Singapore is touted as one of the most expensive cities to live in. A recent study on household budgets has also found that a family of four will need at least S$6,426 a month for a basic standard of living. That’s certainly not chump change.
Is it possible to save while maintaining a certain standard of living in Singapore? As the saying goes, when there’s a will, there’s a way. Saving can be easy and breezy if you’re smart about it, and make it a part of your daily life.
Read on as we round up five simple lifestyle changes you can make to save more.
5 tips to help you save more money
Save better with high-interest products
Sometimes it’s not just the amount that you start with, but also where you park your savings. As much as possible, work your money harder by placing it somewhere that offers high returns. It should also be safe because the last thing you want is to lose all your hard-earned savings.
If you are more risk-averse, insurance savings plans are a safe option that helps you grow your savings at attractive rates while offering some protection at the same time. One such example is Dash PET by Etiqa Insurance that offers the best rates** of 1.5% p.a.*^ in Singapore.
Besides giving you the highest returns currently available for insurance savings plans, Dash PET also comes with an array of benefits when you save at least S$50. Here’s what it offers at a glance:
- Best interest rate** of 1.5% p.a.: Enjoy the base rate of 1.3%* p.a. and 0.2%^ p.a in bonus interest when you opt-in for the FREE protection.
- Enjoy free protection: Get free COVID-19 coverage, including vaccine side effects, and complimentary Death & Total and Permanent Disability^ coverage of up to $50,000.
- Capital-guaranteed savings: You’ll never lose what you’ve put in.
- No lock-in period: Top up and withdraw your funds anytime.
Dash PET is also protected up to specified limits by SDIC, making it a safe tool to store your hard-earned savings.
Prioritise your health
Health is wealth, and those two things are tied more closely to each other than you can imagine. Did you know that treatment for breast cancer – the most common type of cancer among women in Singapore – costs around S$8,000 to S$17,000 a month?
As healthcare costs continue to rise, it’s vital that you take better care of yourself. Develop the mindset of putting yourself first. Invest in your future by taking care of your physical, mental and financial health, whether it’s improving your fitness, clean eating, getting sufficient insurance coverage, or staying financially on track with Dash PET.
And doing so doesn’t cost you much. It may even be free, just like Dash PET’s complimentary coverage for Death & Total and Permanent Disability that is up to five times your account value. Opting in for this free coverage also gives you an additional 0.2% p.a^. interest on the first S$10,000 of your savings!
Need greater peace of mind? Get extra coverage with Dash PET’s three new add-on protection plans – Major Cancer, Accidental Death and Death & Total and Permanent Disability. Premiums are affordable and start from just $0.02 a day (based on S$10,000 sum assured for a 17-year-old female non-smoker).
Plus, you’ll earn bonus interest of up to 0.25%# p.a. for each protection plan that you activate. With Dash PET, it literally pays when you protect yourself.
Be a promiscuous shopper; shop around at different places so you can leverage on their offers and save more. Don’t be shy when it comes to joining membership programmes or cashing out on card offers to earn cashback or rewards points. These help you get more value out of your purchases.
For instance, earn reward points that can be redeemed for vouchers at the likes of Grab, foodpanda, Cold Storage, and more when you transact with your Singtel Dash wallet or Dash Visa Virtual Card. Singtel Dash users are also privy to great deals from popular brands like Shopee, ezbuy, Zalora, foodpanda, Singtel. For the latest promotions, visit Dash’s deal page.
Fund transfers between your Dash wallet and Dash PET policy are also seamless. There’s no limit on the number of transfers you can make, which means you can manage your money more effectively. Keep it in your Dash PET policy to earn interest, and when you need to make a purchase, just transfer what you need to your Dash wallet!
Sustainability is not just kind to the environment, but also your wallet. Save more when you reduce, reuse, and recycle.
Reduce your utility bill by using energy-efficient appliances, and save on your monthly expenses when you buy just what you need at zero-waste stores like Unpackt, Scoop Wholefoods and The Source Bulk Foods. Besides reducing wastage, it’s also often cheaper than paying for a full-sized bag that you can’t finish!
Reuse by investing in quality items that last longer, or fixing what you can instead of buying a new replacement. For instance, a S$500 mixer with a lifetime warranty would probably give you more value than a S$250 mixer at half price that lasts only a few years.
Last but not least, recycle upcycle! One man’s trash is another’s treasure, and you’ll never know what price-friendly gems you’ll find on Carousell. Thinking of redecorating your home? Find unique pieces at second-hand furniture shops like Hock Siong and Second Charm Home which give vintage goods and furniture a new breath of life. Or do it yourself with the latest retro tiled table trend on TikTok.
Unleash your inner MasterChef
Dining out or constantly relying on food delivery can put a dent in your wallet faster than you know it. Instead, pick up some culinary skills – or kitchen equipment – so you can whip up meals at home that are not only cheaper, but also healthier.
Save smart with Dash PET
You don’t have to scrimp and lead a life of frugality to save well. Instead, save smart by making small changes to your lifestyle. Not only are small changes easier to implement, but it is also less disruptive, easier to commit to, and helps you save better.
Among the many ways to do so, Dash PET is by far the simplest way to save smart without having to make huge changes to your life. Experience the benefits for yourself by signing up for Dash PET on the Singtel Dash app today.
This article is written in collaboration with Singtel Dash.
Disclaimer: The information is meant purely for informational purposes and should not be relied upon as financial advice. **Compared to similar digital insurance savings plans available for subscription, as of 9 September 2021. This comparison does not include information on all similar products. Etiqa Insurance does not guarantee that all aspects of the products have been illustrated. You may wish to conduct your own comparison for products that are listed in www.comparefirst.sg. *For the first policy year, 1.30% p.a. up to S$10,000 and 0.30% p.a. for subsequent amount in Account Value. Crediting rate is non-guaranteed. ^Additional 0.2% p.a. to the existing 1.3% p.a. returns for your first S$10,000 Dash PET savings during the first policy year while the complimentary protection is active. Complimentary Accidental Death coverage will be offered for the same duration if you are not eligible for this add-on protection. Sum assured will be based on your age and occupation. #Additional interests of up to 0.25% p.a. from each activated payable add-on protection applies to the first S$10,000 account value of your active Dash PET policy. Dash PET is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). This advertisement is for general information only. Terms apply. Full details of the policy terms and conditions can be found in the policy contract on dash.com.sg/dashpet. Protected up to specified limits by SDIC. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg). As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is accurate as of 6 December 2021.