Anna Agoncillo, Author at MoneyDigest.sg

Budget-Friendly Ways To Make People Notice Your Business

As a small business or a startup, you are likely to experience some financial set-backs whilst trying to get more people to notice your brand. The constraint placed on your budget only means that you must be strategic in managing the pillars of your presence.

Fortunately, it is not that complicated! 🙂

1. POST ADS FOR FREE

Online Classifieds are a good choice as these are cost-effective, convenient to relay contact, visible to a large-scale of consumers, and the advertisers are able to edit a listing anytime. If you are a promising entrepreneur working on a minimum budget, look for free yet established classifieds such as these:

a. STClassifieds had been a favorite of many Singaporeans since 2007. It allows its users to post an add for free in a wide variety of categories. Furthermore, you can upload up to 10 images so you can really get the best angle of your product.

b. Renowned as Singapore’s Number 1 Free Classifieds Site, Gumtree Singapore is well known for providing good classified services with one of the largest visibility. Their ads let you show the description, photos, date listed, price, condition, address, and your contact information.

2. GET A CATCHY DOMAIN

Once you settled the costs of the products or services that you are planning to sell, you can start creating your own website. Go Daddy sells website domain names for as low as $2.26 per year.

Focus on getting a website domain that represents your business well leave a lasting impact to your target market. For example, you can use “xxx.flowers” instead of “xxx.com” if you are selling beautifully arranged blooms.

3. STAY SOCIAL

Because of the emergence of social media, your marketing must create and showcase a credible online persona for your brand and its products or services. A great online persona will attract more people to the website, boost the brand’s loyal consumers, and increase the number of new consumers.

The efficiency of this social influence is due to the Bandwagon Effect. Bandwagon Effect is a phenomenon that occurs when people do something predominantly because others are doing it. Social media allows the consumers to talk about a brand and its competitors. Using this tool to your advantage can help boost your sales.

4. HOST A GIVEAWAY

A surefire way to make people notice you is to sponsor a giveaway on various social media platforms. In fact, that is one of the early strategies of Money Digest. As much as possible, do this on websites that receive tons of traffic regularly such as Facebook and Instagram.

Get more traffic by incorporating the number of “likes” and “shares” to the mechanics. Also, there are several apps on Facebook that will help you send a message to your followers and help you choose a random winner.

Image Credits: pixabay.com

Debunking The 5 Money Myths In Singapore

There is a whole lot of misinformation and mistaken beliefs surrounding personal finance. It is about time that we debunk some of it!

MYTH #1: TYPE OF SAVINGS ACCOUNT DOES NOT MATTER

Most savings account in Singapore reward you with only 0.05% interest rate per year. So if you left S$10,000 untouched in your account for a whole year, your interest will earn you $5 or less than 42 cents a month. With that amount of money per month, you cannot even buy a slice of watermelon at the hawker center!

Banks realized the importance of having competitive rates for its clients. As a result, big player banks introduced savings accounts such as DBS Multiplier Account (up to 2.08% per annum), CIMB StarSaver Savings Account (up to 0.8% per year), and OCBC 360 Account (up to 3.25% per year).

Know more about the most profitable savings account in Singapore by visiting this link.

MYTH #2: CPF SAVINGS IS ENOUGH FOR RETIREMENT

Contrary to the popular myth, your Central Provident Fund (CPF) savings may not be enough to sustain the lifestyle you desire during retirement. Keep in mind that your CPF savings depends on how much you earn during your working years. If your income is relatively low throughout the years then you can expect to receive lesser payouts than your “higher earning” friends. So your CPF savings may not be enough.

Plus if you exhaust your account earlier on to pay for your HDB flat, then you shall expect to receive lesser payouts than those who bought flats within their “means”.

MYTH #3: DEPENDENCY IS OKAY

Growing up in the Asian culture made us realize that we have a responsibility to take care of others especially to those in need. Having someone to depend on is a good thing but when it comes to finances, it can get pretty rough. If you believe that it is okay to spend since your spouse, parent, or children (based on the Maintenance of Parents Act) will take care of your expenses then you are putting the financial responsibilities outside from yourself. Thus resulting to inattention towards managing money and careless spending.

MYTH #4: ONE SIZE FITS ALL

Everybody’s financial situation is unique so be wary of the “one-size-fits-all” money tips from media’s financial gurus. Many factors such as your consumer personality, financial goals, and age should be considered. Thus, it is more beneficial to listen to your personal financial advisor. Ask your friends to recommend a good financial advisor.

MYTH #5: FINANCIAL ADVISORS CANNOT BE TRUSTED

I had met some financial advisors with HSBC and Prudential before. Can they be trusted?

In a study done by Scratch, nearly 3 quarters of Millennials said that they would rather go to the dentist than hear the financial advice of a banker. Part of their reluctance to financial advisors stems from the lack of services targeted to people like them. As you may notice, Millennials are highly self-reliant and that translates with how they handle their money. Most of them are not comfortable with trusting someone else with their money.

The truth is, financial advisors are knowledgeable and trained professionals whose job is to guide their clients to manage their money, investment options, and asset relocation. You have nothing to worry about as long as your money is in capable and honest hands.

Sources: 1, 2, 3, & 4

Essential Questions To Ask A Millennial Job-Seeker During Interview

As you are about to enter your workplace, thoughts of how this day will commence circulated your mind. You see a hallway filled with aspiring professionals. Some looked more prepared while others seem to care less. You have one important task today – to conduct the job interviews.

Asking the right questions on a job interview is crucial to the success of hiring the best qualified candidate for the job. With the weight of the company resting your shoulders, you must come up with intelligent interview questions that will cater not only to the older generations of employees but also to the new generation of job-seekers.

Millennials (Gen Y), people born from 1980s-2000s, have a bad rep in recruitment compared to the older generations. You see, more than half of the local bosses in Singapore felt that people from the Gen Y are hardest to recruit because of their unrealistic expectations. These unrealistic expectations are translated thru the irrationality in pay, promotion, and work-life balance.

Personally, I feel that some Millennials pose more importance with self-reliance and self-fulfillment that they forget to be a part of an entire organization.

Regardless of the generation woes, your duty now (as the interviewer) is to pick out the aspirants who will remain loyal to the company as their personal goals are in lined with that of the organization’s. Start by considering these questions:

1. WHAT ARE YOUR CAREER GOALS?

One of my Millennial friends has been jumping from one job to the next because she has no clear idea of what she really wants. She lives for the thrill of the new experiences and worries about the present moment alone. Without a list of career goals, I am pretty sure that she will shift to another job by the end of this year.

There are many Millennials who view their careers much like my friend. This is why it is important for you to gauge whether or not the job-seeker’s career goals match that of the company’s. Remember that having a deeply rooted career goal can motivate a person to fulfill the needs of the job.

2. DO YOU VIEW THIS JOB AS A STEPPING STONE?

To know whether or not the aspirant is there to stay, be forward and ask about his perception about the available position. Is it merely a stepping stone or is he committed to succeed when given the job?

Use your expert judgement when examining their answers.

3. WHAT ARE YOUR EXPECTATIONS REGARDING THE SALARY?

As the aforementioned survey above stated, there is a high number of Millennial with irrationality in their expectations when it comes to pay. And this tricky question may just prevent that!

By asking this question, you will know if the aspirant has a good grasp of the actual salary based on his qualification and the available position. Also, you will see the true colors of the aspirant (given that he is completely honest). For instance, if he gives you a salary range that is within what you can offer then you can easily negotiate a pay that will satisfy his expectation.

4. WHAT MOTIVATES YOU THE MOST: SUCCESS OR FAILURE?

There is no right or wrong answer to this because a person can either be driven by the determination to succeed or by the fear of failure. You read that correctly! Failure can not only paralyze a person but it can also propel them to work harder. A person may do his best just to prevent failure from happening.

Image Credits: pixabay.com

You just have to figure out what form of motivation do you prefer most when it comes to selecting the best candidate.

Sources: 1 & 2

Extremely Wrong Reasons To Buy A Home

If you are updated with the latest in property, you will know that Singapore housing prices are trending down. In fact, the private residential property index decreased by 3.83% (or 3.45% when adjusted for inflation) in Q1 2015. However, the downward shift in pricing does not automatically mean that it is a good time to buy your own space.

Buying a home is one of the greatest financial commitment for most Singaporeans. It is a long-term commitment and responsibility that you must carefully plan for. Start by determining what you can afford as well as what you need to pay for. What you can afford depends on your total income, existing debts, savings on-hand, and loan eligibility.

Upon figuring these things out, examine if you are committing to a home for the right reasons. Otherwise, you will be a victim of these extremely wrong decisions…

1. TO EXHAUST ALL THE CONTENTS OF YOUR CPF ACCOUNT

If you are thinking of purchasing a home because you can simply deduct almost all the expenses from your CPF savings, think again! You can use your CPF savings to pay for a part of the home and to service the loan but not for the monthly expenses (e.g. mortgage insurance or conservancy and management service fees). You need to have sufficient cash to pay for these ongoing payments in addition to meeting your current monthly living expenses (e.g., rent and telecom bills).

A better reason to purchase a home is the fact that you already have savings to cover for the upfront payments such as the down-payment, agent’s fees, and stamp fees.

2. TO SUPPLEMENT YOUR “STABLE” JOB

Are you fond of your current occupation? How long have you been in the organization? Are you confident that your position is stable for the next couple of years?

The truth is, you can never be 100% sure that your job is secure. You can argue that CEOs or founders of the company can keep their jobs for the longest time but then again there’s the case of the Lehman Brothers. When deciding on whether or not you shall buy a flat, consider your current job situation as well as the workplace climate. To be sure, hold off a few years and grow your savings first before making this important investment.

3. TO SATISFY YOUR NEED TO MOVE

If you love the thrill of moving to a fresh nest and constantly changing your neighborhood, you will realize how difficult it is to sell your relatively new home in a short period of time without encountering a big loss. This is because most people prefer homes with better home equity. You cannot build a high value of ownership for your flat overnight!

4. TO COHABITATE WITH YOUR CURRENT PARTNER

As Nelly’s song goes: “Lovers to friends…why do all good things come to an end?”

With relationships, you have little to no certainty about what happens in the future. You may be in the best terms now but who can really be sure that you will end up together forever?

If purchasing a flat together is your solution to fixing an unstable relationship (even if you are engaged), what will you do if your partner suddenly vanishes? Or perhaps if he or she goes unemployed after a few months? You will have to carry the burden of the mortgage and all the monthly costs on your own. This poor reason for housing commitment will affect your credit.

Sources: 1 & 2

Cost-Effective Ways To Reward Your Employees

If you want to drive performance, engage employees and drive results…non-cash rewards are the most effective tools in your toolbox.

~Kimberly Abel-Lanier of Maritz Motivation Solutions

Underlying the theories of motivation comes the idea that rewarding your employees in meaningful ways can lead to higher satisfaction. These meaningful rewards are driven by the internal currencies of each individual. For instance, your senior employee may consider flexible hours as more valuable than merit pay.

On that note, here are 6 budget-friendly ways to reward your beloved employees:

1. FLEXIBLE HOURS

One key feature that Singapore employees possess is that most of our time revolve around work. My first job followed a 44-48 hours of work each week (including overtime) similar to how most companies operate. Due to the relatively long and stressful shifting hours at the office, my days off work were precious. After walking away from the office set-up and transitioning to freelancing, I realized that flexibility in time weighs more than any cash incentives I received. Being able to have a flexible timetable gives you the opportunity to do more of what you love.

So if your company works on a fixed schedule, perhaps you can incorporate a flexitime incentive whereby excellent employees can control their working hours for the following month.

2. RECOGNITION AND CERTIFICATE

A simple act of recognition goes a long way. As David Ciccarelli, co-founder of Voices.com, once said: “Something all bosses can do that doesn’t cost anything but means the world to people is recognition for their contributions to the organization.”

You can personally acknowledge the achievements and efforts of your employees thru group memos, writing an email, handing a personal note, or awarding a certificate.

Image Credits: pixabay.com

Remember how proud you were in primary school when your teacher proudly bestowed you with a certificate for performing well in class? Replicate those emotions by presenting a special signed certificate to your best employees once a month. The amount of effort you put on the presentation assembly will make it all worth it.

3. EXTRA PAID VACATION DAYS

Without the slightest doubt, having extra paid vacation days are some of the most wonderful rewards an employee can receive. Award your best performing employees with additional vacation days each year by turning it as a friendly competition. For example, the employee that acquires the highest sales on a quarter will receive extra 2 paid vacation days for the year.

Image Credits: pixabay.com

This may increase the productivity, satisfaction, and morale of your team.

Sources: 1 & 2

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