Gen Z's Thrifty lifestyle (2024 Edition)

In Singapore, every dollar saved is a dollar earned.

Here are some healthy habits I've developed that helped me stay self-sustaining and resourceful while maintaining a healthy lifestyle.

Source: giphy.com

Hopefully it can also tide through tight financially stressfully situations to those struggling...

1. DBS PayLah! Debit/Credit Card for Cashback

One of the simplest ways to build a savings habit is to leverage cashback cards. I primarily use DBS PayLah! debit/credit cards because of their regular cashback offers, especially on everyday expenses like food, transport, and online purchases.

It’s easy to overlook the small percentages, but trust me, these cents add up by the end of the month.

Pro Tip: Sign up for the DBS PayLah! app (under promotions/rewards). The cashback can automatically offset your expenses, creating a subtle yet effective way to save while you spend.

It helped me ease my transport expenses!

2. High-Interest Savings Accounts

Especially as a student, maximizing the interest I earn on my savings is crucial.

I rotate my savings between Singlife (since 2020 3.5% if I remember correctly), MariBank (Up to 3.8% which also means, the interest fluctuates), and Chocolate Finance (4.2% early on to 3.6% fixed) to take advantage of the best rates.

• Singlife: I started here for their competitive returns and flexibility. (it started out as non-guaranteed interest)
• MariBank: When their rates outpaced Singlife, I shifted my savings. (started this year 2024)
• Chocolate Finance: A newcomer that occasionally offers higher rates than the rest, making it a solid option for idle cash - 3.6% is better than nothing! (last quarter of 2024)

Image: Picture with the CEO of Chocolate Finance, Walter de Oude

Switching accounts as rates change might seem tedious, but the additional interest is worth it.

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Automation helps, so set reminders to check rates every quarter.

REMEMBER, your bank doesn't provide as much!

3. Healthy 365 Points = Free Gym + Transport Perks

Healthy habits should reward you financially too!

I religiously use the Healthy 365 app and track my steps with the free watch the government provided.

The points I accumulate translate to real savings:

• ActiveSG Points: 150 Healthpoints (HP) can get you $3 worth of gym access. I leverage this for free workouts during university semesters when access to school gyms is limited.
• EZ-Link Rewards/SimplyGo Points: I shifted from gym passes to redeem points for EZ-Link Rewards or SimplyGo points.

Source: dollarsandsense.sg/

While the conversion isn’t as great (health points stretch further for ActiveSG), it still offsets daily transport costs.

Pro Tip: If you have Healthy 365 watches lying around from family members, use them to double/triple etc your points!

4. Milieu Survey App: Cash via PayNow

For those craving actual cash rewards, the Milieu survey app is a game-changer. I’ve accumulated enough points (18,500) to redeem $20 directly through PayNow. While it’s not a rapid wealth-building tool, filling surveys during commutes or in between classes adds up over time.

Final Thoughts Saving money in Singapore doesn’t always require drastic lifestyle changes.

Small, consistent habits—from cashback to high-interest accounts to redeeming health points—can significantly impact your finances over the long run.

Source: giphy.com

With a financial goal in mind,

"You don't rise to the height of your goals, you fall to the depths of your systems" (paraphrased from Atomic Habits)

Every step taken toward financial literacy now compounds, and the earlier you start, the better off you’ll be!

Image: Seedly Writer Amos

About the Writer:

Amos is a marketing undergraduate with an avid passion for marketing.

As a lifestyle writer on Seedly sharing about his adulting journey, he seeks to empower adults in their 20s on managing money wisely.

Known for his engaging blogs that blend personal finance insights with relatable GIFs and stories, Amos strives to simplify complex financial concepts for everyday life.

As a strong advocate for smarter financial habits, he also creates personalized financial tracking tools, inspiring people to take charge of their finances.

His goal is to share actionable insights, and spark meaningful conversations about financial well-being.