Last Updated on by Tree of Wealth
Your guide to smarter spending and maximising your money.
Are you feeling the pinch of price hikes for everything from food to clothes and services? We might not be able to halt inflation, but that doesn’t mean we should compromise on our wants and needs or strain our wallets further. The trick lies in shopping smart. Hunt for deals, be selective about the products and brands you opt for, and explore non-traditional shopping venues. Here are six strategies to help you increase your savings.
Make Value Stores Your Best Friend
Next time you need personal care products, overlook the large chain supermarkets and pharmacies. Instead, explore value-dollar shops or even the local stores in your neighbourhood. There, you can find great deals on items like razors, shampoo, and deodorant from renowned as well as generic brands.
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Consider Annual Family Memberships
Planning some fun outings with the kids during the school holidays? An annual family membership could be an economical solution. These memberships typically offer unlimited yearly entries, reduced entry costs, discounts on food, complimentary parking, exclusive event invitations, and more. Attractions like National Gallery Singapore, Night Safari, and Gardens by the Bay offer such memberships.
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Don’t Forget Your Shopping List
A detailed shopping list can be your saving grace. It helps you stay focused, disciplined and avoid unnecessary buys while grocery shopping. It also saves you from aimless wandering in the supermarket and prevents extra trips for forgotten items. A planned shopping trip could potentially slash up to 65% off your grocery bill. To save even more, fix a budget before heading out.
Be a Club or Program Member
For those with larger families or a preference for bulk buying, a membership at a bulk or wholesale store can pay dividends. By paying a membership or annual fee, you can enjoy discounts on a vast array of items including frozen foods, electronics, and household goods. Some stores even offer exclusive members-only products and events. For instance, The Warehouse Club at FairPrice Hub at Joo Koon offers up to 50% discounts and exclusive products.
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Choose Local When You Can
Instead of imported fruits, meats, and veggies, go for local produce. They’re not only fresher and packed with more nutrients (since they spend less time travelling from the farm to your supermarket), but also cheaper due to lower transport costs. Keep an eye on the place of origin on the price tag while browsing through the produce section. Locally produced baked goods, dairy products, and frozen meals can also be a cheaper alternative.
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Become a Bargain Hunter
Before scheduling that salon appointment, browse the salon’s website or group-buy websites for promotional offers and discounts. Banks often provide rewards, dining, and shopping deals for their customers. Some more savings tips: Opt for store brands over famous ones, buy products placed on lower shelves, research end-of-season sales, scour shopping catalogues for special deals, and if you’re a wet market shopper, try going after 11 am when vendors typically discount unsold perishable items.
In conclusion, with smart shopping strategies and a little extra effort, it’s entirely possible to keep your expenses under control while meeting your needs and wants. However, strategic shopping is just a part of the greater financial puzzle.
Get in touch with our financial advisors today, who can guide you through comprehensive financial planning, from budgeting to investing and beyond. Don’t just save on shopping – ensure you’re making your money work smarter for you in every aspect of your life.
