How To Save Money In Singapore

Singapore is known for its bustling economy, vibrant culture, and high standard of living. However, this also means that the cost of living in Singapore can be quite steep. In fact, many people consider Singapore to be one of the most expensive cities in the world.

But fear not! There are numerous ways to save money while living in Singapore without compromising on your quality of life.

In this article, we will explore various tips and strategies that can help you live within your means and save money in different aspects of daily life in Singapore. From affordable housing options and transportation to food, entertainment, shopping, banking, healthcare, and education – we have got you covered with practical advice on how to make smart financial decisions and stretch your dollar further.

So if you’re looking to innovate your spending habits or simply want to budget wisely without sacrificing comfort or enjoyment, read on for our expert insights into saving money in Singapore.

Key Takeaways

– Utilize affordable housing options such as HDB flats, Executive Condominiums, and co-living.
– Take advantage of public transit systems like buses, trains, taxis, Grab, Gojek, and oBike.
– Plan meals by visiting hawker centres, food courts, and buying fresh fruits and vegetables.
– Use credit cards with cashback rewards or loyalty points programs, and open a savings account with reputable banks.

Affordable Housing Options

Various affordable housing options are available in Singapore, such as Housing Development Board (HDB) flats or Executive Condominiums (EC), which offer a range of sizes and locations to cater to different budgets and preferences.

HDB flats are public housing units that can be purchased from the government at subsidized rates or rented at lower costs than private apartments.

ECs, on the other hand, are a type of hybrid housing that combines features of both public and private properties.

Co-living options have also emerged as an alternative for those seeking affordable accommodation in Singapore.

These communal living arrangements allow individuals to rent individual rooms within shared apartments or houses, sharing common spaces like kitchens and living rooms with other tenants.

Co-living spaces typically come furnished and provide access to amenities like Wi-Fi, laundry facilities, cleaning services, and community events.

When considering whether to rent or buy a property in Singapore, it is important to weigh the pros and cons carefully.

While renting offers flexibility in terms of location and can be cheaper upfront than purchasing a property outright, buying may make more sense over the long term as it allows one to build equity in their home while avoiding rising rental costs.

Ultimately, the decision will depend on factors such as personal financial situation, lifestyle preferences, and current market conditions.

Affordable housing options are just one way that individuals can save money in Singapore.

Another key area where savings can be found is transportation – by utilizing public transit systems like buses and trains instead of taxis or private vehicles.


This subtopic delves into the various transportation options available in Singapore.

Public transportation is a cost-effective option that includes buses, trains, and taxis.

Ride-sharing services such as Grab and Gojek are popular alternatives for those who prefer a more convenient mode of transport while bike-sharing programs like oBike offer an eco-friendly option for short distances.

Understanding these choices can help individuals save money on commuting expenses while navigating around the city effectively.

Public Transportation

One cost-effective method for commuting in Singapore is utilizing the extensive public transportation network, including buses and trains. Not only does it offer an affordable alternative to driving or taking a taxi, but it also reduces emissions and promotes sustainable transport. The Land Transport Authority (LTA) manages the public transportation system in Singapore and has made significant efforts to improve its efficiency and accessibility by introducing new technologies such as contactless payment options and real-time bus tracking.

To further encourage the use of public transportation, the LTA offers various concessionary fares for students, senior citizens, and persons with disabilities. In addition, commuters can also enjoy discounted prices through monthly passes or stored value cards. To help plan their commute better, the LTA offers an online journey planner tool that allows users to search for routes between two points and provides information on travel time, fare prices, and transfers required. Overall, utilizing public transportation in Singapore not only saves money but also contributes towards creating a more sustainable future.

Transitioning into our next section about ride-sharing services, it is important to note that while these services have gained popularity in recent years as a convenient mode of transport, they may not always be the most cost-effective option compared to public transportation.

Ride-Sharing Services

Ironically, despite their perceived convenience, ride-sharing services may not always provide the most cost-efficient means of transportation compared to public transit in Singapore. While ride-sharing services like Grab and Gojek offer a comfortable and personalized experience, they tend to be more expensive than taking the MRT or bus for longer distances.

However, if you need to travel shorter distances or have several stops to make in one trip, ride-sharing may prove more economical.

When using ride-sharing services in Singapore, it is essential to prioritize safety. Always verify the driver’s identity and vehicle details before getting into the car. Moreover, ensure that you are aware of the fare estimate upfront and that there are no hidden charges after your trip is over.

Additionally, Singapore has strict regulations governing ride-sharing companies such as background checks on drivers and insurance requirements for all vehicles used by these firms.

As you consider different transportation options in Singapore, bike-sharing programs could be an excellent alternative worth exploring.

Bike-Sharing Programs

Bike-sharing programs have become an increasingly popular mode of transportation in Singapore, offering a sustainable and environmentally-friendly option for commuters. Community initiatives such as the National Cycling Plan have contributed to the growth of these programs, with the government actively encouraging cycling as a means of reducing carbon emissions and traffic congestion.

There are currently several bike-sharing companies operating in Singapore, each with their own unique features and pricing models. The following table provides a brief comparison between three of the most popular bike-sharing services in Singapore:

Bike-Sharing Company Features Pricing
oBike GPS-enabled bikes, no deposit required, 24/7 customer service $0.50 per 15 minutes
Mobike Smart-lock technology, mobile app payment system, deposit required (refundable) $0.50 per 30 minutes
SG Bike QR code lock system, free helmets provided upon request, deposit required (refundable) $0.03 per minute

Overall, bike-sharing programs offer an affordable and convenient way to get around while also reducing your environmental impact. As we move into our next section on food, it’s important to keep in mind how small changes like choosing a sustainable mode of transportation can contribute to creating a more environmentally-conscious society.


To reduce food expenses in Singapore, individuals can opt to cook meals at home using local ingredients such as rice, vegetables and seafood. Meal planning is an effective strategy that helps to minimize costs by allowing individuals to buy only what they need. This also reduces the amount of food waste that occurs when people buy more than they can consume.

By making a grocery list and sticking to it, one can avoid impulse purchases and cut down on unnecessary spending. Another way to save money on food in Singapore is by taking advantage of hawker centres and food courts. These are affordable options where one can find a variety of local dishes at reasonable prices. Moreover, these places often offer large portions which can be shared by two or more people, further reducing individual costs.

Additionally, some hawker centres have stalls that sell fresh fruits and vegetables at lower prices compared to supermarkets. It is important for individuals looking to save money on food in Singapore to be mindful of their eating habits and make conscious decisions about their consumption choices. With proper planning, budgeting and exploring cheaper alternatives like hawker centres, one can significantly reduce their food expenses without compromising on taste or quality.

In the subsequent section about ‘entertainment’, we will explore other cost-saving measures that individuals can adopt while enjoying all that Singapore has to offer.


Entertainment options in Singapore offer a diverse range of activities that cater to different interests and preferences. From exploring the vibrant culture and history of the city-state to indulging in adrenaline-pumping outdoor adventures, there is something for everyone.

Here are three affordable hobbies that can be enjoyed without breaking the bank:

1. Hiking: Singapore boasts an extensive network of nature trails that provide an opportunity to escape from the hustle and bustle of city life. The MacRitchie Reservoir Park, Bukit Timah Nature Reserve, and Pulau Ubin Island are just a few examples of the many hiking trails available in Singapore.

2. Beaches: Although Singapore is known for its towering skyscrapers and urban landscape, it also has some beautiful beaches where visitors can enjoy water sports such as kayaking or paddle boarding. Some popular beaches include Sentosa Island’s Tanjong Beach, East Coast Park, and Changi Beach.

3. Free or low-cost events: There are various free or low-cost events happening throughout the year in Singapore such as concerts, festivals, exhibitions, movie screenings, and more. These events not only provide entertainment but also allow visitors to experience the local culture.

In addition to these affordable hobbies and events mentioned above, shopping is another area where one can save money in Singapore by being savvy with their purchases.


Moving on from entertainment, another aspect where we can save money in Singapore is through shopping. With the rise of online shopping, it has become easier and more convenient to compare prices and find the best deals without leaving our homes. Many retailers offer exclusive discounts and promotions for their online stores, making it a great way to save money while still enjoying the convenience of shopping.

In addition to online shopping, another option is to explore second-hand options. Thrift stores and flea markets are becoming increasingly popular in Singapore, offering pre-loved items at a fraction of the original price. Not only is this environmentally friendly by reducing waste, but it also allows us to stretch our budget further by finding unique items at affordable prices.

To illustrate the potential savings from these options, let’s take a look at this table comparing the prices of similar products between traditional retail stores and online marketplaces or second-hand stores:

Product Traditional Retail Price Online Marketplace/Second-Hand Price
Designer Handbag $1,200 $400 (50% off)
Smartwatch $300 $250 (17% off)
Board Games Set $80 $30 (63% off)

As shown above, there are significant savings that can be made by exploring alternative shopping options. By being mindful of our spending habits and seeking out these opportunities, we can effectively manage our finances while still enjoying the things we want.

Looking ahead, utilities are another area where we can make smart choices to save money. By implementing simple changes in our energy consumption habits or choosing cost-efficient providers for water and electricity services, we can reduce our monthly bills without compromising on comfort or quality of life.


The topic of utilities encompasses a variety of expenses that are essential to daily living, such as electricity, water, and gas bills.

To save money on these expenses, it is important to engage in comparison shopping by researching and comparing different utility providers’ rates.

Additionally, implementing energy-saving tips such as turning off lights when leaving a room or using energy-efficient appliances can significantly reduce costs.

Finally, consumers should be wary of hidden fees and charges that may not be disclosed upfront by utility companies and take steps to avoid them.

Comparison Shopping

By carefully weighing the options available and seeking out the most cost-effective choices, Singaporeans can stretch their dollars further through comparison shopping.

Online resources are abundant in Singapore, making it easier than ever to compare prices across different retailers.

These websites offer a one-stop-shop for consumers looking to save money on everything from groceries to electronics.

In addition to using these online resources, shoppers can also negotiate deals with retailers directly.

Many stores in Singapore are willing to price match or offer discounts for bulk purchases, so it’s worth asking for a better deal.

To make the most of comparison shopping, there are several key strategies that consumers can employ.

First and foremost, it’s important to do your research before making any purchasing decisions.

This means spending some time browsing various retailers’ websites and comparing prices across different products.

Additionally, be sure to take advantage of promotions and sales whenever possible – signing up for newsletters or loyalty programs can often yield significant savings over time.

Finally, don’t be afraid to ask for a discount or negotiate with retailers – even small savings can add up over time!

With these tactics in mind, Singaporeans can save money while still enjoying the products and services they love.

When it comes to energy-saving tips, there are many simple steps that Singaporeans can take at home and at work to reduce their monthly utility bills.

By following basic practices such as turning off lights when leaving a room or unplugging electronics when not in use, individuals can significantly lower their energy consumption without sacrificing comfort or convenience.

Other strategies include upgrading appliances and light fixtures with more energy-efficient models or installing programmable thermostats that automatically adjust temperature settings based on occupancy patterns.

Overall, by taking proactive measures towards energy conservation, individuals in Singapore can contribute towards a more sustainable future while also saving money on their monthly utility bills.

Energy-Saving Tips

Comparison shopping is an effective way to save money in Singapore, but it’s not the only method. Another practical approach is to adopt energy-saving tips that can help reduce your monthly utility bills. With Singapore being a tropical country, it’s no surprise that air-conditioning units are one of the largest contributors to high electricity bills. However, there are other ways you can conserve energy and reduce your carbon footprint while still enjoying optimal comfort levels at home.

One way is through investing in smart appliances that use technology to regulate their power consumption based on usage patterns. Another option is to participate in green initiatives such as recycling programs or using renewable energy sources like solar panels. Additionally, simple habits like turning off lights when leaving a room or unplugging chargers when not in use can make a significant difference over time. By adopting these techniques, you not only save money but also contribute positively towards environmental sustainability efforts – making it a win-win situation for all.

By implementing these energy-saving tips, you’ll be amazed at how much money you can save on your utilities each month! The next step is learning how to avoid hidden fees and charges which can drain your finances without notice – so keep reading!

Avoiding Hidden Fees

To prevent unexpected expenses and maintain financial stability, it is essential to be aware of hidden fees that may arise when managing your utilities in Singapore.

One common area where hidden fees can occur is with contracts for services such as internet or cable TV. It is important to read the fine print carefully and negotiate terms that are favorable to you before signing any agreements.

Another area where hidden fees can occur is with foreign currency exchange rates. When making purchases overseas or transferring money between countries, it is crucial to understand the current exchange rate and any additional fees that may be charged by banks or other financial institutions. Taking the time to research and compare rates can save you a significant amount of money in the long run.

By being vigilant about hidden fees, you can protect your finances and make informed decisions that contribute towards saving money in Singapore.

With an understanding of how to avoid hidden fees, let’s move on to explore ways to save money through banking practices.


The banking system in Singapore is a sturdy foundation for those looking to save money, akin to the strong roots of a tree that provide stability and security. With its advanced technological infrastructure, online banking has become increasingly popular among locals and expats alike. Online banking offers many advantages such as easy access to account information, transaction history, and bill payments. Moreover, it enables users to transfer funds securely and conveniently without having to physically visit the bank.

Credit card rewards are another way Singaporeans can maximize their savings potential while using their credit cards responsibly. Many banks offer cashback rewards or loyalty points programs that allow customers to earn rebates on everyday purchases like groceries or petrol. By selecting the right credit card with rewards tailored to their lifestyle needs, consumers can easily accumulate significant savings over time.

In addition, opening a savings account with one of Singapore’s reputable banks is an excellent way for individuals looking to save money in the long term. Banks often offer attractive interest rates and competitive fees on savings accounts that incentivize customers to put away extra funds regularly. This strategy not only encourages saving but also helps build wealth over time through compounded interest earnings.

As we have seen, utilizing online banking advantages and credit card rewards programs are just some ways Singaporeans can save money with ease. Additionally, opening a savings account with a reputable bank provides an excellent foundation for long-term financial growth and security.

In the following section about healthcare costs in Singapore, we will discuss how residents can manage medical expenses effectively without sacrificing quality care or breaking the bank.


Healthcare in Singapore is a complex system that involves public and private sectors, government regulations, and insurance schemes. The country has an efficient healthcare system with well-trained medical professionals and modern facilities. However, this comes at a high cost, which can be a financial burden for some individuals. To save money on healthcare expenses in Singapore, it is important to consider prevention measures and explore insurance options.

One way to reduce healthcare costs is by taking preventive measures. This includes maintaining a healthy lifestyle by eating nutritious food and exercising regularly. It also involves getting regular health check-ups to detect any health problems early on before they become more serious and expensive to treat. Additionally, practicing good hygiene habits such as washing hands frequently can help prevent the spread of illnesses.

Another way to save money on healthcare expenses in Singapore is by exploring insurance options. The country offers various types of insurance plans that cover different aspects of healthcare services such as hospitalization, outpatient consultations, and medication costs. It is essential to compare the different policies available from both public and private insurers before making a decision on which one suits individual needs best.

In conclusion, taking preventive measures and choosing the right insurance plan are crucial steps towards saving money on healthcare expenses in Singapore. By prioritizing these factors, individuals can ensure that they receive necessary medical care without overspending or compromising their financial stability. In the next section about education, we will discuss how investing in education can lead to long-term financial benefits for individuals looking to improve their financial situation.


Education in Singapore is a top priority, and there are various avenues for obtaining quality education.

Firstly, there are public schools that offer free primary and secondary education to Singapore citizens and permanent residents.

Secondly, international schools cater to expatriate families and offer an educational curriculum from their country of origin.

Lastly, scholarships and grants are available for students who excel academically or demonstrate financial need.

Knowing the differences between these options can help individuals make informed decisions when it comes to their education in Singapore.

Public Schools

Public schools in Singapore offer affordable education options for families. This is due to a variety of factors that contribute to their low cost, such as government subsidies and funding. Additionally, public schools operate on a standardized curriculum overview which reduces the need for extravagant resources or materials. This allows them to provide quality education at an affordable price.

Furthermore, public schools also offer a wide range of extracurricular activities that are included in the school fees, such as sports teams and clubs. These activities not only enhance students’ academic experience but also provide opportunities for personal growth and development.

Overall, public schools in Singapore remain an attractive option for families looking to save money while providing quality education for their children.

Moving forward, another alternative option would be international schools which offer more specialized curriculums and facilities at a higher cost.

International Schools

Expanding on education options in Singapore, international schools offer a more specialized and comprehensive approach to learning for students who seek a higher level of academic and personal development. These schools cater primarily to expat families who want their children to receive an education that is comparable or even superior to what they would receive in their home countries. International schools typically offer a wider range of subjects, extracurricular activities, and languages than public schools do.

However, tuition fees at international schools can be significantly higher than those at public institutions. Depending on the school’s reputation and location, annual fees can range from S$20,000 up to S$50,000 or more per year. Despite the high cost, many parents are willing to pay for an international school education because they believe it will give their children access to better opportunities in the future. To offset these expenses somewhat, some employers provide subsidies for employees’ children attending international schools. Nevertheless, parents should carefully consider their financial situation before enrolling their child in one of these institutions.

As we move into the next section about scholarships and grants, it is important to note that some international schools may offer financial assistance programs for deserving students who cannot afford full tuition fees. By researching scholarship opportunities beforehand and preparing strong applications with excellent grades and extracurricular activities, students may increase their chances of receiving aid.

Scholarships and Grants

When considering options for financing an international school education in Singapore, it is worth exploring the availability of scholarships and grants. These can provide a financial lifeline for deserving students who might struggle to afford the high fees associated with attending these schools. Applying early for scholarships and grants can increase the likelihood of receiving funding as many programs have limited funds available.

To be eligible for scholarships and grants, students often need to meet specific criteria such as academic performance, leadership qualities, or financial need. It is crucial to research and understand the eligibility criteria before applying to ensure that time is not wasted on unsuitable programs. Additionally, some scholarships may require applicants to complete additional tasks such as essays or interviews, so it’s important to allocate enough time for preparation.

In conclusion, exploring scholarship and grant options can be a practical way for families to save money when financing their children’s international school education in Singapore. By applying early and understanding eligibility criteria, students can increase their chances of securing this kind of financial assistance. However, even with these funding opportunities available, it’s still essential to live within one’s means in Singapore – something we will explore further in the next section about living within your means.

Conclusion: Living within Your Means in Singapore

In summary, adopting a lifestyle that is in line with your income level is crucial to saving money and living within your means in Singapore. This means creating a budget plan that allows you to allocate your funds wisely and prioritize expenses according to their necessity. Budgeting strategies such as tracking your spending habits, cutting down on unnecessary expenses, and setting achievable financial goals can also help you manage your finances effectively.

Financial planning is also an essential part of living within your means in Singapore. It involves managing debts, investments, insurance policies, and savings accounts in a way that maximizes returns and minimizes risks. Seeking the advice of a financial advisor or attending financial planning courses can equip you with the knowledge needed to make informed financial decisions.

Living within one’s means does not mean sacrificing enjoyment or quality of life. In fact, it provides more freedom to pursue long-term goals without being weighed down by debt or excessive spending habits. By adopting practical budgeting strategies and engaging in proper financial planning, anyone can live comfortably while achieving their desired savings targets.

Frequently Asked Questions

What are some tips for negotiating rent prices in Singapore?

Effective negotiation techniques in Singapore’s housing market involve researching current trends, highlighting desirable attributes of the property, and proposing a fair offer. Staying informed and patient during negotiations can lead to substantial savings on rent prices.

Are there any affordable options for private healthcare in Singapore?

Affordable healthcare options in Singapore can be found through medical insurance plans such as MediShield Life and Integrated Shield Plans. These plans provide coverage for hospitalization, surgeries, and specialist consultations at a reasonable cost.

How can I save money on my monthly utility bills in Singapore?

Reducing monthly utility bills in Singapore can be achieved by adopting conservation habits and using energy-saving appliances. Additionally, discounts and rebate programs are available from utility providers to incentivize consumers to conserve energy.

What are some budget-friendly educational options in Singapore?

Online courses and community classes are budget-friendly educational options in Singapore. For example, Coursera and edX offer free online courses from top universities, while Community Clubs provide affordable language and skill-based classes.

What are some common mistakes to avoid when trying to live within your means in Singapore?

To live within your means in Singapore, avoid these mistakes: failing to track expenses, not setting a budget, ignoring long-term goals, succumbing to lifestyle inflation, and mismanaging credit cards. Implement effective budgeting techniques and maintain responsible credit card management.


Saving money in Singapore can be a challenge, but it is possible to live well within your means with a few simple tips.

First, consider affordable housing options such as HDB flats or renting a room in a shared apartment.

Public transportation is also a cost-effective way to get around the city.

When it comes to food, look for local hawker centers or cook at home instead of eating out.

For entertainment, take advantage of free activities such as visiting parks or museums.

When shopping, compare prices and consider buying second-hand items.

Banking wise, choose accounts with low fees and avoid unnecessary expenses.

Healthcare costs can add up quickly so consider getting insurance coverage or utilizing government subsidies when possible.

Lastly, education expenses can be reduced by choosing public schools and applying for financial aid if needed.

In conclusion, living within your means in Singapore requires making smart choices and being mindful of your spending habits.

As the saying goes ‘a penny saved is a penny earned,’ so taking small steps towards saving money can make a big difference in the long run.

By following these tips and prioritizing your expenses wisely, you can enjoy all that Singapore has to offer without breaking the bank.