Anna Agoncillo, Author at MoneyDigest.sg

Amazingly Free Ways To Boost Your Online Security

According to the Merriam-Webster Dictionary, Cybersecurity (or online security) is defined as the measures taken to protect a computer or a computer system against unauthorized access or attack. Those who gain unauthorized access to the data in the computer or the system are usually called as hackers.

Recently, I had been a victim of a Facebook malware attack. For those of you who are less tech savvy, a malware is any software used to collect sensitive information, harm computer operations, gain access to private devices or display undesired advertising. Needless to say, the experience was daunting and I had to take immediate actions. Firstly, I downloaded anti-malware softwares. Secondly, I changed all my passwords and added an extra layer of security. Lastly, I added other extensions that improved my privacy.

To avoid this scenario, here are some helpful ways to strengthen your virtual shield:

1. ADD THE PRIVACY BADGER

Remember the undesired advertising that I was talking about? You can block that as well as other third-party trackers by adding the browser extension called Privacy Badger for S$0. To the advertisers, it is as if you suddenly disappeared!

2. SCAN WITH MALWAREBYTES

As your information is golden, keep it safe with an internet security and anti-malware software called Malwarebytes. The free version will scan your entire computer, detect any malwares, and remove all the infections. Scans for the most dangerous and newest threats are done in the process.

3. FILTER YOUR EMAIL

Filter your email contents by not opening the spam mail. To avoid downloading virus or other malware, only open attachments that were given by your friends, family, partners, and clients. Delete the previous emails that are no longer needed so that no one can use them.

4. SECURE YOUR BROWSING

To make your browsing more secure, download the HTTPS Everywhere extension. It encrypts your communications to major websites on Firefox, Chrome, and Opera. Get it for free at eff.org/https-everywhere.

5. SEARCH WITH DUCKDUCKGO

Search engines, especially those with big names, track your search history and build personalized profiles to provide results based on your search history. To escape from this “filter bubble”, you must switch to a search engine that does not track your every move. Emphasizing on protecting the user’s privacy, DuckDuckGo is always my go-to safe search engine!

Image Credits: pixabay.com (CC0 Public Domain)

Yes! It is totally free with no sign-in requirements.

Sources: 1,2, 3,& 4

Lethal Credit Card Mishaps You Must Avoid

A recent study showed that 85,352 Singaporeans have unsecured debt and missed payments attached to their credit card bills. Whether it is due to untidiness or carelessness, these missed payments increase the charges and interest rates to further trap you into a vicious debt cycle.

These credit card mistakes are lethal as it causes great destruction to your finances.

SETTLING YOUR BILLS LATE

One of the most harmful credit card mishaps are late payments. Not only are you bound to pay the “late payment charges” but you also have to pay interest rates for some banks. Interest rates elevate your outstanding balance with each passing day.

For example, if the minimum payment is not received upon the due date, you will have to pay S$60 for your DBS Live Fresh Card and S$80 for your OCBC 365 Credit Card. If you pay your outstanding balance by the due date of your statement and there are no additional balances from the previous statements then you will pay no charges.

Solution: Stay organized to keep up with your bills. Set aside some time in the beginning of the month to make a list of the bills you are expecting to receive. Put it on your working desk or create a file for it. It is safer to pay the bills at least two days before the due date.

Alternatively, you can get your payments automated. Since you are prepared for the bills earlier on, you may have available money in the bank to pay it the same day as you received it. If you have automatic payment scheduled and you still received a billing statement, call your bank or creditor.

GETTING INFLUENCED BY THE PERKS

A number of Singaporeans are swayed by the credit card companies because of the free gifts and the attractive reward system they offer. While there is totally nothing wrong with desiring these things, it is a mistake to choose a card for its benefits alone. These “free gifts” you receive upon signing up usually come with several terms and conditions.

For example, credit card company A offers you a free luggage as a welcoming gift. However, you have to fulfill the minimum purchase of S$1,500 to claim this gift. If you cannot accomplish this within the given amount of time then your “gift” will no longer be received.

Solution: Before choosing a credit card, you must compare its entire features as well as its fine print. In the fine print, you will discover the different charges, limits to rebates and terms of the welcoming gift.

Image Credits: pixabay.com (CC0 Public Domain)

CLOSING OUT YOUR CARDS

Closing out your cards because they are underused or because you had finally paid off your entire balance may not be the best move for your credit score. Remember, two important elements of the credit score are the utilization rate and the average age of your credit accounts. The goal is to have a long credit history and a low utilization rate. Both of these elements are affected if you closed out your cards.

Solution: Keep your credit cards in a safe place and make a purchase every once in a while to demonstrate that you are a good steward of your card. Immediately pay off the balance too.

Sources: 1, 2, 3, & 4

Crucial Things To Consider Before Venturing Off To Your Next Job

In the beginning of the year, the Monetary Authority of Singapore forewarned its citizens that the economy may go through a period of uncertainty as the likelihood for trading partners remain down in the dumps. This negative tone caused companies to be more cautious of hiring and even a bank as huge as Barclays axed about 100 Singaporean employees last January. Moreover, short-term contracts started to rise.

So if you are venturing off to a different field to maintain your career’s stability, please consider these things first:

1. DETERMINE YOUR VALUE

Before accepting any offers, you must determine your value earlier on. Your last salary does not only dictate what makes you valuable. Your skills and personality play a part too. How much is your potential employer willing to pay for those?

2. NEGOTIATE YOUR SALARY

You have the right to ask for better working conditions when negotiating for a new position. Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Everyone with the right strategy and conversation tools can sway the opinion of another through a pleasant talk.

Start by conducting research on the company and their average salary offerings. Review the appropriate amount of wage on the online salary calculators such as Payscale.com and Hudson.sg. Then talk to the recruiters or the people on the same field as yours about the subject. The data collected will be your weapon throughout the negotiation.

3. KNOW THE WORK EXPENSES

Aside from the salary, know the expenses you might be spending in your “next” workplace. The transportation and food costs depend on the area you are eyeing on. If these benefits are included to your salary already, it will make a huge difference to how much you save.

4. WEIGH THE POSSIBILITY FOR RELOCATION

As you steer your career in a new direction, you may have applied for jobs outside the country. Before you land the overseas position, consider how it will affect your family and relationships. Furthermore, determine if the company willing to cover for your moving expenses.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

6 Major Reasons Why Young Working Adults Are Not Saving Enough

1. MINIMUM WAGE

As fresh graduates enter the workplace with little to no experience, some are forced to settle for entry-level jobs with minimum wages. Whether you are a secretary at a recruitment firm or a personal assistant at an advertising company, the relatively low salary you earn every month makes it difficult to save money.

2. RECURRENT RENT EXPENSE

Some young adults move out once they start earning a decent amount of money. The independence, freedom, privacy, and convenience can be attractive but the reality of the rent expenses can hit you hard.

In the city centre, it will cost you at least S$500/month to live in a single room and at least S$1,500 to live in a small apartment by yourself. It makes more economic sense to stay at your family home and set aside the hundreds of dollars per month to your savings or investments.

3. INDULGING ON DESIGNER LABELS

Most young working adults spend their fortune on designer labels such as Prada and Louis Vuitton as well as other artisan brands. You may think that you are standing out from the crowd by carrying your S$2,000 Prada tote bag and your S$300 artisanal fragrance but you are simply creating holes in your pocket.

4. CABBING EVERYWHERE

Heading to work late? Hail a taxi.

Coming home after a crazy night out? Hail a taxi.

Aside from designer and artisan goods, you are preventing your savings from growing by cabbing everywhere. Five late night taxi rides can cost you at least S$100 and that equates to about 10 lunches at the nearby food court. This is why you must set aside an “emergency taxi fund” with a maximum of S$60 per month. You must not ride a taxi beyond your intended budget.

5. TECHNOLOGY AS NECESSITY

Technology is so pervasive in a young adult’s life that its costs are virtually inescapable. Interacting through social media is not just a culture but also a necessity. But staying connected comes with costly price tags as having the latest gadgets and paying for the monthly broadband fees can affect how much you can save.

6. EASY ACCESS TO SAVINGS

Most of us struggle with keeping our hands off our savings accounts. With the easy access of Internet banking, credit cards and multiple ATM machines, it is more convenient to spend cash than to save it. For young adults with this dilemma, make spending a chore by converting some of your money to US dollars. The thought of having to go for and pay for the currency exchange will likely to dissuade you from spending!

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

Important Money Matters To Sort Out After Divorce

Ending your relationship with someone you vowed to spend a lifetime with is never easy. Getting a divorce causes a significant life change that is often complex and stressful. It involves coping with several issues such as division of assets, discussion of maintenance, and custody of the children. These issues bring forth emotional, economic, and legal considerations.

Divorce is not simplistic wherein one solution fits everyone else’s circumstance. It is case-specific as it takes the needs and means of each person into account. Even the length of your marriage affects the division of assets. For instance, if your marriage is brief, the court may decide to part you with the money you had before coming in to the relationship.

According to the 2013 Population Trends by Statistics Singapore, marital dissolutions are escalating with 7,386 in 2009 from 7,216 in 2008. With this increasing number of divorced couples, it is important to discuss the financial matters to sort out after the breakup.

1. IMMEDIATE FINANCIAL CONCERN

Your first concern shall be the recurrent household bills. If you had been paying your bills through a joint account, you have to make some arrangements with your bank to dissolve this account and pay through your personal account instead. Remember to update your GIRO arrangements as well.

2. MAINTENANCE AFTER DIVORCE

Maintenance is intended to cover the living expenses and necessities of the wife and her children. Under Singapore’s law, maintenance for the wife continues until she remarried or passes away while the maintenance for the children continues until the age of 21 or until graduation. The husband can pay the wife in a lump sum but only monthly maintenance is allowed for the children.

There is no specific amount or length of maintenance as the Family Justice Courts examine the situation to arrive at a reasonable and fair decision.

3. THE FAMILY HOME

One of the most daunting decisions you have to make (especially if you used your CPF savings to buy a property with your ex-spouse) is the housing arrangement. Are you going to sell your family home? Or will you keep it while the other one moves out?

If you intend to sell your house wherein CPF savings were used to purchase it, you will need to apply for CPF refunds to your respective accounts. Please visit the CPF Board website for more information.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

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