Anna Agoncillo, Author at MoneyDigest.sg

Get Your Free N95 & Surgical Masks Until September 26

On the first day of Temasek Foundation’s mask distribution exercise, more than 100,000 households have collected their free N95 respirator and medical grade surgical masks. These masks are standard adult size.

The collection spans from August 26 to September 26.

WHERE CAN YOU COLLECT?

Singapore residents can collect 25 pieces of N95 respirator masks and 50 pieces of medical grade surgical masks at 15 CapitaLand malls and selected Cold Storage, Sheng Siong, FairPrice Xtra, Prime Supermarket, and Giant outlets.

There is a total of 131 collection points throughout the country and some collection points have employed the digital queuing system. As a friendly reminder, not all supermarket outlets are considered as collection points. Check out the participating outlets at stayprepared.sg.

WHAT IS THE DIGITAL QUEUE SYSTEM?

Eleven out of fifteen CapitaLand malls have activated the digital queue system. You can be added to the queue at these selected malls: Bedok Mall, Bugis Junction, Bukit Panjang Plaza, Funan, IMM, JCube, Junction 8, Lot One, Plaza Singapura, Tampines Mall, and Westgate. With this system in place, you do not need to stand in line to wait. Simply read the notification that alerts you to collect your masks. You can also check the length of queue through the system. Signing up for the digital queue will allow you to catch up on your other errands.

Go to getq.capitaland.com to snag an online queue number and to get notified on your phone when it is your turn to collect.

WHAT DO YOU NEED TO BRING?

You need to bring two important things when you are about to collect your free masks. Firstly, please have your SP Group bill (i.e., digital, or physical copy) ready or provide your residential account number at the collection point. Secondly, you must bring a sturdy bag. This bag needs to be big enough to carry up to three boxes of masks. No bags will be provided at the collection point.

WHY ARE THEY GIVING AWAY FREE MASKS?

Temasek Foundation aims to help the Singapore residents in their fight against COVID-19. It said this in an earlier statement: “It is important to have better masks ready for higher risk situations. For example, residents with flu symptoms should put on a better mask such as a medical-grade surgical mask to go see a doctor.”

Image credits: unsplash.com

The Foundation added that people who have tested positive for COVID-19 at home with an antigen rapid test kit should put-on higher-grade masks like an N95 respirator when going to the doctor for confirmatory COVID-19 tests.

Sources: 1, 2, & 3

Personal Debt Among Young Singaporeans Soars During Pandemic

Personal debt among young Singaporeans have been rising during the COVID-19 pandemic and the situation could turn sour once the interest rates start to rise.

Recent Credit Bureau Singapore data showed that people in their twenties have been taking on increasing amounts of other debt since the second quarter of 2020. The data manifested that the average personal loans and overdraft balances for those under 30 elevated by about 23% in the first quarter of this year over the last three months of 2020.

To illustrate, the average personal loan and overdraft balances for borrowers aged 21 to 29 increased to S$49,689 in the first quarter of this year. This is about 42% higher than the average of S$34,941 in the first quarter of last year.

It is important to note that the borrowing limits in Singapore were capped in 2015 to help keep unsecured debt in check. Experts say that the higher debts observed recently could have been fueled by the low interest rates among other factors.

RISE OF UNEMPLOYMENT

Last March, the unemployment rate among residents below the age of 30 was 6.4 per cent. Unemployment and lower earnings could be the reasons why young adults take personal loans and overdrafts. They try to borrow their way out of the crisis.

“If it is due to youth unemployment, it is often transitory. And the Government already has the SGUnited Traineeships programme and other relief to help young people and help small firms hire young people.” – Singapore Management University’s Associate Professor of Finance, Mr. Song Changcheng

LACK OF PERMANENT JOB

Ms. Selena Ling, OCBC Bank Chief Economist, said that the impact from rising personal debt among younger people will depend on when things turn around in terms of their professional life.

She added: “If subsequently they can find permanent jobs, then they can pay off the debts. But if the duration is extended, then loan delinquency or default rates may rise.”

MANAGING YOUR DEBTS

Awareness of your overall debts and assets is the first step. Include every document, billing statements, loans, and mortgages you have. Take immediate action when you notice that your debts are getting harder to manage.

After seeing the bigger picture, it is time for you to reduce your expenses. Cut down unnecessary expenses such as designer bags or artisan coffee runs. Add the minimum payments of your debts and the cost of your necessities to your monthly budget. To aid your realistic budget, you may sell your unused or underused items online.

Image credits: unsplash.com

Lastly, you can seek professional help. Start by seeking help from your family and friends. Then, consider hiring a professional to reduce your interest rates and penalties at forgiving timeframe.

Source: 1

Experience The Natural Wonders Of These 4 Local Farms

“Just being surrounded by bountiful nature, rejuvenates and inspires us.“
– E.O. Wilson

Nature heals. Research showed that environments can increase or reduce our stress. What you are seeing, hearing, and feeling at any moment changes your physical and emotional well-being.

If you feel suffocated within the walls of your home, try visiting farms in Singapore. From vegetable farms to animal farms, we have you covered!

#1: HAY DIARIES

Since its inception in 1988, Hay Diaries has been the only goat farm in the country. Located within Lim Chu Kang, guests are free to explore the premises and to witness the goat milking session between 9:00 to 10:30 am.

Get close with the goats as you purchase the Alfalfa Hay (S$5 per packet) and feed the goats. End your goat farm experience by skimming through the souvenirs such as fresh goat’s milk and handmade soap.

Image Credits: Hay Diaries via facebook.com

Location: 3 Lim Chu Kang Lane 4, Singapore 718859
Website: haydairies.sg

#2: BOLLYWOOD VEGGIES

Home to the Poison Ivy Bistro, the Bollywood Veggies lets you travel back to simpler times. Their Bistro is a farm-to-table eatery where guests go for a quick lunch after visiting the nearby farm. Try their unique Blue Nasi Lemak, which is infused with blue pea flower.

After a hearty lunch, you can walk around the premises to enjoy the wide variety of plants. What’s more? They have a food museum with about twenty-four oil paintings that illustrate the relationship between food and human civilization.

Image Credits: Bollywood Veggies via facebook.com

Location: 100 Neo Tiew Road, Singapore 719026
Website: bollywoodveggies.com.sg

#3: THE LIVE TURTLE AND TORTOISE MUSEUM

Did you know that this place is a Guinness World Records holder? Witness the undeniable charm of various species of turtles and tortoises such as the Six-Legged Tortoise and the Pig Nose Flying Turtle. See and feel the spirit of the Sulcata Tortoise for luck, and the Thailand’s Golden Temple Turtle for wealth.

You will be given the chance to interact with these creatures by petting and feeding them. However, please do not lift them up as it can cause them stress. Tickets cost S$10 for children aged 3-6 and S$14 for those above 7 years old.

Image Credits: The Live Turtle and Tortoise Museum via facebook.com

Note: Due to the Phase 2 Heightened alert, group entries will be limited to 5 people per group. Only fully vaccinated visitors will be allowed entry. Children under 12 years old need not be vaccinated.

Location: ORTO, 81 Lor Chencharu #01-16, Singapore 769198
Website: turtle-tortoise.com

#4: THE SUNDOWNER

Nestled within a once empty concrete rooftop, the Sundowner is an urban farm and lounge space which offers guests the opportunity to learn about the fundamentals of organic farming and to indulge in farm-to-table goodies.

It is an oasis of green floating above the bustling cafes and bars of the Siglap restaurant belt. You can opt for the Rooftop Farm Experience to learn about organic farming as taught by a master gardener, to don a bee suit, and to get a sample of unifloral honey. This experience is priced at S$115 for adults and at S$85 for children.

Image Credits: The Sundowner via facebook.com

You can also make your own pizza with their 3-hour class. This activity is perfect for friends, families, and co-workers. Private Pizza-Making experience costs S$350, for two pax.

Location: 705A E Coast Rd, Singapore 459062
Website: thesundownersg.com

Sources: 1 & 2

Your Ultimate Guide To Financial Literacy: What It Is & How To Improve It

DEFINITION

Financial literacy is the ability to understand and efficiently use various financial skills including financial management, investing, and budgeting. Financially literate consumers not only manage their money with confidence, but also have a better chance of handling the inevitable ups and downs of their financial lives.

It is the foundation of your relationship with money, which enables you to create a lifelong journey of learning. It will help you understand how to prevent and manage financial issues as they arise. The earlier you start, the better off you will be.

On that note, here are the advantages of financial literacy.

UNDERSTAND HOW MUCH YOU SPEND & EARN

When cultivating financial literacy, establishing a budget can give you a clear understanding of your expenses and income. Once you have a budget in place, you will be able to track your spending and revisit your spending plan regularly. With the variety of budgeting methods such as 50/30/20 plan, you can choose one that suits you best.

PAY OFF & AVOID DEBTS

Searching for the lowest interest rates when comparing loan terms can help you save a substantial amount of money over time. If you already have debt, financial literacy can help you select the best methods to eliminate your debt. You can pay off your credit card balances each month, so you do not get trapped by the interest charges. You can look for a credible expert such as a credit counselor if necessary.

WORK TOWARDS FINANCIAL SECURITY

Saving for retirement will enable you to secure your future. As you become more financially literate, you will be able to examine how much you need to save to obtain your retirement plan. You will be able to carve your action plan too.

WAYS TO BOOST YOUR FINANCIAL LITERACY

1. SET A BUDGET

Track your earnings and expenses each month by using an Excel Spreadsheet, a ledger, or a budgeting application. Your budget should include your incomes (e.g., investments and paychecks), fixed expenses (e.g., rent and utilities), variable expenses (e.g., shopping and travel), and your savings.

2. PAY YOUR BILLS ON TIME

Stay on top of your monthly bills by making sure that payments arrive on time. Consider taking advantage of automatic payments or signing-up for payment reminders (i.e., by email, SMS, or phone call).

Image Credits: unsplash.com

3. BUILD YOUR SAVINGS

Building your savings will help you reach your financial goals. Decide how much you want to contribute each month and stick to it.

4. CHECK YOUR CREDIT SCORE

You can request your credit report from Singapore’s credit bureaus. Companies assess your creditworthiness by looking at the credit score. Having a good credit score has its perks such as helping you obtain the best interest rates on loans and credit cards.

5. MANAGE YOUR DEBTS

Utilize your budget to manage your debt. You can devise a plan to reduce your monthly spending and increase your monthly repayment. Develop a debt-reduction plan such as paying for the loan with the highest interest rate first. If your debt is excessive and overwhelming, you can contact lenders to re-negotiate repayment or find a debt-counselling program.

Sources: 1 & 2

6 Tried & Tested Tips To Save Money On Shopee Singapore

E-commerce became a staple part of our lives due to the aftermath of the global pandemic. Personally, I only understood the Shopee craze in the recent months. Shopee is a Singaporean multinational technology company, which focuses on e-commerce.

For those who are not familiar with Shopee, it is an online marketplace that can be accessed through their website or their app. What separates it from the rest of the e-commerce websites is its interactive platform.

Save more money on your next Shopee shopping by following these tips.

#1: TAKE ADVANTAGE OF SHOPEEPAY

Sometimes, Shopee vouchers may require you to use its digital wallet called ShopeePay. ShopeePay often offers a higher percentage of cashback compared to non-ShopeePay vouchers.

If you are skeptical about using ShopeePay, you can simply transfer the exact amount you need for payment. ShopeePay lets you withdraw the leftover cash back into your bank account directly in case there are leftover funds.

#2: SHOP DURING EVENT SALES LIKE 8.8

For those who are not familiar with the event sales, online marketplaces have monthly sales on dates like 8.8 or 11.11. On top of the regular sales during occasions such as Christmas, you can enjoy discounted items with additional cashback in the form of exclusive Shopee vouchers.

Not to mention, Flash deals also occur during this period. It is up to you to make the best purchase for your family. The August sale is on 8.8, which is Shopee’s National Day sale.

#3: CHECK OUT THE SHOPEE MALL

If you want to invest on authentic products from your favorite brands such as Olay, adidas, or Samsung, you can go to the Shopee Mall. The Mall is a dedicated space that allows its users to request for a free return of product within its allowed period. It has a free shipping option too, which you can get if you meet the shop’s minimum spending requirements.

#4: DO NOT MISS THE FLASH DEALS

Look out for the Flash deals that happen throughout the day. These deals offer incredible discounts with products costing as low as S$0.50. As these are usually hourly sales, you can set reminders within the Shopee app.

Several stores (including big name brands) have constant deals too. Just click the dedicated deals section on the stores’ pages.

#5: APPLY VOUCHERS BEFORE CHECKING OUT

Vouchers replenish daily. Claim your vouchers to your heart’s content. Brands offer exclusive vouchers such as free delivery with a minimum amount of spending. You can follow these shops to get updated. Just remember to avail and apply the free delivery vouchers.

Best of all? Users are allowed to apply multiple vouchers upon check out. Enjoy more discounts when you apply the vouchers. You can claim as early as 12 AM.

#6: COMPARE THE TOTAL PRICES

As I was looking for an arts and crafts activity online, I was mesmerized with the colorful beads in the Diamond painting. Diamond painting is a new arts and crafts activity that fuses the dynamics of Paint By Numbers and Cross-stitch. It uses beads that correspond to numbers or symbols on the canvas. Since I am a beginner, I opt to search for affordable practice kits on Shopee. Two shops offer the cheapest prices. I decided to compare these two by clicking the “Add to Cart” button.

Image credits: pixabay.com

When you sort your results by price, the lower priced items will appear on top. Naturally, you will gravitate towards the cheapest ones. However, you must include the costs of shipping fee. The product price may be cheaper, but it could end up more expensive when you factor in the shipping fee. For instance, I can buy a cheaper Diamond painting kit in an overseas shop, but it will cost me more due to international shipping rates. Some merchants offer lower shipping fee or provide free shipping so, get the total cost of the purchase.

Sources: 1 & 2

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