Savings - how to
Singapore was ranked the most expensive country to live in for the 6th time in a row since 2014. The average expense for a Singaporean family of four is $4,209 per month. To be able to pay the school fees, utility bills, and transportation when you're on a tight budget would take a lot of careful planning and organisation. So to ease your pain, we've compiled a few tips and tricks to help you manage your finances on a tight budget!

Know your expenses:

Firstly, be clear and fully in control of your finances. How much is being deposited and withdrawn. For what purpose and at which part of the month/day.
This gives you a clear picture of your cash flow, and how you can effectively manage your finances from there on out.

It also helps you to see if you're living within your means
Shop smart:

It can be hard for you to increase the amount of cash entering your bank account, but it is much easier managing the amount of money leaving it.

Cut out non-essentials and further research into your local utility providers and grocers to find the best deal out there for the same product or service.

Research says that Singaporean households spend an average of $50,508 per year, including but not limited to:

Claim all the benefits

With the proliferation of the Internet and Digital age, It's way easier to check that you're getting all the benefits you're entitled to if you require financial assistance, especially in tough times like these.

Some benefits are one-off payments to help families in need, such as The Courage Fund, that gives a lump sum of up to $1,000 (depending on the household's per capita income after being affected by COVID-19), credited into the bank account.

Refer to the link below for a compiled list of Financial Assistance Schemes during this hard time.


Make sure that you are receiving as much assistance and entitlements from these beneficiaries as possible!

Emergency borrowing

We can't possibly foresee what the future holds for us, and in certain circumstances, we might even find ourselves in tough financial situations.

Small amounts of cash makes it hard to borrow from banks while perhaps the embarrassment from asking friends and family might deter many.

However, if you are thinking of borrowing money from licensed moneylenders, be very careful.

Things like payday loans, log book loans and doorstep lending can seem an easy solution, but can make a bad situation worse.

They're often a very expensive way of borrowing, so always try to find other ways.

One alternative is to refer your employer to Empala. See more at:
Contact us with any convenient way:

E-mail: hello@empala.co
Phone: +65 93 614 269
Social networks: Linkedin
Made on