Despite being excited about your upcoming vacation, you can’t help but notice the lump in your throat when you remember the $1,000 inflated phone bill you faced after your last trip. Having your phone during your travels is essential; from finding cheap things to do in Phuket, looking at maps and snapping photos with your camera, the average traveler today can’t travel without their phones. However, keeping your phone bills low is a challenge when overseas. The cost of cellular data and phone calls can swell ridiculously the moment your phone goes on international roaming. Try using the following hacks to avoid moaning over your phone bill after your next vacation.
Switch off your data roaming
This is one of the simplest things you can do to avoid exorbitant additions to your phone bill if you don’t have an international data plan. Keep the data switched off by sliding off the cellular data in your phone. To turn off cellular data on most phones, go into settings and turn off cellular data and data roaming to avoid data roaming charges.
Buy a new local SIM
Buying a new local SIM when you visit a new country is the easiest and cheapest option. This is perfect if you know you’re going to need cellular services and internet. The new SIM card will provide you with a temporary local plan without slaying your account. Most networks have a counter at the airport after baggage claim to assist tourists, so be sure to keep a look out for those to get your local SIM card.
Disable push notifications
You don’t need push notifications while travelling. Who wants to know the growing number of emails piling up in that inbox when you are enjoying a day at a beach? To top it all, it costs you your data usage.
It always pays off when you plan your trips in advance. You can download maps for the locations you are going to visit beforehand, when you have a planned itinerary. Use free Wi-Fi services in your hotel or any other place where free Wi-Fi is available to download the maps before you head out. It will save you from expensive cellular data costs. You can use apps like Citymapper or Google Maps that have functions for users to save maps for offline use and to navigate around without using unnecessary data. Here are more travel tips on using Google Maps.
Last but not least, you can track your data usage. It is easy to forget how much data is being used when you’re watching YouTube videos and have numerous photos to post on your Instagram, Facebook and other social media accounts. You could save yourself a lot of trouble if you set a limit for data usage and be mindful of it. There are several data tracker apps such as 3G Watchdog, My Verizon Mobile, DataMan and My Data Manager, that can help you in tracking your usage. And if you use an iPhone, you can simply reset the data statistics by going on setting and adjusting your cellular usage.
Leave your holiday on a high note, knowing that you’ve kept your phone bill low.
Some Chinese parents that are steeped in Confucian values often see their children as the main source of retirement funds. This can be a stressful burden to carry, especially if you are a young adult struggling with multiple financial commitments. Therefore, I have devoted a considerable amount of time learning how to grow my parents’ retirement funds and minimise household expenses. So here are 4 ways that your parents can also grow their retirement savings.
Minimise Expenses Via Various Senior Citizen Perks
Image Credit: NTUC FairPrice
For a start, I examined how my parents can reduce their household expenditure. For instance, I recently learnt that NTUC FairPrice offers 3% discount to Pioneer Generation members every Monday. If your parents are not Pioneer Generation members, fret not as those over 60 years old enjoy a 2% discount every Tuesday as well. Similarly, if your parents are over 60 years old, they can also apply for senior citizen concession travel cards. This will entitle them to significant discounts on public transport compared to a usual adult fare card. These are all schemes that my mother can tap on from next year onwards.
For Singaporeans aged over 65, do not overlook the outstanding benefits that come with the Pioneer Generation Package. Amongst the various benefits, it provides subsidised medical and dental services at CHAS participating clinics. These subsidies should help to alleviate healthcare costs. If your parents are not aware of these schemes, you may like to inform and even assist them in the application of these concession cards. A little savings here and there will ultimately add up and go a long way to reduce the household’s daily expenses.
Grow Their Retirement Funds By Leaving Monies in their CPF Accounts
Ask any Singaporean or Permanent Resident and they will tell you that age 55 is a significant milestone in their lives. It is not so much about celebrating yet another year in their lives, but rather, it marks the day where they can dip their hands into the pot of gold that they have painstakingly built up during their working years. Yes, I am referring to the CPF. At age 55, CPF members can withdraw:
up to $5,000, or any balance in their Ordinary and Special Account savings above the Full Retirement Sum[1] (‘FRS’), whichever is higher; and
any Retirement Account savings (excludes any top-up monies, government grants, and interest earned) above the Basic Retirement Sum (‘BRS’) if accompanied by a sufficient property charge or For more information, please refer to CPF’s website.
The temptation is indeed great, but do pause for a second and have your parents assess whether they truly need the money at that juncture.
If your parents are over age 55, choosing to leave their monies in CPF ensures that:
They enjoy an additional 1% interest on the first $30,000 in their combined CPF balances. This is on top of the prevailing Retirement Account interest rate of 4% and the additional 1% interest on the first $60,000 of combined CPF balances applicable to all CPF members. This easily beats any existing interest rate offered by commercial banks. Moreover, the principal and interest are guaranteed by the government, a rock solid triple AAA rated institution.
Even if they do not withdraw any amount at 55 years old, they can still do so anytime later. Therefore, there is no hurry to decide on the withdrawal of excess funds.
Furthermore, your parents also have the option to start their CPF LIFE payouts later, up to age 70[2]. For each year deferred, their CPF LIFE monthly payouts may increase up to 7%,guaranteeing them a larger monthly payout thereafter. Therefore, if your parents are gainfully employed at that juncture, it may be a superior proposition to leave their monies with the CPF.
A good example would be my father- in-law. He turned 55 recently but chose not to withdraw the excess sum after setting aside the FRS. He realised that he would earn an interest rate that is higher than if he were to leave the excess sum under the fixed deposit schemes offered by commercial banks. This is a very prudent decision that will add to his retirement funds.
Grow Their Retirement Funds With Silver Housing Bonus
Some retiring parents face the problem of being cash-poor but asset-rich. They have insufficient retirement funds but may own a property that has appreciated substantially in capital value. The government has introduced the Silver Housing Bonus to incentivise this group of people to unlock the value of their property and to ensure members have a lifelong income. It was introduced to help lower-income elderly households supplement their retirement funds when they “right-size” their flats. Eligible households can receive up to $20,000 cash bonus when the net sales proceeds are used to top up the CPF Retirement Account.
This policy is an attractive option for parents whose children have all left the nest and gone on to set up their respective homes. The need for a big house no longer exists. Therefore, it may be a practical option to downgrade to a smaller house in order to receive the $20,000 cash bonus from Silver Housing Bonus, as well as save on utilities, maintenance and conservancy fees at the same time.
For those who are not keen to “right-size” their flats out of sentimental value, there is another way to unlock the value of their property. By participating in the Lease Buyback Scheme, your parents can receive a stream of income to add to their retirement funds while continuing to stay in the property.
Claim Tax Relief Via The Retirement Sum Topping-Up Scheme (‘RSTU’)
For young adults who have been giving their parents a monthly cash stipend, do consider utilising the CPF Retirement Sum Topping-Up Scheme (‘RSTU’) instead. That is because you may be eligible to receive tax relief and reduce your income tax expense. Do note that the amount of tax relief that you enjoy is the amount of cash that you have contributed to your parents’ Special Accounts or Retirement Accounts (for parents above 55 year old), capped at S$7,000 per annum. This tax relief is applicable only if your recipient’s Retirement Account has not exceeded the current FRS. Cash top-ups beyond the current Full Retirement Sum will not be eligible for tax relief.
Therefore, by depositing cash into your parents’ CPF accounts via the RSTU, you fulfill your duty as a filial child and also receive tax relief! That is killing 2 birds with one stone.
In all honesty, I confess that this is a difficult suggestion to broach. Most parents of that generation still prefer to see cold hard cash as part of their retirement funds. To bridge this gap, you may try to argue that:
If they have no urgent need for the monthly stipend that you are giving, contributing directly into their CPF accounts earns higher interest rates than what commercial banks give.
They can still withdraw up to S$5,000 from their CPF accounts from age 55.
They will be getting higher lifelong monthly income once they start their CPF LIFE payouts.
While the aforementioned all appear to be very objective advantages, my parents remain unconvinced till this day. That is because emotions often play a stronger role in their perspectives of money. For instance, my father sleeps more soundly if his pillow, rather than his CPF, is padded with his retirement funds. But I will continue to nag and hopefully my parents will switch sides one day. Talk about role reversal!
Conclusion
Despite the various ways to grow the retirement funds and minimise household expenses, you may have come to notice that my family and my wife’s family are at different ends of the spectrum. My father-in-law uses his financial literacy to take advantage of the various schemes available in CPF to grow the household’s retirement funds. On the other hand, I am doing my utmost to help my parents play “catch-up” in terms of retirement readiness. But as they say, better late than never.
Most Singaporeans desire to improve their health, but many find it difficult to squeeze an adequate amount of time for a fitness regimen. Not for long! Money Digest has you covered.
#1: WORKOUT AT THE OFFICE
You will be surprised to know how much you can accomplish by merely spending 5 minutes to exercise at your desk. You may do a few lunges while you are waiting for the meeting to start or a few arm stretches while you are on the phone. There are a variety of quick workouts online. This is a good example of total body toning:
#2: CHOOSE A “HEALTHY” HOTEL
When you are travelling for business, choose a hotel that has its own gym. This ensures that you can practice your exercise routines outside from home. Alternatively, you may avail the “guest or tourist” pass at a local gym.
#3: PREPARE HEALTHY SNACKS
A surefire way to cut back some weight is to switch your junk food with healthy snacks. It takes less than 5 minutes to whip a pack of container filled with sliced fruits and assorted nuts. Keeping these healthy bites at a convenient reach will prevent you from indulging on the candy bars from the office’s vending machine. Also, these snacks will increase your energy to survive the day.
#4: EAT OATS FOR BREAKFAST
Whenever I am running late or feeling ill, one of my go-to healthy fixes is the oatmeal. Oatmeal contains soluble fiber which helps lower your cholesterol and your risk of heart disease. Embrace the power of oats by topping it off with grated apples, almonds, or honey.
Try the Quaker Quickcook Oatmeal Hearty Supreme as it retails for only S$2.95.
#5: RELAX WITH BREATHING EXERCISES
After a day of hustling through a mountain of tasks, your stress levels may be off the charts! This is something that you must wary of as prolonged stress may impact your overall well being. Thus, you must learn how to relax.
Spending 10 minutes or less in breathing exercises will help. Know about the 6 breathing exercises: Equal Breathing, Progressive Relaxation, Guided Visualization, Alternate Nostril Breathing, Skull Shining Breath, and Abdominal Breathing Technique by clicking this.
Image Credits: pixabay.com
Go! Take the stairs for someone who is busier than you is exercising at this moment.
Standfirst: This is the moment you’ve been waiting for all year — to make your biggest savings by stocking up on gifts, every-day essentials and clothes from Amazon to Courts
As you know, Black Friday is just around the corner. In fact, it’s so close you could almost touch it. You might have read news reports that this year, Amazon has decided to shorten the wait to this annual Sale of the Year by three weeks — yes, it the e-comm juggernaut has already started the “countdown” to D-Day by offering a slew of attractive daily deals. With that news, we couldn’t help but wonder if other e-tailers — overseas and right here in our backward — might have jumped on the bandwagon with early-bird teasers, too.
So we did what we do best — scout, dig and ferret out all the sites and even brick-and-mortar stores that you should be stalking from now to bag the best deals, whether it’s gifts for the festive season or essentials for the new year ahead. Ready, set, shop!
Amazon The race to the best buys is already on. Make a beeline for the “deal of the day” section, and you’ll be spoilt for choice for items going for up to 70 per cent off. It seems like a good place to start looking for stocking stuffers or Secret Santa gifts, if you ask us. Some of the crazy deals spotted so far include “The Hunger Games Complete 4-film Blu-Ray series at US$24.99 (46% off), TaoTronics Bluetooth Nano-Coating Sweatproof Sport Headphone at US$25.49 (58% off) and SanDisk Extreme PRO 64GB SDXC Flash Memory Card at US$34.95 (45% off). Be sure to log on every day to check for new deals and steals.
Zalora
Word is out. Zalora Singapore will have conducting their Black Friday sale from November 27 to 30 with discounts of up to 80 per cent. If you download their app, you’ll get an additional 18 per cent off. We don’t know about you, but we’re already shopping and adding our 2017 wardrobe to wish list. As soon as the clock strikes 12 on November 27, we’re checking out.
Sephora
Hey beauty-philes! Last year, Sephora Singapore offered Black and White card members 15 per cent off their purchases with a minimum spend of S$100. We expect no less from the our beauty fairy godmother this year. If anyone needs us, we’ll be stalking Sephora.sg and their social media for the latest updates.
Uniqlo
You know you can trust the Japanese to be precise. Last year, Uniqlo gave us 20 per cent off storewide (a minimum purchase was required only at their online store). The promotion was valid precisely on the day of Black Friday, and the it’s come to our attention that they almost always launch their promotion at the stroke of midnight. So, if you’re looking to stock up on winterwear, Heattech underwear or — gasp! — Uniqlo’s Carine Roitfeld collection (if they’re still available by then), set your alarm!
Shopbop
From indie to designer labels, Shopbop is a one-stop shop for fashionistas. Have you been searching for the perfect pair of mules or embroidered bomber jacket? There’s a pretty good chance you’ll find it here — and at a sweet discount come Black Friday. If the last two years are any indication, you can expect up to 25 per cent off your order, plus free express shipping worldwide. Keep your eyes peeled.
Nasty Gal
In the Nasty Gal-axy, Black Friday is the new black. Looking at the history books, #Girlbosses everywhere enjoyed 30 per cent off their favourite black styles with a bonus 30 per cent off for Black Friday. Details of their deals are usually up a few days before Black Friday, and include early access for their social media followers. So, start following, go.
Love, Bonito
If you’re a fan of homegrown fashion e-commerce site Love, Bonito, chances are you’d have enjoyed up to half in 2015 with an additional 10 per cent off when you enter a promo code. We are rubbing our hands in anticipation of what’s to come this year. Stay tuned, and support local, people!
Robinsons
Calling big spenders! Are you moving house and in the market for big-ticket items? In case you missed it, Robinsons offered up some seriously delish discounts (up to 80 per cent!) and gifts including limited quantities of the iPad Mini 3 (with a minimum spend of S$3,500) and the iPhone 6 64GB for those who spent at least S$5,000. It’d be wise to start keeping your eyes and ears open a week before Black Friday, and be ready to strike when the time comes.
Qoo10
Love it or loathe it, you can’t deny that Qoo10 does have some good stuff to offer — if you could bring yourself to wade through the clutter. Last year, we spotted Havaianas for S$9.90, Kindle Paperwhite for S$79.90 and Kate Spade wallets for S$59. It could be worth a stakeout.
Courts
This is perhaps the best time of the year to refurbish your home or think about renewing some of your age-old furniture and appliances. At the last Black Friday, Courts rolled out irresistible offers that promised up to 90 per cent in savings. Sure, you can jostle with other bargain hunters at their brick-and-mortar stores, but the promotions are also available online if you’re busy making other purchases the world over.
This article was contributed by SingSaver.com.sg, Singapore’s #1 personal finance comparison site for credit cards and personal loan.
Singaporeans are fixated with buying property – and they don’t just stop at one.
In a report published in June 2016, Maybank Kim Eng’s research team found that approximately 1.1 million households in Singapore own the homes they occupy, but there are another 200,000 housing units are currently held as investments. This demand, coupled with land scarcity, means that property in Singapore doesn’t come cheap.
There is however, a more affordable option for those looking to invest in property: real estate investment trusts (REITs). REITs – Singapore REITs (S-REITs) in particular – have been making headlines recently for offering handsome dividends, made even more attractive by a persistent low interest rate environment. If you are a dividend investor, you may want to learn more about this asset class.
How Have Singapore REITs Fared?
According to a Bloomberg report in October 2016, the 7% yield offered by S-REITs exceeded those listed in Australia, the US and Japan. That’s been the driving force behind an approximately 9% increase in the FTSE Straits Times Real Estate Investment Trust index this year as yield-hungry investors flock to the offerings amid record-low interest rates.
Findings by SGX My Gateway published on 11 September 2016 also showed that the sector logged an indicative average dividend yield of 6.7% p.a. thus far, compared to that of the Straits Times Index (3.9% p.a.) and MSCI World REIT Index (3.9%p.a.).
Compared to fixed deposit rates? The difference is even wider. In September 2016, the 12-month fixed deposit rate – or the average rate compiled from that quoted by 10 leading banks and finance companies – was 0.35% p.a.
What is a REIT Anyway?
A REIT is a trust that owns and operates income generating real estate. The rental income or interest payment that is earned by the REIT is passed on to investors in the form of dividends.
Here are more facts about REITs and S-REITs:
There’s a reason why S-REITs pay handsome dividends. They are required to distribute at least 90% of their taxable income each year in order to enjoy tax exempt status by IRAS, subject to certain conditions.
Investing in one REIT gives you exposure to not just one, but a portfolio of properties, and at a fraction of the price that it would cost you to buy a single property.
The portfolio of properties are not limited to those in Singapore. Some REITs have international properties in their portfolio.
REITs are more liquid compared to property as they can be bought and sold on stock exchanges throughout the day just like any other stock.
What S-REITs are Out There?
There are different types of S-REITs to choose from, and they are affected by different factors.
Maybank Kim Eng’s research team believes that industrial REITs, like Ascendas REIT and Mapletree Industrial Trust, could benefit from public spending’s focus on boosting innovation and productivity. Business parks, science parks and high-spec industrial space will be in demand. So if you are wondering what type of REITs to watch out for, you could consider finding out more about industrial REITs and whether they fit the objectives of your portfolio.
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
