Keep discretionary spending in check: Experts advise as prices rise

“I used to buy a tray of 10 eggs for less than $3, but the average price for one tray is about $3 to $4 now,” says Ms Leong, 43, who is married and has a 15-year-old daughter.As part of the “sandwich generation” – those who care for both their children and ageing parents – Ms Leong is acutely sensitive to price changes. She lives with her family and her mother in a four-room Housing Board flat.

Overall, retail sales grew year on year to 13.7 per cent in July. This increased by 0.6 per cent from the month before. People spent more on apparel and footwear , food and alcohol , and watches and jewellery in July than they did in 2021.DBS, which found that discretionary spending had increased among its customers.Expenditure on items such as entertainment and travel and food saw some of the largest increases over the past year.

Singapore’s core inflation, which excludes accommodation and private transport, was at a 13-year high of 4.8 per cent in July. The Monetary Authority of Singapore expects core inflation to stay elevated over the next few months, before easing towards the end of the year. Says Ms Evy Wee, head of Financial Planning, Investments and Insurance Solutions, DBS Bank: “It is timely to review our budget, reduce discretionary spending and set aside adequate emergency cash to ensure that our quality of life remains sustainable.”Higher spending, lower income gains: How to cope with inflation and rising cost of livingOlder consumers, with greater household responsibility, are cutting back.

When it comes to buying groceries, Ms Tan looks for cheaper alternatives. She buys house brand items and compares prices across supermarkets and online shopping platforms for the best deals.

Source: Entertainment Trends (entertainmenttrends.net)

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