Anna Agoncillo, Author at MoneyDigest.sg

Shopping Intervention: 7 Things You’re Doing Wrong

1. GETTING TEMPTED WITH THE EXTRAS

You may go shopping during a huge Laptop sale and save big time on what you need but find yourself purchasing its costly accessories. Extras for laptop, computer, Smartphone, and so on can be purchased at a bargain price online on Ebay or Carousell rather than from the shop itself. Shop for the necessary, weight your options when buying extras, and look at the bigger picture.

2. COMPARING PRICES BY SHOPPING

Compare prices online or through magazines and newspapers instead for buying the items yourself. Also, when comparing prices, give yourself a time limit (e.g., 20-30 minutes). This is because people who can’t stop looking for the next best deal are never satisfied.

3. LETTING IMPULSE TAKE OVER

When impulse takes over your shopping, you regret purchasing an item the minute it arrives. To know if you really need and want something, walk away from it and you will save money. As most heard: “if you love something, set it free”. And, if you find yourself thinking about it after 24 hours then go back and buy it.

4. OVERSPENDING DUE TO AN ATTRACTIVE DEAL

Online shoppers are found to spend over 1/3 more when the shipping is offered for free. This is because the attractive deal catches you. Avoid overspending by writing down the things you need to buy and sticking to it.

5. NOT NEGOTIATING

Most goods are negotiable these days. You would not know if there is a sweeter deal if you do not ask. You do not have to say: “Can you give me a discount?” directly if you are shy…use “Can you work with the price with me?” instead. Before negotiating, be sure that you did your homework about the competitors’ prices first.

6. TRYING IT ON

If you are not prepared to buy an item for its price, do not try it on. Psychology suggests that physically touching a product makes you desire to buy it more. Touching a product can lead to lingering and prolonged feelings of ownership. This is why clothing stores have an abundance of changing rooms or why more expensive grocery items are just within your reach.

7. GOING FOR RETAIL THERAPY

People often know that you must not shop hungry in a grocery store because you would end up buying everything that satisfies your hunger.

Image Credits: Pedro Ribeiro Simões via Flickr

Same goes for other aspects of shopping, it is best not to shop angry or sad. Shopping while you are angry makes you more likely to take risks. While, shopping while your sad may fill up the void in your heart but empty your wallet along the way. Making retail therapy a habit can turn in an unhealthy and costly addiction.

6 Tips To Save Big On Your Car

Owning and maintaining a car in any country especially Singapore can get very expensive. This is why pays to know how to save on your car costs.

Insurance and petrol costs may feel like fixed, but you can cut them down without sacrificing your safety and comfort. Try these 6 tips.

1. DRIVE SAFELY AND STEADILY

Being a speedster may cost you a lot on fuel and accidents. Accelerating quickly and kicking on the breaks hastily only wastes fuel. It also makes your brake pads and suspension system wear out faster. So, drive in a steady pace in top gear.

2. SEARCH THE BEST REBATE CARD FOR YOUR PETROL

With several petroleum companies in Singapore, you may wonder which company offers the cheapest petrol. Money Digest made things easier for you by comparing the credit cards that offer petrol discount in the market today. To see the full table and complete list, click here.

3. SHOP FOR CAR INSURANCE REGULARLY

It really pays to compare prices and switching your car insurance company (every year or every two years) to get the best deal. Get quotes from several companies and let the experts diagnose your car to save more. You may also want to raise your deductible to save more in case an accident or a major repair occurs.

4. GET RID OF THE SECOND CAR

If one car is enough and you are using your other car only to commute to work, consider public transportation or carpooling instead.

5. DITCH THE CAR WITH HIGHER ENGINE

To avoid accidents from happening, prevent them. Statistically cars with a higher engine are more likely to crash. More so, the bigger the engine of the car, the higher is its amount on insurance policies.

6. GET SERVICES FROM A REVIEW WORTHY GOOD MECHANIC

If you are not sure why your car is acting strangely, do not diagnose and solve the problem by yourself. Saying “it needs a new battery” might urge a shop to install one even if that is not the problem. This will only cost you more. Let the experts handle it.

Image Credits: Bob n Renee via Flickr

Now, your job is to find a good mechanic and a nice repair deal by getting estimates from three or more repair shops by gathering referrals from friends and surfing online for reviews. Try Yelp.com or Singapore car forums.

5 Inexpensive Ways to Organize Your Home

Are you a neat freak? Even if you are not, it nice to relax in a fragrant and a tidy home. Instead of buying tons of boxes and bins from the home department store, use what you have and be creative in organizing your home. To give you a head-start, here are 5 Inexpensive Ways to you can do to Organize Your Home…

1. JARS

Jars can be ideal for preserving jams, jellies, sauces, mustards and flavored vinegars. Basically, it is a storage for your food. But aside from that, you may organize your office supplies such as paper clips and pens and let the jar act as a stationary vase so you can pick up the items you need in a simpler manner.

Style the jars up by painting it with enamel, covering it up with laces, or glueing cute buttons.

2. SHOE BOX

Shoe box, usually made of paper, is a storage for shoes. It can also be used in packaging, retail stores or in your home. If you have a lot of bills, photos, tools, and sewing supplies then store it inside a shoe box.

Image Credits: alison headley via Flickr

You may divide sections of the shoe box by cutting the cover into pieces. You may also cover the shoe box with a patterned fabric to resonate the decor of your room.

3. ZIPLOC BAGS

Tired of seeing your children’s toys scattered around? Don’t forget the smaller ones such as the action figures or doll clothes that are lying on the floor. Well, ziploc bags may come in handy. Ziploc bags can be used in many ways than one because of its re-sealable zipper storage design. The see-through exterior provides easy identification of the stored contents.

Just store your child’s toys, crayons, and markers in a labeled Ziploc Bag to keep it organized. You may also store up some manuals and brochures inside.

4. TOTE BAGS

Tote bags especially those made of canvas are typically inexpensive. Take your beddings and blankets and put it inside the tote bags. You may also put your old or underused clothes inside the tote bags and donate it to those who need it most.

5. PLASTIC FOOD CONTAINERS

Plastic food containers such as Tupperware containers serve can not only serve as a durable storage for food but also for the child’s toys. For a fun tip, let your child personalize it with markers and stickers.

5 Coolest Techie Gift Ideas Under S$30

Searching for the perfect yet inexpensive last minute Valentine’s gift for your techie sweetie? Fear not, here are 5 Coolest Techie Gift Ideas Under S$30…

1. EC TECHNOLOGY® PORTABLE POWER BANK WITH FLASHLIGHT (2600mAh)

US$7.99 or S$10.82. Buy it here.

Image Credits: amazon.com

Available in 5 colors, this mini power bank with flashlight fits easily inside your bag or pocket. Its capacity is a one full cycle charge for your Samsung or iPhone handphones. Its weight is about 3 ounces that only requires 4-5 hours of input charging time.

2. SANDISK CRUZER GLIDE 16GB USB FLASH DRIVE

US$9.50 or S$12.86. Buy it here.

Image Credits: amazon.com

We all have important files we want to protect. But, as soon as the computer crashes, all of it can be gone forever. To prevent this from happening, it is important to back-up your files with this 16 GB SanDisk flash drive. You can store a lot with this small thing.

3. MITAKI-JAPAN PORTABLE LUGGAGE SCALE

US$7.99 or S$10.82. Buy it here.

Since airlines are now charging by the extra pound, knowing how much you are bringing on board is a serious business.

Image Credits: amazon.com

Tackle with weight of your luggage with this portable luggage scale. Its features include LCD back-light and varied unit options (i.e., grams, kilograms, ounces, and pounds). The two AAA batteries it requires are included when you purchase.

4. SECUR MINI COLLAPSIBLE STORM LANTERN

US$19.06 or S$25.81. Buy it here.

Image Credits: amazon.com

This collapsible storm lantern by Secur boasts its ability to act as a light source and as a charging source for your Smartphone incase of a storm or any light shortage emergency. There are two light settings that require different amounts of charging time. This product can also double as either a lantern or a flashlight once you collapse or fold it down.

5. GRIFFIN TECHNOLOGY GC30014 APP CONTROLLED HELICOPTER

US$19.99 or S$27.07. Buy it here.

Image Credits: amazon.com

Embrace your partner’s inner child with this cool Griffin Technology Helicopter controlled by using your IOS or Android App. Yes! You can be a pilot and control the plane’s onboard LED with just a tap of your fingertip. It features twin twin missile launchers and 6 Redeye missiles.

5 Tax Deductibles You Need To Know

Each year, hundreds of tax deductions and credits may go unclaimed due to the lack of taxing knowledge. To prevent that, here are 5 Tax Deductibles You Need To Know based on the Inland Revenue Authority of Singapore.

FOR THE EMPLOYEE

1. EMPLOYMENT EXPENSES

A good news for all employees—employment expenses can be claimed as long as they satisfy these three conditions:

a. Expenses are sustained when carrying out official duties.
b. Expenses are not reimbursed by the employer.
c. Expenses are not private in nature.

For instance, traveling expenses on public transportation that are not reimbursed by the company may be deducted from the tax. Also, entertainment expenses that occurred while pleasing the clients may be deducted from the tax.

FOR THE EMPLOYER

2. STARTUP TAX EXEMPTION (SUTE)

A start-up company, have enough financial worries in your plate. What should you do then?

Take on the SUTE. Suited by SUTE, a start-up company that meets the required conditions can claim for full tax exemption on the first S$100, 000 of normal chargeable income for each of its first three consecutive years.

3. CORPORATE TAX INCOME REBATE (CTIR)

Since 2013, all Singapore companies are eligible to take on the CTIR. No! There is no catch. This scheme aims to help companies to cope with the rising costs in businesses. Suited by CTIR, companies will receive 30% rebate or up to S$30, 000 off the tax bill from 2013-2015.

OTHERS

4. ANGEL INVESTORS TAX DEDUCTION SCHEME

Be an angel, invest in start-up companies in Singapore to receive a huge tax benefit from the Angel Investors Tax Deduction Scheme.

Enjoy 50% tax deduction on the investment costs at the end of a two-year holding period. This is up to S$500, 000 of investments in each Year of Assessment. Investments made from March 1, 2010 until March 31, 2015 are eligible for this scheme.

5. DONATIONS

Want to double your tax deduction? Be generous and donate in all forms. The following types of donations will qualify you for a double tax deduction (twice the amount of the donation):

a. Cash Donations
b. Shares Donations
c. Computer Donations
d. Artefact Donations
e. Public Art Tax Incentive Scheme
f. Land and Building Donations

For instance, a donation to the Singapore museums that have obtained the Approved Museum Status with the National Heritage Board is tax deductible.

Image Credits: TaxCredits.net via Flickr

Equipped with these tax deduction knowledge, prepare to be impressed with your managed taxes now!

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