Trying to stay within your budget month after month isn’t always easy, so when you unexpectedly end up with S$100 cash surplus after paying for all your necessities, it’s like finding a pot of gold. A teeny-tiny pot.
Okay, S$100 may not seem like much these days, especially when you live in one of the world’s most expensive cities. However, every cent matters when it comes to improving your financial wellbeing.
The value of S$100 in Singapore today
The buying power of money drops over time due to inflation. This means that while you could buy 10 boxes of chocolate at S$10 each with a hundred dollars 20 years ago, a box of the same chocolate today would’ve gone up to S$151, so you’d only be able to buy six boxes with S$100. It’s a hard fact of life.
Is having an extra S$100 a reason to celebrate or no big deal, then? We asked average Singaporeans…
• Frugal young expectant mum: “S$100 is nothing compared to the several thousand dollars I’d have spent by the time I give birth. As I usually pick the most affordable medical and baby care options, I’d probably use a spare S$100 to top up for more premium options, like a better infant car seat.”
• Essentials-only fulltime National Serviceman: “S$100 is about 12% of my current NS pay, which I use for necessities like food and transport. If I had an extra S$100, I’d spend it on a date with my girlfriend.”
• Almost crazy rich businessman: “Extra S$100? I wouldn’t spend it. Some of the wealthiest people got where they are by saving any surplus they had – it’s like making money without doing any work.”
What could you do with a hundred dollars?
It’s not every day that S$100 lands in your lap yet when it does, it’s bewildering how quickly it can go poof (upsized meals, peak-hour travel charges… you get it). Tempting sales make it difficult to hold on to your cash too. A basic smart watch, one year of TV streaming services and award-winning chilli crab at a top restaurant are all going for just S$100.
However, if you believe in making every cent count and prolonging the enjoyment of those precious extra dollars, you might want to give more thought to how you use it.
Smart things you can do with just S$100
Even if S$100 is a seemingly small amount to many people, you can get more mileage from it than you think. We’re talking about getting more value than it can buy and using it to live better.
Here are some suggestions for making your extra S$100 go a long way…
#1 Go for a health screening
Aside from the tests recommended by the Ministry of Health such as screening for cancer, diabetes, high blood pressure and high cholesterol, which are heavily subsidised at Community Health Assist Scheme (CHAS) GP clinics, you can get additional screenings depending on your doctor’s advice, your family’s medical history or your lifestyle.
Regular health screenings help detect illnesses early so that they can be treated without need for complicated procedures or long recovery periods. They can also help you avoid expensive treatments that are often needed for advance-stage illnesses, and give you assurance about your state of health.
#2 Do a minor home fix-up
Been thinking about replacing your faded doorknobs or jazzing up your bedroom with a fresh coat of paint? Now’s the time! Such minor spruce ups are usually simple enough to do on your own (or with some guidance from YouTube videos) and don’t have to cost more than S$100, yet they can make a world of difference to your living space.
If you’ve lived in your home for several years, repairing minor age flaws instantly makes it look less weathered and more welcoming. It can also improve your home value if you’re thinking of putting it on the market. Think of it as investing in your biggest investment.
#3 Start an emergency fund
Once you start working, it’s important to build an emergency fund – a cash reserve that you can tap on during unexpected events such as job loss or a severe illness. As a rule of thumb, aim to have about three to six months’ income in your emergency fund.
We know, it’s a lot of money to put aside when you have commitments like an unpaid university loan or don’t earn much. What’s important is to at least start somewhere – and S$100 is a good place.
To hit your savings target sooner, you can park your money in the Singlife Account which is an insurance savings plan. All you need is a minimum deposit of S$100. You’ll earn daily interest on your savings – and potentially unlock up to 3.5% p.a. in effective returns. Here’s how it works:
• 1.5% base return per annum for the first S$10,000 you save in your Singlife Account
• 0.5% per annum additional return on the first S$10,000 in your Singlife account via the Additional Return Campaign from 14 Nov to 14 December 2022.
• 0.5% per annum Bonus Return via the Save, Spend, Earn Campaign on the first S$10,000 in your Singlife Account when you spend at least S$500 each month using the Singlife debit card from now till 31 December 2022.
• 0.5% per annum Bonus Return via the Singlife Sure Invest Bonus Return Campaign on the first S$10,000 in your Singlife Account if you have Singlife Sure Invest, a digital investment-linked plan from now till 31 December 2022.
• Participate in the Singlife Account Special Incentive Campaign where you can earn up to S$810 cash bonus by topping up S$10,000, S$30,000 or S$50,000 in fresh funds in your Singlife Account and maintaining the sums for 12 months when you sign up by 31 December 2022.
With the Singlife Account, you can grow your money your way –- you don’t have to worry about hidden fees or a lock-in period, and you have the freedom to withdraw your funds anytime you wish.
How’s that for making your extra S$100 go the distance?
Notes
1. Based on prices generated by the Monetary Authority of Singapore Good and Services Inflation Calculator under the Food category.
