Anna Agoncillo, Author at MoneyDigest.sg

Incredibly Free Things That You Can Get At Hotels

Whether you are a frugal Fred who wants to get your money’s worth or a forgetful Bessy who left some of your travel necessities at home, here are some hotel freebies that are both money-saving and useful:

1. BATH ESSENTIALS

Let us start with the obvious freebies that guests typically take home – the bath essentials. Although you packed a sufficient supply of bath essentials, it does not hurt to pack a little more for future use. Keeping the shampoo and conditioner bottles as well as the soaps can save you a decent amount of cash.

If you have sensitive skin and experience adverse effects with the hotel soap, use it for other purposes. Keep the bar of soap and use it as a freshener for your drawers or shoes at home. Or, you may use it to clean your cosmetic sponges.

2. NEWSPAPERS AND MAGAZINES

The array of newspapers and magazines left at your room are not only free but also helpful. Firstly, you can use the valuable coupons inside to pay less in shopping for groceries, tickets, and more. Secondly, you can use these publications in the event that your child needs to cut pictures for his or her school projects. Lastly, you can use these publications as decorations to your dull office.

3. CURLING AND STRAIGHTENING IRONS

To all my fellow beautiful women out there who want to look their best but forgot to bring their trusty curling or straightening irons to the hotel, worry not! Many major hotels (i.e., large hotel chains such as Hyatt) offer loans for these hair styling items. Simply approach the front desk and ask politely for what you need.

4. SEWING KIT

Tailoring or sewing services in Singapore can range from S$5-40 depending on the type of clothing article. Some of the prices are too much if you asked me! You might as well buy a new one. Good thing there is a better and quicker option – altering clothes by yourself. But, how can you alter your clothing while on vacation?

Say you broke the straps of your backpack. Having a sewing kit can solve this problem right away. Thankfully, your Trump Hotel room has complementary sewing kits. Like Trump Hotel, many major hotels have free sewing kits on-hand. Remember to bring those kits before you checkout!

5. DENTAL CARE

The worst thing that I can forget while on a vacation is my own toothbrush. Unlike the couples who are comfortable with sharing one toothbrush, I will never use someone else’s! This is why I am very grateful that hotels provide basic dental care products such as toothbrush, toothpaste, mouthwash, and floss.

Image Credits: pixabay.com

Minty fresh breath does not always come in cheap packages! In fact, a bottle of mouthwash can cost you about S$4-14. Hence, I suggest that you pack that free mouthwash with you.
Sources: 1 & 2

Factors Affecting The Currency Exchange Rate Of Singapore

The Currency Exchange Rate is one of the most important means to quantify the country’s level of economic stability and economic health. It refers to the “rate at which one country’s currency may be converted into another”.

The market where these currencies are regularly traded is called Forex. The Forex market, the most liquid market in the world, includes all of the global currencies. There is no central marketplace for trading these currencies; however, there are financial centers in Singapore, New York, Tokyo, Zurich, London, Sydney, and Paris.

Exchange rates fluctuate regularly with diverse market factors affecting it such as inflation and government debt. If you are planning to send or receive funds from overseas, you need to be in constant lookout of the changes in the foreign exchange rates.

INFLATION RATE

A country’s inflation rate causes a change in the value of its currency. For example, if Singapore experiences high inflation, you will observe a depreciation in the Singapore Dollars (SGD). This high inflation is typically related to the higher interests rates. In contrast, if Singapore experiences low inflation, you will observe an appreciation in SGD. And the prices of the goods and services will increase at a slower rate.

The average inflation rate in Singapore from 1962 to 2016 is 2.69% – reaching its all time low of -3.10% in 1976.

This observable negative inflation or deflation is not good. It happens when the prices of the commodities fall because the supply is greater than the demand. It can ripple the economy and later lead to high unemployment, recession, and depression.

GOVERNMENT BUDGET

A government’s budget surplus or deficit have an impact to the currency exchange rate. For instance, when our government’s budget surplus is expanding, the exchange rate of SGD will grow competitive.

The financial regulatory authority and central bank of Singapore is called The Monetary Authority of Singapore (MAS). An important institution that supports the effectiveness of the interventions given by MAS is the Central Provident Fund.

INTEREST RATE

The interest rates set by the central banks influence the customers and investors. First, it affects the borrowing behavior of customers. If the economy is overheated, central banks may increase its interest rates to make borrowing more expensive and discourage people.

Second, it affects the balance between the investor’s safety of funds and the yield returns. For example, the yields for assets in SGD increases as interest rate goes up. This leads to an increased demand by investors and eventually lead to the appreciation of Singapore’s currency.

GOVERNMENT DEBT

The government debt (public debt or national debt) is the balance owed by the government. Countries with immense amounts of government debt are less likely to receive foreign investors and foreign capital. As an effect, decrease in the value of their currency exchange rate will follow.

The is 105.6% as of 2015. This signifies the country’s ability to pay back its debt.

Image Credits: pixabay.com

Sources: 1, 2, 3

5 Surefire Ways To Waste Money

Many posts on financial websites concentrate on the positive topics such as the effective ways to spend money and the healthy financial habits of successful people. However, these articles may not highlight the negative habits and practices that cost you money. And some people really need a wake -up call!

To help prevent unhealthy behavior as well as to add in the scarce literature on this topic, here are 5 Possible Ways To Waste Your Money:

1. GIVING IN TO DESIGNER GOODS

As you walk past the Orchard Road, you saw the huge crimson sign that said: “SALE”! Your highly elated self rushed through the counter and bought the first branded bag you saw. The rush was amazing but it did not last for long. The next day, you saw an email from Zalora that they are having discounts on Michael Kors’ watches. The Silver Steel Bradshaw watch used to cost S$439 but it is retails for S$307.30 now. Again, you got excited and bought it right away.

Do really need a new designer watch and a new branded bag when you have dozens at home?

These deals may seem like a bargain at the moment; however, it is just excess spending in hindsight. This is why you must list down all your necessities and stick with it.

2. AVOIDING NEGOTIATION

Although most people know that they are worth more, they are afraid to negotiate for a higher salary. By doing so, they are letting an opportunity and hundreds of cash slide.

Negotiating your salary is a game with all of its players attempting to dominate each other. Dominate the game by researching all the needed information. Go in-depth about the complete aspects of the job and the company. Also, collect data about the average pay and accurate salary opportunities in your position.

3. SHOPPING AT ONE STORE

It may be convenient to complete your shopping list at one place but it can also cost you more. Instead of getting your produce, office supplies, and toiletries at the nearby grocery store (e.g., FairPrice or Cold Storage), consider exploring other options such as the bookstores (e.g., Popular or Kinokuniya) and dollar stores (e.g., Value Dollar or Daiso). Visit the dollar stores for trivial things such as cleaning supplies, greeting cards, clothes pegs, and pet accessories.

4. BUYING BABY CLOTHES REGULARLY

Believe me when I say that babies can have sudden growth spurts so, it is unnecessary to buy loads of baby clothes in advance. It goes the same for shoes, as socks will be sufficient to keep their cute toes warm.

Start saving for baby clothes by asking your friends and family if you can have their child’s outgrown clothes. You will not only help your friends or family members to de-clutter their space but you will also save more.

5. INDULGING ON LUXURY BEAUTY PRODUCTS

With the society’s obsession towards physical appearance, it is no surprise that people spend so much on beauty products. There is an abundance of luxury beauty products in countries such as Singapore, Dubai, United States, and Hong Kong. This is one example:

As you can see Tati, YouTube’s famous beauty guru, disliked her experience with the ridiculous US$330 (S$441) Givenchy Le Soin Noir Lace Face Mask. She could have just purchased a S$2 Korean Snail mask and achieved seemingly similar results.

Sources: 1 & 2

How To Effectively Send Money From Singapore To Overseas

Whether you are a concerned parent who needs to send money to your Singaporean child abroad or an honorable foreign worker who needs to send money back home, you must employ some strategies to remit.

The act of sending funds is called remittance. Remittance service involves the transfer of money to an individual that is a resident of another country or an individual that is temporarily staying outside of Singapore. To remit funds effectively, you must choose an appropriate type of service, determine the total cost, and confirm all the details.

SWIM THROUGH A SEA OF OPTIONS

The advancement in technology increased the options for global money transfers. To regulate this, the Monetary Authority of Singapore issues license to qualified remittance services in Singapore. You shall not engage and support the services of unlicensed people.

MoneySense advises the public to remit funds by approaching a licensed remittance agent or an established bank. Nonetheless, here are the common options to remit:

a. Cash to Cash

If your recipient does not have a bank account overseas, an ideal option is the cash-to-cash basis. In this service that is operated by Western Union and SingPost, you walk-in with the cash and let the company deliver it to the recipient of a particular destination. Since your funds will be converted to the country of choice, the service fee and exchange rates can vary.

b. Telegraphic Transfer (thru Banks)

Bank wire transfers move funds from one account to another – no matter where the other bank account is. Although this is usually the weapon of choice, it can be the most costly due to the high service fees and exchange rates. For instance, DBS Overseas Telegraphic Transfer charges about S$20. Payments made through this service usually arrive within 1-4 working days.

Please take note that some banks offer services that will let you remit online or through their Smartphone App.

c. Online Services

The most convenient option of them all is thru online money transfer services such as the renowned PayPal. Paypal enables you to send and accept moneys online without revealing all your financial information. In fact, you can send money to almost anyone with an email address or a handphone number.

What is nice about PayPal transfer is that there is no minimum amount and it charges as low as 0.5%.

FIGURE OUT THE TOTAL COST

The total cost to send money is determined by the fees charged by the service provider, the daily exchange rates, and the total funds that you need to transfer. These factors can vary and fluctuate frequently. Thus, you must collect and compare these information as soon as possible.

VERIFY ALL THE TRANSACTION DETAILS

Once you determined the most economical and convenient option, you must confirm that the provider will be able to promptly deliver your money to your desired recipient. Furthermore, you must verify all the information and get everything in writing. Keep all the receipts, emails, and documents in case something goes wrong.

Sources: 1, 2, & 3

6 Effortless Ways To Earn Money

As a kid, I remember asking my father to get me a new toy even though I had plenty of it back home. He looked at me and told me that he cannot purchase it at the moment because “money does not grow on trees.” This old Proverb implies that it is not easy to earn money. However, the modern times enlightened me to a revolutionary realization.

I realized that there are simple, unique, and effective ways to earn money without having to commit loads of your time and exhaust your physical or mental abilities. Hence, I give you the 6 “Effortless” Ways To Earn Money…

1. SHOP FOR FREE

Ever dream of getting paid to shop? I know I had at it was amazing!

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 products, eat at their restaurants, or buy their goods. If you accepted a “mystery shopping” job, you will be paid for your time as well as be reimbursed for anything you bought.

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

2. ENJOY A GOOD NIGHT’S SLEEP

Sleep has been proven to improve concentration, increase cognitive function, reduce stress levels, and increase one’s Emotional Quotient (EQ). But aside from these, it can also increase your salary! An additional hour of sleep per week has shown an increase in salary by 1.5% over the length of a season. This increase is due to the positive effect of sleep on productivity.

3. DISTRIBUTE FLYERS AND LEAFLETS

You do not have to exhaust your physical and mental skills in order to distribute flyers and leaflets to others. A go-to side job by many students, distributing paper advertisements might sound like a boring task but you can earn decent cash (about S$7/hour) in a span of a few hours. Simply search at Gumtree to apply for this “promotional gig” near you.

4. COMPLETE SMALL TASKS ONLINE

If you have an hour to spare, consider joining websites that pay you for completing small and easy tasks such as signing up for websites, searching articles, making a background image, or linking URL to websites. Creating an account at Fiverr will only take you 5 minutes. With Fiverr.com, you will be paid a minimum of US$5 (S$6.70) for every project you accomplish. Alternatively, you can create an account at Microworkers.com to join more than 600,000 workers worldwide.

5. SELL YOUR PHOTOS

If you love capturing moments and have a collection of creative images that are worthy to be featured on websites then, you can try selling your photos online. Companies are in constant need for images for their websites, brochures, cards, blogs, and other projects. Start by selling your stock photography on Shutterstock or Fotolia. Each website works differently so read through the guidelines first before you commit.

6. GET PAID TO TWEET

If your overactive Twitter page boasts with a relatively large following, you can get paid for posting sponsored tweets to your followers. The rate, which typically ranges from S$0.67 to S$26, depends on the number of your followers as well as other factors such as the creation “age” of your account. An example of this service is manifested by paidpertweet.com.

Image Credits: pixabay.com

Sources: 1 & 2

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