Choose The Mobile Plan That You Need
One of the main ways that telcos in Singapore try to make you spend more than you need to is by providing heavy discount on new mobile phones if you sign up for a higher tier plan.
With the advancement of hardware and software technology both globally and in Singapore, people no longer need to spend so much on their mobile plans. If you need to message, watch videos from the Internet or update your Instagram account, you can do so by logging on to a Wi-Fi connection at your office or at home. If you want to make a phone call to your friend, simply get a Wi-Fi connection and use Whatsapp call or Skype.
You can easily shave off about $20 – $40 each month (depending on what plan you are currently on) just by choosing the right mobile plan for yourself.
(3) Refinance Your Existing Mortgage
If you currently have an existing bank loan, consider speaking to a mortgage broker about refinancing your loan and reduce your cost of borrowing.
A property loan is usually the biggest loan that most of us have. Hence, even a slight reduction of interest for the loan can equate into significant savings.
If you are looking for a trusted broker, consider talking to Paul Wee from Wiseloan.sg, we have worked with him and find him to be knowledgeable.
(4) Cancel Every Form Of Paid Membership You Have
This advice may seem a little extreme but we believe it would help you in the long run. Allow all your current paid membership to lapse without renewing any of them.
This could include your spa membership, your gym membership and even your car rental membership. Allow them all to lapse.
While you are enjoying the immediate savings you get from cancelling these memberships, you may also quickly find yourself being able to enjoy life without these things. You may realize your gym membership wasn’t necessary, as you embrace the idea of quick morning workouts, instead of squeezing in with the evening crowd.
You may even find yourself having more time for yourself without these things. If you really miss these things after a while, you can always choose to resume your subscription.
(5) Review The Content In Your Fridge & Dry Food Cabinet Each Month
Here is a piece of advice that may lead you to save more money in the long run when you do your grocery shopping. Review what you have in your fridge and dry food cabinet each month.
If you do so, you may quickly realise just how much useless (and perishable items) you bought each month. That barely eaten jam has been sitting there for the past 2 months. The chocolates that has been in the fridge for almost 3 months. Maybe even the cup noodles that was bought during a clearance sale 6 months ago and is now waiting for you to clear it.
Don’t forget to clear the freezer as well while you are at it.
We hate to break it to you, but most items that have been in the fridge for more than 3 months are likely to be items that should have never been bought in the first place. Keep that in mind the next time you go to the supermarket.
Read Also: 5 Ways To Earn Passive Income In Singapore