How can we save more money, especially during this period where Singapore has just stepped out of Circuit Breaker?

Hey there.

Putting your savings in high-interest savings account is a way to beat inflation and increase value.

Choices that do not require spending/minimum sum include:

1. Singlife Account (2.5% p.a, capaital guaranteed, interest non guaranteed)

2. FSM Auto-Sweep Account (1.05%p.a, interest rates may be revised)

3. Stashaway Simple (1.9%, capital non guaranteed, interest non guaranteed)

4. SCB JumpStart (1%p.a)

5. Crypto.com Crypto Earn (Depending on currency, as high as 16%p.a without any prior staking. However, do take note of the volatility of cryptocurrencies)

6. Vivid Account (1.05% p.a for first 10k, 1.30% for 10k-20k)

7. CIMB FastSaver (Revised rate of 0.5%, down from 1%)

Hi anon,

It's good that you want to take charge of your finances with greater clarity.

You can start by ensuring that you only spend on essentials. Track what you spend on, and ensure that it is truly an essential. I think we can all agree that the $6 Starbucks coffee is not an essential, so stick with a kopi from a hawker center, for example, unless you are really willing to go barebones and make coffee from instant coffee sticks. Track your expenditure item by item.

Track over a month, and you will have a rough idea how much you truly spend on. As a gauge, you could probably get by with $600/mth if you don't travel during this period, and stick with hawker food or the occasional $2 McChicken for your meals. However, this doesn't include things like utilities; depending on your profile, you might have to include that in your expenses. If you stay with your parents and they are taking care of it, you won't have to count it, but eventually if you move out, you will.

Understand that there's a limit to how low you can cut your expenses, we won't want to sacrifice our health for that.

While you're doing this, being financially savvy means you'll want to read up more on personal finance. There are tons of resources out there and a Google search will turn up plenty of resources. It's important to note that personal finance is subject to one's own views and preference, so form your own picture in line with your goals and beliefs. If in doubt, you can always ask.