Those who are servicing their home loan may consider refinancing or repricing if they are out of the lock-in period. This way, you can save on petrol and parking costs. If driving to work is a fixed expense to you, you may switch to just driving your car during weekends and take public transport to work instead. For instance, gym memberships, Netflix subscriptions, Spotify and online software subscriptions are common ones to review.įor fixed expenses, you can work on switching to more budget-friendly options. You may also want to cancel subscriptions that you are no longer using. You can consider cutting down the frequency or reducing the amount you spend each time – every little step counts! Use the digital financial advisory tool DBS NAV Planner to help you keep track of your expenses and set up a budget. But you do not need to go to the extreme of cutting them out totally since this may have a negative impact on your life. You can work on reducing spend on “wants” since they are not absolutely necessary. Examples of fixed expenditures include utility bills, mortgage loan and rent whereas discretionary expenditures are usually “good-to-haves” such as entertainment, gym subscriptions and wants. You can split your expenses into fixed and discretionary spends. With inflation not likely to ease anytime soon and the impending GST hike next year, families can establish a habit of looking through their expenses on a quarterly basis to make adjustments. However, there are ways to combat inflation without taking drastic measures. Many Singaporeans may feel upset about the rising prices on everyday items, or defer travel plans even though most pandemic-related restrictions have been lifted. Official numbers aside, many of us who dine out, pick up groceries or pay utility bills would have felt the impact of higher prices eating into our monthly budget.Įconomists have said that external inflationary pressures are likely to continue to be strong as global commodity prices stay elevated, with ongoing supply chain issues driven by both the Russia-Ukraine war and the regional pandemic situation. The headline consumer price index (CPI) or overall inflation grew to 5.4% during the same period. Singapore’s core inflation climbed to 3.3% year-on-year in April 2022, a 10-year high, according to official data released on May 23, driven by higher energy and food costs. Prices are going up, but that doesn’t mean you are worse off – investing can help.Besides reviewing your expenses and investments, there are ways to protect yourself from inflation.Review and track your expenses regularly to make adjustments.
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