Money Saving Tips

A little while back, I wrote an article on 1001 ways to save money. I thought that I could expound on some of the common money saving tips proposed by various experts and see how it can actually work out in the Singapore context.

One of these money saving tips that you commonly hear is this:

Shop at outlet stores. You can find a lot of nice, even brand names, clothes for a fraction of the price.

Outlet Stores in Singapore

In the first place, I don't really know where to find outlet stores in Singapore. I am not much of a shopper so I would really appreciate if everyone can share the best outlet stores in Singapore to get stuff like clothes and shoes.

Outlet Stores in Malaysia

Over at Malaysia, I frequently come across Factory Outlet stores and also the Reject Shop. These shops often carry certain branded shirts at really a fraction of the price. And that is in Ringgit also! Tell me about a good deal.

The shopping mall just opposite the new immigration complex is where you can find a Factory Outlet store and a Reject Shop. If one does not mind making the trip across the causeway, you can find pretty good deals there.

Bus Trip Cost Only 91cents

I have been travelling on buses quite frequently recently and realised that bus fares are actually quite reasonable.

A single trip costs me only $0.91 . So a two way trip adds up to about $1.80. That is pretty affordable for my trips when I give tuition.

While travelling by car would be much faster, I get to save on the carparking. This adds up over the long haul.

It makes me wonder whether I should just sell my car away. Afterall, maintaining a car in Singapore is a costly thing to do. I reckon that it costs me about $1100 per month based on all the charges. Yikes!!!!

If you can resist the urge, you should not buy a car especially if you are single.

Think of all the things you can do with $1100 per month in EXTRA cash. You could literally eat at restaurants every single day.

Sheng Shiong is Not the Cheapest

Sheng Shiong Supermarket has always been associated with being cheap, or should I say it correctly: "Providing goods to customers at a cheap price."

I did not start out as a fan of Sheng Shiong as the first store that I visited happened to be located at Jurong Superbowl. During my visit then, I found it to be disorganised, messy and more like a wet market. The impression that was left on me was that there was a reason why Sheng Shiong managed to sell its food so cheap.

Then over the years, I realised a slow transformation that took place. Sheng Shiong seemed to be able to upmarket itself and provided a very clean shopping environment for customers while still providing very good value for money. They also started a fresh seafood section with live lobsters, crabs, prawns and even abalones!

Over the years, I begin to associate Sheng Shiong with being the cheapest supermarket around.

Today, I was proven wrong. I visited NTUC Extra and realised that some items in NTUC were selling much cheaper than Sheng Shiong. The blueberries were selling cheaper than the blueberries in Sheng Shiong. Much cheaper!

So it goes to prove me wrong that all cheap stuff can be found at Sheng Shiong. As a consumer, you still need to know where to shop to get the cheapest goods.

But overall in terms of price for the majority of grocery goods, I will still rank the supermarkets as follows:

1. Sheng Shiong

2. Giant

3. NTUC

4. Cold Storage

The only other option is to cross the causeway into JB to do your shopping there.

Where do you do your grocery shopping? Do you shop at only one particular supermarket or do you go to various supermarkets to get your groceries?

Wearing Clothes That Are Too Expensive

I referred to Lee Wei Ling's editorial on the Sarong Dress Party Girl in the Sunday Times.

In it, she gave a detailed account of how she opted for comfort and cost when it comes to clothings. I can identify with her.

Over the past few years, I can count the number of new clothes that I have bought for myself with two hands. The clothes that I buy are often very comfortable and cheap too. In fact, they are so comfortable that I love to wear them whereever I go. Nevermind the stares that I get from strangers.

I once boasted to my wife that I must have been the one who brought the fashion of wearing bermudas and flip-flops to Orchard Road. That was my dress code literally everywhere I went.

On the other extreme, I know of people who have spent a fortune buying branded clothes and bags and stuff that could easily wipe out half their monthly salary. But how often can one wear those clothes? Some of them don't even look very comfortable.

For me, I consider myself frugal. I will only buy clothes that are above $50 if I consider their quality to be good. Otherwise, I will refrain from spending such frivolous money.

Let's take the example of shoes:

I only have one pair of dress shoes and one pair of casual shoes. The rest are all slippers. I do not even have sports shoes as I use the ones that are bought free-of-charge at the e-marts from the Singapore Armed Forces. Some people I know have so many pairs of shoes and they keep changing them every year. My shoes are worn for at least two to three years or until they break. I do not see the need to buy new shoes every year just to keep up with the fashion. As long as they are still in good condition, I will wear them.

How many pairs of shoes do you own? Do you consider yourself a fashion junkie? Or are you even more frugal than me?

Never Owned a Laptop in My Life

Do I spend a lot? I do not think so.

For one, I consider myself a pretty frugal person. The only thing that I am willing to spend on is food. I consider myself a "okay" spender when it comes to food. I don't mind eating at Sushi Tei, Marche, etc. That is the highest level of spending on food that I allow myself. I feel uncomfortable eating at higher society establishments as I don't like dressing up =)

Okay, now back to the topic...I have never owned a laptop in my life. GUSH!!!!!

Yes yes, I can hear you gasping for air. This is unbelievable right? A person who has gone through university and never owned a laptop in his entire life?? It is true!

I was too "broke" to afford one so I just did not buy it even though laptops were being offered real cheap in NUS. Who says you need a laptop to survive? I did not have a laptop and I survived. And I am very proud of it =)

Even my FYP presentation was done using my girlfriend's laptop which I borrowed. Hahaha. I don't know why people say you need laptops to do presentations. All the group presentations, everyone surely has a laptop. Just use other people's laptop!

Besides, desktops have much better computing power. So whenever I needed to use a laptop (which is rarely), I simply borrowed from the many people all around. A desktop was what I used as it was CHEAPER and BETTER (in terms of specs).

So don't let social norms bite you. Bite them back and then blog about it a few years later.

That was how I survived university days... Cool right?

What is one thing that you always wanted but realised that you can actually live without?

Saving Money on Coffee

While doing some Christmas shopping a few weeks back, I bought some nice roasted coffee from Marks and Spencers that cost me $11.90. It is also Fairtrade coffee which means the farmers of the coffee beans are being fairly compensated. (You can read about their fairtrade stories here)

I figured that it would replace my daily cup of coffee from the coffee shop downstairs which costs me $0.70 per cup.

I cannot kick the habit of drinking coffee so I have no choice but to make my own coffee.

The roasted coffee should be able to make me at least 30 to 40 cups of coffee based on my estimations. 40 cups of coffee would cost me $28.00.

We will just have to see how disciplined I am in making my own coffee instead of buying coffee from coffee shops or Starbucks.

The coffee is pretty nice but it does not taste like the Robusta coffee beans that are commonly used in Singapore coffee shops. It lacks the aroma and is slightly acidic. I am guessing it is Arabica beans - the kind which westerners like to drink.

Perhaps I need to use some condensed milk in the cup I am drinking now.......

1001 Frugal Things to Do

Hi people,

I realised that a lot of people are really concerned about saving money and stuff. So I have scoured the internet and forums for a list of things that people do to be frugal and to save that extra bit of money. I don't do all these stuff listed here (okay, the list here does not run to 1000) but at least it gives you an idea of what others are doing to save money and how you can incorporate it into your very own spending habits. You will be amazed at some of the ideas suggested here!

1001 Ways to Save Money and Be Frugal

• Buying food that is about to spoil. Supermarkets offer steep discounts for food that is going to expire. They are not fresh but they are definitely safe for eating!

• Free entertainment and books at the library.

• Cook and Eat at home

• Eat at a friend's place

• Unplug devices in the house that you are not using

• Switch off all lights

• Keep thermostat down, use blankets to stay warm

• Dry 2 loads of clothes at once

• Set the dryer to 10 minutes shorter than usual

• Use the dryer with 2 dry towels. It seems to make the clothes dry faster.

• Use formula milk + vinegar for pancakes instead of buttermilk as stated in recipes

• Don't buy Starbucks

• Make your own coffee and carry it around in a travel mug

• Drink nothing but water the whole day

• Stock up on items that are on sale.

• Hang up clothes to dry instead of using the dryer

• Switch off the aircon in the car

• Don't bring money out with you.

• Eat left overs for your next meal

• Exercise to keep warm (for those in cold countries)

• Use Skype instead of phoning for long distance calls

• Cancel channels that you are not watching on cable TV

• Use the microwave to warm up a cup of water instead of boiling an entire kettle full

• Carpooling

• Shop at the dollar store or those 1.99 shops

• Buy petrol that is cheaper

• check whether your company offers discounted rates for your mobile phone plans

• Use those discount coupons at the store.

• Take a shower at the gym

• Set timers to your thermostat or airconditioner

• Re-use your valentine day cards

• Shower in cold water.

• Wash your disposable utensils and re-use them

• pack a lunch box for the kids

• Buy and sell your own house to save on the commissions

• Paint your own house

• Repair your own house

• Grow your own vegetables

• Cut your own hair

• Color your own hair

• Do your own facial

• Wash your own car

• turn off that home-shopping channel on TV

• Wax your own car

• Walk to work

• Use a fan instead of the airconditioner

• Take a nap

• take public transport

• Don't upsize your meals

• Avoid jam packed roads to save on petrol

• Take the budget airlines

• Accept old furniture from friends and relatives

• Dig out old clothes to wear instead of going shopping

• Get husband or wife to hand deliver things instead of wasting money on postage

• Call up the diaper company for free sample diapers
  

• Call up the milk company for free samples of formula milk

• Turn the car engine off when waiting for someone

So here you have a comprehensive list of things that you can do to save money and be frugal. Any other great ideas to share? Feel free to leave a comment!

Drinking and Eating Your Way to Financial Freedom

Eating out is expensive. A meal for 2 at a reasonable restaurant will easily cost you $50. If it is a really nice restaurant, maybe $100 to $150.

So what is the alternative? Well... you can always eat at home of course!

This is what I had for dinner today. It wasn't cheap but compared to eating out, it is much cheaper.

I had a Campbell's Soup. It was a long time since I drank Campbell's soup and now I remember why I like it so much. They just taste so GOOD! Even better than those Soup of the Day at some restaurants. Well, for appetizer, we had Campbell's Country Style Mushroom Chicken Soup. Simply YUMMY. One can of this roughly feeds two. Sprinkle some ground pepper and eat it with bread.

For the main course, honey glazed chicken:
Well, I tore this and sandwiched it between bread, dip it into some tomato sauce and dunked it into my campbell soup. Delicious.


Drinks - Yellow Tail Chardonnay


The cost of the meal (for 2) was less than $35 =)

Being Frugal

In one's journey to financial freedom, being frugal is definitely one of the criterion.

Can one be frugal and still enjoy life? I will like to think so. Many things in life can be enjoyed without spending much money.

Let's take the case of eating out.

By eating at a cheap hawker center, one saves alot more compared to eating at a fancy restaurant. And seriously, the food actually tastes pretty much the same.

Take the example of how I spent my morning today:

I took a slow walk together with my family to Margaret Drive Hawker Center. Ordered a bowl of fishball noodles (S$2.20) for my wife and duck noodles ($2.50) for myself. I topped that up with 2 x Iced Tea and a cup of coffee ($2.60) and also 2 delicious popiah ($2.40).

That was a hearty meal at less than $10. In times like this, saving up every single cent surely counts. A meal at MacDonald's would cost more than $10 definitely.


Read Related Postings:
Top 10 Money Saving Tips
My Saving and Spending List
Drinking and Eating Your Way to Financial Freedom