Friday, October 6, 2017

Money Hacks To Make The Best Out of Your Money - Part 1

Money comes and go like a running tap water. However, we can always make the best out of our money by using a few simple hacks which I've done over the past few years. I believe this has significantly added to my savings and at the same time I still continue to enjoy the finer things in life.

Some of the hacks I employ includes:

1) Enjoying higher bank account interest

2) Getting cashback on my spending

3) Finding the best deals (Dining, movies, shopping etc)

4) Travelling smartly

Let me share in detail what I do to make the best out of my money which you can too to make the best out of yours!

Enjoying higher bank account interest

Since 2005, I started putting my money into higher interest account because the banks in Singapore just slashed their interest rates like nobody's business. Since then, I've switched a few accounts here and there because interest rates in the accounts changes over the years too.

For now, my 2 main high interest accounts are from OCBC and CIMB. OCBC 360 is easy to use and we just need to meet 2 criteria to enjoy 1.5% interest rates on the first $70,000 in the bank account. I just need to credit my salary and also pay 3 different bills to get the 1.5% interest rate. This is easily an additional free $1050 for the year.

Above $70,000, I put into CIMB fast saver account to earn 1% interest on the first $50,000 and then CIMB star saver to earn 0.8% on any balance. The best is there is no conditions to meet for CIMB so its very straightforward. It is very easy to open too just need to do everything online without the trouble of going down to the bank.

Possible extra cash savings: $1000+ a year

Getting cashback on my spendings - Free $150 Grab Gift

I started using cards to get cashback on my spending when I heard a friend say how he had a debit card which gives 2% cashback on all spending. I went to apply for it and used it to pay for my university fees where I got hundreds of dollars in cashback as a result.

Nowadays, its hard to find a debit card which can give good cashback. One of the debit card which gives cashback is the DBS visa debit card which gives 5% cashback. However, you have to use visa paywave for your payments and have to keep withdrawals from the ATM at 3 times or lesser. For me, this is very hard to achieve.

So, I signed up for some credit cards which gives good cashback for my spending. This is easily done for those who has a stable income. If you've started working or have been working for awhile now and do not have any problems controlling your spending, getting a credit card is more beneficial than not having one.

My favourite cashback credit cards is still the Standard Chartered Unlimited card and American Express True Cashback card. Both gives 1.5% cashback on ALL spending (online or offline) and 3% cashback for the first 3 months for the AMEX card. Getting credit cards has even more perks because often there is good sign up bonus. For example, I got $138 credited into my card when I signed up for the SCB unlimited card and additional $100 vouchers.

There's also a new credit card that gives 2% cashback. This is the Standard Chartered Spree credit card. There is no minimum spend and 2% cashback is given for all online and contactless payments.

Currently, there is promotion to get $150 Grab gift for many of the credit cards below. Promo ends 15 Nov 2017.

There are many other cards available too. Click on the image to apply and grab your Grab Gift:

*Note: Grab Gift only applicable when you apply through the above links

Possible extra cash savings: $150 gift + a few hundred dollars cashback

Finding the best deals

There are many deals I've found out over the years which is so good sometimes I don't believe its true. Fancy some 50% off for your dining? Special discounts for movie tickets? Or half price for your shopping? All these are possible with just a touch of your fingers.

Most deals are found online now. For dining, some of the best websites to make reservations is Chope and Eatigo. For Chope, they give 100 Chope dollars for very reservation made. Just 400 Chope dollars and we can exchange for a $10 restaurant voucher. That's $10 off for every 4 reservations only.

The best is still Eatigo which is a dining reservation app that gives up to 50% off your total bill for the restaurant you book at. You can get 50% off for a buffet at Swissotel The Stamford or fancy 50% off for some Michelin star restaurant at Marina Bay Sands? All these can be done using Eatigo to book your reservation.

There are many restaurants on the website which you can look through. Many people are paying the full price for their dining but you can enjoy the same meal for just half the price at the same restaurant. That's the smart way of dining.

Possible extra cash savings: $100+ for each meal

There you go, 3 simple money hacks you can start to make the best out of your money. Part 2 will go more detail into money hacks for movies, shopping and travelling. Stay Tune!

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  1. Why you didn’t put your money in time deposit or fixed deposit? Doesn’t the interest high?

    1. Hi,

      I prefer to have flexibility with my money so i don't like it to be lock within a timeframe.