5 Surprising Benefits You Get From Spending Less

Mark Cheng



I’ll be the first to admit that living in Singapore almost never equates to “spending less”. The options for spending on anything and everything under the sun are endless, not to mention this little thing called the Internet. While spending less does have its obvious perks of you naturally having more money, here are a few other benefits you may not realise you’re getting:

1. Being Debt Free

Ok maybe this isn’t “surprising” in the conventional sense. Sure, no one likes to perpetually owe other people money, especially if there’s interest to be paid on top of what is owed. But now, there’s an even bigger implication – your Total Debt Servicing Ratio (TDSR). What might be surprising though, is the sense of relief that you get from being debt free.

Thinking of buying a house and taking a loan? If you’re not careful, your TDSR could completely kill your chances of even smelling a loan offer from any (legal) bank. Spending less empowers you to progressively pay down your debt and remove the stress of owing money at the same time. That aside, having $50,000 (or more!) in credit card debt is not something you’d want to wear as a badge of honour. Which brings me to…


2. Having a Stress-Free Retirement

With all the concern and conversation regarding CPF, the last thing you want to do is to approach your retirement years with apprehension. This is meant to be the time in your life when you relax and enjoy the fruits of your decades of labour.

Unfortunately, a lot of people have their timelines reversed. You’d think that after having to deal with years of work stress, retirement would be the time to take things easy. Well, spending less now means truly enjoying life when you should be.


3. Having Improved Relationships

It comes as no surprise that money is a huge factor in why couples break up. Discrepancies in spending habits, a general lack of financial planning, and need we even mention problem gambling?

Sure, spending on certain occasions is important, but spending less overall puts less financial strain on the relationship and allows you to save up for more enjoyable and important times.


4. Being More Free To Travel

If you aren’t spending frivolously on things you don’t really need, you can stop being envious of all your jetsetting friends and do some travelling of your own! Not to mention, if you’re able to save up more money by spending less, this lessons the burden of having to worry about cash and finances while you’re on your trip. You’re supposed to be focusing on experiencing the world, not experiencing an empty wallet!

And while travelling isn’t always cheap, there are plenty of ways you can save money while travelling, so follow us on Facebook as we share tips and tricks on how you can do just that.


5. Being More Free To Lean New Skills

In this interesting article on Time.com on unexpected ways to be happy, one of the ways people reaped long term happiness was from mastering a new skill. A referenced study showed that “participants who spent time with activities that increased their competency, met their need for autonomy, or helped them connect with others reported decreased happiness in the moment yet increased happiness on an hourly and daily basis.”

What people may not realise is more often than not, spending money also involved spending time. Aimlessly browsing the Internet for hours or wandering around Singapore’s countless malls doesn’t just drain your wallet, it also drains your time. Why not invest that time and money into learning a new skill? And hey, you can even do it for free!

What are some other benefits you may not have thought of that you get from spending less? Share your experiences here with us!

Keep updated with all the news!

Mark Cheng

I rant and rave a lot, but when I'm not busy doing that, I'm managing the content for MoneySmart. I love Singapore, but I also believe in helping it to improve bit by bit, and that's where MoneySmart comes in. Have some thoughts? Drop me an email at [email protected]