How To Save Money in Singapore [2025]

It's no secret that living in Singapore can be expensive. From utilities to transport to everyday expenses, the cost of living can strain even the most careful budget. With rising inflation and increases like the planned GST hike, learning how to save money effectively is more crucial than ever for Singaporeans.

Fortunately, there are many practical strategies you can implement to save money and reach your financial goals. We’ve collated actionable tips for saving money in Singapore, covering budgeting, debt management, reducing bills, shopping wisely, and more.

1. Create a budget and stick to it

One of the most effective ways to save money is to create and stick to a budget. A budget helps you manage your finances by comparing your income and expenses and prioritising your spending.

Start by identifying your needs versus your wants. Needs are essential expenses like housing, food, and transportation, while wants are non-essential items like entertainment and dining out. While you don’t have to cut spending on wants entirely, higher-priority purchases should take precedence.

You can also consider popular budgeting strategies such as the 50/30/20 rule. This approach allocates 50% of your after-tax income to needs, 30% to wants, and 20% to savings and debt payments. This ensures that at least 70% of your income goes towards essentials and savings first while still leaving you with 30% for discretionary or ‘fun’ spending.

Depending on your current financial situation (e.g. fresh grads may not be able to allocate 20% of their income on savings, or you might see debt payments as part of the 50% allocated to needs), you can consider other approaches like the 60/30/10 budget or envelope system. Don’t be afraid to explore other budget worksheets and budgeting templates until you find what works best for you.

If your current spending deviates significantly from these percentages, you can always make adjustments to bring it in line. Several free and user-friendly budgeting apps and tools are available in Singapore to help you make this change by tracking your income and expenses. For example, DBS NAV Planner and OCBC Money Insights are digital tools offered by local banks that can provide valuable insights and help you manage your finances effectively.

Setting specific and realistic savings goals can provide motivation and direction. Your savings goals can be short-term, like saving for a holiday, or long-term, like saving for a BTO flat downpayment, wedding ceremony, higher education overseas, or raising a child.

Consider using the CPF as a long-term savings tool. While it's primarily designed for retirement, understanding how your CPF contributions grow can help you plan your overall savings strategy.

For larger goals like a BTO downpayment, a wedding, or overseas education, consider setting SMART goals: Specific, Measurable, Achievable, Relevant, Time-bound. For example, I want to save S$15,000 (Measureable) for my wedding reception (Specific) within 15 months (Time-bound); I will achieve this by setting aside at least S$1,000 a month (Achievable) from my salary into a separate savings account (Relevant).

Online savings goal calculators can help you estimate how much you need to save each month or year to achieve your targets.

3. Track your spending 

To effectively save money, it's essential to understand where your money is going. Tracking your spending can help you identify unnecessary expenses and regulate your spending habits. Whether digitally or using paper receipts and statements, keep a record of your monthly cash flow – your income minus your expenditures. This will also help you monitor your progress toward your savings goals.

Many budget apps can help you track your spending, such as Seedly, Spendee, and YNAB (You Need A Budget).

4. Save your loose coins and cash

Don't underestimate the power of small change! Setting aside your spare coins and bills each day can gradually accumulate into a significant amount. While this method isn't a quick fix for building substantial savings, it's a consistent and low-effort approach to gradual wealth accumulation. Using cash instead of credit cards for everyday purchases can also help you control your spending, as you're more likely to be mindful of the physical money leaving your wallet.

Consider establishing a routine of setting aside your spare change daily and depositing it into a savings account regularly. Banks might charge deposit fees for coins or smaller-denomination notes, so make each deposit count.

5. Keep savings in a high-interest savings account to maximise interest gains

Maximise the growth of your savings by storing them in a high-interest savings account. These accounts offer higher interest rates compared to traditional savings accounts, allowing your money to grow faster. Several banks in Singapore offer competitive high-interest savings accounts, such as the UOB One Account, OCBC 360 Account, and DBS Multiplier Account. These accounts often come with specific requirements, such as crediting your salary or performing certain transactions, to unlock the higher interest rates.

6. ‘Pay yourself first’ with automated bank transfers

Simplify your savings efforts by automating transfers from your checking account to your savings account with a standing order. Set up recurring transfers or standing orders with your bank in Singapore to automatically move a fixed amount of money each month (or at other intervals) into your savings. Some people call this ‘paying yourself first’, ensuring your savings goals and investments are already accounted for before you budget for daily needs and discretionary spends.

This technique is particularly useful for saving towards specific goals, such as building an emergency fund, paying off debt, saving for a vacation, or accumulating a down payment for a property. When you need the funds, simply withdraw them from the dedicated savings account—it’s instant liquidity without impacting the primary funds amount in your checking account.

7. Paying off high-interest debt comes first

Credit card debt often carries high interest rates which can quickly accumulate and hinder your savings efforts even as you make more money. Prioritise paying off your debt as quickly as possible, no matter the amount, to minimise interest charges. Consider making extra payments or increasing the amount you pay towards the principal balance whenever possible.

8. Manage your tertiary education loans in singapore

If you have tertiary education loans, explore the available loan repayment options and strategies to minimise interest costs. While refinancing options for student loans may be limited, consider accelerating repayment by making extra payments whenever possible. This can significantly reduce the total interest paid over the life of the loan. If you have multiple education loans, consolidating them into a single loan could also simplify your payments.

9. Refinance your mortgage

For homeowners in Singapore, refinancing your mortgage could potentially lead to substantial monthly savings and free up cash flow for other savings goals. You could try adjusting the loan term to suit your current financial situation and financial goals, negotiate repayment schedules with your lender to find a repayment plan that maximises savings, or consider cash-out refinance.

10. Make a plan before going to the supermarket

Always check your pantry and fridge to avoid buying duplicates when heading to NTUC FairPrice, Sheng Siong, or Cold Storage. Plan your meals for the week or month and create a shopping list to stick to—this will help you avoid unnecessary purchases and save money on groceries.

Be sure to check out the latest supermarket promotions and loyalty programme offerings to maximise your savings. These can usually be found on the supermarket’s app or in paper flyers. Some credit cards have grocery offers to help you stretch your dollar further too.

11. Check if that streaming service or data plan is still worth having

Are you sure you’ve got the best home fibre broadband plan in Singapore? Review your current TV and internet subscriptions to identify potential cost-saving opportunities. Regularly assess your usage of streaming services like Netflix, Disney+, and Spotify. If you find yourself not using their services for more than a payment term (whether that’s monthly, quarterly, or annually), consider canceling underutilised subscriptions.

Many telcos in Singapore now offer consolidated streaming packages alongside TV subscriptions. Contact your service providers to inquire about potential discounts or cheaper plans that cost less compared to paying for each service individually. Compare between fibre TV providers to find more competitive offerings.

Evaluate your need for premium cable channels and high-speed internet packages if your usage drops or interest wanes. Downgrading to a more basic plan could result in significant monthly savings. Local streaming services like MEWatch can provide alternative entertainment options at a lower cost too.

12. Switch to a cheaper cell phone plan

Cell phone contract expiring soon? Optimising your cell phone plan can help reduce your monthly expenses. Compare various plan options from different telcos in Singapore to find the best cell phone plan for your needs and keep an eye out for promotional rates and special offers.

You can also consider switching to a Mobile Virtual Network Operator (MVNO) like GOMO, SIMBA, or redONE, which often offer competitive deals and flexible prepaid SIM card plans.

13. Optimise at-home energy habits to lower your utility bills

Implement energy-saving habits at home to lower your electricity consumption. Utilise fans instead of air-conditioning whenever possible. Turn off appliances at the power socket to eliminate standby power consumption. You can also consider switching to a retailer offering a lower electricity tariff through the Open Electricity Market (OEM) in Singapore.

14. Get rid of unnecessary or unwanted ‘orphan’ subscriptions

Similar to tip #11 above, regularly review your recurring subscriptions to identify any services you no longer use or need. Carefully examine your credit card or bank statements to spot auto-renewals for services you've forgotten about and cancel any unused subscriptions to free up cash flow.

Be cautious when signing up for free trials that require payment information, and set reminders to cancel before the trial period ends. Alternatively, cancel the trial immediately after signing up—you will usually be able to utilise the service until the end of the free trial period without being charged the initial payment.

15. Plan ahead and strategise major purchases

If possible, time your big purchases such as electronics and furniture, to coincide with major sales events in Singapore. Monthly sales are usually good for everyday goods, with 11.11 usually being the biggest monthly sales day. Black Friday, the Great Singapore Sale (GSS), and seasonal promotions (e.g. sales for Chinese New Year, Hari Raya, Deepavali, or Christmas) also offer significant discounts.

Before making a purchase, compare prices across different online platforms like Lazada and Shopee to ensure you're getting the best deal.

16. Practice mindful spending with the 30-day rule

Combat impulse buying by implementing a cooling-off period before making non-essential purchases. The 30-day rule involves waiting 30 days between the time you're tempted to buy an item and the actual purchase. For example, if you see a new gadget you want, add it to your online shopping cart but wait 30 days before completing the purchase.

This waiting period allows you to assess whether you truly need the item or if it's just a fleeting desire. Some retailers may even offer discount codes or coupons to entice you back to your cart, leading to greater savings. You can also try shorter waiting periods like 24 or 48 hours if 30 days seems too long or if the item has a limited run—this approach isn’t to stop you from buying the item completely, but to make you more mindful of your spending.

 17. Restrict temptations to shop online

Reduce compulsive online shopping by making it more difficult to access shopping platforms. Use browser extensions that block or limit access to shopping websites during certain times. Avoid saving your billing information on websites to add friction to the checkout process. By making it more inconvenient or annoying to complete an online purchase, you might convince yourself to shop online less or to do so more mindfully. Also consider uninstalling shopping apps from your phone or disabling promo notifications to further minimise temptations.

18. Stock up on household supplies when they're on sale or cheap

Track your inventory of household necessities like detergent, toilet paper, and cleaning supplies and save money by buying them in bulk when they're on sale. Supermarkets or online retailers often offer discounts on bulk household necessity purchases, enabling you to stock up for several months’ or even a year’s supply at a lower cost.

You can also explore group buy opportunities in Singapore to access bulk discounts on frequently used items. Group buys may be organised by local neighbourhood groups on WhatsApp, Telegram, or Facebook, or via Instagram accounts like @groupbuyssg.

19. Shop pre-loved and second-hand from consignment and thrift stores

Purchasing pre-owned items from thrift stores and consignment shops, like SSVP Shop and New2U, can save you money on both needs and wants. Thrift stores sell more than just clothing, apparel, and accessories too—consider furniture thrift shops like Hock Siong or decor thrift shops like Treasure at Home.

Local platforms like Carousell and Refash host a wide selection of secondhand clothing, furniture, and other goods, offering branded, good-quality items at a fraction of the original price. You can also sell or consign your own pre-loved items to earn some money, or compare prices between listings to ensure you're getting a genuine bargain.

20. Go the DIY or one-of-a-kind route when giving gifts and presents

Saving money doesn’t mean sacrificing thoughtfulness during special events or celebrations. Consider creating DIY gifts such as personalised hampers or baked goods that still convey your heartfelt sentiments to the celebrant. You could also offer service-based gifts, like creating a ‘coupon book’ offering to help with chores, or provide a skill you possess (e.g. if you’re a pet owner, offer to pet-sit for your friend).

To optimise your gift-giving budget further, plan it out for the entire year and purchase items during sales events. You can also search for cheaper alternatives, such as buying flowers wholesale and DIY-ing a bouquet on your own instead of buying a pre-arranged bouquet.

21. Join local initiatives to get free items or services

Tap into community sharing groups and initiatives to acquire items you need for free, whether it’s a need or a want. Join groups on Telegram or Facebook, such as Freecycle SG or local community groups, where people give away items they no longer need (tip: search for ‘give away’, ‘donate’ or ‘FOC’ to find such groups). Some people who buy household essentials in bulk may even offer them for free or at a low cost on such platforms. You can also look out for events, roadshows, and promotions in Singapore that offer free samples or goodie bags.

22. Take advantage of birthday freebies from your favourite brands

During your birthday month, be sure to take advantage of birthday perks and freebies offered by various shops and restaurants across Singapore. Many businesses, such as Beauty in The Pot, Boost, Starbucks, Sephora, Haidilao, Cedele, and Daiso offer birthday promotions or even free gifts to their members or customers. Even Mandai Wildlife Reserve offers exclusive privileges for visitors celebrating their birthday! Plan ahead to maximise these offers and save money on your birthday celebrations.

23. Lower your car costs (whether you own one or not)

Car ownership in Singapore is notoriously expensive. If you own a car, there are several ways to save money on transportation expenses. Use credit cards that offer fuel discounts to reduce your petrol costs. Be sure to plan your routes to avoid Electronic Road Pricing (ERP) gantries during peak hours to save money on ERP charges. Consider refinancing your auto loan to get a better deal.

Depending on your schedule, you can even sign up with platforms like Grab, Gojek, or Tada to be a private-hire driver and make some extra cash on the side. And when it’s time to renew your car insurance, shop around different providers for a plan that better suits your financial goals and situation.

If you don’t own a car, consider carpooling apps or public transportation options as alternatives if feasible.

24. Optimise gas usage

Drivers should adopt fuel-efficient driving habits to minimise gasoline consumption. This means maintaining proper tire pressure to improve fuel efficiency and avoiding excessive idling to reduce fuel waste. If your COE is expiring soon, consider buying a hybrid or electric vehicle (EV) next to significantly lower fuel costs. Singapore’s national EV incentives like the EV Early Adoption Incentive (EEAI), and Enhanced Vehicular Emissions Scheme (VES) offer rebates that make switching to an EV more attractive too.

25. Use car-sharing services instead of purchasing your own vehicle

For those who only need a car occasionally, car-sharing services can be a cost-effective alternative to car ownership. Explore car-sharing services in Singapore like BlueSG, GetGo, and Tribecar rather than committing to a full car purchase. Compare the upfront costs of car-sharing with the expenses of owning a car, including car loans, insurance, parking, and maintenance—overall, car-sharing is still typically more affordable for the average person. Some companies even offer lease-to-own schemes for greater flexibility down the line.

26. Save when you dine out

Dining costs in Singapore are rising but you can still reduce your spending while dining out. Dining deal platforms like Eatigo, Chope, or Fave offer discounts at food kiosks, eateries, and restaurants across Singapore. Certain credit or debit cards may offer limited-time dining discounts too.

Hawker centers or food courts are still more affordable than sit-down restaurants, and there are new cuisines regularly popping up in hawker centres across the country. Of course, if you really want to save on food expenses, cooking at home more often is still the best option.

27. Shrink your entertainment and leisure price tags

Who says you always need to spend money to have fun in Singapore? Credit card companies often have promotions for movie tickets, theme park visits, and other entertainment options. Singaporeans and PRs also have free entertainment options at national institutions and museums like the National Gallery, and Singapore has plenty of green spaces for free, outdoor entertainment too.

28. Participate in free community events all around you

Participate in free or low-cost community events for entertainment. Attend free events at libraries, community centers (CCs), or even shops at the Apple Store. You can also join interest groups or meetups for activities like hiking, board games, or sports to enjoy social interaction without spending money. Town Councils (TCs) also often host family event days or day trips at an affordable price, allowing you to enjoy new experiences at a smaller price tag.