Trust Bank, the latest digital bank in town, is giving out $35 NTUC e-Vouchers

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Have you heard of Trust, the latest digital bank to take the digital banking scene by storm? Trust Bank offers up to 1.4% interest rate for its savings account, 21% rebate on its credit card, $35 NTUC e-Vouchers as well as free rice and Kopitiam breakfast set. Here is how to save and score these freebies!

What is Trust Bank?

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Trust Bank (known as Trust) is a new digital bank set up by Standard Chartered Bank and NTUC. This means that customers of Trust conduct all their banking activities online since Trust Bank does not have any physical bank branch. Here are the products available under Trust.

1. Trust Bank Savings Account

Trust offers a base interest rate of 1% for the 1st $50,000 deposits. If the customer makes 5 eligible card transactions, this can be increased to 1.2% and 1.4% for non-union and union members respectively. No minimum amount is required to start earning the base interest rate. Best of all, there is no fees or lock-in period required.

2. Trust Bank Credit Card

Trust credit card provides up to a mind-boggling 21% savings rate on card spend. This is issued in the form of Linkpoints which can be offset against purchases at NTUC, Unity stores etc. If a NTUC union member spends at least S$350 per month on expenditure outside of FairPrice Group every month, he or she will be entitled to 21% savings rate on spending made at FairPrice Group. Simply put, if you are already spending within the NTUC ecosystem- i.e. shop at NTUC and Unity, dine at Kopitiam, now is the perfect time to save on your spending with Trust card.

Other amazing perks are the absence of annual fee, foreign transaction fee, cash advance fee as well as card replacement fee. Finally, those who sign up for the Trust credit card will enjoy complimentary coverage of the Family Personal Accident Insurance for the first 2 months

Amazing Promotion

Another eye-catching aspect is the generous freebies thrown in to mark its launch. These freebies add up to a total of $42:

  1. $10 FairPrice e-Voucher upon signing up with a referral code (DFFZV6CZ)
  2. Free Signature Breakfast Set to be redeemed at Kopitiam (worth $3.10)
  3. Free 1KG Superior Fragrant Rice (worth $3.55)
  4. S$25 FairPrice e-Voucher on your first card spend (no minimum amount required)

Besides these one-off freebies, Trust also pushes out regular discounts from popular merchants such as KFC, Burger King, Starbucks, Gong Cha etc. Remember to browse the app regularly and grab these vouchers!

Sign Up For Trust

From downloading of the app to approval of application takes less than 20 minutes if you sign up via MyInfo. With such a smooth onboarding process and the amazing freebies, what are you waiting for?

Download Trust app to collect your freebies- remember that the $10 FairPrice voucher is only valid if you sign up with a referral code. (DFFZV6CZ)

 

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6 Money-Saving Tips for Singaporean Teens

 

Let us face it! Saving money as a teenager is challenging, especially when you have friends who are constantly buying new clothes or are going on yearly overseas trips. However, it is possible. Here are 6 tips on how teens can save money despite the temptations and less income.

#1: OPEN A SAVINGS ACCOUNT

Opening a savings account with the help of your parents or guardians is a good idea as it will train you to manage your money. It is a surefire way to boost your educational savings and to cover your other expenses. There are multiple junior accounts available in Singapore such as the CIMB Junior Saver Account, OCBC Mighty Savers Kids Account, and UOB Junior Savers Account. These banks offer about 0.05% to 1% interest p.a. and minimal initial deposits.

#2: SEPARATE YOUR NEEDS FROM WANTS

Organize your finances by separating the money for spending and the money for savings. Although you have stashed the money away in your savings account, it might be tempting to touch it when your cash runs out. Stop! Refrain from doing this.

Your savings are for emergencies and essentials, not for straightforward purchases like food and clothes. The smart thing to do is to have a direct deposit account which you can access on demand.

#3: CREATE A REALISTIC BUDGET

Keep track of where your money is going by creating a budget. You can either write everything down or have software that stores all the data. Be diligent when it comes to encoding what you spend in a week or in a month. Most of us tend to spend more cash on the weekends, so you can start encoding during this time.

Once you have an idea of where your money is going, you can set limits and targets next.

#4: TAKE ADVANTAGE OF THE STUDENT DISCOUNTS

Your student ID is more than just a card that enables you to go to school. It is your means of getting discounts such as cheaper public transport or cheaper books. Many businesses and services offer student discounts throughout the year. Do your research to get more information.

#5: ASK YOUR PARENTS FOR HELP

There is no shame in asking your parents for help while you are starting to build your wealth. You can ask your parents to match your monthly savings by contributing to your account. If you put aside S$25 a week for a month, you can ask your parents to contribute S$100 at the month’s end. Do household chores in return for this favor.

Do not be afraid to ask! Once you have shown your parents that you are serious about saving money, they will reach out and offer their support.

#6: CONSIDER GETTING A PART-TIME JOB

For many young Singaporeans, having a part-time job is a rite of passage. Students can be able to find part-time jobs in the administration, hospitality, or retail fields. Investigate to see who is hiring in the area.

If these are outside of your interests, you can use your passion to create your own online shop. Use your extra income to grow your savings even more.

Sources: 1 & 2

 

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Here’s how to stop the urge of spending money

shopping bags

Emotions have a big influence on what we buy. As a result, it’s understandable that when anything is going on in our personal lives, it will manifest itself in our financial habits as well.

Does a little online shopping sound like the solution when you’re having a bad day? It may be as simple as picking up a new blouse or the latest pair of shoes. You convince yourself it’s not a huge cause for concern; you simply want to treat yourself to something good. Hold your horses! Making judgments based only on emotions is a proven way to give impulsive buying the upper hand.

Here’s how to stop the urge of spending money.

Have a plan

Having a plan for what you want to purchase and how much you will spend before you begin your shopping spree is a wonderful strategy to avoid impulse purchases. You will be less prone to overspending if you have a shopping list in place. It might include everything from groceries to holiday gifts for your family and friends; just make sure you know what you want to grab before you go.

Solve issues with existing products
DIY drums

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Is it really necessary to have a mobile phone holder on your workstation, or can you just rest it against a water bottle to check incoming notifications? Is it wise to purchase your kid a toy drum set when you could DIY your own? Using a little creativity, you might be able to fix problems with products you already own, or at the very least, postpone your next e-commerce transaction.

Track all that you’re spending: big or small

The smallest purchases may quickly mount up, and by the end of every month, we may be faced with buyer’s regret. The secret to effective budgeting is keeping track of your expenditures because it holds you liable for every dollar that leaves your bank account. You will be capable of making better spending decisions once you know where your money goes.

Many people begin by keeping track of their larger spending, but it’s just as vital to keep track of those minor, recurring purchases. A daily cappuccino, weekend meals out, or getting a seemingly harmless monthly magazine may add up to a lot more than you realize, and they can have a significant impact on our finances. You would have saved roughly over $100 per month if you could forego that Starbucks drink before you hit the office.

One of life’s most noteworthy temptations will always be to spend. Knowing how to control your impulses will help you get the optimum financial status possible in the future. While avoiding spending urges may seem tedious or challenging in the short term, the money you save today will provide greater options for enjoyment and financial security in the long run.

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Do these things to bring down your cost of living

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The term “cost of living” can be translated as the money needed to uphold our current lifestyle habits.

When finances are on a stretch, lowering the cost of living can weigh heavily on our minds. If you’re ready to hit the pause button on your spendings or make lifestyle changes because of a recent job loss or pay cut, that’s not impossible.

Try doing these things to bring down your cost of living.

Move to a smaller home

Downgrading can be a powerful punch in the face for the prideful. But when it comes to finances, it’s a massive boost for maintenance. Take a good look at your money matters right now and decide if it makes sense for you to downsize. Remember that selling your property takes time, so plan ahead and get started early.

But sometimes, selling your home can be made secondary by getting rid of your car instead. With most of us shifting back to working from home, maybe you don’t really need a vehicle to add to your existing financial burdens?

Rent out rooms
a room with a double bed

Image Credits: ohmyhome.com

For peeps who are not so keen on selling their house, see if you can empty a room or two to rent out. This presents a quick solution to bring in extra cash every month, on top of your salary.

Alternatively, you can also choose to downsize and then rent out a small room for someone to occupy temporarily. But this method might only be suitable for people who don’t mind sharing their living spaces with an outsider. Be sure to discuss thoroughly with your family members beforehand.

Minimise your energy consumption

Your current electricity appliances can be the culprit contributing to your steep monthly bills. Check to see if they are energy-efficient and make the switch if they aren’t. Since they are products you use for a long time to come, be sure to do your research and ask the salesperson about the specs before buying.

Another factor to consider is your air-conditioner. Yes, we get how Singapore’s weather is so humid and unbearable at times, but if you want to bring down your cost of living significantly, learn how to embrace the warmness. Can’t seem to give up on that? Use the timer setting to work your way around it when you hit the sack.

Rework your budget
budgeting with a calculator

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As we approach mid-year, maybe it’s time that you take a look at the budget you’ve drawn at the start of 2021. Changes are inevitable, and it’s okay to replan your spreadsheet to accommodate your income changes.

Study the spendings closely you have each month and maybe let go of a few inactive subscriptions. Examine if you genuinely require multiple content streaming services, or you could just do with one for the time being.

Singapore is undoubtedly a city with a high cost of living and seems to rise a little more each year. Unless you’re planning to move to another country with a lower cost of living, consider the above strategies to cut your money outputs.

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