Unwind With These Insanely Relaxing Activities

After a long day in the office or school, even the calmest of people can blow like a volcano at times. This is why it is important that you focus on de-stressing.

Bid farewell to your work or academic stress during the long weekend by accomplishing one or all of these activities.

HOP INTO THE SHOWER

I understand that you had a heated argument with your partner, but you do not have to swipe your credit card for a much needed “therapy”. Find the inner peace that you crave for by hopping into the shower. Researchers have found that singing in the shower can boost one’s mood. Its effect is as potent as practicing Yoga.

The study showed that a person singing in the shower releases endorphins (i.e., dubbed as happy hormones), which can lower the levels of the stress hormone called cortisol. Tell your partner to get some earplugs as you will let your inner Beyoncé or JJ Lin out!

LIST YOUR DAILY ACHIEVEMENTS

Heighten your sense of satisfaction by writing down all your daily victories. Perhaps you decided to regularly walk to school instead of taking the bus. Doing so kills two birds with a stone! You will not only shed a few pounds, but you will also save money in the process. There are other personal achievements such as helping a stranger cross the road.

No matter how small your deed may seem at the moment, it sparks a step closer to your financial goal.

GRAB A PAINT BRUSH

Workplace stress has various adverse effects on your physical and psychological processes. It may result to poor concentration or even something as serious as substance abuse. Avoid drowning yourself in negativity by making your mind wander away.

For instance, you may let your creative juices flow through art. A recently published study highlighted that art making sessions may reduce one’s cortisol levels. Well, you do not have to worry if you do not have the talent of Picasso. You can reap the benefits of art by purchasing the cheaper alternative to painting classes – a “Paint by Numbers” kit.

Image Credits: pixabay.com

Image Credits: pixabay.com

You may get a canvas for as low as S$0.99 at Paintastic Art Craft. Paintastic’s kits come with acrylic paints, manual, brush, and an easel.

Sources: 1, 2, & 3

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Make your time count: Three tips for managing freelance finances

The on-demand economy is booming, driven by ride-sharing, peer-to-peer rental, project-based job platforms and the ease of e-commerce. There are unprecedented income opportunities for freelancers but this work comes with a host of new challenges – many of which are all too familiar for me and my family – like co-mingled and confusing business expenses, quarterly and year-end tax headaches, and a general lack of visibility into your ‘real income’.

My brother and uncle are entrepreneurs, and I’ve seen how they have setup their businesses starting at day one. Having the ability to track earnings, expenses, and taxes automatically are keys to success and always top of mind. Getting better insights into their financials, including net income and tax obligations throughout the year is also increasingly important.

For those who are considering hitting out on their own this year, or the increasingly popular ‘side hustle’, here are my three tips to maximize your financial success.

1)    Don’t mix business and personal. I know firsthand the temptation of co-mingling your personal and business finances, whether it’s using your personal credit card for your freelance expenses or keeping your finances together in one bank account, but there are important legal, tax and financial reasons for keeping your finances separate. Self-employed workers often struggle to keep track of their finances without the luxury of an employer helping them manage tax or CPF contributions, and many have no visibility into their real earnings and income. Separating your finances will help you keep a closer pulse on the health of your business and prevent any unpleasant surprises when you find out how much you owe come tax time. 

2)   Ditch the shoebox. Our research shows that a large number of self-employed and freelancers are keeping track of their finances on paper and a fair proportion of on-demand economy professionals say that difficulty managing finances has the biggest potential to put them out of business. This is deeply concerning to me and points to a major financial literacy gap among this demographic. Part of feeling confident about your freelance business and its future is understanding the more in-depth financial aspects. Using cloud financial management software to track expenses, mileage and invoices all in one place can help you find more tax deductions and save thousands in taxes.

3)    Don’t be afraid to ask for help. Just because you’re self-employed, doesn’t mean that you’re on your own. Working with an accounting professional can help you create the building blocks for your financial future and make sure you’re not missing out on deductions. Building a close relationship with someone you trust early on can foster a value-added relationship, where they aren’t just doing your bookkeeping but giving you strategic insights on how you can set yourself up for long-term success. Whether you’re working towards quitting your day job to freelance fulltime, expanding your client base, or achieving profitability, if you’re direct about your goals and open to guidance, a strategic advisor can be a critical resource to help you realize them.

As someone from a family of entrepreneurs and someone who has spent the greater part of my career working to advance entrepreneurship, I’m thrilled to see a growing number of people taking control of their own future and leveraging the technology available to them to shape their careers and support their families. If you’re one of the many Singaporeans who will enter this economy in 2017, be bold; be diligent; be well-organized. You’ve got this.

Shirin Anne Wan Bio

Intuit - Shirin 01

Shirin Anne Wan is the Head of Customer Care for QuickBooks Asia Pacific, with more than 15 years of experience in customer service, customer care, operations and service excellence. Based in Singapore, Shirin has served in her role with Intuit as member of the APAC leadership team since 2013. Previously, she worked for Citi in customer experience management.

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Amazing Places To Shop For Preloved Clothing In Singapore

There are some articles of clothing that you do not need to purchase new (e.g., infant clothing). This idea extends during the good and awful times.

Scattered in various cities around the world, it seems that thrift shopping is finally catching its moment here. Flea markets, thrift shops, and online marketplaces are great sources of savings. Start digging up unique finds in these places:

NEW2U THRIFT SHOP

Nestled in the heart of Singapore’s “arts and heritage district” is the gem called New2U Thrift Shop. It is the go-to place for fashionistas in the area who desire to save a couple of bucks. Aside from its accessibility, New2U houses a diverse collection of items. The store has men’s clothing, women’s accessories, children’s toys, and so much more. All these products were donated from various initiatives.

You may be surprised to know that the prices of these items start at S$1. You are sure to snag a flashy bargain here. On top of this, New2U will be having a 50%  off sale soon.

Location: 96 Waterloo Street, Singapore 187967

ONLINE

The Internet is a bountiful chest filled with treasures. There are two primary websites/mobile apps for preloved goods in the local scene. These are namely: Gumtree and Carousell. I have spoken a lot about these two as I tested their services myself.

a. Gumtree – The mechanics of Gumtree is synonymous with Craigslist. However, its layout is easier to navigate. It is a virtual marketplace where you can find children’s clothing, secondhand bags, and almost everything in between. You may use this platform for selling your goods too!

b. Carousell – Carousell lets you buy and sell a wide range of items in less than five minutes! Why don’t you give it a shot?

Image Credits: pixabay.com

Image Credits: pixabay.com

SINGAPORE REALLY FREE MARKET

Whether you want to believe it or not, an open market exists in Singapore. Singapore Really Free Market promotes community sharing by presenting their items at no cost. You read that right! You are welcome to get pieces that you what without registration fees or other costs.

As a friendly reminder, tackle the situation with restraint. Do not hog everything as some people may need it more than you. Follow Singapore Really Free Market on Facebook for the details on their next flea.

How will you rock your secondhand clothing in style? Here it from the fruitful speech of the American designer Jessi Arrington. Spoiler alert! She packed nothing for TEDActive but seven pairs of undergarments.

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Should you DIY or pay someone to draft your will in Singapore?

It’s a misconception in Singapore that it’s necessary to hire a lawyer to draft a will. Nothing could be further from the truth. Anybody can draft a will for you. In fact, if necessary, you can even write your own will, and it can be a perfectly valid will after you pass on.

While drafting wills does tend to lie within the domain of most estate-planning lawyers, many wills-drafting companies have also sprung up to service these needs. These companies usually don’t have any lawyers or even anyone legally trained but they survive by keeping themselves up to date on the existing law and marketing themselves heavily.

However, just because you can write your own will without having to spend a single cent doesn’t necessarily mean you should DIY. While it’s not impossible for the determined layman to pick up, there are a number of statutes and laws to get your head around if you want to make sure your will is drafted correctly.

You might want to take a look at this will-drafting guide if you’d like to draft your own will.

At the very least, you should be conversant with the Wills Act (Chapter 352) before embarking on writing your own will.

Advantages and Disadvantages of Drafting your own Will

Advantages

  1. There’ll be zero costs as you’ll be drafting the will yourself. All you need is a pen (or more likely, a word processor).
  2. There’s the added benefit of learning and picking up a new skillset.
  3. Anytime you need to update your will, you won’t have to make an appointment with a lawyer or will-drafting company. You can just do it yourself.

Disadvantages

  1. Exclusions will not be caught. It’s relatively easy to miss out on certain beneficiaries in a will. Someone who drafts your will, be it a lawyer or someone from a will-drafting company, will usually review your list of beneficiaries and ask you in-depth questions to make sure your will is an accurate representation of how you want your assets to be distributed in the event you pass on.
  2. There’s a higher propensity for error. It’s more difficult for someone without legal training and experience in wills and probate law to be able to perfectly draft a will. There are numerous grey areas in the law that a layman might completely miss out on or misinterpret.

Advantages and Disadvantages of Paying someone to Draft your Will

Advantages

  1. It’s relatively affordable to hire someone to draft a will for you nowadays. Simple wills tend to start from around $180. Complex wills can be more expensive but if you have a lot of assets in different countries, you probably won’t want to be drafting your own will as well.
  2. Hiring someone to draft your will ensures peace of mind, particularly if you’ve hired a lawyer to write your will. There’ll be less chance that a beneficiary will contest probate in the event of your passing and you’ll feel more assured that there won’t be errors in the will.
  3. Most estate-planning lawyers in Singapore can advise you on the whole estate-planning process, as opposed to merely the drafting of the will. Your lawyer can also assist you with getting a Lasting Power of Attorney and help your executors with extracting the Grant of Probate upon your passing.

Disadvantages

  1. You’ll have to incur costs to get peace of mind. While the price of having a will drafted is relatively cheap, you do still have to pay for it.

Conclusion:

There’s no real right or wrong answer here. If you’re willing to spend the time and effort to learn the relevant laws and statutes surrounding wills, it can be a fruitful exercise to write your own will.

However, if you’re not willing (or unable) to spend the time to pick up will-drafting, it’s probably in your best interest to go to a professional will drafter, preferably a lawyer. The last thing anyone needs is a will riddled with errors. A DIY will that’s poorly drafted can save you money in the short term but create a mess for your heirs when you’re gone.

Author Profile:

Shen is a writer for Singapore Probate, a website where Singaporeans can learn more about estate-planning matters in Singapore.

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Avoid Making These Costly Mistakes As A Parent Of A Teen Driver

Having a teenage driver is a breathtaking experience that can keep Singaporean parents awake at night. It is normal to worry about the safety of your child on the open road where anything can happen.  Who am I kidding? Even my parents are terrified that I am driving as a young adult.

If you do not want to pay for increased insurance premiums or medical fees, here are three mistakes that you need to avoid…

MISTAKE #1: SETTING AN EARLY BLASTOFF

Ah, the teenage brain! How does one begin to describe the wiring of the “teenage brain”? For starters, it is marked by the significant to the rewards prompted by taking risks. Researchers from the University of Texas found that teenage brains were craving for adrenaline-fueled rewards. This explains why they lean toward extreme activities. The teenage brain may be harmful when mixed with the ability to drive a vehicle.

The minimum age to acquire a Qualified Driving Licence in Singapore is 18 years old. Just because your beloved can start driving at 18, does not mean that he or she needs to be behind the wheels at a young age! Having your teenager wait makes a financial sense. Time may not only give your child maturity, but it may also reduce your car insurance premium.

MISTAKE #2: PURCHASING A NEW RIDE

Most Singaporean parents want to give the best for their children. The idea of buying a shiny ride for your newly licensed driver may have crossed your mind as a devoted parent. You might rationalize your purchase by thinking that a brand new car is safer and more advanced. However, an expensive car costs more to insure. Not to mention, you are handing the responsibility to a fairly experienced driver. Are you brave enough to tackle these risks?

Let me highlight the total cost of owning a car (i.e., excluding miscellaneous, maintenance, parking, and petroleum fees). 10 years of owning a car may cost you about S$138,723. This whopping amount includes the Certificate of Entitlement, Total Car Loan Value, Road Tax, COE and PARF Rebate, and Car Insurance.

Consider purchasing a used car as a training ground for your teen. This will teach him or her the value of saving up. Isn’t it more thrilling to drive an impressive car with the money that you worked hard for?

MISTAKE #3: FAILING TO ENFORCE THE LAWS

As I said a while ago, the teenage brain is wired to embrace adrenaline-fueled situations and rewards. This factor may increase the risk of breaking the traffic laws and getting into vehicular accidents. Teenage drivers generally face greater restrictions than other drivers. The main restriction is the age limit.

Last year, a horrific accident involved an under-aged driver (i.e., aged 17) and a motorist at the junction of Ang Mo Kio Avenue 5 and Ang Mo Kio Industrial Park 2. The motorist was badly injured and his passenger died instantly. The teen driver suffered from emotional distress after realizing the gravity of his actions. He was even bullied online. Under the law, the penalty for hit-and-run accidents is a fine of up to S$3,000 or imprisonment of up to 12 months.

Image Credits: pixabay.com

Image Credits: pixabay.com

Similar scenarios may be prevented with careful guidance from the parents. I am not saying that you are solely responsible for your young driver’s every move. But, you have a heavy influence on it. Start by educating your child about the traffic laws and by serving as a good role model of a responsible driver. Use foresight by enrolling your teen in a local driving school such as the Singapore Safety Driving Centre (SSDCL) or the Bukit Batok Driving Centre (BBDC). These institutions were registered for Basic Theory Test, Final Theory Test, and Practical Driving Test.

Sources: 1 & 2

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