Friday, December 8, 2023
HomeBudgetBeat Inflation with these hacks!

Beat Inflation with these hacks!

When inflation hits and also you’re seeing your bills go up because of this, what do you do?

Do you:

  • complain and fret over the way it sucks to be dwelling by inflationary instances,
  • begin trying into how one can spend much less, or
  • take motion to adapt to the brand new regular?

I’m the kind of one that falls into the third class, and I hope that in case you’re studying this weblog, it means you’re the type to direct your power in direction of truly taking motion to enhance your state of affairs too…quite than simply whine about circumstances that you simply can’t change.

None of us have any management over the worth of electrical energy or mortgage rates of interest, however we are able to definitely select to cut back them; or if we are able to’t, then at the least optimise what now we have to spend anyway.

And now that it has develop into virtually sure that inflation isn’t going away any time quickly, it’s time to take motion, be it by:

  • In the reduction of on bills
  • Get extra rewards out of the cash that you simply have to spend
  •  Earn extra

If you are able to do all 3, that’ll be even higher.

Right here’s how.


Throughout instances of inflation, you possibly can’t management how way more you need to pay, however you possibly can definitely management (i) how a lot you utilize and (ii) going for lower-cost options, wherever potential.

By now, I hope you’ve already switched to a low-cost electrical energy supplier. Your cellular plan can be value taking a look at, particularly in case you’re nonetheless on a tied contract as a result of altering to a SIM-only plan can simply prevent 30% to 50% in a single transfer.

Select to eat at house extra usually, and also you may simply discover that your eating bills go down by a straightforward 20% – 30% every month.

If you need to eat out, select the hawker centres or meals courts wherever potential, as you’re paying much less but in addition supporting native on the identical time.

One other tip I’ve applied for my very own family is to swap to deal with manufacturers, which may probably cut back your grocery bills by as much as an additional 30%.


Subsequent, for the cash that you simply have to spend anyway, take a look at how one can finest optimise this spend. Probably the most helpful transfer you may make on this space is to be sure you’re utilizing the best playing cards on your spending.

Being aware about our bills now additionally signifies that you don’t wish to be slowed down by a card that requires you to clock a minimal spend, or offers you a low earn price, and even worse – each,once you’re unable to satisfy their standards.

Let me educate you ways to do that simply together with your POSB playing cards.

In case you haven’t heard, the POSB On a regular basis Card is a hidden gem that’s hardly talked about, however the reality is, the cardboard has been one of many prime picks for individuals who search rewards throughout their on a regular basis spend effortlessly. And it’s not stunning – the cardboard has no minimal spend and comparatively increased earn charges on groceries, gasoline, public transport (SimplyGo) and even your utilities.


For example, in case you purchase your groceries from Sheng Siong, the POSB On a regular basis Card offers you 7% money rebates. However, in case your weekly grocery runs are at Chilly Storage or Big as an alternative, then you ought to be paying together with your PAssion POSB Debit Card for 7% financial savings as an alternative, which additionally earns you TapForMore factors (a.okay.a. PAssion card factors)!

Unbeknownst to many, there may be the truth is a debit card that provides you cashback in Singapore – this being one of many few playing cards domestically to take action.

Public Transport

Relating to transport choices, POSB has additionally catered for each the drivers and non-drivers.

For these taking public transport, you already know by now that you simply get 5% money rebates for bus/MRT rides once you use your PAssion POSB Debit Card / POSB On a regular basis Card.

Whereas in case you’re a driver, you’ll be conversant in how one can get 15% financial savings upfront once you swipe your POSB debit card collectively together with your SPC&U card. However why not go for much more low cost once you maximise it through the use of your POSB On a regular basis Card collectively together with your SPC&U membership? That means, you may get >20% off your invoice i.e. $21.80 off for a $100 gasoline receipt!

Payments / Utilities

As on your payments, most Singaporeans make the error of not optimising this and paying by way of the standard strategies e.g. AXS machines, on-line invoice fee, and many others. Neither of which provides you any cashback or miles, sadly.

In that case, you ought to be utilizing your POSB On a regular basis Card as an alternative, which provides you 5%^ money rebates in your recurring utilities payments and three% on your telco funds.

^5% for electrical energy covers SP Group (recurring), Geneco, Sembcorp Energy, Union Energy, Tuas Energy. 4% in case your electrical energy supplier is Keppel Electrical and Senoko Power.

Alternatively, you may as well use your PAssion POSB Debit Card, which additionally offers you 5% money rebates in your utilities payments.

Meals / Eating Out

Photograph credit: DBS / At the moment On-line

And now that you simply’ve taken to eating at hawkers as an alternative of cafes or eating places, you’ll quickly discover that you may’t use your playing cards to pay since most hawkers don’t settle for bank cards as a fee mode. A simple means out is to pay with PayLah! at hawkers which is able to assist to unlock extra bonus curiosity for you too (extra on this bonus curiosity later).

Mortgage Funds

With rising world rates of interest, you’d wish to ideally get extra out of your mortgage repayments as properly.

On this case, POSB HomeSaver is one option to get essentially the most out of your mortgage, as a result of by taking over a brand new house mortgage with POSB and opening/having a SAYE account, you may get $500 (and a bonus $200 once you get MRTA).

SGD deposits are additionally insured as much as S$75k by SDIC.
MRTA refers back to the Mortgage Decreasing Time period Assurance coverage, which you may get to care for your excellent house mortgage quantity ought to the unexpected occur.

And the perfect half? Your own home mortgage now contributes to the bonus rate of interest you’ll get with Multiplier! It’s a win-win, since mortgage repayments are one thing that every one of us householders should repay every month anyway.


And at last, crucial factor to do if you wish to come out stronger than inflationary value pressures is to…earn extra!

Are you able to ask your boss for a wage increase?

If not, then you may as well look into constructing an extra supply of earnings, akin to beginning a aspect hustle (take a look at my earlier article right here in case you want some concepts) so that you could earn extra exterior of your job. In my case, I used to show tuition on weekends and I’ve just lately ventured into dropshipping earlier this yr – each of which gave me an extra 5-figure annual earnings.

Supply: DBS NAV Monetary Well being Report

Subsequent, overview your money financial savings – are you making essentially the most out of this cash? The place are you at the moment parking your money in? Wouldn’t it make sense to switch it into fastened deposits and even the Singapore Financial savings Bonds for increased curiosity?

Multiplier continues to be among the best financial savings accounts in Singapore

In case you desire to retain liquidity, then at the least be sure you’re utilizing a high-interest financial savings account like Multiplier, the place you possibly can earn as much as 4.1%* p.a. That is the place you could spend at the least 10 minutes to overview which account can be finest for you – primarily based on the factors that you may hit – earlier than you go and open it.

If you need a fuss-free choices, one of many best would positively be Multiplier, as a result of you possibly can earn additional curiosity just by doing the next (simple) steps:

  • purchase a kopi with PayLah!
  • join with SGFinDex (no must do wage crediting)

And if you wish to earn much more curiosity, my suggestion can be to:

  • arrange a $1,000 funding in digiPortfolio (psst, take a look at the latest SaveUp or Revenue portfolios which supply extra secure development / common payouts)
  • make use of your mortgage with DBS/POSB (the opposite 2 banks don’t reward mortgage repayments, and the perfect half is that DBS/POSB acknowledges for the total quantity for so long as your mortgage continues to be with them)
The above could be achieved on a $50k financial savings for somebody who (i) connects to SGFinDex (ii) invests $1000 on digiPortfolio (iii) $2,000 house mortgage.

There’s completely no must do the next in case you don’t wish to:

  • credit score your wage
  • hit a minimal card spend
  • join insurance coverage or funding

Inflation Hack: If you’re already crediting your wage with POSB, you possibly can earn an extra 3.5% p.a. in your month-to-month financial savings by depositing into the POSB SAYE Account.

This hack allows you to double the methods to earn much more curiosity! Right here’s the way it may give you the results you want:

Supply: POSB

After all, you would additionally discover ways to spend money on dividend shares which may pay you passive earnings, which is even higher than you having to actively change your time and power for cash. Even with the bear market that we’re at the moment in now, there are many basically robust firms that are persevering with to pay out dividends to their shareholders such as you and me. Final yr, for example, I earned >7% dividend yield on my DBS shares!

Sponsored Message from POSB

With the vast majority of Singaporeans banking with POSB, the financial institution has put collectively a number of gives to assist its prospects battle inflation in as many points as potential – be it by lowering spend by on a regular basis service provider companions, giving money rebates in your common spend, elevating rates of interest on one’s money, and even sharing extra instructional “hacks” like those offered on this article. 


In abstract, whereas we can’t management our value of dwelling and inflationary pressures, we are able to positively take steps immediately in order that it impacts us lower than it in any other case would.

And what you are able to do for your self immediately with minimal effort is:

  • Eat at house extra usually
  • Select hawkers over cafes or eating places
  • Swap to deal with manufacturers

By researching a bit of, you may as well:

  • Get extra cashback
  • Make the most of reductions or promotions
  • Use the best card(s) or memberships to get rebates
  • Get a better rate of interest in your financial savings

And so long as you’re prepared to speculate a while and power, you possibly can even earn extra by:

  • Buiding an additional supply of earnings or a aspect hustle
  • Receives a commission increased at your job

The chances are infinite, however what issues extra is – what are YOU going to do immediately to beat inflation?

Disclosure: This publish was written in collaboration with POSB, with hacks and suggestions offered by yours actually.

*Notes for Multiplier bonus rates of interest:
1.	Increased rates of interest are relevant to the S$ steadiness in your DBS Multiplier Account, as much as the primary S$100,000. Any quantity over and above this might be accorded the prevailing rate of interest for that month. Curiosity is credited in 2 elements:
i.	base curiosity at our prevailing rate of interest, calculated on day by day balances might be credited at month finish, and
ii.	preferential curiosity on the preferential rate of interest (which is the upper rate of interest much less the prevailing rate of interest) primarily based on the sum of your eligible transactions with us, calculated on day by day balances, by the seventh working day of the next month.
2.	In case your transactions don't meet the factors, the S$ steadiness in your DBS Multiplier Account might be accorded the prevailing rate of interest for that month.
3.	Overseas forex transactions are topic to change price fluctuations, which can end in capital good points or losses; such accounts might also be topic to change controls imposed on the forex held.
4.	Service cost is waived for DBS Multiplier Account holders as much as 29 years outdated, efficient from Might 2018 onwards.



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