JobsCentral – Tue, Jan 29, 2013 5:04 PM
SGT
By Julailah Wahid
Just last week, we released our survey findings on the saving and
spending habits of Singapore workers.
According to the JobsCentral survey, 55.5 per cent of employees do
not save above 20 per cent of their monthly income while 5.2 per
cent admitted that they do not save at all.
The survey also highlighted that Singapore workers spend mostly on
necessities - 69.6 per cent said they forked out the most money on
food, 57.3% on transport, 51.1 per cent on allowances for parents
or children, 45.9 per cent on shopping or groceries, 37.5 per cent
on accommodation, 23.6 per cent on entertainment and 15.1 per cent
on holidays.
Additionally, female workers spend slightly more than their male
counterparts, even though only 23.6 per cent of females have an
additional source of income, as compared to 39.2 per cent of males.
Those with an additional source of income share that they would
make an extra buck through part-time jobs (30.5 per cent),
freelance projects (27.9 per cent), dividends from stocks or bonds
(26.8 per cent) and property rental income (12.1 per cent).
While most females will spend the bulk of their income on food
(68.5 per cent), a higher proportion compared to males will spend
on shopping/groceries (50.9 per cent vs. 40 per cent of males),
allowances for parents/children (53.9 per cent vs. 47.7 per cent of
males) and holidays (16.2 per cent vs. 13.7 per cent of males).
With the cost of living rising in Singapore, being frugal is
essential if you want to enjoy your golden years without having to
worry about money and have enough cash at hand during emergencies.
We zero in on some money-saving habits that will prevent you from
riding through tight times.
Walk whenever you can
Hopping on a shuttle bus that charges 40 cents to your workplace,
which is only ten to fifteen minutes away, will have you forking
out $2 every week, $8 per month and $96 per year on transport
alone!
This may not sound like much but your daily transport fees could
surely be spent on that classy watch you’ve been eyeing
instead.
If the distance between your workplace and home (or MRT station)
doesn’t leave you perspiring buckets, walk to work - it saves
money and keeps you fit!
Motorists can also take public transport at least twice a week to
save on petrol expenses and reduce their carbon footprint.
Pack your lunch
Instead of paying $6.95 for a burger and French fries that will
keep you feeling satiated for barely two hours, bring some homemade
protein-packed lunch to work. Simple and affordable meals such as
wraps stuffed with chicken breast and vegetables or rice with tuna
and tomatoes, which all cost $5 and below to whip up.
Additionally, you can bring snacks from home instead of making
frequent visits to the vending machine or the convenience store
downstairs, which tend to mark up the food they sell.
Buy in bulk
For items that you use often and in abundance, such as toilet
paper, toiletries and office supplies, purchasing them in bulk
quantities from warehouse and outlet stores may save you up to 50
per cent as compared to buying individual pieces. This also ensures
that you have access to handy stationery items round the clock with
the office fully stocked.
Embrace coupons
If you have the habit of trashing supermarket flyers or coupon
leaflets from the newspaper and mailbox, you may want to rethink
that impulse. Utilising tools such as online discount codes,
supermarket promotions and fast food outlet coupon cutouts can
actually shave a significant amount off your expenses. For
instance, an activity-filled day at Sentosa might cost up to $60
but with a valid Groupon deal, you could pay only half of that.
Get a piggy bank
This may sound like a no-brainer but setting money aside can help
you to save more money than you might think. Place a coin bank on
your work desk, drop some loose change in every week and you could
be saving up to $20 per month! You can then exchange the coins for
notes at certain banks and The Singapore Mint, which comes with a
usual coin processing fee.
