How you can save money?

With fear of a recession coming, it is believed that those who earn just enough to survive but have a little saving will be dealt with the biggest blow. While they are financially afloat for now, their saving would not be enough for them to ride out an economic storm.

At this point, i find it useful to recap on some money saving tips to increase one own savings.

Below is an extract from the free 'Survival Guide' provided by Central Singapore CDC.

HOW TO SLASH YOUR UTILITY BILLS:
Keep them off
- Switch off electrical appliances at the plug point when you are not using them.
Use a Flask
- Switch on your electric airpot only when you need it.
Cool Temperature
- Set the thermostat of your air-conditioner at 25 degrees Celsius, deemed the optimal temperature by experts. Each degree you raise the temperature takes $25 off your bill a year.
Desktop Helper
- Do not  keep your computer running if you are not using it.
Four Ticks is Best
- Buy only appliances, like refrigerators and air-conditioners, with energy efficient labels. The more ticks an appliance has, the less energy it uses. The difference in an electricity bill between a four-tick and a one-tick air-conditioner could be as high as $460 a year, and as much as $130 a year when it comes to refrigerators with four ticks.
Better Bulbs
- Use energy saving or compact fluorescent bulbs, and watch your bill drop by $20 a bulb a year.

MONEY SAVERS water
Five-Minute Shower
- Keep your showers short. Turn off water while soaping.
Use a Thimble
- Attach one of these water-saving devices to your taps, especially the ones at the kitchen sink. Thimbles can be bought at kitchen equipment outlets, hardware shops and home improvement stores. To get a free thimble from PUB, National Water Agency, call 1800 284 6600, or send an email to PUBone@singnet.com.sg. Give them your mailing address and they will post a thimble to you.
Bottle Helper
- To reduce the amount of water you flush away, fill a 500ml bottle and put it in your cistern. Make sure the bottle touches the floor of the cistern. But do not let it touch the cistern’s mechanism.
Re-use water
- Don't wash your vegetables under a running tap. Wash them in a basin of water. Then use that water from your washing machine too, to flush the toilet.

MONEY SAVERS food
Frozen Option
- Opt for frozen meat rather than fresh cuts. It could reduce your bill by up to 50%. Frozen cuts are just as tasty as fresh ones, and as nutritious.
House Brand Advantage
- Buy supermarket house brands and items produced in Singapore and the region. They cost less.
Less Meat, More Veg
- You could substitute meat dishes in your diet with bean and tofu dishes. And eat more vegetables. These are cheaper and healthier.
Buy in Bulk
- Some essential items like rice can be much cheaper when bought in bulk. If the amount is too much for your household, ask the neighbours or your family members to share in the purchase.

MONEY SAVERS managing your money
Pay yourself first
- Save at least 10% of your take home pay each month. You should have an emergency fund equivalent to 3 to 6 months of your take home pay.
Just say No
- The salesman is persistent and you are tempted. The best response is to say “No thanks” and walk away.
Track Expenses
- Jot down in a notebook what you spend your money on. This will allow you to track where the money goes and where you can cut down.
Work out a Budget
- Determine how much you have to spend each week. First subtract your savings from your salary, then your regular expenses, for example, school fees and utility bills. Divide the remainder by four.