Best money tips from women in Singapore

When it comes to saving money and getting finances organised, experts are not the only ones we turn to for advice.

Sometimes, people who have been through it all can give tips on realistic ways to save money, which is why we spoke to 10 women in Singapore on how they save money and maintain a healthy financial lifestyle.

Read on to see what they have to say.

1. Anna Vanessa Haotanto, 35, founder & CEO, The New Savvy, Her World Tribe member

• Before embarking on investments, these are some important questions to consider: “What happens to me and my dependents if this worst-case scenario happens?”, “How much am I willing to lose?” and “What is the end goal?”
• “Exchange-Traded Funds (ETFs) are a good place to start. They have low entry fees and are easy to understand and expose you to the stock market, bond, market and commodities. Of course, remember to do ample research and fully understand what you are doing before anything else.”
• “I believe children learn best through play and adventure. Make money lessons fun by incorporating an element of play in it and teach them money habits early. Have honest conversations with them as well.”

2. Kelly Latimer, 33, Presenter and Host, and mother of one

• “Before committing to any workout subscriptions, try a few free sessions with different types of workouts before laying down cash. [The] last thing you want to do is subscribe for things that you aren’t actually going to use.”
• “We are firm in explaining to our daughter that she can’t have everything. She also sees how hard we work and the hours we put in. So she understands that we work hard for the money that it takes to buy what she wants. Kids are a lot smarter than we think.”
• “I would love to have another kid, but financially, it is important to make sure you can support and maintain your current lifestyle whilst supporting and saving for baby number two.”

3. Diah Mastura, 39, Blogger at Etrangle.net

• “One way to vary your outfits is to buy clothes which allow you to layer. I like to have a lot of basics so that we can create a variety of different outfits all the time and won’t have to keep wanting to buy new pieces.”
• “I’ve been resisting the temptation to drop big bucks on beauty treatments and salons. Instead, I just stick to my own beauty routine at home and trim my own bangs, instead of finding excuses to go to salons.”
• “Start with small saving goals, for example, I try to save $10 a day. It really works wonders! In one week, I saved $70. In a month, $300. In a year, $3600!”

4. Cassandra Spykerman, 30, Actress and singer

• “Identify what you spend the most on and work from there. I tend to spend a lot on shoes because I love them. I used to buy a pair a month, or a pair every two months. Now, I just add to my wishlist and treat myself, once every four months.”
• “Having a good support system is important too. My family and friends give me sound advice when I ask them whether or not I need to buy specific items.”
• “When it comes to beauty purchases, take note of what your skin needs. For example, I don’t mask three times a week. I do it once a week, depending on how my skin is feeling. That way, I save on having to spend extra money on products I don’t need.”

5. Jeraldine Phneah, 29, Account manager and finance blogger at Jeraldinephneah.com

• “Before you even start investing, ensure you have at least six months worth of expenses set aside as emergency funds. Make sure you also understand different investment options and research well, so you are putting your money somewhere that you truly understand.”
• “Enter your investments without debt; pay off high-interest debts like credit cards and student loans first.”
• “To reduce shopping temptations, I have an ad-blocker so I won’t be exposed to marketing and I also don’t really follow influencers who promote a lot of products.”

6. Estee Kho, 27, Self-employed

• “I have separate accounts for saving and spending and I limit myself to only using the spending account. This way, it is harder for me to overspend.”
• “Instead of paying my credit card bills monthly, I actually set aside a specific day each week to pay it off. Doing this prevents unnecessary finance charges and late fees.”
• “Most importantly, I think we should not compare ourselves to others. With social media, it is easy to be tempted into spending when we see what others are showcasing online.”

7. Joyce Cher, 52. Business development manager

• “Try shopping for groceries at a wet market instead of a supermarket as prices there can be up to three times cheaper. Sometimes, three huge and fresh bunches of kang kong can cost merely $1!”
• “I would prefer to avoid zero interest bank instalment schemes. If you lose your job down the road, it sucks having to continue paying for a sofa you bought a year ago. So remember to always spend within your means.”
• “When I really need to buy something costly, I always try to check the best of three offers.”

8. Zahra, 31, Sales manager

• “I stick to a simple skincare routine that I know works and buy products which come in big bottles so they can last for months at a lower cost.”
• “I’m guilty of impulse buying in the middle of the night, so I’ve deleted all my shopping apps to stop spending unnecessarily.”
• “When it comes to saving, I stick to a 50:30:20 rule. 50 per cent should be spent on your essential needs; 30 per cent on savings; 20per cent on insurance and emergency expenses.”

This article was first published in Her World Online.