Anna Agoncillo, Author at MoneyDigest.sg

What On Earth Is ERP?

As far as the majority is concerned, ERP is something that you must avoid during peak hours. Many Singaporeans plan their routes beforehand in order to drive away from the relatively costly charges. But, have you ever wondered why ERP exists?

ERP or Electronic Road Pricing emerged as a means to control the traffic conditions. Managing the congestion is a must as there is a limit to the number of roads that one can build in Singapore.

I have a simple task for you! As you travel to developing countries, observe how demanding it is for drivers to queue up to the appropriate toll booths. The ERP scheme diminishes this problem by deducting your payments in a wireless manner, without seeking further actions from the drivers.

Image Credits: lta.gov.sg

Its robustness paved way for the significant expansion from 2 to 80 distinct gantries (i.e., bridge-like overhead structure with a platform). You see, ERP was activated on the 1998. Its predecessor was known as the Area Licensing Scheme. Drivers in the late 70’s will remember this.

You may wonder how ERP rates are determined. In complex terms: “rates will be adjusted accordingly based on an optimal speed range of 20-30 km/h on arterial roads and 45-65 km/h on expressways”. In simpler terms, ERP rates are determined by a quarterly review of traffic speeds on certain roads. Factors that affect the rates include:

a. the passenger car unit equivalent,
b. the time you entered the restricted zone, and
c. the systemic pattern during peak hours (i.e., charges alter every half hour during peak hours).

Image Credits: pixabay.com

The future of ERP takes form as a Global Navigation Satellite System. NCS Pte Ltd. and Mitsubishi Heavy Industries Engine System Asia Pte Ltd. were appointed to develop this new-age ERP. It will be operational by 2020.

Are you ready for this contemporary shift and its potential effects on the road rates?

Sources: 1 & 2

Single’s Guide To Saving Money On February 14

Cupid’s arrow is up ahead and the pressure to find love is on! There is an abundant supply of deals on expensive getaways, jewelries, and restaurants. Our consumerist culture makes it seem like spending loads of cash is what Valentine’s Day is all about. Personally, I do not buy it!

This view excludes the disposition of numerous single Singaporeans. If you are alone on February 14, you do not have to sulk in sorrow. It is in your control to have a fulfilling day despite your relationship status! Consider these tips:

ME, MYSELF, & I

Everyone deserves a little break every once in a while. Household chores, social expectations, and work deadlines can weigh you down. This is why you must not feel guilty if you want to prioritize yourself on this day. You can create your own rejuvenating retreat at home for less than S$15, get your nails done at Far East Plaza (express manicure costs as low as S$8), or play a new video game from Cash Converter (my friend bought a Call Of Duty disk for only S$8).

Personally, I enjoy vegging out in front of my laptop. Do whatever you want as long as it is within your means!

SHARING BLESSINGS

Random acts of kindness can generate happiness to both the receiver and the giver. As a compassionate individual, you may spread your love to those who need it the most. Simply search for a campaign nearby by visiting giving.sg/volunteer.

Valentine’s Day must not limit you to extending romantic love because making someone else’s day is entirely worth it.

NO PAIN, NO GAIN

“No pain, no gain” used to be the slogan at my father’s fitness center. I learned that fitness centers do not exactly encourage public displays of affection. Put your gym membership to good use if you want to stay in shape and to avoid the affectionate couples.

Exercise not only elevates your mood, but also improves mental clarity.

BLOOMING CREATIVITY

Do you really want to spend hundreds of dollars on a ridiculously priced bouquet that will die in a few days? No matter how grand or vibrant your store-bought flowers are, they will eventually decompose. Be practical and learn how to make origami flowers instead. Give your masterpiece to the people who inspire you the most.

Flowers fade, but your paper roses will stand the test of time.

Image Credits: pixabay.com

Whether you are single or not, February 14 is an excellent time to have fun!

Sources: 1, 2, & 3

Eight Possible Reasons Why Your CV Got Dumped

If you have not received any confirmation or callbacks, it is likely that your CV (Curriculum Vitae) was rejected. Why is this so?

#1: You are clearly unqualified for the job that you are applying for.

It is as simple as that! If the HR department perceives that you are submitting an irrelevant resume then, they will ignore your application. Making a significant career switch is acceptable as long as you put it in your cover letter.

#2: Your materials were unpolished.

How can you validate your sharp attention to detail if your CV and supporting documents were embellished with grammatical and typographical errors? Having someone proofread your submission will help prevent shameful mistakes and help check your cohesive thoughts.

#3: Your application got lost in the pile.

Some companies receive a massive pool of applicants on a daily basis. They need to seek help from young interns to cover the load. Novice interns may lose your premier CV in the pile. This is why you must send a follow-up after 3 days.

#4: You used an unappealing font.

I completely understand that you want to stand out from the crowd, but a funky font is not the answer. The appearance of your CV is one of the first few things that the HR Department considers. Stick to the trusty “Arial” font!

#5: You have significant employment gaps.

Job hopping has become prolific in the Singaporean workplace. Employers dread the stories of employees who suddenly went MIA. So, they watch out for applicants with significant employment gaps.

#6: You do not seem to be eager to move.

If an expanding company needs to fill a position immediately, your well-crafted resume may be ignored. It does not matter if you are the ideal candidate for the job! What matters most for some employers is your willingness to move.

#7: You used an incompatible format.

Once again, the appearance of your CV is crucial to gain the attention of the recruiters. Ensure that you are using the right type of document when sending your CV. Some companies may prefer a .pdf file, while others may opt for the .docs file.

#8: Your CV was sent thru a staffing firm.

People who have a hard time looking for a job in Singapore can hire the services of staffing or recruitment firms. The only downside is that certain companies intentionally ignore the applicants under said firms.

Image Credits: pixabay.com

You see, staffing firms require charge a substantial amount of money for every role filled. The company may think that it is better on its own.

Sources: 1, 2, 3, & 4

How To Celebrate Valentine’s Day Without Spending Too Much

Valentine’s Day is one of the most expensive “holidays” in Singapore.

But, it does not have to be!

You can always celebrate love without breaking the bank.

ELICITING GENUINE EXCITEMENT

One of the best ways to start a date is by handing over a sweet letter that will elicit genuine excitement. Crafting your own Valentine’s Day card costs practically nothing! Simply use the art materials that are available in your own home. Pouring your heart and soul into written words is more personal than signing your initials into a mass-produced holiday card.

Apply your personal skills to your homemade cards to boost its quality. Consider these scenarios:

a. An illustrator may draw the image of his or her significant other.
b. A digital enthusiast may animate a romantic message and send it via email.
c. If you like to bake, you may place the card on the top of a delicious box of cookies.
d. If you like to blog, you can create a beautiful post for your lover.

These things are more likely to be treasured than the items bought at the store.

FUELING THE ARTISTIC CLIMAX

Appreciating the arts is often perceived as something exclusive to affluent individuals. Purchasing concert tickets at Esplanade can be costly! Not to mention, purchasing art at galleries can cost thousands of dollars. Fortunately, locals and permanent residents have the option to hop around several museums for FREE!

Build up on the excitement by taking your beloved on a “not so typical” date at our very own Singapore Art Museum. This innovative museum houses a great collection of contemporary Southeast Asian art ranging from sculptures and paintings to installation art and moving media. They regularly collaborate with the leading international museums to cover both the local and international art practices.

Your date will be amazed with its current exhibition entitled: Singapore Biennale 2016: An Atlas of Mirrors.

LEAVING A LASTING IMPRESSION

Close your lovely day with a hearty dinner. Going to a restaurant on Valentine’s Day takes guts as you need to brave the waves of people and to make early reservations. Save money and avoid stress by preparing a romantic meal in the comfort of your own space.

Great recipes are available at Epicurious, AllRecipes.com, and RasaMalaysia.

Image Credits: pixabay.com

If your budget does not allow you to celebrate on February 14 itself then, consider choosing an alternative day. It will not only be cheaper, but it will also be less crowded. At the end of the day, what matters most is that you spent the gift of love with your partner.

Sources: 1 & 2

6 Bulletproof Saving Hacks For Millennial Singaporeans

As a Millennial Singaporean, it is easy to be tempted to travel and to socialize (talk about #YOLO or #NOFOMO). You just want to make the most out of your youth. Enjoying the wonders of the present and preparing for financial freedom is a difficult job!

Hopefully, these saving hacks below will enable you to make the right monetary decisions and live a prosperous 2017.

MAXIMIZE YOUR CASHBACK

In this day and age, almost every purchase qualifies for a cashback or rebate. Do you need a new dress for work? Or, do you need to expand your health coverage? See if you can get a little cash back!

Try to make the most out of your credit card rebates to save a decent amount of money for emergencies.

AVOID THE EMOTIONAL SPENDING

Studies (like this) have shown that Millennials are prone to spending based on their emotional states. The four common emotions that lead you to overspend are hunger, anger, loneliness, and tiredness. These emotions may lead to purchasing something that you do not need or want.

Avoid experiencing “buyer’s remorse” by increasing your awareness while you shop.

SPOT THE BEST DEALS

As Millennials, we spend countless of hours online. Use its potency for the greater good by searching for the best deals, promo codes, coupons, and vouchers islandwide. Keep a close eye on the local websites such as Flipit.com Singapore, Groupon, and Money Digest.

Image Credits: pixabay.com

MAXIMIZE YOUR RESOURCES

As a young adult, you may feel the urge to keep up with the latest trends on fashion and technology. Who can blame you? Purchasing new clothes and devices can boost one’s confidence. However, your spending habits may take a toll on your finances. Choose to be practical instead!

Account your resources to know which areas you can cut cost. Ditch your underused cable television and switch to a Netflix or Toggle account on your laptop. You may also refrain from purchasing new shoes by revamping your simple shoes with laces and ribbons.

DO NOT TURN A BLIND EYE

Being in your 20’s does not guarantee that you are immune to financial woes. Red flags, such as outstanding bill notices, are there for a reason. Make it a habit to account how much money goes in and out.

Use money-tracking tools to aid you in this process!

USE THE POWER OF TECHNOLOGY

Most millennials are innately tech-savvy. Use the power of technology to boost your knowledge on investments, financial services, and personal finance. Appreciate how lucky we are to have the luxury of accessing information right at our fingertips!

Image Credits: pixabay.com

You may also seek guidance and support from the experienced financial advisers by interacting with them thru social media.

Sources: 1 & 2

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