Money saving tips for parents living in Singapore, one of the world’s most expensive cities

When you have a young family, it can be hard to focus on anything but the present but it is important to plan for your financial future as well.

Mums, have you started making plans to secure your family’s financial future?

From sleepless nights with a new baby to running around after a mischevious toddler or ferrying your kids between after school activities, it’s understandable why most mums (that includes you) have a hard time imagining what they’ll be doing two weeks in the future, let alone thinking critically about their long-term financial futures.

New parents in Singapore have to budget for the increasing day to day costs of raising children, education expenses and even looking after their parents. According to the Mercer Cost of Living Survey, Singapore is currently the fifth most expensive city in the world compared to just six years ago when it didn’t even crack the top 10!

Mums, we feel your pain! Maintaining a decent standard of living amid the rising costs of childcare, not to mention the cost of living in Singapore, the world’s most expensive1 country, is a challenge most couples go through. That’s why it’s not surprising to find many young families that have not dedicated the time or resources to learning about investing.

But, honestly mum, can you afford to neglect this aspect of your future? After all, we are talking about your family here!

The question then is how can young parents take charge of their finances and make sure that they’re planning and preparing for the future?

We share with you some cool tips that will help you save dollars while you do your best to raise a happy and healthy family!

Tips for saving money in Singapore while you raise a family

Firstly, stop buying coffee every day. Okay, okay we’re kidding. (Is it just us, or does every money saving article start with that as the first tip?).

In all seriousness, there are many ways to save money in Singapore without making drastic changes to your lifestyle or giving up on the things you love.

Shop for secondhand goods

When was the last time your toddler asked you to produce a receipt? Unlike adults, kids don’t know the difference between something you’ve brought home from the mall or something you’ve purchased secondhand. Take advantage of this and look for secondhand toys and books (even baby cots or walkers, etc) on apps like Carousell or in the multitude of mummy groups on Facebook. Your little one will be thrilled to receive new toys, and you will be happy because they come at a fraction of the cost. They will grow out of their their toys within months anyway! You can recycle them, donate them or sell them to someone else if they are in good condition!

Eat at restaurants for half the price

There is an ever growing list of apps that you can use to get discounts and even free meals from restaurants in Singapore. Check out The Entertainer app for 1+1 drinks and meals across the city or use the Chope app to book your reservations for date night or family dinners and buy discounted vouchers for your meal.

Get creative with activities for family bonding

Teach your little one that happiness cannot be bought and instead spend time teaching them the value of finding their own ways to have fun. Show them how to make handmade items by recycling their old toys or other things they find around the house.

When you’re planning your weekends, look for free activities that you can do with the kids. From free symphony performances at the Singapore Botanic Gardens to packing a picnic and flying kites at Marina Barrage, there is no shortage of family-friendly activities around the island.

Exercise outside

Instead of getting an expensive monthly gym membership, bond with your family by exercising together with your little one You can take advantage of the many free classes and exercise programmes offered through the Singapore government’s HealthHub app or make use of Singapore’s bike share programmes and cycle around the park connector network.

Saving money is great, especially in such an expensive city, but mums and dads, you want your money to grow for the future as well! So, what’s the next step? You need to take all that hard-earned money that you’ve saved and invest in a plan that will grow your money!

Find out how you can easily grow your savings

Leave it to the experts to take care of your family’s future.  With AIA Pro Achiever, you benefit from professional research from Mercer, a leading global investment consultant, making it easier for you to plan your investments.  They have put together three model portfolios that you can choose from based on your expected returns versus acceptable level of risk.

AIA Pro Achiever is designed with mums and dads like you in mind. The plan offers flexibility with the understanding that unforeseen circumstances do arise, and besides being able to change or pause your payments, you can also get access to cash, if you need it.

Whichever portfolio you decide on, it’s important to start early so you can take advantage of the compounding effect on your entire investment . To reward you for staying invested, you will receive a 5% extra units on your premium amount after you have paid 12 years of premiums, all the way till age 100!

The risk averse will appreciate that their investment in AIA Pro Achiever is covered even in the event of an economic downturn.

Click here to find out more about how you can take control of your financial future.

 

Source:

1https://www.weforum.org/agenda/2017/04/these-are-the-world-s-most-expensive-cities/