MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Four Financial Mistakes And How To Beat Them

Recognizing these wrongful money decisions is a vital step to improving your financial health:

#1: NOT SAVING FOR EMERGENCIES

Image Credits: pixabay.com

Skipping an emergency fund can be one of your deadliest money moves. You see, our lives are full of pleasant and unpleasant surprises. Can you fork out a sufficient amount of money to cushion the urgent costs due to unemployment or loss?

Building a fund for these types of events shall be one of your financial priorities to avoid getting into debt or even into bankruptcy.

Solution: Having an emergency fund allows you to build a breathing space to deal with life’s highs and lows. It is recommended to keep about 6 months’ worth of salary inside your emergency fund. Start gradually by aiming for S$400 in the first month. Increase this amount as months pass by.

#2: EATING OUT CONSTANTLY

Image Credits: pixabay.com

It is no secret that Singaporeans love to munch! We are blessed with a myriad of cuisines that one cannot resist the temptation of eating out. As with everything that is good, too much can be a sin too. You may feel that eating out during lunch or dinner daily does not make a difference. But, all your costs add up.

Solution: The cost of one restaurant meal may be equivalent to three home-cooked meals. Consider packing lunch from home as it is almost always cheaper.

#3: PURCHASING UNNECESSARY THINGS

Image Credits: pixabay.com

Many shoppers in Singapore experience mindless sprees when the Great Singapore Sale is on. People purchase unnecessary items just because they are on sale! However, you must not bury yourself in a pile of debt due to the irrational thought that you cannot live without a discounted Prada bag.

Solution: Examine if you are willing to purchase the item in its full price. If not, you probably do not need it after all. Saving up for a new designer bag is better than having to loan money for it. Seek a balance between your debts and your savings.

#4: NOT SAVING FOR RETIREMENT

Image Credits: pixabay.com

The “HSBC’s Future Of Retirement: Generations And Journeys” report found that the average Singaporean begins saving for retirement at age 32 and continues it for another 29 years. Despite having the advantage of saving for a longer period of time than their ancestors, 41% of the participants wished that they had started to save earlier. The perceived insufficient fund may be influenced by the higher cost of living in the recent years.

Solution: You must save a fraction of your salary for retirement while you are employed. There will come a time when you will not be earning money, but you still need to support yourself. Read about building an efficient retirement plan. Seek the help of a financial adviser if necessary.

Why I Failed At My Previous Job Interviews

I can vividly recall the rush of emotions that I felt upon receiving a pleasant message from an esteemed insurance company. At the crack of dawn, the HR department of the international company emailed me to meet up for an interview. I immediately agreed to a job interview at Raffles Place.

This was not my first rodeo, but I was overly excited. I had been dreaming about becoming a party of this company for the longest time. Unbeknownst to me, being overeager was a part of my downfall. You will come to that conclusion later on.

On the day of my interview, I solely entered a spacious room. The recruiter came in and handed me with two Psychological tests. With my background in Psychology and human behavior, you may think that these tests are easy to accomplish. I knew how to answer in a manner that is both genuine and acceptable. However, I was too excited that my mind blacked out she stated the instructions. The tangible gravity of the reality overwhelmed my spirit! She had to repeat the instructions again because I committed several errors. The situation was embarrassing! I compensated by extending our chatter. The excessive conversations made me seem desperate. Needless to say, I did not land the coveted job.

Although the recruiter did not mention the reasons why I got rejected, most of our application rejections are due to basic issues. This is why you must avoid these certain mistakes: being overeager, including documentation errors, and not caring about personal appearance.

The scenario that I shared above is a prime example of the negative consequences that can spring from being too eager and excited. Much like speed dating, a candidate that seems too desperate is a major turnoff. Constantly calling or emailing for updates is a waste of the recruiter’s time. Remain calm and wait patiently for a call back.

Secondly, most people commit typographical errors in printed and written documents. Even professionals cannot escape this wrongful pit!

While I was scanning through my old emails, I noticed that I misspelled a couple of simple words (e.g., “the” became “teh”) in an old application. This happened long before I started to make a living out of writing articles. However, its value holds true until today. The materials that you submitted signify an impression. This is why you must give a substantial amount of time to proofread or revise everything. For handwritten forms, do not forget to do the “i’s” and cross the “t’s”. Pay attention to details!

Lastly, you must dress to impress. Let us face it! We live in a relatively superficial world where physical appearance plays a huge part in our interactions. A recent study even highlighted that tall people get paid more. Look professional during an interview by dressing appropriately. Show that you respect the position that you are vying for by properly grooming yourself. Add a tad of moderate make-up if needed.

Image Credits: pixabay.com

We all learn from our personal experiences and job interviews are no different!

Sources: 1 & 2

Alibaba’s Sales Soared High Months After Singapore Bought A Billion In Stocks

My uncle is a proud owner of several holistic spas. Whether his branches are in need of a new machine (e.g., IPL or Laser Hair Removal Machine), he visits Alibaba first. Alibaba is a global marketplace that is relatively prompt and reliable. It is reigns supreme in the world of Chinese e-commerce. Its broad prevalence in Asia is comparable to United States’ Amazon or eBay.

It comes as no surprise that its sales soared up to 55% in the last quarter due to cloud computing. As Chief Executive Daniel Zhang once said: “Our results reflect our increasing ability to monetise our 450 million mobile users through new and innovative social
commerce experiences.” You can expect that this number of users will grow positively each year.

Image Credits: Global Panorama via Flickr Creative Commons (Attribution-ShareAlike 2.0 Generic)

You see, cloud computing is the practice of utilizing a network of remote servers hosted on the Internet instead of using a local server. It manages, stores, and processes data in that manner. Basically, cloud computing allows the users to store and access data online without needing a computer’s hard drive. It allows Alibaba to operate conveniently and swiftly.

What is interesting is the fact that the Government of Singapore purchased a total of US$1 billion (about S$1.38 billion) last June. GIC Private and Temasek Holdings each signed to US$500 million (S$692.15 million) of Alibaba shares, which were priced at US$74 (S$102.44) a piece thru subsidiaries. These shares were a part of the US$8.9 billion (S$12.32 billion) sale by Japan’s SoftBank. SoftBank remains to be Alibaba’s biggest shareholder. The elevated sales of Alibaba showed that the decision to acquire the shares was beneficial – at least for now.

You may think that Alibaba’s local competitors called RedMart and Lazada were shaken by these news, but you are wrong! Alibaba had recently invested in these two companies due to their financial constraints.

Image Credits: pixabay.com

We can only hope that these circumstances will improve Singapore’s e-commerce platform in the future.

Sources: 1, 2, & 3

The Buzz Around U.S. Interest Rates: 3 Things You Should Know

It has been a story of “will they or won’t they” this entire year.

We are talking of course, about interest rates. The last rate hike in December 2015 was the first since 2006, and gradual hikes were expected in 2016 but the Federal Open Market Committee (FOMC) has ended every meeting so far with the decision to maintain interest rates. Market watchers are at the edge of their seats. The consensus is that a rate hike is looming and it could come as soon as November or December, when the FOMC next convenes.

In preparation for that, here are three things that you should know about a potential interest rate hike.

Will Markets Cheer or Jeer?

Here is a look at how the market has reacted to FOMC decisions lately:

*Prices plotted based on the adjusted close price of the last day of each month

Lately, markets seem to breathe a sigh of relief whenever rates remain unchanged but it is really anyone’s guess as to how the market will react to the next rate hike.

There are reasons why the market could react positively or negatively. Markets could jeer, as higher interest rates mean heftier borrowing costs for companies and consumers. In other words, it could be a drag on the economy. But markets could cheer as well because a hike may mean that the US economy is back on track and that the FOMC is confident enough to remove its crutches.

How Did We Get Here in the First Place?

Interest rates are practically zero as of this moment. The graph below shows how interest rates have fallen to this point over the years:

In the 1980s, to combat double digit inflation and the residual effects of the 1980 energy crisis, interest rates were hiked to about 20%. It stands in stark contrast to our current low interest rate environment. This low rate was a result of the global financial crisis; the US economy was hit hard by the crash in the housing market and banking sector from 2007 – 2009 and interest rates were reduced so that consumers and businesses could continue to spend and boost the economy. Interest rates have been kept low ever since as the FOMC has adopted a wait-and-see approach.

What Investors Should Take Note Of

There are two sectors that investors should keep an eye on – property and financial institutions.

It is easy to see why financial institutions will be affected. Their core business revolves around loans and their performance varies with interest rate levels. As for the property sector, it could go both ways. Higher mortgage rates make home buying more expensive, but the FOMC’s decision to raise rates could signal a healthy economy and a healthier economy could buoy the housing market.

And it isn’t just the US market we are talking about here. As money moves back to the US seeking higher interest rates, in a bid to stay competitive, interest rates in other countries may be increased as well. So do your research and pencil in these dates: 1-2 November 2016 and 13-14 December 2016. The market will be holding its breath as the FOMC convenes to decide whether the time has come to finally hike interest rates.

Disclaimer: This message is for general knowledge or information only. It is not an offer or invitation to buy or sell securities, futures or other products or services. Our products or services vary in different jurisdictions, subject to their respective terms and conditions and the licences our affiliates and us hold. This message is not an advice or recommendation for any financial planning, investment, legal, tax or other purposes and, accordingly, no responsibility or liability is assumed by us or our affiliates, whether directly or indirectly, from any person taking or not taking action

5 Travel Destinations With Exciting Attractions For The Family

The December holidays are looming, and the kids are itching for some year-end fun. Looking for a fun-filled family getaway around the region? The options are aplenty!

From Australia’s Movie World, Taiwan’s World Chocolate Wonderland, to Hong Kong’s Ocean Park, Japan’s Sanrio Puroland or South Korea’s Everland, the choices are endless.

Here we share 17 attractions from around the region for the adventure-seeking you.

1. Australia (5 nights)

Heading to Australia? You cannot miss visiting the Gold Coast region, for that is where all the fun in Australia converges.

(Use promo code ‘MD4OFF‘ at checkout to enjoy $4 off)

* ‘MD4OFF’ is only applicable for adult ticket

Warner Bros. Movie World is a theme park on the Gold Coast, Queensland, Australia that revolves around the Warner Bros’ movies.

Witness your children’s favourite cartoon characters come to life, with Bugs Bunny, Daffy Duck, Tweety and Sylvester dancing along with you. Have Australia’s best stunt crew, Showtime FMX, take you on an action-packed movie with heart-stopping driving stunts. The latest addition to the theme park, Arkham Asylum, is the Southern Hemisphere’s first Virtual Reality rollercoaster experience. Embark on a 360-degree thrilling experience, while reaching speeds of up to 85km/h!

(Use promo code ‘MD4OFF**‘ at checkout to enjoy $4 off*)

* ‘MD4OFF’ is applicable only for adult ticket

Also situated on the Gold Coast, Dreamworld is Australia’s largest theme park with over 50 rides and attractions, including five roller coasters.

With so many attractions to catch, there’s a ride for every age. Cruise down river rapids as fast as 45km/h at their favourite family attraction, Thunder River Rapids. For the younger ones, indulge in a sing and dance song with Dorothy the Dinosaur and her friends Wags the Dog, Captain Feathersword and Fairy Claire. That’s not all – be impressed by their LEGO store, with life-sized LEGO models to greet you!

(Use promo code ‘MD4OFF**‘ at checkout to enjoy $4 off* )

* ‘MD4OFF’ is applicable only for adult ticket

Bring your little ones on a wildlife education journey. Learn all about koalas, emus, kangaroos and even the adorable Tasmanian Devil at Currumbin Wildlife Sanctuary!

If you’re looking for something slightly more adventurous, give their TreeTop Challenge a shot, as you zipline across crocodiles and balance on a tightrope through the canopy!

If Melbourne is part of your Australia itinerary, catch all of Melbourne’s attractions at Eureka Skydeck 88. At 285 metres above ground, experience Melboune like never before with their floor-to-ceiling views from the 88^th floor. Try spotting Melbourne’s prominent landmarks such as the MCG, Federation square and Flinders Street Station from their 360-degree observation decks!

2. Taiwan (3 nights)

Taiwan is a mecca for food, but did you know, they have over 20 amusement parks throughout the island too?

Musical water shows, parades and safari wildlife zoo that is home to 1000 animals of 70 different species. Experience all these in one theme park at Leofoo Village Theme Park. Attractions-wise, have a taste at Taiwan’s largest man-made river Grand Canyon Whitewater Rafting, their biggest Pirate Ship and also their Volcano Adventure. Fancy experiencing zero gravity? Then you have to ride the 17-storey-high Danu God!

(Use promo code ‘MD4OFF**‘ at checkout to enjoy $4 off* )

* ‘MD4OFF’ is applicable to admission ticket and admission ticket + DIY Chocolate Workshop

For the sweet-toothed, here’s another reason to rejoice! As the name suggests, World Chocolate Wonderland is a haven for all chocolate lovers. Their chocolate museum features chocolate sculptures of everything imaginable, from sci-fi characters to hand bags. A great family activity includes designing your own chocolates at their DIY workshop. If you’re looking for wet-weather plans to brave the sometimes relentless weather of Taiwan, this could be it.

3. Hong Kong (3 nights)

If you enjoy the attractions in Singapore, then you’re going to love Hong Kong’s version even more. Like Singapore, Hong Kong has their very own Trick Eye Museum and Madame Tussauds that selfie-lovers will enjoy. Impress your friends with funky poses in Trick Eye Museum’s interactive 3D museum, and stand up close and personal with all the celebrity stars from Hollywood and Hong Kong in Madame Tussauds.

(Use promo code ‘MD2OFF**‘ at checkout to enjoy $2 off*)

* ‘MD2OFF’ is only applicable to Ocean Park (Adult) Admission + HKD100 Souvenir Coupon, Ocean Park (Adult) Admission + Kiosk Meal Combo, Ocean Park Special Admission + Restaurant Meal Combo, Ocean Park Special (Buy 2 Adults Get 1 Child Free Promotion)

Hong Kong has no lack of fun activities as well, with Ocean Park Hong Kong topping the list for family-friendly activities. Encompassing a marine mammal park, oceanarium, animal theme park and amusement park, it is the perfect place to bring your children for a fun and educational journey. Located in the Southern District of Hong Kong, Ocean Park covers more than 915,000 metres. It’s no wonder why they are the first Asian theme park to win the biannual Applause Award, the most distinguished award within the amusement and theme park field.

While you’re on Hong Kong Island, make a visit to The Peak to experience Hong Kong’s oldest and most famous funicular tramway, The Peak Tram. This tramway rises all the way to 296 metres above sea level, offering you a panoramic view of the city. While you’re at the top, indulge in the views from the Sky Terrace 428. Whether by night or by day, Hong Kong’s skyscrapers is a sight like no other!

(Use promo code ‘MD2OFF**‘ at checkout to enjoy $2 off*)

* ‘MD2OFF’ is applicable to only Ngong Ping Round Trip Crystal Cabin Cable Car (Adult) and Ngong Ping Crystal Cabin Round-trip Adult + Meal Coupon

FIRST 300 CUSTOMERS WHO PURCHASE ANY NGONG PING ATTRACTION TICKETS WILL BE ENTITLED TO A FREE SNACK COUPON VALUED AT $6.50 (HKD36) TO BE USED AT NGONG PING. WHILE STOCKS LAST.

Intrigued by the views of Hong Kong from the top? Then Ngong Ping 360 is another attraction worth exploring. An aerial tramway 5.7 kilometres long will connect you from Tung Chung Town Centre to Ngong Ping Village in the 25-minute ride. With the option of a glass-bottomed crystal cabin, you’ll be greeted with unobstructed views over Lantau Island, the seascape and Ngong Ping Village. Can you spot the airport from this aerial view?

4. South Korea (3 nights)

(Use promo code ‘MD2OFF**‘ at checkout to enjoy $2 off*)

Over at South Korea, you can never miss out on shopping. Lotte World is a shopping complex which also conveniently transforms into a theme park, a water park, and an aquarium within the complex. It boasts an indoor and outdoor theme park, with the indoor theme park being the world’s largest. Your children will never run out of things to do with daily ongoing performances and bi-monthly festivals being held, while you can occupy yourself with the myriad of shops in the vicinity. Now you can shop with ease while your children let themselves loose.

Everland is South Korea’s largest theme park. Different themed festivals are organized all year round, including Tulip Festival, Rose Festival, Summer Splash, Halloween Festival, and Romantic Illumination. Learn about Korean’s history in Pride in Korea. Hear the kings of the jungle roar in Safari World. You also cannot leave without riding on T-Express, Korea’s first wooden roller coaster and also one of Everland’s most thrilling rides!

If you’ve always dreamed of being in a live K-Pop concert watching your favourite bands perform, you can experience how it feels like through the 3D hologram at the Live Hologram Theater! The K-Pop Hologram which plays the first ever hologram concert at Everland is at the Global Fair which is an international market of shopping outlets.

Set atop Namsan Mountain 237 metres high, N Seoul Tower offers sweeping views of the city of Seoul. While you’re on top of the world, don’t miss out on dining at N Grill, a Western-style revolving restaurant, and the Sky Restroom with its multi-colour creative art space!

5. Japan (3 nights)

Tokyo Disneyland is no stranger to the adventure-seeking families in Asia. Riding on the same concept as the rest of Disneyland worldwide, it is based on the films produced by Walt Disney, with some rides not found anywhere else. Interestingly, it is the first Disney theme park outside of the United States to be opened, in 1983.

Sister to Disneyland, Tokyo DisneySea is a 176-acre theme park at the Tokyo Disney Resort. Get ready to set sail on the seven themed ports of call: Mediterranean Harbor, Mysterious Island, Mermaid Lagoon, Arabian Coast, Lost River Delta, Port Discovery and American Waterfront.

Let Sesame Street, Minions and Shrek welcome you into a land of joy at Universal Studios Japan. As the first theme park under the Universal Studios brand to be built in Asia, it is the next most popular theme park in Japan after Tokyo Disneyland. Step into the shoes of Harry Potter and enter the massive Hogwarts castle. You can even witness the ‘Moving Portrait Corridor’ as seen in the movie!

In the first half of 2017, Universal Studios Japan will open “Minion Park,” the world’s largest Minion area, inspired by Illumination Entertainment’s Despicable Me franchise. There are so many Minions in “Minion Park” and now all guests, from children to adults, may now celebrate the world of Gru’s subversive and sweet henchmen alongside them.

Think Hello Kitty, Little Twin Stars and My Melody. Now imagine them greeting you and dancing along with your favourite melodies. At Sanrio Puroland Japan, musicals, parades, and even the food served are all made of Sanrio character heroes. Take a leisurely boat ride through the park and be entertained by Hello Kitty’s wedding. Better yet, visit Lady Kitty House to get a sneak peak of what how Kitty goes about her daily life! Don’t leave without getting a souvenir for your visit to Sanrio Puroland. With over 5000 Sanrio products, at their Sanrio store, you are bound to be spoilt for choice!

Start your trip with a dose of Hello Kitty at Changi Airport’s Hello Kitty café before you kick off your Hello Kitty journey at Japan.

As part of Changi Recommends’ continuous efforts to make your holiday planning effortless, you can now purchase mobile Wi-Fi router rental, airport transfers, Japan Rail Pass and overseas attraction tickets before you embark on your trip!

Planning for a holiday could not have been easier when you can purchase land tour packages directly with Changi Recommends. If you are travelling to Japan or South Korea, check out their Mt Fuji Tour and the Jisan Ski Tour.

To provide you with even a better experience, you can track your flight in real-time with their Flight Watch function by simply entering your flight details and mobile number. This is a free service where you get SMS updates on your arrival or departure flights. It acts like your personal concierge where it reports to you:

when you are scheduled to board
which terminal to go to
which row to check in
which belt for baggage collection
flight delay or cancellation updates

Talk about first-class services.

Whether you are bringing little tots for an educational yet playful trip, or teenagers looking for adrenaline, there is something for everyone in the neighbouring countries. Grab hold of the limited year-end promo codes to book your tickets today!

(* Code validity for purchase by 30 Nov 2016)

*Prices plotted based on the adjusted close price of the last day of each month

1. Australia (5 nights)

(Use promo code ‘MD4OFF‘ at checkout to enjoy $4 off)

* ‘MD4OFF’ is only applicable for adult ticket

(*Use promo code ‘MD4OFF‘ at checkout to enjoy $4 off)

* ‘MD4OFF’ is applicable only for adult ticket

(*Use promo code ‘MD4OFF‘ at checkout to enjoy $4 off )

* ‘MD4OFF’ is applicable only for adult ticket

2. Taiwan (3 nights)

(*Use promo code ‘MD4OFF‘ at checkout to enjoy $4 off )

* ‘MD4OFF’ is applicable to admission ticket and admission ticket + DIY Chocolate Workshop

3. Hong Kong (3 nights)

(*Use promo code ‘MD2OFF‘ at checkout to enjoy $2 off)

* ‘MD2OFF’ is only applicable to Ocean Park (Adult) Admission + HKD100 Souvenir Coupon, Ocean Park (Adult) Admission + Kiosk Meal Combo, Ocean Park Special Admission + Restaurant Meal Combo, Ocean Park Special (Buy 2 Adults Get 1 Child Free Promotion)

(*Use promo code ‘MD2OFF‘ at checkout to enjoy $2 off)

* ‘MD2OFF’ is applicable to only Ngong Ping Round Trip Crystal Cabin Cable Car (Adult) and Ngong Ping Crystal Cabin Round-trip Adult + Meal Coupon

FIRST 300 CUSTOMERS WHO PURCHASE ANY NGONG PING ATTRACTION TICKETS WILL BE ENTITLED TO A FREE SNACK COUPON VALUED AT $6.50 (HKD36) TO BE USED AT NGONG PING. WHILE STOCKS LAST.

4. South Korea (3 nights)

(*Use promo code ‘MD2OFF‘ at checkout to enjoy $2 off)

5. Japan (3 nights)

(* Code validity for purchase by 30 Nov 2016)

(Use promo code ‘MD4OFF**‘ at checkout to enjoy $4 off*)

(Use promo code ‘MD4OFF**‘ at checkout to enjoy $4 off* )

(Use promo code ‘MD4OFF**‘ at checkout to enjoy $4 off* )

(Use promo code ‘MD2OFF**‘ at checkout to enjoy $2 off*)

(Use promo code ‘MD2OFF**‘ at checkout to enjoy $2 off*)

(Use promo code ‘MD2OFF**‘ at checkout to enjoy $2 off*)