Can’t help spending money at malls? Hand a shopping list to someone, who will help you buy only what you need. No more fighting temptation.

Get your child to help you out and in turn teach them the value of money. 

Use your credit cards in Singapore to buy things, and then reap rewards and discounts. Then pay it back in full immediately, so there’s no interest rate to worry about. You get all of the advantages, none of the drawbacks.

Never throw all your money at debt repayments. You must still save a bit, even as you pay down your debt. This is because an emergency, if you have no savings, can force you into using credit again (thus undoing your repayment efforts and keeping you poor).

You do save money by buying in bulk, but not if it’s something you don’t even need. If you have no use for grapefruit concentrate, don’t buy any just because it’s a two-for-one deal.

If you find you are overspending on groceries, and you often plan for a month, try reducing the time frame involved. Some people tend to greatly overestimate how much they will need on long time frames, such as a month. So try buying on a per week basis instead.

When you can “buy with a click”, you are far more likely to make impulse purchases.

All those “just a dollar” apps or in-game purchases can add up to several hundred dollars a month, once the addiction kicks in.

If you have to manually enter your credit card information each time however, you’re less likely to spend. Also, this helps protect you from identity theft.

Try to lower the credit limit on your cards (e.g. don’t have it raised even if you find a higher income). When your monthly income exceeds your credit limit by at least S$2,000, it is very difficult for you to get into serious debt problems. If your credit limit really is twice or four times your income–which is the standard–you can end up drowning in debt.

In effect, your credit card will be treated like a debit card. This prevents you from accumulating debt, which has an “out of sight, out of mind” effect. Remember, you save a lot of money by not paying interest rates.

Buying junk food may seem cheaper, but it’s a false savings. Note that being overweight can raise your insurance premiums by significant amounts, when it comes time to renew your policy.

And in the long run, the deleterious effects of cheap junk food will run up medical bills that far outstrip any “savings”.

Certain kinds of medication, such as asthma inhalers, are almost half the price in Malaysia or Batam. They can also be purchased there without prescriptions.

You can make full use of this when your friends or family travel there – have them buy a few months of your medication there and bring it back to you.

Text: Ryan Ong/SingSaver