You know that Singapore is one of the most expensive cities in the world. That is true considering that buying products here could cost you more compared to other cities. There is a study made by the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) that uncovered price differences for more than six hundred items across eleven cities.
The results of the study made by MIT and MAS were released on April 29, 2014. They found out that for the same brand, prices here in Singapore is higher than the eleven cities included in the study. Some of the cities that are included in the study are Hong Kong, London, Paris, Shanghai and New York. The high prices are attributed to the cost of the operation (including the labour costs) and strong Singapore dollar.
Not all people here can afford the luxury of global brands. You live in an expensive city and somehow saving is a struggle. However, you do not need to feel helpless because there are steps that you can integrate for saving money. Here are some steps worth your effort:
- Save on entertainment: If you are thinking about watching a movie, you can avoid the cost by watching it online. If you have magazine subscriptions, you should at least choose one that you need most and cancel the others. If you have unessential memberships, terminate it immediately.
- Save on food: You can save on food but it does not mean that you need to deprive or starve yourself. If you like to go outside to eat, it is time that you consider less expensive but healthy foods. You can for instance cook in the house.
- Save on expenses: If you have other expenses like medications and baby formula, you can consider generic versions. You should know that generic versions have the same effects as name brands. If you are smoking, you should think about quitting to save more.
- Save on energy: You pay for your electricity. If you are worried about your electric bill, you should turn off the unused lights and other home appliances. If it is not enough, you can purchase energy saver appliances. You should also look for fixture that is energy efficient.
- Save on personal expenses: Your personal expenses include your mobile phone plan, internet plan, cable and many more. If you could find ways to lessen your utilities, that would be a great help. Saving means sacrificing convenience. If you can live without it, you should cut it back.
The things mentioned above are just simple and very easy to follow. If you have other money saving steps in mind, you can share it and let the world know.
