9 Clever Ways to Save Money on Your Daily Coffee Fix

As someone who occasionally drinks coffee, I consider myself a moderate coffee drinker, finding myself somewhere between my friends who are frequent visitors of coffee shops and those who have never tried a cup of joe.

Although I can easily spend S$3-5 on a delicious coffee beverage at a cozy coffee shop to start my day, I understand that this can quickly add up if done on a daily basis.

For those who can’t live without coffee, exploring money-saving strategies is worth considering. After all, daily caffeine consumption can be costly, and taking steps to save money can have a significant impact in the long run. Start with these 9 hacks:

#1: SIGN-UP FOR LOYALTY PROGRAMS

Many coffee shops offer loyalty programs to encourage their customers to come back for their special brew. While it’s not going to save you tons of money in a day, your cumulative savings and freebies can be worth it.

For instance, Flash Coffee Singapore has three rewards tiers, namely Bronze, Silver, and Gold. Bronze members can redeem a free drink after every 10 purchases. Silver members can redeem a free drink after every 7 purchases. Lastly, Gold members can redeem a free drink after every 5 purchases. Another brand that offers rewards to its members is PPP Coffee. As a PPP+ Rewards Member, you can enjoy a 3% cashback on your coffee purchases at its retail outlets, plus all food and beverages at participating cafes by PPP Coffee in Singapore (T&Cs apply).

Combining your utilization of loyalty cards with other saving strategies such as brewing your coffee at home can save you extra money on top of getting a free cup.

#2: SHOP AROUND

Kopi at Kopitiam can give you the caffeine kick you need, but for a fraction of the cost of cafe coffee. Sure, you’re missing out on the fancy latte art. But if you are drinking it down during a workday, you may not have time to savor coffee art anyway. Drink the foamy heart art coffee when you have time to indulge it.

#3: GRIND IT YOURSELF

Did you know that coffee beans retain their freshness and flavor better when stored as whole beans compared to pre-ground coffee? This is because pre-ground coffee often contains additives and fillers that can compromise its quality.

Coffee that has lost its aroma and flavor may end up going unused or being discarded, which means that you’re essentially pouring money down the drain along with your brew. By grinding your own beans, you can enjoy fresher coffee and lessen your waste.

#4: MAKE BETTER COFFEE

Perhaps, your own brew does not appeal to you because of its taste. If you’re not satisfied with the taste of your homemade coffee, it might be time to invest in higher quality coffee beans. Spending a little more on quality beans can save you money by providing you with a more satisfying, enjoyable coffee.

To get the most out of your beans, start by selecting the right grind size for your coffee brewing method. For instance, a coarse grind is ideal for a French press, while a medium-coarse grind is suitable for automatic drip. Next, experiment with different coffee-to-water ratios to find your preferred strength. Lastly, make sure to use the best water temperature for your chosen brewing method.

#5: INVEST IN QUALITY COFFEE MARKER

Don’t set yourself up for failure by using a cheap coffee maker. Get a coffee maker that you are excited about! It will inspire you to drink more coffee at home and improve your overall coffee experience.

#6: DRINK YOUR COFFEE BLACK

Drinking your coffee black may seem like a simple choice, but it can actually help you save money on buying milk, sugar, or creamer. By drinking black coffee, you can avoid these additional costs and appreciate the true flavor of the coffee. Plus, black coffee is a healthier option that eliminates the added sugar and calories from milk or creamer.

#7: ORDER THE SMALLEST SIZE

The difference between buying a small and a large-sized coffee can set you back by S$1 or more. For example, %Arabica Singapore’s Caffe Latte is priced at about S$7 for a short and S$8 for a tall order. Opting for a smaller size can save you approximately S$5 in a week or a yearly savings of S$240. Can you imagine what you could do with the S$240 you save?

#8: ASK FOR GIFT CARDS

For special occasions such as birthdays or anniversaries, include a coffee gift card on your wishlist. A Starbucks gift card in Singapore can be purchased with a minimum value of S$10 and a maximum value of S$300. Use your gift card to fuel your weeks’ worth of coffee fix, or to treat yourself to a special drink without worrying about the cost.

#9: SEARCH FOR PROMOTIONS AND FREEBIES

To make the most of your coffee budget, keep an eye out for freebies and exclusive discounts at your favorite coffee shops. One way to do this is by following their social media pages, where they often announce monthly specials and offer freebies to their loyal customers.

Another way to save on coffee purchases is to download apps such as the CoffeeBean SG Rewards App by The Coffee Bean & Tea Leaf Singapore. These coffee shop apps often provide discounts and coupons that can be used on your purchases, allowing you to enjoy your favorite drinks without going over budget.

Image Credits: unsplash.com

Use all these nine strategies to maximize your caffeine savings and indulge in your favorite beverages, guilt-free!

Sources: 1,2, & 3

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How to Live Like a Millionaire on a Small Budget

Do you dream of living a luxurious lifestyle like a millionaire, but feel like your bank account just won’t cut it? The good news is that you can still enjoy the finer things in life without having to break the bank.

By adopting a few straightforward lifestyle changes, you can indulge in luxury without worrying about overspending or debt. Here are some of the smart financial choices that you can begin with.

TRACK YOUR SPENDING

One of the first things you can do to live like a millionaire on a shoestring budget is to learn how to budget effectively. By examining your expenses and prioritizing your spending, you can ensure that your money is going towards things that matter most to you.

Do you value childcare over new gadgets? Do you prioritize training or travel? Assessing your spending habits will result in cutting back on unnecessary expenses and focusing on things that bring you joy.

ADOPT A MINIMALIST LIFESTYLE

When you’re trying to live like a millionaire on a budget, it’s crucial to invest in high-quality items. This doesn’t mean spending a fortune. Instead, you must choose items that are worth the investment and will last a long time.

For instance, you could invest in a classic white button-up shirt that costs S$100 and wear it to different work events, rather than buying a cheap shirt that you’ll only wear twice and dispose of due to its poor quality. While you’re at it, consider building a capsule wardrobe to simplify your life. By cutting out clutter, you can create a more luxurious and clean-living environment.

GO FOR FREE OR LOW-COST EXPERIENCES

Take advantage of free or low-cost experiences. Look for free events in your community by browsing social media groups or marketplaces. You can also join DIY or home improvement projects initiated by your community.

Indulge in some free group activities, such as visiting ArtScience Museum‘s “Future World: Where Art Meets Science” exhibit. Guests can enjoy complimentary entry for up to four children under 12 years old on Fridays, except during Singapore school periods or public holidays.

You can also go to the Singapore Heritage Fest, which highlights the country’s rich history through a series of exhibitions, talks, and performances. Many of the festival’s activities are free. By being resourceful and creative, you can have fun and feel fulfilled without spending a lot of money.

WATCH OUT FOR PROMOTIONS

Expand your collection of high-quality goods and services by seeking out deals and discounts. Many luxury brands offer clearance events or seasonal promotions, so keep an eye out for those.

INVEST IN YOURSELF

Knowledge is an investment that yields the highest returns, as it is something that no one can ever take away from you. Take classes and learn new things to add value to your personal and professional life. When you have more skills and knowledge, you can negotiate better deals and increase salary. Sign-up for some classes today at SkillsFuture Singapore (e.g., Introduction To Personal Investing for S$20).

TRAVEL SMART

True luxury is often found in experiences and not in material possessions. Travelling can be a great way to experience luxury as perceived by diverse cultures. Don’t forget to travel smart! Instead of staying in expensive hotels or resorts, consider renting an apartment or house. This will give you more space and privacy for less money.

When it comes to dining out, eat like the locals or choose restaurants that offer good value for your money. Read online reviews to be guided, especially when you are in a place you have not been before.

GO YACHTING

Have you been on a yacht before? Yachting may seem like an activity reserved only for the wealthy elite, but at The Yacht Club, you can enjoy the experience at an affordable price. With one of the largest fleets of yachts in Singapore, The Yacht Club offers a variety of options for a great value of yacht rental to fit your budget. The most economical choice starts at S$635 and provides an elegant, powered single-hull that can accommodate more than 10 passengers in its spacious lounge area. Check out their website for special rates.

TAKE ADVANTAGE OF REWARDS

Credit cards offer a variety of rebates and rewards, allowing you to purchase items on your wishlist for a fraction of the price. However, it’s important to use these cards with discipline and wisdom. You don’t want to end up in debt just to satisfy your lavish taste.

SPLURGE ON LUNCH OR BRUNCH

If you love eating out, opt for lunch instead of dinner. Many restaurants and cafes offer lunchtime promotions or set menus at lower prices than their dinner offerings. The food is just as delicious.

MAKE ARTISINAL COFFEE AT HOME

For a coffee enthusiast, savoring a delicious cup of coffee is a luxurious experience. Fortunately, many grocery stores offer a wide range of high-quality coffee beans to choose from. By purchasing whole beans and grinding them at home, you can save a significant amount of money on your daily latte. Whiff the aroma of freshly brewed coffee in the comfort of your own home while also being budget-friendly.

Image Credits: unsplash.com

Living like a millionaire on a tight budget is all about adopting a mindset of abundance and focusing on the things that truly matter. By simplifying your life, being resourceful, and budgeting effectively, you can create a life of comfort without draining your savings!

Sources: 1 & 2

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Best currencies to trade from Singapore

Forex trading is a popular investment activity among Singaporeans, and the city-state has established itself as a hub for foreign exchange trading in the region. Singapore’s location at the crossroads of major trading routes, coupled with its advanced financial infrastructure, has made it an attractive destination for traders worldwide.

In October, it was announced by The Monetary Authority of Singapore (MAS) that the average daily trading volumes (ADTV) for foreign exchange (FX) in Singapore had risen to US$929 billion in 2022, marking an increase of 45% from April 2019. This steady growth helped Singapore to maintain its position as the world’s third-largest FX center, following the UK and the US, with a global FX volume share of 9.5% as of April 2022, up from 7.7% in April 2019. The growth in FX ADTV in Singapore was widespread across major currencies, with the US dollar, Japanese yen, and euro leading the way, with forex trade volume increasing from 39% to 50% in 2022. Following closely behind were the Chinese yuan and the Singapore dollar.

This article explores the best currencies to trade from Singapore, analyzing their performance against each other and providing insights into why they are popular among Singaporean traders.

Top Currencies for Singaporean Traders

The US dollar, euro, Japanese yen, Australian dollar, and Singapore dollar are among the best currencies to trade in Singapore. Each of these currencies has unique characteristics and trading patterns, making them ideal for different types of investors.

US Dollar (USD)

https://pixabay.com/id/photos/dolar-mata-uang-uang-dolar-amerika-499481/

The US dollar (USD) is the most widely traded currency in the world, and its influence extends far beyond the United States. The USD is often used as a reserve currency by central banks around the world, and many commodities, such as oil, are priced in dollars. As a result, the USD is one of the most popular currencies for trading from Singapore.

When trading USD from Singapore, traders often pair it with the Singapore dollar (SGD) or other major currencies, such as the euro, Japanese yen, or Australian dollar. The performance of the USD against the SGD and other currencies is closely watched by traders, as it can have a significant impact on their investment portfolios.

In recent years, the USD has experienced highs and lows against the SGD. In 2020, the USD weakened significantly against the SGD due to global economic impacts. However, the USD has since rebounded, and as of March 2023, it is trading at around 1.33 SGD.

Overall, the USD remains a popular currency for trading from Singapore, and its performance against the SGD and other currencies will continue to be closely monitored by traders in the coming years.

Japanese Yen (JPY)

Japan is a major regional economic power with strong trade and investment ties with Singapore, making the JPY an attractive option for traders.

When trading JPY from Singapore, traders often pair it with other major currencies, such as the USD, EUR, or AUD. Traders are drawn to the JPY for several reasons, including its status as a safe-haven currency during global economic uncertainty. Japan’s strong export-oriented economy and the policies of the Bank of Japan also play a role in the JPY’s popularity as a trading currency.

Euro (EUR)

The euro is one of the best currencies to trade in Singapore due to its liquidity, stability, and global relevance. Traders in Singapore can benefit from trading the euro by diversifying their portfolios, managing currency risk, and taking advantage of trading opportunities in the forex market. Additionally, The EUR is a popular choice for traders due to the strong economic ties between the EU and Singapore and the EUR’s status as a reserve currency.

The policies of the European Central Bank also play a role in the EUR’s popularity as a trading currency. The euro is backed by the European Central Bank (ECB), which implements policies to maintain price stability and support economic growth in the eurozone. This makes the euro less prone to sudden fluctuations and provides a sense of security to traders looking for a stable currency to trade.

Australian Dollar (AUD)

The Australian dollar (AUD) is a popular currency for trading from Singapore due to its close economic ties with the Asia-Pacific region, including Singapore. Australia is a major exporter of natural resources, and the AUD is closely tied to commodity prices, making it an attractive option for traders.

The AUD is a commodity currency closely linked to the prices of natural resources such as coal, iron ore, and gold. As Singapore is a major hub for commodity trading in the Asia-Pacific region, traders can use the close correlation between the AUD and commodity prices to make profitable trades. This makes the AUD an attractive currency for traders looking to diversify their portfolios and exploit market opportunities.

Traders can profit from the AUD’s volatility by trading AUD currency pairs such as AUD/USD or AUD/JPY.

Singapore Dollar (SGD)

https://pixabay.com/id/photos/singapura-uang-catatan-mata-uang-1821535/

The Singapore dollar (SGD) is the official currency of Singapore and is a popular currency for trading both domestically and internationally. As one of Asia’s most stable and developed economies, Singapore attracts significant foreign investment, which drives demand for the SGD.

Singapore has a stable political and economic environment, with controlled inflation and a strong financial system, which adds to the attractiveness of the SGD as a currency for trading. Furthermore, the Monetary Authority of Singapore (MAS) follows a managed float exchange rate regime, which allows for some flexibility in the value of the SGD while maintaining stability. This makes the SGD an attractive currency for forex traders looking for a currency with lower volatility.

The SGD is often used as a proxy for other emerging market currencies in the region, adding to its popularity in forex trading. Overall, the SGD’s stable economy, strong financial system, and flexibility make it a popular currency for trading in Singapore.

 

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Importance of Estate Planning in Singapore

“My siblings are already fighting over my properties even though I’m still alive,” my uncle joked, acknowledging the numerous businesses and properties he owns. He stressed the importance of securing a competent lawyer to ensure his assets are distributed fairly.

You see, he plans to use his resources to establish a foundation dedicated to supporting vulnerable communities, particularly children who have been abandoned by their parents. This charitable endeavor holds a special place in his heart. He wants to ensure that his legacy will continue to help those in need even after he’s gone.

If he does not craft a Will in time, his estate will be divided according to Singapore’s intestacy laws. Having a Will will enable him to distribute his estate according to his wishes, after his death. It will allow him to give his money to the people he feels needs it most. Can you imagine how this vital document can change the lives of those around him?

Let us begin to understand what a Will is.

WHAT IS A WILL?

A Will is a legal declaration of how your assets will be distributed after your death. It prevents disagreements and provides clarity over your inheritance, which can be distributed to your loved ones or other charitable institutions after you pass away.

Apart from distribution of financial assets, a Will allows you to appoint your executors and your children’s guardians. You can approach a lawyer to help you draft a Will or use an online writing service. Feel free to change your Will anytime you see fit.

WHAT IS INSIDE A WILL?

Your Will should clearly state who is going to:
a. inherit your estate (i.e., include your beneficiary or beneficiaries),
b. take care of your children who are under 21,
c. carry out your wishes (i.e., your executor), and
d. dispose your assets if your beneficiaries pass away before you.

WHAT ARE THE BENEFITS OF ESTATE PLANNING?

1. As mentioned above, estate planning helps ensure that your assets are distributed according to your wishes after your death.
2. It specifies who will manage your affairs after you pass away to ensure that your matters are taken care of in a timely manner. Lasting Power of Attorney (LPA) allows someone to make decisions on your behalf in the event that you are unable to do so yourself.
3. It can help minimize taxes and legal fees.
4. Estate planning aids in ensuring that your business is smoothly transitioned to your heirs or successors.

CAN YOU PUT YOUR CPF IN THE WILL?

Central Provident Fund (CPF) savings are not covered under a Will and cannot be distributed via a Will.

You are strongly encouraged to make a CPF nomination so that your intended beneficiaries or charities can have quick access to the funds once unforeseen events happen. Moreover, completing your CPF nomination can help lessen administrative delays and avoid paying a fee to the Public Trustee’s Office for administering un-nominated CPF funds.

Not having a CPF nomination can result to your savings being distributed according to Singapore’s intestacy laws (or Islamic inheritance law).

WHAT IF I HAVE NO WILL?

If you die without creating a Will in Singapore, your assets will be distributed according to Singapore’s intestacy laws or Islamic inheritance law. The Intestate Succession Act (ISA) will take effect. Distribution following the law may not be in accordance with your wishes or may not fit your family’s current financial situation.

Image Credits: unsplash.com

Having a Will enables you to distribute your assets on your own terms. Whether you want to provide for your elderly parents or your children, updating your estate plan regularly can ensure that it remains relevant and effective in light of changes in your personal circumstances and the law.

Sources: 1, 2, & 3

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How to Negotiate a Salary Increase in Singapore

Negotiating a salary increase can help you maximize your earnings in the Lion City. Although Singapore’s salaries are among the highest in the region, the cost of living is also high. If you are considering a salary negotiation, here are some ways to increase your confidence and make the task less nerve-wracking.

#1: BE PREPARED

Before entering any negotiation, it is crucial to do your research. Preparation can help you reduce your nerves. Research the industry’s average salary for your designation, the company’s financial performance, and any related economic factors.

You can use Salary Comparison tools online, which are designed to give you a comprehensive overview of key roles and their respective salaries. For instance, you can check out MOM’s Salary Comparison feature to compare your salary across organizations of various industries, establishment sizes, and employee types. This free feature comes with colorful graphs, which makes the information easy to understand.

#2: DESCRIBE YOUR ACHIEVEMENTS

When negotiating a salary increase, display your accomplishments to underscore the value you bring to the company. Highlight any projects you have led or have been involved with as well as the recognitions or awards you have received.

Do not forget to focus on the numbers! You can try to deny it as much as you want, but businesses revolve around making profits and growing numbers. Use statistics as direct proof of your contributions to the company. For example, in the past two months, I have brought in three new clients, which resulted in an 80% total increase in the company’s sales.

#3: IGNORE YOUR PREVIOUS SALARY

Ignore your previous salary. While it is always better to earn more than in your previous job, using your last drawn salary as a benchmark is by no means a good gauge. You have gained so much experience, skills, and knowledge since then. Instead, look at your objective value to the company.

#4: IMPROVE YOUR SKILLS

When talking about value, your added skills and abilities can help the company to flourish. Turn the tables into your favor by having appropriate education, expertise, and experience. Start by focusing on investing in seminars, workshops, and courses.

Best of all? Most of these resources are available at no cost. In the comfort of your own home, you can acquire Google and Microsoft certificates online. There are other online platforms that offer free courses such as Centre for Excellence and Coursera.

#5: BE SPECIFIC

When stating your intent for an increase, you need to be specific and provide a realistic range. This will give the company some flexibility in meeting your expectations while also opening the floor for negotiation.

#6: CONSIDER OTHER BENEFITS

As an HR Consultant, I often give a brief background about the company and emphasize its company benefits to draw candidates closer to the organization. If your company is unable to meet your desired salary increase now, you can consider negotiating other benefits such as flexible working hours, childcare allowance, improved health plans, training opportunities, or additional vacation leaves. Can you imagine having your company shoulder half of your childcare fees or overseas workshop costs? These benefits add to your overall compensation package.

Image Credits: unsplash.com

BOTTOMLINE

In conclusion, negotiating a salary increase can be challenging. However, with sufficient preparation and the right approach, it can also be a rewarding experience. Remember to do your research, highlight your accomplishments, be specific, invest in knowledge expansion, and consider other benefits. With these tips, you can successfully negotiate a salary increase and maximize your earnings in Singapore.

Sources: 1 & 2

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