Singapore is definitely not the cheapest place on earth to live in, and there are plenty of things that suck money out of our pockets whether you realise it or not. The cost of living is creeping up and there are certain things we can do to help minimize the outflow of money. Below are some wallet-busting purchases we at GET.com have gathered and we'll give you some handy tips that will help you avoid making them. The first one in the list will probably surprise you.
3 Types Of Wallet-Busting Purchases And How To Avoid Them
1. In-app purchases
Free games on your mobile devices may not actually be free if you get addicted and end up buying all sorts of in-app purchases such as extra life, ammunition, tools, add-ons, virtual gems, super powers, etc. Whether you are the one playing the game or your kids are clearly spending too much time on such games, gaming addicts can easily chalk up hundreds or even thousands of dollars on such in-app purchases. Not convinced? Recently a 13-year-old boy shocked his dad with a £3,700 bill thanks to such purchases. Mind you, that's around $7,000 in our currency!
How to avoid overspending: Do not put your credit card as a method of payment for your Apple ID account or Google Play Store account. Use a debit card instead and make sure it's linked to an account that doesn't have too much money in it.
2. Impulse purchases
The most expensive things you splurge on may not necessarily be the most money-wasting if you actually use them on a daily basis or at least fairly regularly. Impulse purchases can include things like shoes, clothes, watches, skincare items, cosmetics, electronics, books, accessories and more - basically things you buy on a whim just because.
Think about it this way: Whatever you spend money on but don't use or wear is a waste of money. Not only are your impulse purchases a waste of money, but also they take up precious real estate at home, possibly also generating unsightly and stress-inducing clutter.
How to avoid overspending: Think long and hard before you hand over your money. Exercise self-control and consider if you really need the item(s). Try and recall if you already have something identical or similar; if your answer is yes, then walk away from the store quickly or close the browser tab on your phone or computer screen right away.
3. Alcoholic drinks at full retail prices
Alcohol is crazy expensive in Singapore, more so if you have your drinks at snazzy restaurants, clubs, bars and pubs. One drink too many and the effects of alcohol could easily have you swipe your card for more drinks than you'd originally intended, and the resulting bill can be rather scary particularly if it happens all the time. While drinking occasionally is still okay in my books, cutting down on ordering alcoholic beverages when you are out dining or socialising will really help you save quite a bit of money.
How to avoid overspending: If you really need some booze, do your homework and find out which watering holes offer great Happy Hour deals. Remember to check if the credit cards you are holding offer special discounts and deals, too. In addition to discounts, some credit cards also offer cash rebates, rewards points or air miles.