Anna Agoncillo, Author at MoneyDigest.sg

Incredible Saving Tips That You Must Know Before Buying An Engagement Ring

Take A Chance On The Pawn Shops

In a gloomy night in November, my friend proposed to his long-term girlfriend. The surprise does not stop there as they are expecting an adorable edition to their family. Due to the urgency of the situation and his tight budget, he considered purchasing from the pawn shops along the Little India. The varying rates of the rings here are slightly lower than those offered by the chain jewellers. He grabbed this opportunity ferociously!

You see, unlike some Singaporeans, my friend is not superstitious. He does not believe that purchasing a second-hand ring can induce bad luck. It is a surefire way to stretch your dollar if you hold the same perspective as him.

Negotiate With The Craftsman

I cannot deny the fact that going to a commercial jeweler follows a swifter process. You simply have to step inside the likes of “Love & Co.” and “Lee Hwa Jewellery” and purchase a ring right away. However, convenience comes with a hefty price tag. Consider buying personalized rings from local or online craftsman.

Negotiate with the jeweler and ask if he or she is willing to change the settings of your desired ring. Settings include the 4C’s: carat, cut, color, and clarity.

Opt For The Color Yellow

Different hues grace the very essence of the diamond rings. Since colored diamonds are extremely rare, they are priced handsomely. The supply and demand dictates the varying prices of the said fancy colored diamonds. There is still hope for your pocket as the least popular hues are less expensive.

This is why you must go for the most underrated colors such as Grey, Brown, and Orange. Asians shy away from Yellow diamonds due to the common misconception that it does not suit our skin tones. Try out intense and fancy Yellow diamonds first before believing the majority. Do not be too quick to judge!

Use Your Beneficial Card

Subscribing to the “married club” entails costs that exceed thousands of dollars. How often will this happen to you? Well, you better maximize your purchase! Get as many discounts or rebates as possible by charging your engagement ring in your credit card.

For instance, you may use your American Express True Cashback Card. It offers 3% cashback on the first S$5,000 that you spend. And, there is no limit on your earnings. Isn’t that amazing?

Image Credits: pixabay.com

May these tips help you to save enough money to buy your dream engagement ring. The only thing that you may worry about is your ability to gather your guts in order to ask one of the most significant questions in your life.

Sources: 1 & 2

Robo-Advisors: The New Wave Of Wealth Managers

Wealth Management Services used to be exclusive to the people who are insanely rich. These people were expected to pay at least 1% of the value of their assets as fees. Many wealth managers charge more than this! This is why these services leave no room for small-time investors.

Traditional wealth managers provide tailorized advice on financial matters such as investments, retirement, taxes, and estate planning. You must keep up with your annual fees to reap these benefits. However, a new wave just hit the country! Several FinTech (i.e., Financial Technology) companies have digitalized wealth management services.

These digitalized wealth managament services make use of “robo-advisors”, which allow all sorts of clients to build a portfolio at a cheaper rate. Robo-advisors measure your risk appetite and diversify accordingly. The gradual growth of robo-advisors is seen around the globe.

Know more about robo-advisors by watching this short video:

The local FinTech companies that I mentioned above include Bambu and Smartly. Let me kick off with Bambu. Bambu chose the B2B (i.e., Business to Business) route in marketing their robo-advisory platform. This means that they offer their services to the financial institutions themselves.

Ned Philips, the brainchild and CEO of Bambu, believes that the quick rise of digital adaption will greatly benefit the consumers. He explained that it may cost his company US$1 million (S$1.45 million approximately) to acquire 3,000 customers. The low fees that robo-advisors charge make it possible for him to sustain the business.

Smartly, on the other hand, allows its clients to invest in internationally diversified portfolios. The company offers ETFs or Exchange-Traded Funds. You can invest for as low as S$50 per month. You read that right! Their fees are very affordable!

Clients or investors are mandated to provide basic information about themselves. Then, Smartly’s proprietary algorithms will suggest a personalized portfolio based on the profile. It is possible to change the allocations of the funds if the client does not agree with it. Its mere slogan will say it all: “Anyone can be an investor – an investment service built for you.”

In summary, robo-advisors allow you to create a portfolio on autopilot. The digital algorithms access your tolerance to risks and your preferred timeline. Afterwards, a portfolio will be built. It is undeniably cheaper than the traditional wealth management services. This is why it welcomes more and more small-time investors to open their accounts.

Image Credits: pixabay.com

Do you think that this will benefit the Singapore market? Well, I hope so!

Sources: 1 & 2

How To Handle The Toughest Online Complaints

Supporting your customers does not always make you right, but it is about making things right. You are more likely to keep your customer if your resolved a situation fully. Deal with the toughest online complaints by following these tips:

Keep It Subjective

In my experience as an Administrative Officer, email scripts were extremely helpful. I answered queries and complaints with ease as we had several fixed templates in our repertoire. However, customers get frustrated after opening a generic email where some questions were left unanswered. This is why your reply must be tailored to the problem of your customer.

A good trick to try is to “copy and paste” the entire content of your customer’s email. Break it up into workable chunks in order to address every issue. This way you will be able to ensure that you respond appropriately to every paragraph.

Not Too Late To Say Sorry

No business is spotless or perfect. Instead of concealing your flaws, it is best to own up to them. Acknowledge your mistakes and think of the potential solutions. Perhaps, you can offer a voucher or discount as compensation.

Post a sincere apology as people will be quick to realize if your apology is scripted. Show your humane side by seeking a natural tone. Translate this tone as you type your message.

Image Credits: pixabay.com

Provide Peace Offering/s

As I said above, you may provide applicable compensation. It may be in the form of discounts, vouchers, coupons, refunds, free merchandise, and free classes. Do not hesitate to shower your customer with compensation after a failure in product or service.

A research showed that 58% of complaining customers who received a gift in the mail were delighted. This goes to show that your efforts will be rewarded with increased customer confidence and satisfaction.

Conversations Must Extend Offline

Polarization, the emergence of two views that drive groups apart, occur when conflicts are stirred in public. All communications on social media platforms are in the public eye. Instead of allowing negative comments to flood, deal with the issue offline. Directly communicate with the significant person face-to-face.

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Doing so will prevent the situation from escalating. Stay calm, firm, and polite during the encounter.

Sources: 1 & 2

Do You Have These Harmful Attitudes About Money?

Having a wrongful attitude toward money can cost you in the long run. The earlier you alter your belief system, the sooner it will pay off. Here just some of the attitudes that you can slash off:

“MONEY IS NOT VALUABLE!”

If you relieve the weight on your finances, you may start spending carelessly. Saying money does not matter is like saying that you can live in Singapore without having to work. Money is valuable as it lets you exercise choice. You can choose to change jobs or to retire early. It helps you to afford the options that will change the way you live.

“I WILL REMAIN FINANCIALLY ILLITERATE.”

Just because you never attained a “Diploma in Banking and Finance” does not mean that you cannot learn to manage your wealth properly. Having the negative attitude that you are not good with money can increase the fallout in your finances. This ideology is more common than you think.

Image Credits: pixabay.com

According to Kathleen Kingsbury, a financial author and money coach, women typically complain about being too stupid to learn about finance. This is not true! Since women learn by conversing, realize that your lack of financial knowledge is due to the lack of socialization related to money. An individual may join an educational club about personal finance as a solution. These matters can be applied to main as well.

“IT IS NOT POLITE TO TALK ABOUT MONEY.”

As we live in a predominately Asian nation, talking about salary or money in general is taboo. This may lead to poorly equipped individuals. You see, money has been a source of many conflicts. This is why most people skip this topic.

The downside is blatant ignorance. It is your duty to separate money facts from fiction. To get your facts straight, you must search for answers. You may not get the right information if you remain silent. People may not be able to help you in huge monetary decisions too.

Image Credits: pixabay.com

Do you have these harmful financial attitudes? Perhaps, it is time for change.

Sources: 1 & 2

5 Creative Ways To Earn Money This Yuletide Season

This is the season to be jolly. Parties, presents, and all the festivities do not come cheap! You can easily be trapped into months worth of debt if you remain careless. This is why you must find a few creative ways to earn extra money.

1. RECYCLE YOUR STUFF

Your unwanted pile of trash can turn into treasures thru a single environmentally friendly act – recycling. Some individuals, especially in developing countries, make a living by selling scrap. Do something similar by submitting your trash into one of Veolia’s recycling station. Veolia’s Cash-For-Trash Programme started in May 2014. Since then, various stations were set up within the HDB estates.

Papers can earn you about 10 cents per kilogram while, old clothing can earn you about 30 cents per kilogram. Aluminum cans can earn you about 50 cents while, metal tins can earn you about 10 cents. The distinct prices of your items depend on the quantity and material.

2. SPREE FOR FREE

Wouldn’t it be nice if the cost of your holiday shopping was generously covered? I know it sounds counterproductive to make money by spending money, but it is possible!

The people that shop for a living are called Mystery Shoppers. Mystery Shoppers are paid by the company’s marketing department to report about their experiences as they try the said company’s services or buy their goods. Accepting this job will entail getting paid for your time as well as for the items that you bought.

Eager to be one? Check out the current job openings at Gumtree.

3. WORK MORE THAN USUAL

I am going to impart one of the most efficient ways to make more money in the remaining days of December. This is none other than hustling at your current job. Work overtime and take extra projects. You may be tasked to widen the referral system or input hundreds of data. Just take on the task that no one else wants and receive appropriate payment for it.

4. WRAP FOR FEE

As the eldest of three siblings, I experienced wrapping gifts for several friends and family members. It is undeniably a chore that most people do not appreciate. This is why gift wrapping enthusiasts and alike can offer their skills for a fee. Purchase colored papers, festive ribbons, and gift tags in bulk to save more money.

If you can sell your service in a cheaper rate than what the shopping malls are asking then, you can easily hit the jackpot.

5. SELL YOUR SNAPS

Have you ever been attracted to the images attached in the online blogs and other advertisements? Most of these eye-catching features were from the company’s stock images. Stock images consist of photographs that are usually licensed for specific purposes. Companies pay decent amount of cash for these.

If photography is a special part of your talent reservoir, consider selling your masterpiece. Companies are in constant need for images for their websites, brochures, cards, blogs, and other projects. Start by selling your snaps on Shutterstock. Each website works differently so read through the guidelines first before you commit.

Image Credits: pixabay.com

Source: INC

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