A new home signifies a new beginning and marks a significant milestone for many young couples. However, buying a new home is a major financial commitment for many Singaporeans. On top of applying for the available HDB government grants, you can also employ cost-saving hacks to reduce your home expenses. Your bank account will thank you for that.
Below are 5 of our personal favourite cost-saving hacks for new homeowners.
1. Meal Planning and Home Cooking
Instead of always eating out and doing takeaways, why not start cooking at home? Many people favour the convenience of dining out. However, we tend to overspend when we are eating outside because of the many choices.
By cooking your own meals, you can plan what ingredients go into your food. We tend to be more mindful of the nutrition and quality of the food when we prepare our own meals.
Not a good cook? Well, as the last resort, you can opt to have meals at your parents’ house (if they cook). Living near your parents does have its perks, and that includes free food cooked with love!
2. Conserve Electricity and Water
A survey conducted by Energy Efficient Singapore showed that in the average household, over 75% of the electricity is used to power just three appliances: Air conditioners (36.7%), water heaters (20.9%) and refrigerators (18.5%). Besides being more mindful when using these items, you can also install energy-saving appliances (check those with the energy star) to help you with more efficient usage of electricity.
According to the Third World Centre for Water Management, Mexico, the average water a Singaporean uses a day is 151 liters. The top water-guzzling activity is showering (29%), followed by kitchen (22%), laundry (19%) and flushing (16%). By taking shorter showers or showering with a low-flow wide spray setting, you can shower more effectively, stay clean and still save water.
By being more mindful of your electricity and water consumption, it will help reduce your utility bills and save you money.
For other ways to save costs, you can check our article on saving water and electricity.
3. Purchase High-Quality Furnishings and Appliances
Don’t be penny wise pound foolish. When it comes to major items in your home like furniture and fittings, appliances and utensils, focus on quality. It is important to differentiate between high-quality items and designer items, for they are not always the same.
Here are a few examples of quality items for your kitchen that will save you a lot of money in the long run:
If you love beautiful kitchen surfaces but are not keen on maintenance, quartz countertops are a great addition to your kitchen. There are highly recommended for their durability, functionality and aesthetics.
On average, homeowners spend S$2,750 for kitchen cabinet replacements due to sink leakages. Usually, most homeowners are unaware of the leaks until it is too late. So, save your wallet the future strain by installing a leakproof sink in your kitchen.
4. Take Public Transportation
It is a well-known fact that the cost of car ownership is very high in Singapore. Besides the cost of your car, there are registration fees and taxes, insurance premium, maintenance, petrol, loan financing and parking costs to consider. The list is not even exhaustive! Hence, think twice, or even trice, before getting a car.
Taking public transportation in Singapore is so convenient. The wonderful thing about living in Singapore is the massive integrated transportation system. You can get to almost any place by bus or train. Even hailing taxi is easy with the various popular e-hailing apps.
Best of all, with the many covered walkways and clean sidewalks, even walking around Singapore is not a bad idea.
5. Review Your Cable Subscription
If you are just starting out, your cable subscription can wait. When you want to be kind to your bank account, watching your shows on-demand isn’t a priority.
After all, you do get most of your entertainment online. There are tonnes of free sources for streaming and watching your sitcoms, series and movies. Now, do you really still need cable TV?
Practical Cost-Saving Hacks for New Homeowners
These 5 cost-saving hacks are very practical and easy to follow through. Take a step back to understand your financial priority versus your wants. Your wallet and sanity will be grateful for this decision in the long run.
If you are looking for high-quality kitchen countertops and leakproof kitchen sinks, Aurastone has got you covered. Contact us for a chat today.