Following the recent rise in prices from general inflation, having a nice meal has become more and more expensive. MAS reported that the core inflation of Singapore increased to 3.1% year-on-year in March 2024.
The rate of inflation that we are experiencing can be from a myriad of reasons. Singapore’s vulnerability to supply shocks. As most of our goods are imported, we are particularly vulnerable to the inflation experienced by other countries, geo-political tensions and supply chain issues.
So, in such turbulent times, what can we do to save ourselves from being priced out from just enjoying a meal? Well, stick here to find out!
Dining Promotions and Credit Cards
There will always be promotions when it comes to dining in restaurants, be it due to special occasions such as national days, SAF day, Christmas, Hari Raya etc., or from restaurant vouchers and discount cards, you can never run out of options to save more money when you dine in.
There are restaurant chain membership cards that provide attractive discounts, such as the Level Ground Community, which offers discounts of up to 15% on your final bill on their affiliated restaurants when you sign up as a member for as low as $30 a year. There are also Telegram and Facebook groups such as SG Kiasu Foodies and SG food Deals that provide the latest restaurant promotions.
Many credit cards provide great dining deals, and some even allow you to accumulate miles and reward points for future usage. Some restaurants even offer special discounts to certain credit card members, including buffet deals.
Citi Cash Back Card
Great cash back card for average spenders looking to benefit from everyday purchases.
Pros
- Great dining and groceries rewards
- High petrol discounts
Cons
- Lacks shopping and entertainment rewards
- Not suitable for lower budgets
UOB EVOL Card
Everyday cashback on online and contactless spend
Pros
- Easy to use cashback card
- Great for budgets of at least S$600/month
- Rewards all online and mobile spend
Cons
- Cashback capped at S$60/mo
Grocery Credit Cards and Promotions
Sometimes, supermarkets can offer promotions and discounts depending on the occasion as well. There are also membership cards, such as Passion!, NTUC Union, or even SAFRA and HomeTeamNS that can provide discounts and perks for the respective supermarkets like Giant, Cold Storage, Fairprice, Sheng Siong and much more! Alternatively, you can also shop in online supermarkets such as RedMart and HonestBee to fully use their monthly promotions.
There are also different credit cards with attractive cashback and perks that make saving money on groceries more convenient.
DBS Yuu Visa Card
The new co-branded credit card, which works hand in hand with the yuu app, can be used to earn rewards points to be redeemed across various merchants. Earn up to 36x the yuu Points at over 1,000 establishments across Singapore.
Pros
- Good rewards for supermarket and food delivery spend
- No minimum spend and no cap to base rewards with Yuu merchants
- Able to earn upsized cashback with a minimum monthly spend of $600
Cons
- Low cashback with non-Yuu merchants
- Limited retail Yuu-merchants
OCBC 365 Credit Card
OCBC 365 Card offers one of the best cashback rates for essentials on the market.
Pros
- 5% rebate on dining, 3% on groceries, transport, utilities, pharmacies, streaming services and EV charging
- Fee waiver with S$10,000 annual spend
- Up to 21.04% fuel savings at Esso and 22.92% at Caltex
Cons
- 0.3% rebate on general spend
- High S$800 minimum spend requirement
Governmental Assistance
Governmental assistance during such tough transitional times can help reduce your psychological price shock of ingredients and dining options. Most households are eligible for GST vouchers which are designed to help lessen the blow of rising prices.
All Singaporean households also received S$500 worth of CDC vouchers in 2024 which can be used to support local hawkers or at supermarkets. Do note that, unlike other governmental assistance, CDC vouchers are best used for those with strict prices of multiples of $2, $5 or $10, as no change will be given to you if you overpay.
Cutting Down on Quality or Quantity
In the worst-case scenario, it is recommended that we cut down on the frequency of dining out in pricey restaurants in favour of cheaper alternatives or cutting back on meal portions when cooking meals so that you do not have to buy as often as possible.
Conclusion
Trying to cut down costs for inflation is challenging, especially for something as essential as eating and drinking. However, there are methods to lessen the blow of rising food prices.
Learn more about the different credit card offerings that can help you save as the cost of living continues to rise in Singapore.
Compare The Best Credit Cards in SingaporeFind Out More
Read More:
- How To Maximise Credit Card Rewards And Beat Inflation
- Top 5 Tips for Using Credit Cards Overseas
- How to Save Money Amidst High Inflation in Singapore
- 3 Types of People Who Should Open a Fixed Deposit Account in Singapore
- 5 Reasons You Must Have an Emergency Fund and How To Build It
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