7 Ways To Save S$100

Singapore's annual inflation rate was 6.5 per cent in July, easing from record highs in the previous three months. The July rate fell from 7.5 per cent, a 26-year peak recorded in April, May and June.

Statistics showed July's consumer price index (CPI) increased primarily because of higher costs for housing, food, and transport and communication.
Some economists said inflation in Singapore is likely to moderate in the second half of this year. This will bring inflation for the year in line with the Singapore government's forecast of between 6 and 7 per cent.

With these factors in mind, I suggest 7 ways to save S$100! There will be more ways, so I welcome all suggestions.

1) Shop Around For Motor Insurance Rates

When you buy a new car or upon receiving your motor insurance renewal notice, do not assume that you are getting the best deals! Call me immediately for a new quote. My clients have saved as much as $900 after they checked with me!

2) Challenge Your Property Tax

Are you aware that you are allowed to challenge your property tax? It is not cast in stone by the tax department when you receive your new property tax bill. If your investment property had been getting a rental of $2000 (based on an old tenancy agreement signed 3 years ago) while comparable properties around your unit were getting rentals of an average $4000, you can ask IRAS to reconsider their calculations!

3) Shop For Food Bargains

Do not assume your regular shops are giving you "discounts" or "the best prices" just because you are their regular customers. Check out the weekly promos from Giant, Carrefour, NTUC Fairprice, Sheng Siong and Cold Storage. I particularly aim for Carrefour's promo on whole Salmon Fish when the price goes down to $1.10 per 100 grams. Recently I also bought 4 boxes of 750g Muesli Cereals for only $6....yummy!

4) Pay off Your Life Insurance Policy Loans

If you have been delaying the repayment on your personal loans from insurance companies, think again. You might be incurring 5.50% to 7% per annum compounded yearly!!! You should monitor the loan amount and interest closely to ensure that it does not exceed the cash value of your policy otherwise the policy will be terminated.

5) Rethink Your Holiday Plans

If you have not tried 'Free n easy' holidays and flying on budget airlines before, why not? For flights below 3 hours of flight time, budget airlines are a great way to fly. Look out for their occassional "2 for the price of 1" promos. Last year I flew my family (4 of us) to Ho Chi Minh City and back for just $720 ( all taxes included). Hotel stay was only US$34 a night for a huge airconditioned room with two King sized beds and the hotel was clean and the staff gave us great service too. It was just a two minute walk to Ben-Thah market ( Fantastic value-for-money shopping )

6) Review Your Mobile Phone Plan

With our 3 major telcos trying their best to retain subscribers, they are giving lots of incentives to keep you as their customers. Call your service provider for the best plan for you and your kids if your contracts have ended. Jump ship if they are not willing to help you, you can still retain your telephone number due the portability of mobile phone numbers now.

7) Buy Low, Sell High

Many Unit Trust investment funds have gone back to levels where they are screaming "CHEAP SALE, CHEAP SALE"!!! If you have idle money sitting in the bank earning fixed deposit interest rates of1.7% or less, you are losing your money to inflation (6 to 7%) right? Fear (emotion) instead logic (market fundamentals) is currently ruling the financial markets. It takes a brave heart to get in while others are quivering at the side lines, waiting for "signs" of recovery. Those who dare will be handsomely rewarded .

Need more details? Just write to me or give me a call. Thanks!

Well, I hope that you will be able to save lots of money with these 7 ideas and if you have more great ideas, please share with us by leaving your comments at the end of this posting. Thanks again!