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Newbie’s Guide To Financial Planning

Picture a curve going up. This is your lifetime money curve. Every decision you make affects the direction of your curve. For example, once you earn money from your first job then, the money curve will go up higher. But living in reality, your money curve are exposed in certain financial pressures such as taxes and bank fees, which, will push the money curve direction down. The good news is that, with a strategic plan that evaluates the potential pressures, you can survive or prevent the downward money curve. This strategic plan is called a Financial Plan.

Financial planning is an important process that draws out your monetary future. It is a process of managing your finances and knowing where you want to go. Here are 5 pointers to guide you…

1. INFORMATION GATHERING

In order to manage your finances, the first step is to gather all the important documents (e.g., bank statements, insurance policies, and investment accounts) and financial information. Organize these records by using a folders or filing accessories that will cost less than S$5 at Popular Bookstore or Daiso.

2. EVALUATING

After you gathered all the essential information, you must evaluate all the areas of your financial life including long-term savings (e.g., retirement and college fund), short-term savings (e.g., payment for bills and emergency fund), key documents (e.g., durable power of attorney and will) and insurance (e.g., life and car insurance). Calculating your net worth is also in this step.

3. SETTING GOALS

Following evaluation is goal setting. It involves two things: identifying your goals and knowing what resources you need. Identifying your financial goals both short-term (e.g., staycation in Bali) and long-term (e.g., retirement at 50s) is vital to knowing what your next plan of action will be. After plotting your goals, you must know the resources you will need to achieve them.

4. TAKING ACTION

Since your goals are set, your next plan of action is to decide whether you shall do it on your own or to hire a professional financial advisor. The personal actions you can take may include purchasing life insurance, creating a will, and setting a side money for your retirement. While, hiring a professional can help you reach your objectives in the midst of time your constraints.

5. MONITORING

The last step is monitoring. Monitoring involves tracking your progress and altering your goals based on the reevaluation of your current economic situation.

Image Credits: carlocanyougo.tumblr.com

With a systematic and a holistic Financial Plan, may your money curve take a flight…leading you to success!

Sources: Entrepreneur and MoneySense

Off-Site Meetings For Modern Singapore Employees

Sailing through the waves of modern times, companies and bosses must think of creative ways to engage with their employees aside from meeting inside the regular office space. This is because some people do not think that meetings are necessary that even a simple email of the meeting’s summary would deliver the information efficiently than sitting down in a room with one another. But, there are decisions to be made as a whole. More so, the bond of the group is integral to the company’s dynamics.

Some factors that affect the hesitation of some Singapore employees to attend group meetings include: not being able to achieve the desired goals and not being able to go home early as the bosses would stretch the meeting beyond working hours.

To combat these factors contemporary visionaries had an idea in mind: “off-site meetings”. Brainstorming outside the halls of the office may just improve your effectiveness and camaraderie…at least that is what David Barrett (Founder and CEO of Expensify) and Nilofer Merchant (Business innovator, TED speaker, and Author) thinks.

Off-site meetings are held anywhere else aside from the office. The off-site venue is the place where the most important conversations and decisions about the company’s future are discussed. This new environment is believed to stimulate the staff’s creativity.

Here are some venue ideas that you should consider…

1. CAFES

Did you know that morning is the best time to talk about most complex tasks since it is when your body is most alert? So, arrange a breakfast meeting with your team at a cafe nearby. Cafes are inexpensive venues for a relatively small group of people. Furthermore, this will prevent discussing beyond working hours.

2. WILDLIFE RESERVES

Surround your team with the beauty of nature and the lush outdoors by having a meeting at Singapore Zoo or Night Safari. Here is the illustration of their venues and capacities:

Also, they have seminar packages starting from the price of S$55/person. Check it out here.

3. SENTOSA ISLAND

Sentosa is not only a tourist spot but also a place for unique meetings. You can have an insightful discussion while sitting in the sand or while sitting in the restaurants at the shore. Or you can take the function room route that Resorts World Convention Center offers (visit here for more details).

Image Credits: William Cho via Flickr

Experiment with the meeting venues and timings to keep your staff’s creative juices flowing. It need not be expensive as long as you focus on the quality and the objectives.

Most Profitable Savings Accounts In Singapore To Date

Savings Account is an account managed by the bank, which provides principal security and a moderate interest rate. This account lets the client set aside a portion of his or her liquid assets while earning a monetary return. Personally, I value this financial tool because it serves as an accessible shield to cover the immediate expenses with its facilities such as Internet banking and online transactions.

In Singapore, savings accounts predominately require a minimum amount of deposit. The amount ranges from S$0-1000. To get most of the benefits of your savings account some encourage you to transact more while others encourage you to withdraw less. That being said, here are the Most Profitable Savings Accounts In Singapore To Date as they offer the highest interest rates…

4. CIMB STARSAVER SAVINGS ACCOUNT

CIMB StarSaver Savings Account requires a minimum deposit of S$1,000 with S$0 maintaining balance. With this savings account you can get up to 0.8% of interest per year as long as you deposit at least S$100 more to your account every month. On the other hand, you will get an interest of 0.5% per year for balance under S$100. There is more! Funds transfer to CIMB Malaysia is free. Also, there are no withdrawal fees from CIMB Group ATMs across ASEAN countries.

But wait, there is still more…sign-up for CIMB StarSaver Savings Account from now until June 30, 2015 online to be rewarded with S$20 worth of shopping vouchers. Apply here.

3. MAYBANK ISAVVY SAVINGS PLUS ACCOUNT

For people who are very diligent and disciplined savers, Maybank iSAVvy Savings Plus Account is the perfect partner for you. With this savings account, you will not only earn an interest of 0.38% a year but you will also be rewarded with additional interest with every dollar you save. You see, an additional interest rate of 1.56% per year will be rewarded as long as the average daily balance increases every month. The base interest rate, depending on how much money you have, ranges from 0.19% and 0.38% per year. That is not all! Being a super saver with a minimum account balance of S$100,000 will get you a free insurance coverage.

All you have to do is to deposit a minimum amount of S$500 and apply here.

2. DBS MULTIPLIER PROGRAMME

In contrast of Maybank’s iSavvy, DBS Multiplier Programme rewards you for regularly using your account. The more you use your account for transactions, the higher interest you shall receive. Specifically, if you’re banking transactions adds up to S$7,500 a month then, you are eligible for an interest up to 2.08%. It offers a starting rate of 1.08% per annum. Enjoy the flexibility to withdraw and deposit anytime, as there is no lock-in period.

With a minimum balance of S$3,000, you can apply here.

1. OCBC HIGHER-INTEREST DEPOSIT ACCOUNT- BONUS PLUS

As the name suggests, OCBC Higher-Interest Deposit Account – Bonus Plus offers its clients the higher interest rates for up to 2.35% a year. But, there are conditions attached to it. First, the initial deposit required is a fresh fund of S$10,000 with a minimum balance of S$3,000 every month. Second, you will earn higher interest rates if you do not make any withdrawals every month or every quarter. Here is a detailed illustration of how the system works:

Image Credits: www.ocbc.com.sg

Nonetheless, they offer secure online banking or mobile banking, and no lock-in period for your transactions. Apply here.

Sources: Investopedia and iMoney

As you park your money inside the bank, consider the savings account that suits your lifestyle and needs.

Surprisingly Affordable Yet Quality Japanese Brands In Singapore

Long before JPOP was mainstream, Japanese brands had been circulating the worldwide market. Valuing their historical significance, contemporary influence, and innovative style, Japan never seize to amaze its consumers. On that note, here are 4 Surprisingly Affordable Yet Quality Japanese Brands Available In Singapore…

1. MUJI

I am in love with MUJI’s products not only because of its simplicity but also because of its efficacy. Most of their products are practical such as the “CT LINEN POLY SOFT BOX OBLONG S HALF“, a foldable fabric storage box for only S$13.

Curated by Ryohin Keikaku Co., Ltd., MUJI upholds the philosophy of bringing quality products at lower prices. This is because of their intensive selection for raw materials. A testament of that are their stationery items including office supplies, packaging items, acrylic storage, desktop items, and handphone accessories with prices ranging from S$0.90-S$49. Aside from this, they also sell tasty foods and skin care products, which Japan is truly known for.

Image Credits: Paul Davidson via Flickr

MUJI has 9 outlets islandwide, click here for more details.

2. TSUBAKI

Everyone knows that a woman’s crowning glory is her hair. A shiny, smooth, and beautiful hair is the definitive characteristics of a good hair care brand. TSUBAKI fuses its Japanese roots by adding the hair ingredient of ancient times – the Camellia oil. Although it was launched in 2006, TSUBAKI has been leading the hair care brand in Japan with over 270 million units of shipments worldwide. This is due to their affordability, quality, attractive packaging, and celebrity endorsers. As it is gracing Singapore, users can surely love the effect of lustrous and frizz-free hair with regular use. TSUBAKI is available at all Watsons outlet with prices as low as S$8.90 (e.g., TSUBAKI Shining Shampoo 220ml and TSUBAKI Damage Care Conditioner 220ml).

Image Credits: www.facebook.com/TsubakiSG

3. UNIQLO

A Japanese brand that is celebrated by international clientele, UNIQLO’s shops have always something for everyone. From plain T-shirts, patterned dresses, oxford shirts, winter jackets, and undergarments…UNIQLO pieces proves to be diverse. Aside from that they are known for quality products sold at a reasonable rate. Focusing on quality helps reduce waste. With prices as low as S$4.90, UNIQLO still offers worldwide sales. Fancy a Striped 3/4 Sleeve Dress?

Image Credits: www.uniqlo.com/sg/store/women-idlf-striped-34-sleeve-dress-1444030005.htm

It is available now for S$29.90 – save S$20! Or how about a classic long sleeves for men? It is available now for S$12.90 – save S$12!

UNIQLO has 22 outlets islandwide, click here for more details.

4. HADA LABO

Dreaming of a flawless and fair skin? Dream no more. Japan has brought its special formulation to Singapore with Hada Labo’s skin care line. Hada Labo embodies an uncomplicated approach to skin care products with its motto “Nothing More, Nothing Less” being present in their ingredients and product processing. This means that each product is formulated with the suitable ingredients to meet the needs of the consumers. For example, they use Retinol for the anti-aging products and Hyaluronic Acids for the hydrating products.

Their prices are as low as S$12.90 (Retinol Lifting + Firming Lotion) and as high as S$32.90 (Arbutin White Essence). Hada Labo is available at all Watsons outlets. Here is a short clip of a Japanese skin care regimen incorporating Hada Labo’s products:

Fantastic Tricks To Help You Spend Less

Often you feel confident to change your shopaholic ways. Then, you find yourself stuck with your old and impulsive patterns. The good news is that, it is never too late to change. You can outsmart your mind by tricking it with these simple ways…

1. AVOID SHOPPING WHEN YOU ARE FEELING H-A-L-T

Four common emotions that lead you to overspend are hunger, anger, loneliness, and tiredness. You must not shop hungry in a grocery store because you would end up buying everything that satisfies your hunger. Same goes for other aspects of shopping, it is best not to shop angry, lonely, and tired.

2. HAVE A 7-DAY MENU PLAN

Are you one of those people that take long in deciding which meal to cook every night? Menu plans will not only save you time but it will also save you money. If you have a menu plan for your meals throughout the week then, you would only spend money on the items that you really need. More so, you will be able to manage your calorie intake to live a healthier lifestyle. Here is a sample 7-day meal menu plan by Anytime Fitness:

3. SELECT A CLEVER PASSWORD

For the shopping websites that require you to log-in before purchasing, I suggest to use clever passwords related to your long-term goals such as Need$4NewCar or $ave4HOLIDAY. This way, every time you type your password in, you will be reminded to think twice before spending it.

4. WALK OR CYCLE AROUND

Instead of spending money on petrol, walk or use your bicycle around the streets of Singapore. Running errands will not only serve as a good exercise, but it will also make you spend less.

5. NARROW YOUR EXPENSES

When it comes to spending less, do not try to be Jack-of-All-Trades. Instead, narrow your expenses by focusing on two categories that you spend more of such as dining out and groceries. Cut down these expenses by 20-30%. You will feel less overwhelmed and more motivated afterwards.

6. SHOP WITH HIGH-HEELED SHOES

A 2013 study showed that consumers who wore high-heeled shoes are more likely to spend less as they are more focused on maintaining their balance. The effect is the same when you shop after a relaxing yoga class.

Image Credits: Victor Tongdee via Flickr

Follow your 2015 New Year’s Resolution and do your best to spend less and save more for your future!

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