While many people will see a salary increase as we head into the new year, its effect will be crimped as costs creep up with inflation on the rise.
While you can’t change inflation, here are some everyday measures you can take to soften the impact of price rises on your wallet:
1. Public Transport is the way to go
Taking public transport could slash your car costs (i.e. ownership, petrol, road tax, insurance, et cetera) in half.
Get on board with public transport to save money and the environment. Mother Nature will thank you!
2. Negotiate your salary
If you have been consistently hitting targets or taking on more responsibility than what's listed or required in your job description, this may be the year for you to ask for more. If you're overdue for a pay raise, set up a time to speak with your manager to discuss the issue. Make sure you do your homework beforehand to make it easy for them to say yes: list all your achievements over the previous 12 to 18 months, any targets reached and other ways in which you have contributed to business growth.
Research can also help your case: find out the salary range for someone in your profession and your experience in Singapore to see whether you are on the right track for a raise. If your company can't give it to you straight away, at least find out the timeline – and what you need to do – to get there.
3. Checkout deals You can explore ways to bring down the cost of your spending, such as using price comparison websites to secure the cheapest deals for your groceries.
4. Be a green guru
Save energy costs by keeping an eye on your consumption. In our hot and humid climate. You could save S$25 a year for each degree warmer you have the air con, according to the National Environment Agency; they recommend setting the temperature at about 25°C. You can make even higher savings by ditching the air con all together. A fan uses 1/10 the amount of electricity.
Other small tips include switching off appliances when you don’t need them and making sure you wash a full load on laundry day.
5. Give your assets a workout
Make your existing assets work harder for you. When your account is really feeling the crunch, it may be time to consider more unusual ways to bulk up your bank balance.
One option is to refinance your home loan. While it's not a decision to be taken lightly, it can unlock money each month if you find a provider offering lower interest rates than what you pay currently. Make sure to read the small print to understand (and evaluate) any costs involved, such as prepayment penalties, cancellation fees or legal charges. Another option is to try and inflation-proof your savings. Check the current interest rates you receive on money stowed away and what that translates to with regards to inflation.
Finally, diversify and see if other investments (such as gold) can also give you good returns.
Ready to start fighting inflation? Contact me at 97901583
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