Top 10 Ways To Save Money On Household Expenses

If you are a homeowner or just live in a house, you will have household expenses. In this video, I’ll be sharing my top 10 ways to save on household expenses. Enjoy!

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0:00 - Introduction

The top 10 ways to save on household expenses are:
0:39 - Refinance mortgage
If you have signed a loan few years ago, or have a HDB loan, it’s very likely your interest rate is much higher than the current interest rate. Interest rates have dropped by alot recently, with the fixed rate being at 1.5% and floating rate at 1.29%. Refinance now to save a few thousand dollars!

2:10 - Electric bill
Singapore open up their electric market in 2018. Even though the open electricity market rate is much cheaper, there are still 54% of people who have not switched over.
https://www.ema.gov.sg/OEM_Statistics.aspx

You can use Seedly’s OEM comparison tool to find the best plan for yourself.
https://seedly.sg/compare/open-electricity-market

4:28 - Broadband plan
If you do not require high internet speed, but signed up for internet speed, you will be wasting $10 or more every month. The average speed in Singapore is only about 207Mbps according to Speedtest.
https://www.speedtest.net/global-index/singapore#mobile

Look for a plan that best matches your usage.
https://dollarsandsense.sg/complete-guide-to-choosing-the-best-broadband-plan-for-your-home/

6:08 - Credit cards
Use credit cards to pay for utility bills to get discounts on your bill. If you can hit a minimum spend of $500 a month, use the UOB one card, which gives 3.33% on internet bills and additional 1% on SP bill. If you can’t hit the minimum spend, use the HSBC Advanced Card, which gives 2.5% cashback for all spend.

7:15 - Aircon dry mode
By using dry mode, the internal fan and compressor doesn’t need to work as hard, saving on electricity bill. The way I use it is, fill the room with cold air for 20-30 minutes, then switch over to dry mode.

8:12 - Reuse water
Collect your washing machine water when it’s in the rinse cycle and use it to flush the toilet.
https://www.pub.gov.sg/Documents/WELS_Brochure_English.pdf

8:42 - Water saving kits
Get water saving kits from PUB for FREE! By using a water thimble, you will get strong water stream without increasing its flow rate, hence saving water.
https://www.pub.gov.sg/savewater/requestforwatersavingkit

9:17 - Bidet
To save on toilet paper cost, install a bidet in your toilet. Qoo10 sells it for around $60-$80. The other factor is hygiene, using a bidet is thought to be much cleaner than using toilet paper to wipe.

10:19 - Get a toolbox
Instead of calling a plumber or electrician everytime something spoils, get a toolbox and learn how to fix things yourself. You can easily save over $100 by just doing it yourself.

11:15 - Coffee maker
If you drink coffee everyday, instead of ordering from Starbucks, buy a coffee maker and make your own coffee instead. In just 1 year, you will be saving around $1800 by making your own coffee.