MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Special DIY Gifts To Make Your Mother Smile

There are women in this world that are willing to work tirelessly for others, are willing to teach young minds, are willing to forgive failures and are willing to put someone’s else’s happiness ahead of their own. Remarkable in every way, these women are called mothers.

With less than three weeks more under your belt, it is about time to think of a precious gift to reward your beautiful mother on Mother’s Day (May 8). The good news is that you do not have to spend loads of cash since you can just use the materials you already have at home!

Here are some inexpensive yet very heart warming ideas for you:

1. FOR YOUR CRAFTY ARTSY ANGEL

If the angel of your life is into creating artistic items than receiving them, plan an afternoon crafts session. While sipping your tea, you can create lovely jewelry with the materials on promotion at Spotlight such as Pony Beads (S$4.99), Pom poms (S$2.99), and Quill Feathers (S$5.99).

Alternatively, you can grab a DIY kit from Typo to make the stylish and useful items such as a tote bag (S$34.99) and a scrapbook (S$29.99).

2. FOR YOUR POETIC PARENT

Celebrate the essence of Mother’s day by capturing the moment through a poem. Describe her in the sincerest of ways. A unique gift such as this will flatter her heart and make her feel how much you are thankful that she is in your life. You can also put a melody and turn your poem to a song if you want to.

Image Credits: pixabay.com (CC0 Public Domain)

3. FOR YOUR CINEMA CHAMP

My mother is one of those people who are fond of films. From romantic comedies to action, she is delighted to watch any flick as long as she has her family along. Apply this concept at home by purchasing a few DVDs from the yesteryear. As much as possible, select her favorite movies. Gather your family in the living, as having everyone present is valuable to the occasion.

4. FOR YOUR WORKAHOLIC WARRIOR

The best way to reward your workaholic warrior is by giving the present of an enjoyable bath time filled with relaxing fragrance. Achieve that by making bath bombs that are similar to the ones sold at Lush Singapore.

Image Credits: www.lushsg.com

Here are four ways you can make different types of bath bombs from basic to herbal type.

5 Things To Consider Before Investing On Gold

1. WHAT TYPE OF GOLD INVESTMENT?

There are two types of gold investment: physical gold and paper gold. The physical gold consists of the tangible gold bars, jewelry and coins. While the paper gold consists of the gold exchange traded funds or gold-related equities in the stock market.

The latter is more at risk with fraud, as you have no guarantee that the fund holds the amount of gold they claim. Furthermore, the stock market can be vulnerable due to the government intervention and hacking.

2. WHY SHOULD YOUR PORTFOLIO INCLUDE GOLD?

Including gold to your overall portfolio is a good way to diversity your assets. As the price of gold generally moves in a different direction than other types of investments, it can balance out your returns when the others are performing badly.

Cary Guffey, a Certified Financial Planner Professional and Board Ambassador, forewarns that you must not put too much of your wealth in gold. According to him, a good rule of thumb is having no more than 5% of a certain commodity in your portfolio.

3. HOW PURE SHOULD YOUR GOLD BE?

Pure gold (100%) is too soft to manipulated as bars and jewelry, therefore it is mixed with other types of metals such as silver, nickel or copper to improve its strength. Based on the content of gold, it is divided into “karat” configurations namely: 9k (37.50%), 14k (58.33%), 18k (75,00%), 22k (91.66%), 24k (99.99%). Ensure that you are getting what you paid for.

4. WHERE SHALL YOU BUY THE PHYSICAL GOLD?

In Singapore, physical gold can be purchased online or at the bank. For online bullion shopping, consider the trusted bullionstar.com where 1 gram of PAMP Gold Bar costs about S$79.54. Alternatively, you can purchase gold bars and gold bullion coins at UOB.

5. WHAT IS THE REAL PRICE OF GOLD?

Just like anything else, the price of gold is influenced by the supply and demand dynamics. In fact, 5 years ago gold’s price was about S$1,800 per ounce compared to today’s S$1,664 per ounce. Alongside this dynamics are other factors that affect the gold’s price…

Image Credits: bankrate.com

Sources: 1, 2, 3, 4, & 5

4 Ingenious Travel Scams Singaporeans Should Be Aware Of

Do not taint your vacation by becoming a victim of the latest travel scams targeting unsuspecting tourists. From your expensive belongings to your personal safety, the risks of scams are overwhelming. The finest form of protection in these situations is to be forewarned.

1. THE PHOTOGRAPHY SCAM

The wonderful backdrop of Bali’s serene sunset deserves to be encapsulated forever through a photograph. As quick as you are, you gathered your group to take a special “jumping shot”. Then one of the locals approached you and offered to take your group photo for free. Seconds later, your newfound friend disappears with your expensive camera.

Bustling city attractions are the most vulnerable places for this scam. Do not be fooled! If you have to take a photo, it is best to ask your fellow tourists and return the favor to them.

2. THE PIZZA FLYER SCAM

As a busy tourist with a fully packed schedule, you are bound to forget about your meals at times. A promotional pizza flyer slipped beneath the doors of your hotel room seems like the most convenient choice. So you gave your payment details over the phone and end up waiting for nothing. There was no pizza and you just gave your credit card details away to a stranger! Cue the *panic* music here.

This is why it is best to check with the authorization of the fliers first at the hotel’s concierge.

3. THE FAULTY TAXI METER SCAM

Using the different modes of transportation overseas will make you realize how lucky you are that Singaporean taxi companies are very well-regulated. But in other countries, the taximeter can be faked. Your driver may overcharge you by not stopping the meter while he takes a “toilet break” or by wiring the meter itself. To avoid this you must negotiate the rates beforehand, have your map handy, and ensure that the meter is in tact.

Here are the other taxi tips by Christine Kaaloa :

4. THE BOGUS WIFI HUB SCAM

Modern technology paved way for keeping all your information such as credit card details (via Blogshop sites), savings account details (via internet banking), and school data (via university portal) in one place – your laptop or Smartphone. And as you login through the “free WiFi” at a terminal, you can fall prey to hackers. Hackers may set up unsecured WiFi spots in public locations in order to access of your device and steal important information.

Avoid this by asking which WiFi connection belongs to the establishment and by bringing your own pocket router while you travel. Consider the affordable portable WiFi Router available at Changi Recommends.

Sources: 1 & 2

Practical Ways To Ease Your Stress On Financial Responsibilities

DO NOT BE FOOLED BY THE 0% INSTALLMENT PLANS

There are an array of goods that you can buy through 0% installment plans such as furniture, designer bags, electronic devices and appliances. Without control, you can potentially pile up your installment plans to the point that you can no longer afford paying for credit card bill.

Say you are strolling around the mall in the lazy weekend when you suddenly saw a shiny sign that says:

“FULL HD FLATSCREEN TV FOR SALE

S$1,400 (U.P. S$1,600)

0% INSTALLMENT THRU UOB & OCBC CREDIT CARDS.”

It sounds tempting, right? But do you really need that telly when you have a functional one at home? Do you need another burden to add on your credit card bill? Well, it is time to live within your means!

UTILIZE YOUR CPF ACCOUNT WISELY

The Central Provident Fund (CPF) is a compulsory savings scheme for Singaporeans that is automatically deducted from the wages. Your CPF account can be used to support crucial financial commitments such as retirement, healthcare, and property purchases. While it is sitting there passively, you can maximize its use by utilizing it wisely. For instance, if you are using your account to purchase a new flat or refinance your current one, examine the situation every few years to see which is the better economical option.

And if you are not touching your CPF savings for a long period of time, consider putting it to the CPF Investment Scheme. It is a way to invest your CPF savings to various banks such as OCBC, DBS, or UOB. The money you will generate from your investments will eventually go to your CPF account and not your pockets. Compare the investment options and their charges. Instead of complaining about your “useless” account, why don’t you start investing?

FOR MARRIED COUPLES, SUPPORT EACH OTHER

Alongside merging two souls, marriage merges two finances together. Having another person to run to for support, opinion, and advice can help you make better financial decisions. For instance, if you are searching for a space at an Executive Condominium (EC), consult your spouse first. Are your incomes enough to suffice the payment of the EC? You do not want to end up working took hard for an EC when what your spouse just wanted an HDB all along.

Setting long-term and short-term financial goals such as purchasing a house or establishing realistic budget should be done together. Along with the goals, you must assign financial responsibilities to each other. Encourage and support each other throughout the process.

ALWAYS COMPARE PRICES

Almost every shopping hack includes a section about comparing prices so that your money would not go to waste. True enough; reading reviews and shopping around helps you get the best deal. Since comparing prices in physical stores is a troublesome and time-consuming activity, people have turned to technology. For example, browse at PricePanda if you are camera shopping. PricePanda.com.sg, the leading price comparison website for emerging markets worldwide, provides its users with prices, technical details and other information about the latest gadgets.

And if you are looking for an affordable wedding banquet, turn to SingaporeBrides.com.

Image Credits: pixabay.com (CC0 Public Domain)

SingaporeBrides.com is your one-stop portal for your local wedding festivity needs. Here you will see that the cheapest banquet venue for lunch and dinner costs S$501 at LingZhi Vegetarian.

Sources: 1 & 2

4 Types Of Car Loans In Singapore

1. BANK’S CAR LOANS

Bank car loans are the most accepted, traditional, and typical route consumers take. Due to their traditional nature, loaning money in the bank requires the completion of fixed procedures that attest your financial stability.

You will be asked to complete a loan application that may include: your name, NRIC, date of birth, address, current and previous employers, length of employment, occupation, sources of income, total monthly income, and information about existing credit accounts. This along with your application shall help the bank decide if you are trustworthy and credible enough to pay the loan. This is why you must have a stable income and good financial history if you are considering this option.

The interest rates for bank car loans can go as low as 2.28% (DBS Car Loans) or 3.25% per annum (Maybank Car Loan).

2. FINANCE COMPANY’S CAR LOANS

Finance companies, licensed under the Finance Companies Act, are focused on providing saving deposits and credit facilities to individuals and firms.

They typically work with banks, insurance companies, and auto dealers to give the best possible deals to their clients. If you are striving for the cheapest price for a used car, get a loan from a finance company that is also an auto dealer. Such company purchases vehicles from various sellers for resale. Aside from this, finance companies are a great source for refinancing loans.

For example, Speed Credit Pte Ltd offers a car-refinancing loan with a maximum amount of 80% of its Prevailing Quota Premium.

3. LICENSED MONEY LENDER’S LOANS

Licensed money lenders are businesses that are regulated by the country’s law. Unlike the loan sharks that lend with high interest rates, licensed money lenders’ fees are controlled by the parameters of the law, which means you can expect to have a fair deal. Some of the known money lenders in Singapore are Max Credit and CashMax Credit.

It is important to realize that the loans offered by the licensed money lenders are heavily influenced by your annual income. If your annual income is more than S$30,000 but does not exceed $120,000 then you can loan up to 4 times the amount of your monthly income. And if your annual income is at least S$120,000, you can loan as much as you want.

So if your annual income is less than S$20,000, licensed money lenders are the ideal option for smaller loans such as repairing your existing car.

4. SELLER’S CAR LOAN

An unconventional loan option is arranging a deal directly with the seller. You can either pay the seller in installments or pay the seller with a deposit. By paying in installments, you can only get the full ownership of the used car once you have paid the complete amount. By paying the seller with a deposit equal to what he has paid in the bank, the balance will be your responsibility after transferring the ownership to you.

Image Credits: pixabay.com (CC0 Public Domain)

This option only applies to used cars.

Sources: 1, 2, 3

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