Food is one of life’s greatest pleasures. While some see it as fuel for the body – eating to live – others find joy in every bite, living to eat. Regardless of where you stand, food costs are a major part of your budget, making it important to strike a balance between enjoying delicious meals and keeping your finances in check. In this article, I’ll share how to do just that because I believe you don’t have to sacrifice your lifestyle for financial freedom or vice versa.

How are young adults in Singapore doing financially, anyway?

More young adults aged between 18 and 24 surveyed in Singlife's Financial Freedom Index 2024 reported feeling financial free compared to last year, and a significant proportion of this age group are already planning financial freedom goals and exploring ways to reach them, like having multiple income streams and making long-term plans¹.

Those are great steps in the right direction. What’s equally important is to pay attention to your smaller everyday moves, especially food expenditure – which can play a big part in sustaining your financial independence dream.

Quiz time!

Before we get to my golden advice on how to balance food pleasures and wise budgeting, let’s find out what type of food spender you are. Take this quiz and discover if you’re a Big Spender, Budget Setter or Savvy Saver.

5 easy ways to eating smart

No matter what kind of food spender you are, there are plenty of ways to enjoy delicious food while being smart about your spending. It’s time to smash misconceptions like “eating healthy is expensive” and “low-cost meals are unsatisfying” once and for all. Here are five easy ways to eat well and eat smart:

1. Eat out without breaking the bank

It’s true – eating out can be pricey, especially now with 9% GST and 10% service charge. If dining out is your thing or you enjoy catching up with friends over a meal, you can still save by snagging great dining deals through Singlife Rewards.

• Take advantage of third-party digital apps offering dining deals. Some provide up to 30% off or 1-for-1 specials. 
• If you have a credit card, keep an eye out for exclusive dining promotions when you’re paying with your card. 
• Join chat channels that share the latest lobang (great deals) –

you’d be surprised how much you can save, making dining out much more affordable.

2. Start a little food book

It may sound like a classic "kiasu" thing but this can save you a lot of money!

Note down places that offer discounts or deals, along with the price ranges of various restaurants. I do this often and whenever I need ideas for where to eat, I refer to this list, which helps me stay within my budget and makes decision-making much easier. It’s also a good way to keep track of offerings at smaller F&B outlets which may not be on food apps or have their own website, and yet could offer great food at attractive prices. Being aware of your value-for-money options allows you to enjoy great meals while keeping your wallet happy.

3. Meal prep for maximum savings

Healthy eating doesn’t have to cost a fortune, especially when you’re the cook. While meal prep may sound like a hassle, with a little planning, it’s pretty easy.

By planning your meals for a week, you’ll know exactly what ingredients you need and how to maximise them. It’s also worth planning your menu around whatever ingredients are on special offer at your neighbourhood market.

To simplify cooking, opt for one-pot dishes. With less time spent on prep, cooking and cleanup, making your own meals can become a fun and efficient way to eat well without the extra expense.

4. Prep your drinks too

I used to spend quite a bit on bubble tea, coffee and other beverages – $1.50 here, $3.00 there… it adds up! A daily coffee run can cost you around $30 a month or $360 a year. That's enough to buy a plane ticket!

Prepping your own drinks, like coffee or tea, only takes a minute or two and can save you several dollars a week. Plus, you’ll know exactly what goes into your body, making it a healthier option overall.

5. Set a food budget

You might be wondering, “What food budget should I set, and how do I stick to it?” The first step is reviewing your current food expenses – what you’re spending on and where.

When I took a closer look at my own spending, I realised I was shelling out a lot for small snacks. Individually, they didn’t seem like much, but they added up over the month and took a big bite out of my food budget.

Once you know your expenses, you can start allocating a comfortable amount. For example, you could plan to have two lower-cost meals each day, allowing you to splurge a little on one meal. Or, cut back on weekday spending so you can save up for a weekend treat or dinner with friends. Small adjustments like these can help balance your budget without making you feel deprived.

With a little planning and a dash of creativity, you can savour every meal without breaking the bank!

^Notes

^{1. Source: Singlife internal proprietary study on “Financial Freedom Index” (2024). Unpublished.}