In Singapore, life is anything but cheap. It’s competitive, congested, and of course – EXPENSIVE! True, the ridiculously high cost of living has a lot to do with why you’re constantly griping about not being able to save enough money each month.
But is that the only reason why you’re stuck eating economical rice everyday for lunch a week before payday? Or do your purchasing choices have something do to with that? Yes, I’m talking about purchases like that cup of Starbucks you simply must have before work every morning.
I’ve got good news. There are certain smart purchases you can make that’ll save you some major cash in the long run.
Here are 4 such purchases you can make:
1. Media Streaming Service
How much do you pay monthly to watch your favorite shows as a mio TV or StarHub TV subscriber?
Do you pay $50 for a few “decent” channels, or do you pay $125+ per month to get the “premium” channels?
Either way, you’re wasting too much money for what you get in return – heavily edited TV shows and movies (c’mon! Why Gahmen have to edit my Game of Thrones? ) with too many viewing issues (yes, I’m talking about the “screen freezing” that happens far too often).
Instead, you can pay half ($60+ per month) to hook up a media streaming service such as Netflix in your home to watch a huge selection of unedited movies and TV shows.
That means you can potentially save $600+ dollars a year by dumping your existing cable service!
Read our article on how to hook up Netflix here.
2. Filtered Water Bottle
Why do you even buy bottled water when there’s plenty of FREE (or ultra low-cost)tap water to be had?
Hmm… maybe the realization that a small portion of Singapore’s drinking water is comprised of NEWater (which is *cough* reclaimed water) is enough to get you to pay $1-$5 for a bottle of “pure” drinking water.
Yeah, it’s an expense that can cost you $240-$700+ per year. However, purchasing a filtered water bottle such as the Bobble filter water bottle can save you plenty of cash, as it can be used about 300 times before replacing the filter. And it only costs about $17 on Qoo10.
That means you can potentially save at least $300+ dollars a year by switching to a filtered water bottle!
3. Rice Cooker
This one is kind of a no-brainer isn’t it? After all, this is an appliance that most households in Singapore own and use at least once a day.
What many of us don’t think about is how much a rice cooker can save you over time. Think about it, when you order rice a la carte from a hawker or restaurant, the cost can range from $.50 to $1 (anything more is just ridiculous).
But all you need to do is buy a $5-$10 bag of rice, and you’re set for months with your rice cooker. Thankfully, rice cookers are fairly cheap, at $30-$50 for a decent one that’ll last you for years.
That means you can potentially save hundreds of dollars over the lifetime (10-15 years) of your rice cooker!
4. A Espresso Maker
How much do you spend a month on buying drinks at your favorite coffee chain? At $5-$8 per beverage, it’s definitely not a cheap habit – especially if you must have that iced green tea latte every weekday morning.
In fact, this daily habit can easily cost you about $1,200+ per year!
Yes, espresso machines are much more costly than the average coffee maker at $169-$400+. Plus, you still need to buy the capsules too.
However, even if you buy a $400 espresso maker and buy capsules at $1 each, that’s only a combined yearly cost of about $640+.
Here’s another small tip: if you have a really, really, REALLY good friend who doesn’t mind helping you lug a machine half way across the world, purchasing a machine in various countries in Europe will save you up to 40% on your machine.
That means you can potentially save about $600 per year on the cost of buying your morning latte from a major coffee chain.
What are some other money saving purchases that you would add to this list? Share your thoughts with us on Facebook! For even more useful information on everything personal finance, visit MoneySmart today!
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