An average household in Singapore spends roughly S$4,699 per month, according to the household expenditure survey conducted by the government in 2013. If you dig deeper into the survey, you will find that about families spend only about 41% of this on things that they “want” like shopping, travelling, dining out and recreation. Of course, the top 20% of families spend much more on these “discretionary” spendings (46%), while the bottom 20% of families spend much less (38%). Still, is there any way to spend less on what we “need” so we can afford more of what we want?

Focus on Reducing Your Monthly Bills

Among all of a typical household expenditures, one of the easiest to reduce without affecting its lifestyle would be its monthly recurring bills. First, other spendings on housing and daily necessities like groceries are relatively difficult for people to reduce meaningfully without causing …