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This will help you create a clear path to get to where you want to be financially.
That may include building an emergency fund, saving for a home or a car, or preparing for retirement.
Here are some money saving tips to get started:
Clearing your current debts to save money will reduce the amount of interest you're paying. Start with the ones charging you the most to borrow money, such as credit cards, store cards and overdrafts. That's because the interest rate you pay is often higher than what you'll earn from your savings.
A debt consolidation plan can be a good way to clear your debt. This combines all your loans to simplify your repayment strategy into a single loan, often with a much-lower interest rate.
Some debts have fixed repayments terms and won’t need to be paid right away, like a home loan. Once you've covered your monthly repayments, any extra funds can go into your savings.
Explore: Should I save or pay off debt?
When thinking about how to save money in Singapore, it can help to track your spending over the last 3 months and see where you can cut costs.
For example, you could:
For more information on Singapore government schemes that will save you money, see Support GoWhere or Singapore Assurance Package (AP).
If you need some help with your wealth strategy, the HSBC Future Planner tool lets you track and personalise your money goals, see potential wealth growth through simulations, and get tips for achieving your objectives. You can access the tool through the HSBC Singapore app or by meeting with your Premier Relationship Manager.
Explore: Creating a budget
A savings or time deposit account can be a smart way to save money and earn interest. As well as removing the temptation to spend any funds left in your current account, you can earn interest on the interest you’ve already received. This is known as compound interest.
Accounts like the HSBC Everyday Global Account allow you to spend and save in multiple currencies. You can also save with cashback on all eligible spends, bonus interest and cash rewards.
For higher interest rates, you can lock in a fixed interest rate for a set period with the HSBC Time Deposit Account.
Another money saving tip is to stay focused on a specific goal, whether it's for a purchase, an event, or peace of mind.
Once you have your goal, decide how much money you want to save and how soon you need to save it. We've partnered with the Singapore government's MyMoneySense site to help you plan and organise your finances. Log in with your Singpass ID to get started.
If you're not sure how much you're able to save a month, try something like the 50-30-20 guide to see if it could work for you.
You may want to write down your savings goals and place them somewhere visible, like the fridge, or create a note in your phone. Having these little reminders can make it easier to stick to your plan.
Take your savings to the next level with HSBC Premier exclusive wealth management services and privileges. HSBC Premier is not just about saving money – we provide many different ways to improve your wealth, travel and lifestyle.
With HSBC Premier and Premier Elite, you'll get:
An account that gives you more to take your life to the next level.
To get into the habit of saving regularly, you could check your balance at the end of each day and put any extra cents into your savings pot.
For example, if your balance is SGD166.05, you could add 5 cents to your savings. It's an easy way to keep your savings growing while having little impact on your day-to-day spending.
Learn more: Why saving is important
Once you reach your goal, there's no need to stop. The Monetary Authority of Singapore suggests you should ideally have 3 to 6 months of your living costs saved, should something unexpected happen.
If you're struggling to reach your goal, try to keep going with even small amounts. Saving a little is better than saving nothing. Work on lifelong savings strategies and try to gradually build the amount you save over time.
Exclusively for Premier customers, HSBC Wealth Portfolio Intelligence Service is a Relationship Manager-guided journey that allows you to maintain control over the decisions you make with your unit trust investments.
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Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
