Eleven Money Saving Tips For Indian Women in Singapore
First saving tip for Indian women in Singapore is to open a savings bank account with POSB and in this account compulsorily put a minimum of 200 SGD (Singapore dollars) per month and if you ever want to withdraw any sum, you have to go to the bank to do the same, as there is no ATM card for this account. The interest rates they give on this account are a bit higher than other banks in Singapore. This is not exactly a fixed saving plan and you can close the account whenever you wish. The money will be transferred via your POSB/DBS account and if you defer three payments, then they will close the account. If you want to get good interest rates from your POSB account, then the amount needs to be a minimum of 1500 SGD.
Second saving tip for Indian women in Singapore is to write down every penny that you spend. It is a bit boring in the beginning, but once you start it, it will become a habit. At the end of the month, you will know where you overspent and then can start economizing. Do the same with food also. Always maintain a diary to be conscious about your spending habits.
Third saving tip for women in Singapore is to keep a piggy bank and put all the change in it. Make a budget every month for the expenses. Carry a calculator while going to do shopping so you know exactly how much you have spent versus your budget. Buy only what is necessary. Save on water and electricity and switch off fans lights when not needed. Apart from saving on your bill, it is a good way to go green too. For ideal saving tips, you should have an eight-month saving reserve in your account. Always look for sales and discounts.
Fourth saving tip is to purchase some grams of gold every month. Value of gold will increase over a time period, which can be confirmed with the recent high prices and increased demand of gold. One the other hand, investing in gold will not only make you happy, but it is also a big saving for your future.
Fifth saving tip is to control your urge of shopping. Everyone tends to save some money every month, but you can save a lot more avoiding one casual trip to Watsons or Tangs in lunchtime.
Forth saving tip is to make a family budget on a monthly basis and discuss with your husband regarding it and make a point to write all expenses even if you spend 50 cents, and at end of month, do the calculations. If in month of December, you did too much shopping due to the Holiday season, then control it in the month of January like going less to malls.
Sixth saving tip for Indian women in Singapore is that when you are together (husband and wife), you spend a lot, so try to go to the market alone so you finish fast and take only necessary things. Also, make an annual budget for example in year 2011, if you want to save a particular amount from your earnings, stick to your budget and try to achieve your saving goals.
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Seventh saving tip is to not carry too much cash for shopping and carry a credit card only when it is really necessary like for planning shopping.
Eighth saving tip is that whatever pocket money you have every month, try to spend less than that. Even though that amount is always in the budget and is meant to b spent, still try not to spend all the money. If you do this, you will be usually successful in saving around $175 to $200 every month on your shopping expenses.
Ninth saving tip for Indian women in Singapore is to always buy vegetables, fruits, and meat on a weekly basis. Make a menu on Sunday evening as to what to cook from Monday to Saturday and buy only those food items that are in the menu. In that way, you can save money on food, as you will exactly know how much to buy and avoid wastage. Many women tend to save a lot from food budget.
Tenth money saving tip for women is that if you and your husband think you are spending more if money is in your hands, try to invest in something like buying a house, etc. so that you can save forcibly in the form of property keeping little cash savings and also can transfer to Indian accounts if you have excess in hand here.
Eleventh money saving tip for Indian women in Singapore is to keep one extra bank account like in OCBC or so other than regular usage POSB saving accounts and whenever you have excess cash, just transfer that cash into it. This is because if we see more money in our regular savings account, we tend to spend more.