MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

How To Travel For Free And Get Paid In The Process

1. WORK AT A CRUISE SHIP

Cruise on the clear blue seas without spending a cent by getting a job at an international cruise line. Cruise lines all over the world are in constant need of staff such as entertainers, waitresses, and housekeepers. Find a job that suits you best to get the free boarding and your desired pay. With few opportunities to spend your money while on the cruise, you are sure to come home with more money than you left with!

2. BE A MYSTERY SHOPPER

Mystery shoppers are individuals that the company hires to pose as regular clients in order to evaluate their services and products. Feedback about their experiences are given to the stores, groceries, and restaurants. In most cases mystery shoppers are hired locally, but there are overseas mystery shopping assignments too. However, these assignments are usually given to experienced mystery shoppers. Work towards it!

3. FIND JOBS AT HOSTELS, RESTAURANTS OR RESORTS

In exchange for free bedroom accommodation, why don’t you work in either the hostel’s front desk or the cleaning services? Hostels are usually looking for new staff and the same goes for resorts. For resorts, you make take on jobs on the front desk, restaurant, and entertainment department.

Image Credits: pixabay.com (CC0 Public Domain)

Lying on the country’s classified ads are cafe or restaurant job opportunities. Flip it open and apply. Explore your options to choose the best working hour that fits your travel itineraries.

4. OPEN A MOVING COMPANY

Get paid to head on a road trip by delivering furniture, animals, and other items from one destination to another by opening your own moving company. Professional movers pack the client’s items carefully and deliver them safely through trucks or vans. If you are up to the task then this is an idea that you must consider.

5. TEACH ENGLISH ABROAD

Hundreds of job opportunities that cater to TESOL (Teaching English to Speakers of Other Languages) certified individuals, native English speakers or people who are fluent in the said language. A simple way to make a buck is to check out Dave Sperling’s ESL Cafe.

ESL Cafe is a website that is open for people who teach English and provides them students from around the world. You may send your resume or C.V. to schools and individuals in South Korea, China, Japan, and other locations.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

4 Essential Money Questions Poly And Uni Students Shall Ask

Entering Polytechnic or going straight to University can be exhilarating! Some even move to different countries and make significant decisions by themselves. Managing your personal finances at this age can be challenging but it is always a good idea to start early.

Because of the hefty fees and other expenses parallel to Polytechnics and Universities, it is important to consider these aspects of your finances…

1. WHO IS RESPONSIBLE FOR PAYING WHAT?

Poly and Uni students can collect money from different streams such as their part-time jobs, parents, loans, grants, scholarships, or a combination of all these. On the other hand, the categories of expenses are varied too. You will be paying for tuition fee, books, transportation, food, living expenses (if applicable), and so on.

Sit down with your parents to discuss who is responsible for paying each of the expenses. Offer to help if possible.

2. HOW DO YOU MAKE A REALISTIC BUDGET?

It is easy to get complacent with your finances as a student especially because you do not have to pay for mortgages, for childcare, and for other “adult” responsibilities. However, it is easy to lose track of your cash flow if you are to lax about your money. Remember that your income is limited and infrequent so you have to save the most of it.

Start by creating an easy yet realistic budget with the envelope system. With this system, tracking your spending and analyzing which category to cut down does not take too much of your time.

3. WHAT IF I WAS SHORT OF CASH?

Say unexpected events happen and you run short of cash, will your parents help you out or not? If so, will the money be given as a gift or as a loan? Is it possible to get a part-time job instead?

During my first year in Uni, I did not expect the influx of social expenses such as club registration fee and school dinners. I had to save up some of my allowance and pack some lunch in order to settle this unforeseen expenses. Aside from this, you can gravitate toward part-time jobs. Your part-time job can either add to your school allowance or buffer emergency fees. Know how to hunt for a job through this simple guide.

4. WHERE DO YOU LOOK FOR FINANCIAL GUIDANCE?

Every student has a different financial circumstance influenced by how much or how little the parental involvement is. I was very fortunate that my parents supported me all throughout my years as a student. I did not even have my own bank account then! Thus I can say that my parents were the ones who guided me financially as a student.

In contrast with my situation, I had two friends who were basically financially independent during their Poly and Uni years. One was a scholar while the other was in army. They monitor their own bank accounts, control their own budgets, and dictate their own spending. For financial guidance, they still seek their parents’ advice at times but mostly do everything on their own.

Image Credits: pixabay.com

If that is not enough for you, you can always consider getting useful guidance from qualified financial professionals.

Sources: 1, 2, 3,& 4

Handling Money As An Introvert Versus An Extrovert

If you are classified as the shy or quiet one, you most likely belong to a special group of people who are known as the introverts. Contrary to the popular belief, introverts are drained by social interaction. Many introverts can socialize easily but they just prefer not to. In fact, they are more emphatic and interpersonally connected than their counterpart – extroverts.

Extroversion is a strong factor of personality that is difficult to alter. Generally, extroverts have an advantage in the professional scene due to their approachable and outgoing nature. They flow through life in search of interpersonal interactions, leadership opportunities, and new experiences.

You must use your unique introverted or extroverted qualities to your advantage to enhance your financial life. If you do not know which type you belong to, please take the free test here.

FOR INTROVERTS

Image Credits: pixabay.com

a. INTROVERTS PROCEED WITH CAUTION

When it comes to money, introverts tend to be more cautious at risk-taking as they make sound investments and goal-directed savings. They secure their future by carefully avoiding scams and financial schemes.

b. INTROVERTS SHOP AROUND

As introverts are observers by nature, they collect information from various sources first before making a financial decision. To get the best deal, they also read through the fine print and consider its every aspect.

c. INTROVERTS ARE MORE CREATIVE AT EARNING

Introverts are more likely to strategically plan things and think of creative ideas before finally making a decision. Hence, they can think of more innovative ways to earn money and properly manage the money they already have.

d. INTROVERTS SPEND LESS ON SOCIAL GATHERINGS

Since introverts are less inclined to participate in social gatherings, social expenses are the least of their worries. Furthermore, they may not be easily swayed by what the crowd is doing (e.g., avoiding costly bandwagon trends).

FOR EXTROVERTS

Image Credits: pixabay.com

a. EXTROVERTS MAKE QUICKER DECISIONS

Extroverts are willing to grab the opportunity faster once it knocks. In some cases, this quick judgment can be advantageous for one’s financial life but it can also be disastrous in other circumstances.

b. EXTROVERTS ARE MORE CREATIVE AT INVESTING

As extroverts are more likely to engage in networking, they are able to learn more about the different types of investments or the new investment strategies. Their fearless and confident attitude can be rewarded when the right investment choices are made.

c. EXTROVERTS TRY NEW THINGS

Introverts tend to stay back while extroverts embrace new experiences with open arms. Extroverts are able to earn and save more by taking risks on new perspectives, jobs, ideas, and products.

d. EXTROVERTS GET FAIR DEALS

When extroverts are in a negotiation or bargaining situation, they may be more aggressive about setting things straight. Introverts may want to avoid confrontation but extroverts will not back down until they feel that they received a fair deal. Getting the value of your money is not a bad thing for your finances!

Sources: 1 & 2

Sensible Steps To Prepare For Your Child’s Tertiary Education

1. ESTIMATE YOUR TOTAL COSTS

The education system in Singapore follows high standards of quality and fosters excellence in its students. Offering various choices for pre-school, primary, secondary and tertiary education, it is worth taking a careful consideration at Singapore’s local schools. Not only do they provide a more affordable rate but they also set the bar for all the universities across the nation.

Estimate how much you have to pay for the school fees, living expenses, and other miscellaneous. Do not forget to factor in the inflation rate. For example: If the school fee at NTU or NUS is about S$27,560 last 2010, it will increase to up to S$38,000 by 2030 due to the annual inflation rate of 1.6%. How do you plan to save up for that?

2. LOWER THE COSTS

If the total spending capacity of your household is tight, consider reducing your child’s university expenses. Take up scholarships and other financial aids available at the school. Also, it is important for your child to figure out what he or she really desires to become before venturing off to a course and later shifting to another. An education fund for four years is definitely cheaper than a fund for six.

3. CHOOSE THE FINANCIAL PACKAGE WISELY

There are tons of financial packages tailored to help you save for your child’s tertiary education. Before deciding to commit to one, you must…(a) set your goals first, (b) assess if the package meets your needs, (c) determine how much you can afford, (d) and know how much risk you are willing to take.

After clearing those things up, you must choose between:

a. LIFE INSURANCE PLANS

If you are going to rely on whole life policies, note that only a part of the policy value is guaranteed. The rest of the non-guaranteed value relies on the performance of the insurer’s participating fund. While investment-linked policies do not guarantee the fund values. Said values rely on the investment performance of underlying funds.

b. UNIT TRUSTS AND EXCHANGE TRADED FUNDS (ETF)

The underlying assets that your unit trust or ETF is invested in determines the value of your investment. Given that your investment path is fixed until your child enters tertiary education, you must select a unit trust or ETF that accommodates your timeline and investment objective.

c. BONDS

Bonds, usually regarded as less risky than equities, are primarily fixed income-securities. You shall receive the bond face amount on maturity. However, it comes with the credit default risk of the issuer. A decreasing credit quality of the issuer may cause its bond’s price to decline.

Image Credits: pixabay.com (CC0 Public Domain)

d. TUITION FEE LOAN SCHEME

Aside from the options above, you can consider loans such as the Tuition Fee Loan Scheme for approved schools. The loan has 0% interest during the period of study.

e. CPF EDUCATION SCHEME

The CPF Education Scheme allows you to borrow from your CPF ordinary account to sustain your child’s local tertiary education costs at approved schools. It is subjected to a withdrawal cap. After graduating, your child will be required to repay the amount withdrawn plus additional interest.

Sources: 1, 2, & 3

KAYAK.sg reveals travel hacks for visiting the 10 most popular school holiday destinations

The travel search engine shares its wallet-friendly tips for booking a summer family getaway from Singapore

Head to Bangkok for S$187 and stay in a four-star hotel averaging S$133 per night
By booking on the right day of the week, travellers can save up to 33% on flights
KAYAK.sg recommends escaping Singapore’s heat and humidity with a visit to Melbourne and catching the open-air festivals in Paris

Singapore, 26 April 2016: The month-long June school holidays are a great time for a longer trip with the family, but high demand often means inflated flight prices and hotel bills. Parents (and their wallets) deserve a break as much as their kids do this summer, so the travel experts at KAYAK.sg crunched the numbers to reveal when to book flights to the top 10 most popular school break destinations for maximum savings.

Debby Soo, KAYAK Vice President APAC said, “School holidays are a peak time for families to travel together and prices tend to increase as a result. By choosing a value-for-money destination and employing a few budget-friendly travel hacks, the whole family can enjoy a summer getaway without breaking the bank. Savvy travellers search for flights and hotels on KAYAK.sg to ensure they are getting the best price and sign up for Price Alerts to receive notifications when the price drops for their desired flight and hotel.”

KAYAK.sg data reveals the top 10 destinations for school holidays based on the average median price for travel between 1 and 30 June 2016. Many families take advantage of the month-long school break in June to visit long-haul cities like Paris and New York, while others escape to nearby destinations in Southeast Asia like Bangkok and Bali. Booking on the right day of the week can save travellers between seven and 33 per cent.

Bangkok, Thailand: Best value destination in Asia

@Travel mania/Shutterstock.com

Among the most popular June school holiday options, Bangkok is the all-around best value destination for both flights and four-star hotels. Round trip flights to the City of Angels in June cost S$187 on average and a four-star hotel stay averages S$133 per night. Travellers booking their flights on a Tuesday up to 15 weeks in advance can save up to 30%. On average, travellers pay S$155 when they book on a Tuesday, while those who book on a Monday pay S$222. June is a great month to visit the Thai capital: there are fewer tourists than at other times of the year and the heavy rains of the monsoon season won’t begin until later in the summer. In addition, many retailers participate in Thailand’s Amazing Grand Sale from 15 June to 15 August, offering discounts on clothes, jewellery and electronics.

Melbourne, Australia: Most affordable long-haul destination

@Gordon Bell/Shutterstock.com

According to KAYAK.sg research, the most affordable long-haul destination in the list is Melbourne, Australia. Despite the Land Down Under’s reputation for being an expensive travel destination, fourstar hotels are only slightly more expensive than in Bangkok, averaging S$143 per night. Round trip flights to Melbourne cost S$584 on average, but travellers can save S$45 by booking on a Monday up to 20 weeks in advance for an average flight price of S$539. Melbourne’s winter temperatures in June (7-14 degrees Celsius) are a nice change from Singapore’s heat and humidity. Animal-loving kids can tap into their wild side with visits to the city’s excellent zoo and Sea Life Aquarium.

Paris, France: Best value ultra long-haul destination

@IM_photo/Shutterstock.com

The City of Light offers great value for a family summer sojourn. With flights averaging S$992 from Singapore and four-star hotels averaging S$324 per night in June, Paris is the most affordable ultra long-haul destination in the top 10. Travellers can save up to 20% by booking flights up to 20 weeks in advance on a Monday (average flight price S$866), versus booking on a Sunday (average flight price S$1076). In June, Paris comes alive with festivals and outdoor events like the Fete de la Musique and open-air film screenings in Parc de la Villette.

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