S’poreans share the ‘best money choices’ they’ve made to help them save towards retirement

SINGAPORE: In a recent Reddit post, one local user on the platform asked others for the best money choices they’ve made in Singapore.

U/Disastrous_Tonight_5 wrote on Monday (June 23) in a post on r/askSingapore that they had recently posted about how difficult it can be to retire in Singapore due to increased living costs and other factors.

“It can feel like an uphill climb for many of us,” they explained, adding that the post started them thinking about the smart money decisions others have made to help them in view of retirement later on.

“For me, it was starting to read and learn more about personal finance — understanding how to save, spend, and invest wisely has really changed the way I think about money,” they wrote, adding, “What’s the best financial decision you’ve made in Singapore, and how has it impacted your life or shaped your outlook? I’d love to hear your stories.”

By far, the comment that received the most upvotes had to do with developing “repeatable habits” such as cooking meals at home every day instead of eating out, taking public transport instead of having one’s own car, tracking one’s expenses, and investing savings every month.

“They all add up over the years,” the commenter added.

Many others said that the habits that have helped them save money also have to do with food and meals prepared at home.

“This saves so much money, and my friends and I can have an actual quiet evening without needing to be in busy, expensive restaurants all the time.

“You actually can make meals that are healthier and taste better than 90 per cent of restaurants out there. Even cooking hawker dishes is possible in a home setting,” wrote one, calling this skill a “game changer.”

Others suggested buying fresh fish, meat, and produce at wet markets or Sheng Shiong, instead of at expensive groceries.

“For additional savings, you can buy groceries from Shopee (especially meat and seafood directly from suppliers in bulk). Not only is the base price cheaper, but you can utilise the extremely generous discounts on Shopee’s platform on 6/6, 7/7, etc., to stock up. Usually, stores will offer a 12-15% discount, Shopee gives another 15-20% discount, and my UOB One card gives another 5% cashback. The accumulated discount is ridiculous,” another weighed in.

On another note, a commenter suggested switching jobs every few years or so.

“Job hop – I know most other people here are focused on saving, but increasing your income is equally as important. Don’t be stagnant and keep looking out. As the saying goes, the best thing to look for a job is when you don’t need to,” they wrote.

“I joined the anti-consumption subreddit group, and discovering insights over consumption made me cut down on unnecessary purchases that don’t add value to my life,” a Reddit user contributed. /TISG

Read also: “We can’t save money at all in Singapore” — Woman says that even her husband’s $9K monthly salary is still not enough