Dear readers, it was announced yesterday that the electricity tariffs for households will increase by an average of 9.8% for April to June this year as compared with the previous quarter.
As explained by SP Group yesterday, the price increase was attributed to the higher energy cost arising from significantly higher global gas and oil prices, made worse by the ongoing geopolitical development in Ukraine. As reported, this is the fifth consecutive quarter of increase.
As an example of the effect of the increase cited in the announcement yesterday, the average monthly electricity bill for families living in HDB four-room flats will head north by S$8.73 before GST.
When I learnt of the electricity price increase yesterday, I definitely do not welcome it since it means more expenditure and less savings to me.
Already, I have found myself paying more for my daily meals in recent weeks: almost all the meals outside from stalls I have been patronising before have increased in prices. Not to mention, for transport fares and utility fees. And I am also aware that GST will increase by 1% more next year.
These recent months are perhaps the months where I personally see how the cost of living have increased sharply and I feel the impact in the form of less savings.
I really think amidst the rising cost of living here, what we can do, if we want to maintain our savings, is to keep looking at ways on how we can further cut discretionary savings further.
And not forgetting, looking at good market opportunities to grow our monies through wise investments.
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