Smart Savings Strategies for Filipino Expats in Singapore

Building financial security requires saving money, which can sometimes be a challenge for Filipino expats living in Singapore.

It’s easy to see why saving money may not be a top priority when dealing with living expenses and sending money back home. But with the right strategies, you can maximize your savings without compromising your quality of life.

By being intentional with your money and taking advantage of the financial benefits that Singapore offers, you can build a solid foundation for the future. And the key is to work smarter with your finances.

To help you with these, here are some simple steps you can do to maximize your savings while living in Singapore.

1. Set Clear Financial Goals

Having a clear savings goal gives you direction and purpose as there are a lot of things you can save for, like emergency funds, a child’s education, or for your retirement.

Knowing what your priorities are will make sure that the money goes where it matters the most. So break down your goals into specific amounts and timelines.

For example, aim to save six months’ worth of expenses for emergencies or set a target amount for your kids’ college education in 10 years.

Review these goals regularly to stay motivated and to be on track with your financial plan.

2. Automate Your Savings

One of the most effective ways to ensure consistency is by automating your savings.

This can be as simple as setting up an automatic transfer from your salary account to a dedicated savings account every end of the month.

Doing this “pay yourself first” approach simplifies the saving process and helps you stay disciplined. You’ll also be less tempted to spend the money meant for savings.

Consider accounts with higher interest rates to maximize your returns.

3. Budget Wisely

Create a monthly budget or what I prefer to call your spending plan.

Having a spending plan will help you keep track of your cashflow, allowing you to see where your money is going and identify areas where you can save more.

Allocate specific amounts for necessities, savings, and personal expenses. You can use mobile budgeting apps or even create your own Excel or Google Sheets file to monitor your finances and adjust as needed.

If you’re having a hard time following your monthly spending plan, here’s a previous article I wrote about it.

4. Use Loyalty Programs

In Singapore, many grocery stores, retail outlets, and service providers offer loyalty programs that reward frequent customers with points, discounts, or cashback.

These programs can save you a significant amount on everyday expenses over time. So sign up to those that match your spending habits, and take advantage of promotions or rewards that align with your needs.

Even small savings can add up when used wisely.

5. Take Advantage of Singapore’s Low Taxes

Compared to other countries, Singapore is known for its competitive tax rates, which often means you keep more of your earnings.

And as a Filipino expat, you can benefit from this, so use these savings to accelerate your financial plans. Boost your emergency funds, increase your investments, or whatever is your current top priority.

You can even lower your taxes if you use the right government schemes as well, so do the research and take advantage of these opportunities.

Don’t hesitate to consult a financial advisor to ensure that you’re making the most of your tax advantages while staying compliant with tax regulations.

In conclusion, maximizing your savings isn’t about making big, drastic changes. It’s about being consistent and disciplined with small, smart decisions.

Over time, these habits will help you build a strong foundation, achieve your dreams, and gain financial security.

Keep in mind that saving today will create opportunities in the future, giving you the option to choose for the different aspects of your life. Take note that every small action contributes to your bigger goals tomorrow.

And last but not least, don’t forget to adapt accordingly. Our priorities in life can change, and so it’s important to review your savings plan regularly.

Saving is a journey, and with the right strategies, you’ll be well on your way to financial independence.