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Cost of living got you down? Here are 5 ways to cut costs – Singapore News

Take public transport, cook at home, stretch your dollar

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Every day, there’s another news story about the rising cost of living. Rent is rising, food prices are skyrocketing, and utilities are becoming increasingly expensive. And yet, despite all of this, salaries remain stagnant.

It’s no wonder that so many people are feeling the pinch. With the cost of everything increasing but not their incomes, it’s becoming harder and harder for people to make ends meet. And yet, somehow, we’re expected to keep on going. To keep working hard and hope that someday, our salaries will catch up with the cost of living.

While you’re waiting for your salary to return, here are a few ways you can cut costs in your life. Let’s get started!

unused subscriptions save moneySource: Unsplash

Cut out unused subscriptions

One of the most important financial tips anyone can give you is periodically reviewing your bank statements. It’s especially important to check for direct debits for bills and subscriptions. Make sure to cut out anything that’s no longer relevant.

After all, nothing is worse than being charged for a service you’re not using. Reviewing your bank statements is also a great way to keep track of your spending.

Not using Netflix anymore? Cut it out. Unused gym subscription? Goodbye!

You might be surprised at how much money you waste on unnecessary things.

So, review your bank statements periodically and cut out anything unnecessary. It could save you a lot of money in the long run.

home cooked meals save moneySource: Unsplash

Stick to home-cooked meals

Restaurants are great places to eat, but they can be pretty expensive. Eating at home is a great option if you’re looking to save some money.

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Not only will you save money on your meal, but you’ll also get to control what goes into it. Want extra veggies? No problem. Prefer less salt? Easy-peasy. Cooking at home also allows you to try new recipes and learn about different cuisines.

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So, the next time you’re thinking of eating out, why not try cooking at home instead? You’ll save money and impress your dinner guests with a delicious meal.

Want to save cost for your lunches too? Meal prepping is the way to go.

By cooking big batches of food at the beginning of the week, you can portion out your meals and pack them up for work. Not only will this save you money, but it will also help you avoid the temptation of ordering takeout.

Want to minimise effort? Invest in a slow cooker. You can prepare a delicious meal with a slow cooker with minimal effort. Add your ingredients to the pot, set the timer, and let the cooker do its magic.

Be disciplined while you’re heading to the supermarket to get your groceries.

Make a grocery list and stick to it. This will help you avoid buying unnecessary items that will end up going to waste.

And if you want to take penny-pinching to a whole new level, you can try snooping around the supermarkets and cafes at the end of each day.

Supermarkets and cafes are left with unsold food and other items. Rather than throwing these items away, many businesses now offer them for free to anyone who wants them. This is a great way to reduce waste and save money on groceries.

singapore public transport mrtSource: Unsplash

Public transport is the way to go

If you live in a big city, you know that finding a parking spot can be a nightmare. Your wallet can take a serious hit between the meter maids and the parking garages. And let’s not even get started on car insurance.

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The good news is that there’s an easy way to save money on transportation costs: take public transit. Not only will you avoid the headache of finding a place to park, but you’ll also save money on gas and car maintenance.

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Public transport doesn’t have to be boring, and it certainly doesn’t have to be expensive. There are plenty of ways to get around town without taking a cab, and many of them are quite fun.

For instance, you could try taking the bus. It’s a great way to meet new people and see the sights.

You could also try cycling. It’s a great way to get some exercise and fresh air. And if you’re feeling adventurous, you could even try walking. It might take longer, but it’s a great way to explore your surroundings.

So next time you’re looking for a way to get around town, don’t automatically reach for your wallet. There are plenty of other options out there.

save electricitySource: Unsplash

Switch off unused electrical appliances

Anyone ever receiving an electricity bill knows it can be a real shock to the system – pun intended. Just when you thought you had your finances under control, that little piece of paper arrives to tell you that you’re spending way more than you realised on power.

But there are plenty of ways to keep your electricity bill under control.

Always switch off your appliances after use. If you’re forgetful, invest in a smart plug. That way, you can control all your appliances from your phone and ensure they’re turned off when you leave the house.

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If you want to take it a step further, unplug your electronics when they’re not in use, you can save a significant amount of money on your electricity bill. And it’s not just TVs and computers – any electronic device that draws power can add to your bill.

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Estimates suggest that 9% and 16% of electricity consumed in homes is used to power appliances when they are in standby mode.

And if you have a bit of spare cash, give old appliances an upgrade. Newer models tend to come with energy-saving features.

Choose a low-cost remittance service

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Fortunately, there are now plenty of low-cost remittance services out there that can save you money when sending funds abroad.

Instarem is a platform that facilitates fast and easy international money transfers with low fees and competitive FX rates. It helps you send money abroad to over 50 countries.

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The article originally appeared on ValueChampion.•ValueChampion helps you find the most relevant information to optimise your personal finances. Like us on our Facebook page to keep updated with our latest news and articles.•More From ValueChampion:•Best Cashback Credit Cards in Singapore 2023

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