If life in the little red dot is stressful and you feel like getting away, you certainly aren’t alone! A survey by marketing tech company, Criterio, found that last year, Singaporeans took an average of 5.2 trips in the previous 12 months, and online sales have grown to a whopping S$6 billion. If it seems like ages since you took your last trip and you’d love to have some money to set aside for a break, it is easy to do. By setting aside funds, cutting down on costs, and being savvy about your financial products, you can set aside enough for at least one holiday abroad or various shorter holidays within Singapore.
Taking an Honest Look at Spending
To set a monthly budget, you will have to take the time to check receipts and online banking information to identify possible holes into which your money is falling every month. It might be seemingly small things like gourmet coffee during your morning break, or expensive water at the gym. Shape’s Ryan Ong identifies just a few things Singaporeans tend to ‘waste’ money on. These include bottled water, cable TV, and unnecessarily high interest rates. That’s right – you can waste money at the bank itself by failing to compare interest rates, credit card charges, and personal loans before purchasing them. Different accounts have their own benefits and conveniences, from free ATMs to automatic billpay so take the time to visit your bank and get a checking account which is the most convenient financial option for your situation.
How Much to Set Aside?
NerdWallet recommends setting aside 20% for savings every month, but if you are focusing on your trip, you will need a specific figure to work towards. Identify the full amount you will need for your trip. Include the ticket, hotel, and expenses. Divide this amount between the number of months you have to save, and try to save around 20% more on your total amount to account for unexpected expenses.
Taking on a Freelance Job
Whether writing, photography, or art are your passion, try to make money off them for an extra push for your holiday savings. iMoney Singapore lists private tutoring as Singaporeans’ favorite side hustle, earning tutors between $25 and $35 for an hour of tuition. Additional ideas include grocery shopping, renting one’s home out as an Airbnb, and insurance or property agency. If being on the road inspires you, you might also consider Grab driving in your spare time.
We have mentioned just a few savings ideas but you know your talents and can therefore think of the best way to make a little more money for your next holiday. Taking breaks throughout the year are an investment in your health; research shows they are a great way to chill out and bond with family members. Saving isn’t so difficult; it mainly involves working out how to avoid wastage, so that your money goes somewhere that truly benefits you.