7 Top Tips To Make Your Salary Stretch Further


You don’t need a salary increase or bonus to ensure your bank account is still in credit at the end of the month. With just a few simple changes to your spending habits, it’s easy to take control of your finances and make your money work harder.

By spending a little bit of time organising your incomings and outgoings, you’ll discover plenty of simple changes and money hacks that will benefit you in the short- and long-term. It’s time to stop burying your head in the sand; here are some top tips that will help make your salary stretch further.

Save first, spend later

Thanks to the rise of cashless payments, it’s all too easy to overlook exactly how much we’re spending when money isn’t physically exchanging hands. Make sure you transfer a designated amount into a separate savings account as soon as you receive your pay cheque. Once all the essentials (like rent or mortgage and insurance) have been deducted you’ll be left with your disposable income and know exactly how much you have to play with each month. Start tracking your spending and you’ll find it easier to live within your means.

Focus on the small things

Small savings across the board will accumulate and can save you a surprising amount of money. Ditch the morning coffee, curb eating out, start using the MRT instead of taxis, sell any unwanted clutter around your home, and look for free activities to enjoy. It will all add up and your bank balance will thank you for it..

Switch credit cards

There are plenty of credit cards available with great deals on everything from discounts on groceries and petrol, to cashback deals and savings on recurring payments. Do your research and think about what benefits are of most value and could save you the most money right now, then switch! If in doubt, take a look here for extra guidance on which credit card is the right one for you.

Stay fit for less

Gym memberships at big chains can be expensive. Switch to ActiveGym where you can stay fit for less. Fitness First of Pure Fitness charge approximately $160 per month, while ActiveSG gyms charge $160 for six-months. That’s a saving of $800 in six months, or approximately $134 monthly!

Rent your wardrobe

If you find yourself spending on throwaway fashion or always want a new outfit for the weekend, why not consider renting your wardrobe instead of always buying new items? There are plenty of options like Style Theory, Rentadella, or Covetella where you can secure designer threads minus the designer price tag, and return them once you’re done.

Start using cashback apps

Cashback apps like Shopback and Fuzzie are one of the easiest ways to save money on items you’d be buying anyway. Before you purchase anything be sure to check the apps first to see if you could secure cashback on everyday items from restaurants and bars, to Taobao and travel.

Save using compounding interest

Get your head around the benefits of compound interest and you could see your money multiply way faster than if it were stored in a standard savings account. Start investing savings wisely now across a diversified portfolio and you’ll be making money out of money you don’t currently have.

Written in collaboration with BankBazaar.sg, a leading online marketplace in Singapore that helps consumers compare and apply for a credit card, personal loan, home loan, car loan and insurance.


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