MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Find Out How 1.5M Singaporeans Will Receive up to $700 in August

In August 2023, the Singapore government will implement an enhanced Goods and Services Tax Voucher (GSTV) – Cash scheme to assist approximately 1.5 million Singaporeans with their living expenses. This initiative, announced by Deputy Prime Minister Lawrence Wong during the Budget speech earlier this year, aims to alleviate financial burdens by offering cash aid of up to $700. Let’s explore the details of this program and how eligible individuals can benefit from it.

Under the GSTV – Cash scheme, eligible citizens will receive a one-time cash payment in August 2023. Compared to the previous year, the enhanced scheme will provide up to $300 more, with a total potential payout of $700. This initiative is part of the government’s ongoing efforts to support lower-income and elderly Singaporeans by assisting them with their GST expenses and cost of living.

Streamlined Payment Process

To simplify the payment process, the Ministry of Finance (MOF) will replace cheques with GovCash for individuals who have not provided their bank account information or linked their NRICs to PayNow. GovCash recipients will receive a payment reference number at the end of August, which they can use to withdraw their GSTV – Cash and GSTV – Cash Special Payment at OCBC ATMs across the island. Importantly, recipients do not need an OCBC bank account to withdraw the funds at these ATMs.

Furthermore, GovCash recipients can utilize the LifeSG app for payments to merchants by scanning PayNow or NETS QR codes. They can also transfer funds to their bank accounts through PayNow if they subsequently register for PayNow-NRIC. These measures aim to provide convenient and accessible options for individuals to manage their funds effectively.

MediSave Top-ups

In addition to the GSTV – Cash scheme, eligible Singaporean adults aged 65 and above in 2023 will receive MediSave top-ups through the GSTV – MediSave program. Approximately 624,000 individuals will receive up to $450 credited to their CPF MediSave Accounts. This top-up is part of the 5-Year annual MediSave Top-up initiative announced during Budget 2019 and represents the fifth year of contributions. Eligible Singaporeans born on or before December 31, 1969, who do not receive Pioneer Generation or Merdeka Generation benefits will benefit from this scheme.

Future Support

The Ministry of Finance has assured Singaporeans that additional support will be provided throughout the second half of 2023. This includes top-ups to the Child Development Account, U-Save and S&CC rebates, and the Assurance Package Cash.

Checking Eligibility and Payments

Singaporeans who have previously signed up for government disbursement schemes and are eligible for the GSTV scheme can check their allocated GSTV – Cash and MediSave amounts by logging into the official GSTV website using their Singpass. Individuals who have not registered previously will receive notifications via the Singpass app, SMS, or hardcopy letters sent to their NRIC address by the end of August 2023.

To ensure timely payments, individuals should sign up for the GSTV scheme by July 10, 2023, to receive their payment in August. Those who sign up between July 11 and August will receive their payment in September 2023. Individuals who sign up after September will receive their payments by the end of the following month. The deadline for signing up for the 2023 GSTV scheme is April 30, 2024.

Preventing Scams

To safeguard individuals against scams, the SMS notifications sent by “GSTV” will solely provide information about their benefits. Recipients will not be required to reply to the SMS, click on any links, or provide any personal information. It is important to note that no messages regarding GSTV will be sent through WhatsApp or other mobile app messaging platforms.

Image Credits: unsplash.com

BOTTOMLINE

The enhanced GSTV – Cash scheme introduced by the Singapore government aims to alleviate financial pressures and provide essential support to 1.5 million Singaporeans. By providing cash aid of up to $700, the government strives to assist lower- to middle-income individuals in covering their living expenses. With simplified payment methods and future support planned, Singaporeans can access the financial relief they need during these challenging times.

Sources: 1, 2, & 3

6 sunscreen powders from $14+ when you need quick protection from the UV rays

When it comes to shielding your skin from harmful UV rays, sunscreen powders have emerged as a game-changer.

These easy-to-apply products are perfect for those on-the-go moments when you need quick and efficient sun protection.

Let’s explore the best sunscreen powders available in the market, their unique benefits, and how they can seamlessly fit into your daily routine. Say hello to a lightweight, mess-free solution that keeps your skin both safe and radiant.

PHYSICIANS FORMULA Finishing Powder Sunscreen

Price: $14.65 (exclusively for Amazon Prime members)

This finishing powder has an ultra-blendable formula that defends your complexion against harmful sunrays with SPF 20 while shielding you from the aging effects of blue light and pollution. Perfect for sensitive skin, this powder protects and perfects without irritation. Use it alone for a natural look or to set your makeup—either way, your skin will thank you.

Environmental aggressors don’t stand a chance against this multitasking wonder powder. It helps reduce signs of premature aging like dark spots and wrinkles so you can face the world with confidence. You may not notice the damage from the sun today, but your future self will appreciate your diligence.

MINERAL FUSION Brush-On Sun Defense

Price: $20.08 (exclusively for Amazon Prime members)

This translucent matte sunscreen lets your natural radiance shine through while shielding your skin from the sun’s harmful rays. Its lightweight mineral formula glides on clear for a shine-free finish that works for all skin tones.

Free from fragrance and harsh chemicals, this gentle sun defense nourishes as it protects, cutting shine and blurring the appearance of pores without irritating sensitive skin or clogging pores.

Broad spectrum SPF 30 protection helps prevent sunburns and decreases the risk of skin damage and premature aging from both UVA and UVB radiation. A brush-on applicator makes it easy to reapply throughout the day for continuous coverage. Healthy, glowing skin is always in style—protect yours with this invisible mineral shield.

HAWAIIAN TROPIC Mineral Translucent Sunscreen Powder

Price: $21.18 (exclusively for Amazon Prime members)

This isn’t your average sunscreen. HAWAIIAN TROPIC’s Mineral Translucent Sunscreen Powder shields your skin from UVA/UVB rays without the chemicals found in most sunblocks.

How? It harnesses the natural power of sea minerals for lightweight coverage that protects yet feels like nothing at all. Use it under makeup as a primer for a smooth base, over makeup to set your look, or on bare skin when you want sun safety without the slather. The translucent formula blends into all skin tones and won’t clog pores or dull your natural glow.

When ordinary sunscreen feels like too much of a good thing, this mineral wonder is just right—natural, breathable coverage so sheer you will forget you’re wearing sun protection at all. Sun safety never felt so freeing. Life’s a beach—enjoy it! 😉

DERMA E Sun Protection Mineral Powder

Price: $28.47 (was $36.99)

This translucent mineral powder is your secret weapon for flawless, protected skin under the sun. Its lightweight, oil-free formula glides on invisibly while micro-fine zinc oxide shields your complexion from UVA/UVB rays. Chamomile extract calms and soothes while antioxidants like vitamin E defend against environmental damage.

Best of all, it leaves behind an imperceptible, matte finish as it blots up excess oil for a fresh, shine-free complexion that lasts. No chalky cast, no oily mess, just natural-looking coverage, and broad-spectrum SPF 30 in a portable, mess-free bottle. Touch up on the go without worrying about streaks or caking. Healthy, protected skin is finally as simple as a quick dusting of this multi-tasking mineral powder.

NATURE’S APOTHECARY Sunscreen Powder

Price: $30.47

This lightweight mineral powder provides broad-spectrum SPF 30 coverage without the greasy mess of traditional sunscreens. The powder formula glides on smoothly and dries instantly, guarding your skin on contact while feeling as weightless as air.

Made from non-nano zinc oxide and organic arrowroot powder, this sunscreen is reef-safe, kid-friendly, and free from harsh chemicals, gluten, nuts, and GMOs. For life’s adventures under the sun, slip this convenient powder into your beach bag or backpack and reapply as needed—your skin will thank you for the hassle-free protection.

SUPERGOOP! (Re)setting 100% Mineral Powder Broad Spectrum Sunscreen

Price: $58

Your makeup looks flawless, but without sun protection it’s incomplete. Now you can set your makeup and reapply your SPF in one step with this revolutionary 100% mineral powder from Supergoop.

The mess-free twist brush delivers just the right amount of sheer, skin-perfecting powder with every application, mattifying shine and smoothing over imperfections without ever looking cakey. The super-fine, non-nano powder glides on invisibly while protecting your complexion from UV damage.

No more excuses—with this do-it-all powder in your makeup pouch, you will never be caught without your SPF again. Touch up on the go, at work, or during a weekend date—this powder has got you covered, in more ways than one. Makeup meltdowns and sunburns don’t stand a chance. Flawless and protected, all in a single swipe? We call that a win-win.

Sunscreen powders have revolutionized the way we protect our skin from the sun’s damaging rays. These lightweight, easy-to-apply powders are not only efficient in providing quick UV protection but also leave your skin looking shine-free. So, next time you’re in a hurry or simply want to avoid greasy sunscreens, give one of these sunscreen powders a try and enjoy effortless sun protection with a touch of a brush. With options starting from just $14+, you can now find the perfect product to suit your needs and budget.

What is day trading and what if I suspect my spouse is dealing with a day trading addiction?

Some people like to “gamble” with their money and they call it day trading.

If it’s your first time hearing the term, it simply means buying and selling stocks within a day to try to make quick money.

It can be likened to playing the stock market but on steroids. Something like trying to catch fish with your bare hands instead of a fishing rod because it’s too slow.

It’s no doubt high risk if you’re an absolute beginner, but also high reward when done right. But if your spouse starts to neglect their job, family, and friends, then something’s not quite right.

More about day trading

The people who do day trading like to buy and sell a lot, so they can make money from the market’s price changes in one day.

Sometimes they can make a lot of money in a short time, but sometimes they can also lose a lot.

Some folks like to do day trading because it’s very exciting, and they can work from anywhere and anytime they want.

But it’s easy to get addicted thinking it’s “easy money.”

Warning signs that signal your spouse may be addicted

If your spouse spends the whole day staring at the computer screen and forgets to keep up with personal hygiene and routines, this can be a warning sign.

He or she may also be paranoid and sensitive when talking about losing money.

If you suspect that your partner is dealing with an addiction, don’t accuse them of having an addiction right away.

How to speak to your spouse

Wait for the right time and find a quiet place. Then, use “I” statements to tell them how you feel and why you worry.

Don’t play the blame game. Take the time to listen to their side of the story—maybe they just want to earn more money for the family or they’re having a tough time at work recently.

Don’t just brush them off or start arguing. Both of you need to find a solution together, like maybe reducing trading hours or seeking professional help.

Encourage your spouse to explore alternative career options

In Singapore, we don’t have a lack of job opportunities and resources, think SkillsFuture and Workforce Singapore.

You can share it with your spouse and encourage him or her to attend some info sessions or courses to upskill.

Let your spouse know that they can (still) feed the thrill of trading better with a job that provides a steady income—with CPF and other benefits.

Seeking professional help

If your partner is already in deep waters, it’s good to see a financial counselor who can help put things into perspective.

It also doesn’t hurt to speak to a general therapist or counselor to see if deeper emotional issues are causing changes in your spouse’s behavior.

Concurrently, ask around for contacts of financial advisors that have a good reputation and reach out to them.

Make an appointment to see if they’ve got other investment schemes that are less risky, so your partner can still trade and put rice on the table.

Day trading is like a gamble where one can win big or lose big. But if you suspect that your spouse can’t seem to exercise self-control, then maybe it’s time to take action. Speak to your spouse first and then seek professional help. Better to talk to someone who knows what they doing than rely on yourself to try and fix everything. Don’t wait until it’s too late.

7 Thrifty Tips to Help You Travel in Europe on a Budget

Planning a trip to Europe but worried about your budget? Don’t fret! With careful planning and a few money-saving tips, you can explore the wonders of Europe without breaking the bank.

From affordable accommodations to money-saving strategies, we’ve compiled a list of seven practical tips to help you travel to Europe on a budget. Get ready to embark on an unforgettable journey while keeping your wallet happy.

#1: CONSIDER HOSTELS & LOCAL HOMESTAYS

Finding budget accommodation in Europe is easier than you might think. Hostels are a popular choice, offering not only cost-effective options but also opportunities to meet fellow travelers. Choose dorm rooms instead of expensive hotel suites to share costs and make new friends along the way. Alternatively, consider booking spare rooms in locals’ houses or apartments through platforms like Airbnb and Couchsurfing for a more authentic and economical experience.

#2: SEARCH FOR FREE ACTIVITIES

Check for grammar: Europe is rich in history, culture, and natural beauty, offering plenty of free activities for travelers. Take advantage of free walking tours in cities, which provide an excellent introduction to the area while highlighting major attractions. You can also enjoy the scenic wonders of Europe by going on hikes, strolling along the beach, or having picnics in charming parks—all without spending a dime.

Many museums and galleries offer free admission on specific days or times, so plan your visits accordingly. Try visiting London’s National Gallery and Camden Art Centre, or Paris’ Museum of Fine Arts (Petit Palais) and Museum of Modern Art (Musée d’Art Moderne de Paris).

#3: SPLURGE AT THE LOCAL MARKET

When it comes to food and souvenirs, explore local markets for a budget-friendly experience. These vibrant marketplaces not only offer affordable prices but also immerse you in the local culture. When my husband returned home from Europe, he brought back a dreamcatcher with my name from the streets of London.

Sample fresh produce, indulge in local specialties, and discover unique handicrafts—all at reasonable prices compared to touristy areas. Engaging with local vendors can also provide insights into the region’s traditions and flavors.

#4: TAKE ADVANTAGE OF ONLINE BUNDLE PASSES

Individual admission tickets for various attractions can quickly add up, straining your travel budget. Thankfully, numerous websites offer bundle passes that provide discounted rates on hotels, amusement park tickets, airline travel, and more.

Image Credits: unsplash.com

Take advantage of platforms like Google Flights, Groupon Getaways, TripAdvisor, Expedia, Scott’s Cheap Flights, and Kayak to find bundled deals that can save you significant money while exploring Europe.

#5: EMBRACE PUBLIC TRANSPORTATION

While travelling via cab may seem like the most convenient option, buses and trains are often cheaper and offer unique experiences. Not only do they provide cost-effective transportation, but they also allow you to enjoy scenic routes and immerse yourself in the local culture.

Consider opting for an overnight train journey to save on accommodation costs, as you won’t need to pay for a hostel for that night.

#6: EARN WHILE YOU TRAVEL

Turn your travel dreams into reality by taking advantage of working holiday opportunities. Various seasonal jobs are available in Europe, such as teaching skiing during the winter, or teaching a language.

If your work allows it, freelancing while traveling can also be an option. Earning money while you travel not only provides financial support but also offers unique cultural experiences and the opportunity to connect with locals.

#7: COOK HOMEMADE MEALS

Dining out can be a significant expense while traveling. To save money, opt for affordable lunches from supermarkets or local fresh food markets instead of costly cafes or restaurants. Take the time to explore your options before choosing a place for dinner, as the first restaurant you see might not offer the best value for your money.

Additionally, consider opting for water instead of beer with your meals to save both your wallet and waistline. If available, choose accommodation with kitchen access to cook your own meals and further reduce expenses.

Image Credits: unsplash.com

Traveling to Europe on a budget is not only achievable but also rewarding. By implementing these thrifty tips, you can explore the breathtaking offerings of Europe without burning a hole in your pocket.

Sources: 1 & 2

Taylor Swift’s Singapore Concert Drives Unprecedented Increase in UOB Card Applications

UOB cardholders enter a room and make the whole world shimmer! UOB has recently announced a remarkable surge of 45 percent in card applications across Southeast Asia. This surge follows the revelation on June 21 that UOB’s credit and debit cardholders would have exclusive access to tickets for Taylor Swift’s highly anticipated The Eras Tour concerts in Singapore.

The news of UOB cardholders enjoying privileged access to Taylor Swift’s upcoming six-day performance in Singapore sparked a wave of anticipation among the public. Jacquelyn Tan, Head of Group Personal Financial Services at UOB, expressed her delight at the “very significant surge” in card application volumes, not only in Singapore but also across the bank’s markets in ASEAN.

SOARING NUMBERS TO REAP EXCLUSIVE PERKS

With this announcement, UOB has granted over seven million customers the exclusive opportunity to attend Swift’s Singapore concert, which will be her only performance in Southeast Asia as part of The Eras Tour next year.

The impact of this announcement has been felt across ASEAN countries, as card applications experienced a notable surge. According to a media statement, the daily average of UOB credit card applications in Singapore, Thailand, Malaysia, Indonesia, and Vietnam during the week of June 21-27 witnessed a remarkable 45 percent increase compared to the preceding weeks of the month. Additionally, debit card applications in Singapore and Vietnam soared by nearly 130 percent.

Examining the demographics of credit card applications approved between June 21-30 in the five ASEAN markets reveals interesting trends. Customers aged 30 to 40 years constituted over one-third of the total applicants, while the 20 to 30-year-old demographic made up almost 32 percent. Among these new credit cardholders, females accounted for the majority at 52 percent. Notably, the UOB One Credit Card emerged as the preferred choice among applicants during this period.

UOB TRENDS IN SINGAPORE

In Singapore, the announcement of Swift’s concert triggered a noticeable shift in the demographics of new cardholders between June 21-27. The proportion of 25 to 29-year-olds increased from 22 percent to 27 percent in the week following the announcement. Moreover, there was a significant increase of almost 10 percent in the proportion of new female cardholders compared to the earlier part of the month when the male-female ratio was nearly equal. The UOB One Credit and Debit Card stood out as clear favorites among new local card applicants in their respective categories.

To accommodate the anticipated surge in card applications, UOB took proactive measures to increase the capacity of the relevant business units responsible for processing these applications.

Image Credits: unsplash.com

TAYLOR SWIFT EFFECT

Swift’s exclusive appearance in Singapore contributes to the nation’s concert frenzy as post-Covid travel resumes. Tickets for Coldplay’s concert sold out within hours of their release, and Hong Kong pop star Jacky Cheung is set to perform for a record-breaking 11 nights. According to travel platform Agoda, accommodation searches in the city-state during Coldplay’s concert dates in January experienced an astounding 8.7-times increase, driven primarily by Malaysia and Indonesia, as stated in a released statement last month. Ultimately, various sectors within the hotel and tourism industry are poised to experience a surge in sales in the upcoming year.

Sources: 1 & 2

More about day trading

Warning signs that signal your spouse may be addicted

How to speak to your spouse

Encourage your spouse to explore alternative career options

Seeking professional help

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