Singapore has always been known to have expensive costs of living. A single individual would need around $1200 monthly to survive. This cost is exclusive of rent. Rent fees vary on housing type, size, location, and other factors. There is a known tight competition when it comes to housing arrangements in Singapore. This is because there are a lot of residents wanting to move in here. The reason for the influx of population is the many job opportunities available here. Singapore is a hotpot for many different industries as it has one of the most successful economies in Asia and the world.
The high demand for space and land has caused the prices of its housing to be expensive. Singapore condo prices are not spared from this reality. This trend applies to goods and services. If there is a limited supply of goods but there is a high demand, the prices tend to increase. This is the phenomenon observed in the Singapore property market. That is why finding affordable housing in Singapore is tricky. However, many developers offer affordable housing like apartments and condo for rent Singapore units. There are still Singapore condo prices that are relatively affordable compared to other housing types. There are many ways to afford a decent and practical condo for rent Singapore unit. In this article, we will talk about 3 money-saving tips to afford a condo for rent Singapore units.
#1 Prioritize your needs
One of the easiest ways to save money is to prioritize your needs. Make a list of the necessities that you need to survive on a daily or weekly basis. This way, you can keep track of the important things. You have to make sure that your list only has the things you need. These things are food, toiletries, transportation costs, etc.
Avoid buying luxury or things that you do not need but just want. Making a list and prioritizing them based on importance can help you see where your money is going. This can keep you on track of your expenses. If you only spend on necessary things, then your chances of affording a condo for rent Singapore unit is highly likely. Singapore condo prices are usually meant for working individuals or families. This is why Singapore condo prices are usually affordable or within the range of a person’s average salary.
#2 Cut down on unnecessary purchases
Everyone’s guilty pleasure is online shopping. These purchases are things that we don’t need in the long run. Social media marketing schemes make us want to buy unnecessary things just because these things are convenient to order or purchase. This is why point 1 is important. When you have a list of things that you need, making an unnecessary purchase can be avoidable. You would be surprised just by how much one can save by avoiding impulsive buys. If you find yourself wanting to make a purchase, you have to ask yourself again and how important and urgent the product is. This way, you can make sure that all purchases are necessary.
Condo for rent Singapore units are expensive but being able to rent these are possible through saving. Another unnecessary purchase is replacing gadgets, furniture, or other things in your house that are still perfectly working. Buying the newly released phone while you still have one that is working fine is not a good idea. Saving money also means that swaying away from temptations such as impulsive buying.
#3 Set up a savings account
The money that you would be able to save from the first two points must be kept somewhere. This is where setting up a savings account comes in. You must have somewhere to put this lump money. It should be somewhere that you could not easily access to avoid temptations. One of the smartest places to put it is in your bank savings account. This way, you will be reminded that you are keeping this money for a reason. You will also be able to track your savings progress.
Learn more tips from us
Following these three steps is easy. Having a decent condominium unit and being able to afford the high Singapore condo prices is an achievement especially with the economy we are in. In SRX Property, we can give you tips and reminders to secure that housing. Visit us today and know more about the Singapore property market.