Countries all over the world are going through an economic downturn as the world was hard-hit by the pandemic. According to the Organisation for Economic Cooperation and Development (OECD), the global economy will be able to build momentum in the coming two years. They mentioned that for the first time since the pandemic began, we are now seeing hope for a brighter future.

However, two years is a long time for an economic downturn. According to the Monetary Authority of Singapore (MAS), the future is clouded with uncertainty and the unemployment rate among Singaporeans and permanent residents is likely to increase in 2021, keeping the wage growth low. Looking at how the economic recession will be prolonged, we must start saving whenever we can to ensure financial stability in the years to come. For a start, before you splurge this holiday season, let’s have a look at the cashback apps you can use to help you save some money.

Save more with these cashback apps

1. Shopback

How does getting paid to shop sound to you? That is exactly what Shopback does. With more than 300 renowned brands available on Shopback, you get to shop from these brands with the latest promotions and voucher codes. Not to mention that with every purchase, you get to receive a percentage of your purchase amount back to you as ‘cashback’. The next time you are looking for the perfect Christmas gift for your loved ones, look for the best deals and save as much as you can with Shopback!

2. Chope

Looking to celebrate Christmas in a fancy restaurant? Why not save more by making a dining reservation via Chope? For every completed booking, you get to receive at least 100 Chope-Dollars. And this means you get to save more on your meals! To use it, inform the restaurant’s staff that you have made the booking via Chope and the Chope-Dollars will be credited to your account in the next 72 hours. Using discount codes at ChopeDeals, you get to redeem S$10 (400 Chope-Dollars), S$20 (700 Chope-Dollars) and S$30 (1,000 Chope-Dollars). The more reservations you make, the more Chope-Dollars you earn!

3. Klook

Another well-loved cashback app is Klook. Klook allows you to save during your holidays and weekend outings, which is perfect for the year-end celebrations. They offer the best prices and discounts up to 60%. We understand that during this time, many borders are still closed but there are plenty of attractive places in Singapore that you may or may not have visited! All you need to do is to search for your desired destination, choose your activities, deal packages and attractions, and simply make an online purchase via Klook. The best part? Since Klook is a featured merchant on many reward sites, including Shopback, you get to enjoy even more savings and bonus rewards!

4. Fave

Want to let off some steam by visiting a spa this holiday but you want to save money at the same time? What if you get to do both? With more than 5,000 partners ranging from hotels, spas, F&B and many more, Fave lets you enjoy these services with promotions and discounts up to 80% across Singapore. Not to mention, you can also get up to 50% cashback at thousands of restaurants and stores with Fave! So, what are you waiting for? Treat yourself to an affordable self-pampering session this Christmas!

5. RebateMango

RebateMango offers a similar concept to Shopback but with a delicious twist. Instead of limiting your cashback to just cash, RebateMango offers other reward schemes! It is really simple to use; once you have created an account, you need to choose your preferred reward (cashback, air miles or loyalty points). Once your purchase has been confirmed, you will receive your reward within the next 72 hours. For every purchase you make with RebateMangoes, you receive Mangoes, aka points. Once you have collected enough Mangoes, you can earn a total of 10% additional free reward.

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Of course, you can leverage these cashback apps to help you manage your spendings. However, with or without the apps, you need to know how to save your money to ensure financial stability in the next years to come. Here are 2 easy money-saving tips for your Christmas shopping:

1. Create a budget

It might be tempting to spend your money on things you do not necessarily need when there are plenty of attractive deals available around this time of year. Of course, there is nothing wrong with Christmas shopping or buying yourself a little treat, but it would be recommended that you stick to a budget. For a start, you can set aside a few hundred dollars every month for gifts. By the time Christmas arrives, you already have a fixed amount of money that you can spend on holiday gifts!

2. Do not overspend!

The price of a Christmas gift does not determine the level of sincerity and love you put towards it. The only thing that matters is the thoughts behind the present. So, don’t feel obligated to buy the best and most expensive gifts. Shop within the budget you have allocated and stick with it. An additional tip is to compare the prices! All it takes is a bit of your time and effort to do some research and you will be surprised by the price difference of the same item on different eCommerce websites.

Similarly, if you plan to send money overseas this holiday season, you need to do some homework and browse through the different cross-border payment platforms to find the best deals. TranSwap offers a quick and easy global transfer at a very low cost with no hidden fees. You also get to make and track your payments in real-time, at your own convenience. Wanna find out more? Send your questions here!

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Have a wonderful Christmas celebration!