5 Financial Easter Eggs to Help You Relieve Money Stress

Financial stress seems to be a widespread problem as inflation dampens consumers’ moods worldwide. Many Singaporeans also grapple with financial concerns as Singapore economy’s road to recovery faces multiple threats.

One way to deal with financial stress is to get in the habit of saving. This can seem difficult as our brains are hard-wired for instant gratification. But managing your finances doesn’t always have to be overwhelming. Whether you’re saving up for your next life milestone, building up a retirement nest egg, or getting onto the road of financial freedom, here’re five hidden “Easter eggs” you can look out for in your monthly budget that can free up some extra cash to boost your savings.

1. Track your spending

The key to unearthing hidden “Easter eggs” in your monthly budget is to have an accurate picture of your spending. Knowing where your money goes will allow you to take control of your personal finances — helping you spend less and save more. One of the easiest ways to do this is to download an expense tracker app that allows you to scan your receipts, which makes the process hassle-free.  

2. Buy in bulk

Every savvy shopper would agree that buying in bulk or buying through seasonal sales can help you save money especially when it comes to shopping for your daily necessities such as grocery and personal care products. This will also help you save time as buying in bulk means you don’t have to visit the store multiple times and your purchase is likely to hit the minimum amount required for free delivery.  

3. Join a loyalty program

If you have a store you frequently visit to get your necessities, it’s a wise idea to join their loyalty program to enjoy rewards, which can be cashback, discounts or points you can redeem to offset your purchases and bills. If you use a credit card for your purchase, use one that offers cashback or rewards for extra savings.

4. Reduce your subscriptions

Digital transformation has allowed people to seamlessly combine technology with day-to-day activities and the subscription economy is a critical component of this. Subscriptions seem to exist for everything from utilities and streaming services such as Netflix and Spotify to meal plans. More often than not, it’s easy to lose sight of how many subscriptions you have. You may consider cutting back some that are non-essential or getting a group plan to reduce the cost.

5. Turn your trash into cash

Have a closet full of clothes you don’t wear? Or items lying around the house that you no longer use? If your answer is yes, it’s time to declutter and make some extra cash. Whether it’s a handbag from the last season or an electronic gadget, there’re several online platforms such as Carousell where you can put up used items for sale.  

Make your money work for you

While we’re on the topic of personal finance, make sure you’re not simply saving but taking proactive steps to grow your hard-earned money.  

An investment-linked insurance policy (ILP) can help you achieve just that. It builds your wealth while protecting you and your family, by offering a combination of life insurance coverage and investment components.

AXA Wealth Accelerate, for instance, is a flexible ILP designed to reward and cater to your financial goals. The premiums you pay will be invested in well-diversified funds of your choosing (from over 90 options) that suit your risk appetite and investment objectives. You can opt to pay your premiums over 10, 15, 20, 25 or 30 years.

The benefit of ILPs lies in flexibility. You may take premium holidays (i.e. pause your payments), make partial withdrawals at no extra charge* in case of emergencies, or even top up your premium.

Additionally, AXA Wealth Accelerate boosts your wealth accumulation by rewarding you with multiple bonuses throughout your lifetime: a Start-up bonus to kick start your investment; a Power-up bonus to accelerate your investment, and a Loyalty bonus to reward you in the long run.

Disclaimer:

This article is for general information only and does not take into account the specific investment objectives, financial situation or needs of any particular person. The views expressed herein do not necessarily reflect the views of AXA Insurance Pte Ltd and should not be construed as the provision of advice or making of any recommendation. There is no intention to distribute, offer to sell, or solicit any offer to purchase any product. We recommend that you seek the advice of a qualified financial advisory professional before making any decision to purchase an insurance or investment product. Whilst we have taken reasonable care to ensure that all information provided was obtained from reliable sources and correct at the time of publishing, information may become outdated and opinions may change. We are not liable for any loss that may result from the access or use of the information herein provided.

This advertisement has not been reviewed by the Monetary Authority of Singapore.