Maintaining a home can be an expensive affair, and one of the biggest culprits of that cost are utility bills. However, cutting utility costs can be much easier than you think – without sacrificing the good life.
You can start with these six basic and practical tips:
1. Unplug idle devices
Leaving gadgets and devices plugged in, even if they’re switched off, means that they’re still consuming power. Unplug devices fully when you’re not using them! According to Dollars & Sense, this simple task can save you about S$100 a year*.
2. Be energy-efficient
Energy-saving equipment and devices are fast becoming mainstream these days. You might pay a little more for energy-efficient light bulbs, but you’ll definitely see a difference in those monthly bills in the long run.
3. Slash grocery bills
There’s an art to saving a few dollars doing the groceries as well. Purchase non-perishables in bulk, especially during a sale, and check store brochures for discounts and price-offs. Equally as important is to take advantage of cashback on your credit card. Did you know our CIMB Visa Signature allows you to enjoy 10%# cashback on your groceries, and more?
Money saved is money earned!
4. Pay less for your mobile service
It may just be the next priciest item of your household bills without you realising. Reduce data usage as much as possible by switching to WIFI where available. Be realistic about the plans you sign up for. Getting an ‘unlimited’ plan might sound attractive, but it can also mean you’re paying too much, especially when you’re not into watching movies and listening to music on the go.
5. Cut services you hardly use
Is your gym membership really necessary when you cant remember the last time you worked out? Or that monthly magazine subscription you’re on when you obviously can’t spare the time to read? These are all unnecessary expenses which you can easily eliminate. Also, consolidate all your online entertainment accounts such as Netflix into individual subscriptions and share it with the family across multiple devices. You’ll be surprised just how much you’ll be able to save!
6. Cash-in on credit card rewards points
Credit cards also come with a multitude of benefits. These include cash back (even for bill payments), air miles, discounted deals, instalment plans for large purchases, and of course, rewards points!
Accumulating rewards points allows you to redeem them eventually for services, gifts, lifestyle experiences, vouchers, and so on. Combine both principal and supplementary cards for even more rewards! Make the most of your cashback and points with the right credit card.
While some of these cost-cutting tips may not be for you, there are plenty of other methods to cutting back that we haven’t had time to list here. It all begins with a little planning and a family huddle to get everybody on-board and contributing to the cause.
# The 10% cashback is capped at S$100 per statement month per Principal Cardmember and up to S$20 per category. To qualify for the 10% cashback, Cardmembers must spend at least S$800, all posted in the same statement month. The 10% cashback consists of the base cashback of 0.2% and an additional 9.8% cashback. Beyond the cap, Cardmembers will earn 0.2% cashback on all spend.
This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy amongst Singaporeans. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve everyone’s well-being. This in turn, achieves CIMB’s purpose of advancing customers and society.