MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

How Frugal Are You Really?

According to the Merriam-Webster dictionary, frugality is characterized by being careful in the usage of one’s resources. Those who are frugal are unwilling to lavishly enjoy the fruits of their labor. It may come as a surprise to you to know that the word frugal derives from the Latin term “frux”, meaning “fruit” or “value”.

In Behavioral Science, frugality is defined as the resourceful use of already economic goods and services to achieve a long-term goal. If you are keen to adapt this multi-dimensional consumer lifestyle trait in order to save money during the pandemic, you may read the list below to see how many frugal choices you have been doing.

#1: YOU CREATE A GROCERY LIST AND STICK TO IT

Instead of grabbing whatever attracts your eye at the counter, you prefer to create a grocery list and stick to it. It is easy to increase awareness when it comes to your grocery spending when you plan ahead. It may be challenging at first and you may forget several items, but you will find yourself becoming more intentional with your listings as time passes by.

The grocery list is essential because frugal people plan their meals and frequently eat at home. You may avoid the temptation of dropping by a fast food chain by keeping a container of snacks in your bag or in your car. Calm your rumbling tummy as you travel back home.

#2: YOU DO NOT CARRY CREDIT CARD BALANCES

Frugal people are not dictated by their credit card purchases. While some have the discipline to pay off their credit cards every month in full, others choose to stay away from these entirely.

Self-awareness and control play play huge roles in a person’s success with credit cards. If you have been in debt for years, consider to cut down on your credit card spending and pay them off once and for all.

#3: YOU DO NOT COMPROMISE YOUR HEALTH

Being frugal does not mean that you will only invest on cheaper alternatives and low-quality food items. Many frugal people choose to eat healthier greens and legumes and keep meat to a minimum. Frugality does not compromise health to save money. Frugal people have strategically plan their meals and have invested on insurance plans that will benefit them in the future.

#4: YOU DO NOT WASTE FOOD

Frugality entails that you use what you have until you need to replenish it. Frugal people eat leftovers until they are non-consumable or inedible. Eating your leftovers also cuts down on your food expenses and environmental waste.

You may create new meals from your leftover food. For instance, your leftover chicken can be shredded and turned into chicken sandwich. While, leftover rice can be used for your egg fried rice. Just ask Uncle Roger!

#5: YOU LEARN FROM YOUR MISTAKES

Frugal people are not perfect. No one is. Frugal people make financial mistakes and learn from it. You may have spent too much on your holiday shopping last year or caved in to your monthly food cravings.

It is important to be aware of these financial mistakes. If going over budget becomes a habit, you need to re-evaluate your spending patterns and your budget.

#6: YOU KEEP TRACK OF YOUR BILLS

Frugal people look for ways to save money by keeping track of their bills. Other than eliminating unnecessary plans or subscriptions, you may find it easier to pay off your dues through auto-pay programs.

Search through the profiles of your service providers and ask if they have automatic payment schemes. For instance, some telecommunication plans offer automatic payment schemes through online banking. This way, you will be able to save on time and avoid paying late fees.

#7: YOU NEGOTIATE ON A PRODUCT OR A SERVICE

Frugal people love to negotiate to get a good deal. Whether they are purchasing a gadget or an appliance, they excel in the art of negotiation or spotting the best deal. They do not shy away from purchasing second-hand or pre-loved items to get a good deal. And, they certainly do not want to spend S$85 on a cup of coffee.

#8: YOU COMPARE PRICES FIRST

In order to save more money, frugal people tend to search high and low for the best prices and free upgrades. Helpful price comparison apps and websites have flooded the market these days. Some popular price comparison websites in Singapore include pricepanda.com.sg and iprice.sg. Use these tools to help you decide on an item, before adding it to the cart.

#9: YOU SHOP OUT OF NEED

Making shopping a hobby can cause a significant hole on your wallet. Frugal people shop out of need and save money whenever they can. Finding an inexpensive hobby is easy, when you are open to the possibilities. I, myself, am learning how to play a new instrument. I have picked up a Kalimba (Thumb Piano) online for a little over 20 dollars. This inexpensive instrument has provided countless hours of entertainment for me and my family. Now, my entire house knows how to play the Kalimba.

#10: YOU DO NOT SHOP BASED ON YOUR EMOTIONS

Shopping based on your mood may lead to buyer’s remorse and impulse purchases. Frugal people can get into emotional circumstances too, but they usually are not emotional spenders.

You can be the most disciplined person under normal circumstances, but be heavily impacted with unfortunate circumstances. We are not exempted from the effects of the global pandemic. When this happens, you have the choice to throw all the structure out of the window or to slow down and examine possible solutions.

#11: YOU CONTINUE LEARNING

Personal development is important across all fields. Frugal people continue to learn from others and their own financial mistakes. It is beneficial to listen to educational audiobooks and enroll to (free or paid) online classes to boost your professional and personal growth. You may browse through the free courses by Google Digital Garage to start growing and learning.

Image Credits: unsplash.com

Sources: 1, 2, & 3

Fashion tips for women: 5 wardrobe essentials Zalora’s Head of Social swears by

When was the last time you dressed up and felt good about it? With the ongoing pandemic, it seems like more of us are dressed in loungewear these days. It also made us rethink fashion essentials that we could put on without the fear of going out of style.

If that is you, look out for these wardrobe essentials that Illya Nadira, Zalora’s Head of Social, swears by.

#1: Jeans

“Every woman needs a pair of jeans, be it skinnies, flare or even straight-cut because they don’t go out of style, ever! I’m currently obsessed with these baggy oversized jeans with torn hems from Zara – they’re super comfortable while giving off a cool vibe.”

Consider getting: Dorothy Perkins Regular Midwash Eden Jeans

Sale Price: S$29.90

#2: White vest/tank top

“This is everything to me! I must have a white vest/tank with me, even when I travel. It’s the easiest, most versatile piece to pair with everything else. I usually head to Uniqlo to get mine.”

Consider getting: Mango Embroidered Cotton Top

Sale Price: S$29.90

#3: Earrings

“You will never catch me out of the house without earrings or studs. I feel naked when I miss out that important step of accessorising because it really completes the whole look.”

Consider getting: ALDO Jerilinna Pierced Earring

Sale Price: S$22.90

#4: Oversized white shirt

“You can wear a white shirt anywhere and everywhere – to the office, lunch dates with your girlfriends, as outerwear at the beach, and even to bed! Though I’ve never bought one before because I can find tons in my late dad’s wardrobe.”

Consider getting: French Connection Aoko Rhodes Popover Shirt

Sale Price: S$53.90

#5: A set of co-ords

“I love a good set of co-ords. My friend Cheryl Teo designed (a) geometric-print set for her final-year project at Lasalle College of the Arts and she sewed one for me as I couldn’t stop raving about it. She eventually started her own line called Aryl Ctto for a while. The best part is I can wear either the top or the pants on separate occasions.”

Consider getting: TOPSHOP Dogstooth Jumpsuit

Sale Price: S$66.90

Fashion inspiration

If you’re looking for fashion inspiration, take it from the 30-year-old: “I usually go on Instagram and Pinterest, but I get inspired by everyday people too. When I see someone on the train wearing something super cool and chic, I’ll try to recreate it in my own way.”

Also, here’s a bonus fashion tip before you go: blazers.

“You can easily look professional with a blazer on, regardless of what you’re wearing underneath,” says Nadira.

Travel update: Visitors from Brunei and New Zealand entering Singapore will not need to serve stay-home notice from Sep 1

Since Jun 18, travellers from Australia (excluding Victoria State), Brunei Darussalam, Macao, Mainland China, New Zealand, Republic of Korea, Taiwan, and Vietnam can serve their 14-day stay-home notice at their own place of residence upon entering Singapore.

The Ministry of Health (MOH) updated today (Aug 21) that travellers coming to Singapore from Brunei and New Zealand from Sep 1 will not be required to serve a stay-home notice but will take a COVID-19 test upon arrival instead.

“Amongst these low-risk countries, we will start by lifting our current border restrictions to allow the entry of visitors from Brunei Darussalam and New Zealand into Singapore,” said MOH.

How it works

Visitors from the two countries will need to apply for an Air Travel Pass between seven and 30 days before their intended date of entry. For example, if they are travelling from Sep 8, an application for the pass must be done on Sep 1.

But before they can go about their activities in Singapore, they must test negative for the virus.

“They will be responsible for their medical bills should they require medical treatment for COVID-19 while in Singapore,” MOH said.

Not a reciprocal arrangement

According to Lawrence Wong, co-chair of the COVID-19 multi-ministry task force, the travel arrangements with Brunei and New Zealand are not reciprocal. However, Singapore is currently in discussion for reciprocal green lane arrangements with the two countries.

“When we are ready with the reciprocal green lane arrangements with these two countries, we will announce the details,” he said.

“Specific to these two countries, we are making a move based on the evidence, based on our assessment of risk,” he added.

General travel to Brunei and New Zealand will be allowed

Onboard Singapore Airlines during COVID-19

Image Credits: The Straits Times

The current travel advisory to defer all travel abroad will also be updated to allow general travel to Brunei and New Zealand. People visiting these two countries must check the entry requirements and take the necessary precautions.

Health Minister Gan Kim Yong said, “Don’t just hop on the plane and go. Please check what are the requirements of the destination countries, make sure that you comply with the requirements before you fly over.”

“At the same time when you’re there, continue to exercise vigilance, continue to exercise safe distancing, and also observe the safe distancing rules in those countries, so that you protect yourself and protect others,” he added.

Looking forward

“We have monitored the situation and assessed that there are several countries/regions where the virus situation is well under control and the risk of importation is low. We will therefore update our border measures accordingly,” explained MOH.

Those who abide by the travel advisories will be eligible for government subsidies and coverage for their COVID-19 treatment should they have symptoms within 14 days of returning to Singapore and require hospital admission for suspected infection.

E-scooter rider fined S$500 and jailed for six weeks for riding against traffic and colliding into a woman who fell and fractured her skull

This is not the first time we’re hearing of such a rash act. Earlier this month on 3 August, the news reported 10 people being arrested for dangerous riding on personal mobility devices (PMD) and power-assisted bicycles (PAB) along Sheares Avenue. The police said the suspects were arrested between Jul 17 and Jul 20.

If you haven’t been keeping up with the law, e-scooters have been barred from footpaths since last November and all motorised PMDs are not allowed on footpaths since Apr 1.

What happened?

Image Credits: todayonline.com

Last Oct 23, Chen Yue, 61, rode his unregistered e-scooter from Kinta Road towards Dhoby Ghaut MRT to meet a potential buyer who wanted to purchase the device. He rode the e-scooter on the footpath along Selegie Road until he reached Selegie Court.

As there were many pedestrians on the footpath, he decided to take his device onto the road. In fact, he rode against the flow of traffic at about 15kmh. Failing to spot the 24-year-old woman standing in front of Wilkie Edge mall who stepped off the footpath onto the road, Chen collided into her. The incident was captured on CCTV.

The victim fell lying face down on the road, bleeding from her mouth and face. She was taken to the hospital with injuries including a fractured skull, deep cut on her lips, and a blood clot between her skull and her brain. She was given physiotherapy and occupational therapy and discharged a few days later with 31 days’ hospitalization leave.

Prolonged impact

But the victim continues to experience occasional dizziness and has a scar above her lips from the incident. Her teeth have also grown loose because of the impact. While her medical fees were fully covered by insurance, Chen made voluntary compensation of S$8,000 to her in May this year.

“The fact that she continues to experience occasional dizziness and intends to seek further treatment after COVID-19 speaks to lingering consequences of the collision on her life,” said Deputy Public Prosecutor Grace Teo.

The verdict

Image Credits: WIC News

Chen demonstrated a high level of rashness by riding his e-scooter against traffic when there were moderate traffic flow and pedestrians on the footpath, Ms Teo added. However, Chen’s lack of previous convictions and his voluntary compensation to the victim was considered. There was also no evidence that he had been speeding on the footpath.

Today (Aug 21), Chen was fined S$500 and jailed for six weeks for causing grievous hurt by a rash act and riding an unregistered PMD, a sentence much lighter than he could have gotten.

This is because for a rash act causing grievous hurt, Chen could have been jailed for up to four years, fined up to S$10,000, or both. For riding an unregistered PMD on a footpath, he could also have been jailed for up to three months, fined up to S$2,000, or both.

You can now do wet-market shopping online at Tekka and Tiong Bahru markets via ride-hailing app, TADA

Wet-marketing online? That will be a whole new experience since people are used to seeing and touching the produce at wet markets. Also, the interaction with stallholders will be greatly missed. But considering the pandemic situation, this could actually be a fantastic initiative.

TADA, a ride-hailing app, is the brainchild behind this wet market delivery service idea. TADA, which means “let’s ride” in Korean, was launched by Singapore-based company Mass Vehicle Ledger (MVL) Foundation in July 2018.

TADA Fresh Market

TADA Fresh Market is currently an online wet market shopping platform delivering fresh vegetables, fruits, seafood, meat, and poultry from 36 stalls at Tekka and Tiong Bahru markets. Yes, it’s very similar to the online grocery shopping experience on RedMart or FairPrice.

Minimum order amount

To place an order, you will need to shop at least S$30 worth of groceries. Free deliveries are available for orders above S$50.

A lifeline for TADA’s private-hire drivers and wet market stallholders

In May 2020, then-Transport Minister Khaw Boon Wan announced that taxi and private-hire drivers would be able to continue delivering food and groceries to homes until the end of September. This was part of efforts to supplement the income of these drivers. At the same time, to meet the high demand for home deliveries.

According to Mr Jonathan Chua, general manager of TADA, the company explored different ways to support its drivers during the pandemic.

“It’s not possible to bring them back to the days where they can do 20 jobs (a day), just by the nature of the pandemic,” he said. However, this new delivery platform can act as an additional source of income for TADA’s private-hire drivers, whose livelihoods have been greatly affected by COVID-19.

Such a delivery service also provides an additional revenue stream for stallholders during the ongoing pandemic, added Mr Chua.

TADA works directly with wet market stall owners

It’s good to hear that TADA does not charge merchants a commission for orders. But there is a small markup on the products which are clearly visible to customers on the website.

Orders gathered late at night each day are sent to the wet market merchants via WhatsApp messages so they can make necessary preparations. Thereafter, TADA drivers are dispatched to fulfil the deliveries.

Future expansion plans

As mentioned earlier, TADA Fresh Market is currently working only with stall owners from Tekka and Tiong Bahru markets. But there are plans to include several merchants from the wet market at Block 216 Bedok North Street 1 by early September.

They are also aiming to bring in more wet markets in the Bedok area by the end of the year. There will also be a focus on the lesser well-known markets outside of central Singapore.

“If we can present the benefits of the products of the market conveniently to the users, I believe that a proposition (of buying groceries from the wet market) will be a long-term one,” said Mr Chua.

Shop TADA Fresh Market here.