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How to grow your savings in these uncertain times

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How To Grow Your Savings In These Uncertain Times

 

With the unpredictable economic landscape, our savings are now more important than ever. After all, it’s possible that the full impact of this situation has yet to be seen. That’s not to say you need to be obsessed about savings now, but it helps to know how to save and grow your savings during this time.

 

Make Sure You’re Getting the Highest Possible Interest Rate

You may think you’ve already parked your savings in a bank with the highest interest rate, but some popular banks are cutting their interest rates in response to the current climate. So it’s best to check if they’re still as competitive, or if you could be earning more on interest just by shifting your money somewhere else.

 

Shop for Essentials the Smarter Way

Shop for Essentials the Smarter Way

Shopping with your miles card may seem like you're getting the most back, but when cash is king, cashback credit cards give you the most valuable returns for this period of time. Having said that, cashback cards have differing cashback amounts depending on what you spend on. Being aware of which card to use when you're grocery shopping or online shoping for other essentials can make a difference. 

 

Dine-in on the Best Deals

More hawkers and restaurants are touting their delivery options, and that’s great for choice. But with high minimum orders and costly delivery fees, the actual cost of having food delivered every day can easily make you lose your appetite (and your savings). Always be on the lookout for flash deals and free delivery options, these can help you save quite a fair bit!

 

Try your Hand at Cooking

Try your Hand at Cooking

Do you really need to order every meal, every day? Maybe it’s time to try out a recipe you’ve seen on social media because cooking your own meals is usually better for your health and bank account.

 

Dig up Buried Treasure

Not literally, but when you’re home now, you may feel the urge to declutter and at the same time, uncover some items that you’ve bought in the past but hardly used. Put those items up on platforms like Carousell, and you might surprise yourself with how much money you can get back if you put in the time and effort. Plus with contactless delivery options, you won’t even have to step out of your own home.

With saving, it helps to have a goal. Find out how much you need to save every month to hit your savings goal here.


Want more in-depth Life Hacks on how to save like a pro?

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