Anna Agoncillo, Author at MoneyDigest.sg

How Much “Ang Bao” Money Shall You Give This Chinese New Year?

The festivity of the Chinese New Year is about a month away. Abundant food, family reunions, and little red packets called “Ang Bao” will grace Singapore once again.

These red packets are usually given during social gatherings such as weddings or the holidays. Its color embodies “good luck” that is supposed to ward off the evil spirits.

Married couples usually give these red packets to single people (e.g. children or work colleagues). Its history is rooted from the Chinese belief that you achieve the “adult status” once you get hitched. So, the newfound status comes with the privilege to distribute “Ang Baos” to those who still remain single or are younger.

Image Credits: Paul via Flickr

Since Singapore is a mixture of different cultures, we as a nation have created practices centering “Ang Bao” gifting. It is not uncommon to have marriages between two different races, leading to traditional practices being modified or ignored. But aside from the Chinese, Vietnamese, Japanese, Filipinos and South Koreans have similar customs.

A simple survey on TheAsianParent Facebook Page showed that readers usually give out S$2- S$80 to children in 2014. Furthermore, “S$4” was avoided due to its similarity to the word “death” in many dialects.

Ultimately, PerfectWeddings.sg showed that economy and income status affects the money given. During good economy, it was common to receive “Ang Baos” with a minimum of S$6 each for children but economic recession urged its reduction to S$2 each. Since, economic downturn affects the whole country, there was no judgment in the amount you give.

To help you find the right amount to give…here is a concise “Chinese New Year Ang Bao Market Rate 2014” chart by PerfectWeddings.sg :

As you can see, a red packet containing a minimum of S$2-S$20 is common to give for children, while it ranges to about S$8- S$88 for parents. Your in laws will not take it against you if you give them S$88 in the New Year. Lastly, you may give the same amount of money to your friends or colleagues’ children as you did with your own children.

6 Surprisingly Fuel Efficient Cars That Will Save You Thousands of Dollars

Oh how sleek does the Lamborghini Aventador look? Despite its deceiving beauty, the annual fee of fuel will cost you about S$7, 265.

Image Credits: Corentin Foucaut via Flickr

If you are just burning tons of gas in the process, is it really worth to purchase?

Now, fuel efficiency may undermine “beauty” but its purpose will help you save a lot in the long run.

In Singapore Streets

6. Toyota Prius

Masked in Singapore streets are fuel-efficient cars. One of them is the exciting Toyota Prius. It has been one of the first mass-produced hybrid vehicles.

Image Credits: M 93: „Dein Nordrhein-Westfalen“ via Flickr

The annual fuel cost is about S$1, 816.

5. Peugeot 508 RXH Diesel Hybrid4

Peugeot 508 is a large family car launched in 2010. It has a strong engine, a roomy space, and a fuel-economy. Since it runs in Diesel, it will cost you about S$1, 299 for its fuel annually.

4. Mercedes-Benz E-Class E300 BT Hybrid Sedan

If you don’t want to sacrifice beauty over fuel efficiency, then Mercedes-Benz E-Class E300 BT Hybrid Sedan is the car to be! It is equipped with high-tech safety features such as radar cruise control. Surprisingly, its fuel will only cost you about S$1, 300 annually.

In America’s 2015 Car Market

3. Mitsubishi Mirage

This one-ton transportation that comes in candy colors has a maximum fuel-economy rating of 44-mpg highway. Aside from being fuel efficient, it is also loan efficient.

It costs about S$18, 280 to own it in United States.

2. Ford Fiesta

Ford’s smallest sedan is a Diesel saver as it goes to about 45-mpg in the highway. You can choose between two engines: a standard 120-hp four-cylinder or an optional 123-hp turbocharged three-cylinder. Not only is the ride balanced but its braking is good also.

You will need about S$18, 639 to own it in United States.

1. Chevrolet Cruze

If you value comfort and practicality then this car is for you. The Cruze will take you to a maximum of 46 mpg in the highway once Diesel is under its hood.

Image Credits: ChevroletCruze via Flickr

Its Smartphone integration and onboard Wi-Fi features will keep you connected throughout your journey. It costs about S$24, 529 to own it in United States.

5 Clever Ways To Save Money on Coffee

Personal Finance Consultants may argue that the money you spend on small purchases (e.g. cup of Starbucks coffee) add up together and redirect towards a huge expenses. Assuming it costs $5 per cup, you are spending over $70 in a week. This is why you can save thousands of dollars in two years if you reduced your caffeine expense.

5 Clever Ways To Save Money on Coffee…

1. DO NOT EQUATE PRICE TO QUALITY

A blind taste test by New York Magazine’s Adam Platt showed that people prefer the inexpensive Dunkin Donuts coffee to the upscale Starbucks coffee. Even though it is expensive, it does not mean it tastes good. So, try the small coffee shops across your office.

Image Credits: Cherrysweetdeal via Flickr

2. MAKE YOUR OWN BREW

Coffee beans are cheaper than Starbucks; try to make your own to save a significant amount of money. If you are feeling creative, buy black coffee and add your own mixture of milk, cream, and sugar.

3. GIFT CARDS

Fish for discounted gift cards on Ebay or Carousell. This may not be worth your time if you are an occasional coffee drinker. But, if your caffeine habit is emptying your pocket, this tip will save you quite a bit.

4. LOOK FOR COFFEE DEALS ONLINE

Discover coffee or coffee maker deals online. Deals Singapore is currently having a 33% off deal on CEO Lingzhi Coffee while Groupon is having a 30% off deal on Philips Coffee Maker.

Image Credits: Alan Levine via Flickr

McDonalds may have “free coffee Mondays” so follow them on Facebook or Twitter.

5. REDUCE YOUR CAFFEINE INTAKE

Lastly, one sure-fire way to help you save a significant amount of money is to reduce your coffee intake. I know it takes a lot of willpower at first but it gets better as time passes.

Do it gradually, you cannot force this process or you will experience symptoms of withdrawal (i.e., headache, depression or nausea). Eliminate a cup per day.

Reducing your caffeine intake will not only increase your savings but it will also increase your survival. It decreases your risk of hypertension and increases calcium absorption to help keep your bones and teeth strong.

4 Money Saving Websites That Work

One of Singapore’s favorite pastime is shopping. Since Chinese New Year is coming up, you may wonder where is the best place to get some cheap deals online.

Wonder no more! There are numerous websites that offer deals and discounts, but some of them are hard to navigate. Be aware of the websites that require subscription because you will receive tempting deals regularly. The good news is that…you can always unsubscribe and still use the site perfectly.

Also, some pop-ups that say “check discount code here before you shop” may not always be as rewarding as it seems. With that in mind, here are 4 Money Saving Websites That Work.

1. GROUPON.SG

Topping our list is the ever-so-famous Groupon. Groupon makes women go gaga over their outrageously discounted luxury goods, bags, watches, beauty products, lifestyle services, and getaway deals. You can conveniently pay through for Debit/ Credit Card, Paypal or American Express.

Image Credits: Groupon via Flickr

2. HOMEEXCHANGE.COM

Save up to 58% on your travel expenses though Home Exchange. It is a popular website where people rent out their own home and find a place to stay while they travel. You will get to choose from about 60,000 members in over 150 countries around the world. With this system, you will get a local feel and get to be toured to places that you will have never visited if you travelled by tour packages.

3. DEAL.COM.SG

Similar to Groupon, Deal.Com.Sg by Ensogo lets you select from a wide variety of food or buffet packages, cheap hotel accommodations, travel packages, and amusement deals (e.g. Universal Studios Singapore). Also, you can conveniently pay through for Debit/ Credit Card, Paypal or American Express.

To ensure customer satisfaction and superior shopping experience, Ensogo handpick their offerings by working with highly reputable merchants and brands.

4. FACEBOOK.COM OR TWITTER.COM

Social networking sites like Facebook and Twitter offer doors to access special deals by letting you follow the companies you wish to buy from. For instance, to get special deals on air fare and gadgets, follow Amazon.com or Virgin America on Twitter.

Follow Money Digest on Facebook to get cheap deals on various companies all over Singapore. Best of all? These methods are free.

Image Credits: Garrett Heath via Flickr

5 Benefits of Freelancing

Sometimes, stepping out of the cubicle to be a self-determining entrepreneur or a freelance worker gives you the opportunity to find yourself. It may also bring more money in the bank. Nonetheless, it will give you freedom and other self-benefiting outcomes.

Here are the 5 Benefits of Freelancing…

1. DOING WHAT YOU LOVE

As Confucius once said, “if you enjoy what you do, you’ll never work another day in your life”. It is a sad truth that many people drag themselves to work to do something they are not fond of just to get enough money to survive.

If you give yourself an opportunity to freelance or by being your own boss, you will be able to do the things you love and get paid for it.

2. FREEDOM TO CHOOSE YOUR OWN WORK ENVIRONMENT

Image Credits: Lisa Risager via Flickr

Since you are your own boss, you will be able to choose the most comfortable working condition for you. Redecorate your home office—the sky is the limit. With this power of autonomy, you will notice that little things you do can make a huge difference.

3. FREEDOM OF CREATIVITY

Often, people get into freelance to fulfill their dreams of creative freedom. As a freelancer you will be able to choose what direction you will take without a rude boss over-looking your shoulders.

You are the master of your own future. Mold the present by choosing which projects to engage in.

4. SET YOUR OWN WORK HOURS

Being able to have a flexible timetable gives you the opportunity to do more of what you love. There may be days where you want to work more and there may be days where you feel sick. Have an expected number of hours of work to ensure that time is managed and work is done even if there is no fix structure.

Setting your own hours can mean that you get to drive your children to school, you can go out for private errands during lunch, and you won’t miss out on your children’s school presentations. Yes! You will be able to spend more quality time with your family.

5. PLAN YOUR VACATIONS AHEAD

Many people struggle to have their vacations synced. But, when you freelance, you can plan your vacations ahead and fit your schedule with your family. By planning your vacations ahead, you not only pay for a cheaper air fare but you also won’t miss a work deadline.

Image Credits: Kamal Zharif Kamaludin via Flickr

Simply, by being purposeful freelancer, you will be able to wake up motivated and ready to start the day’s work.

Search the site