MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Financial Planning In The Wake Of COVID-19

Financial planning has never been an easy task, but the pandemic has made it even more difficult. Finance professionals are used to consistency and accuracy. They are not trained to plan for unclear economic conditions. No one is! The five-year plan that we are supposed to send to our supervisors is now completely out of the window.

How can you plan for your finances, if you do not know what is going to happen in the future?

#1: HAVE A ROBUST PLAN

You can better understand your financial resources such as investments and cash flows, if there is a robust financial plan in place. A comprehensive plan covers the ares of budgeting, investment, insurance, retirement, credit, and estate planning. When these areas are well covered in a sound financial plan, you have a greater clarity on how each financial decision affects another.

Specifically, the financial-planning team should focus on the following five steps: getting a clear view of the company’s position, building a fact base, aligning the financial plan to a concrete direction, determining the best moves, and identifying the trigger points that prompt businesses to adjust.

#2: KNOW WHERE TO START

Companies and individuals must know where to start. To get this, you need the support of experts. Together, you can see the historical and current financial trends. The January 2020 financial plan can be a good place to anchor on. This can help you to establish any assumptions that will need to change as a result of the pandemic.

#3: ENSURE THAT YOU HAVE POSITIVE CASH FLOW

Set up a realistic budget, which indicates your money inflows and outflows. Having an emergency fund that covers you for three months can ensure that you have enough liquidity to tide you and your dependents during financially difficult times. Doing so will give you some peace of mind even if you suffer temporary setbacks such as losing a job or are unable to make a living because you must be quarantined

#4: GET INSURANCE COVERAGE

Insurance is a means to cushion against financial losses and unexpected events. Find a suitable hospitalization and life insurance plan to cover your hospital bills and critical illnesses. There are also insurance plans that are related to growing your savings like endowment plans and investment-linked insurance plans.

Image Credits: pixabay.com

Focus on what you can control. Set up a sound financial plan, carve a realistic budget, get insurance protection, diversify your investments, and commit to a long-term strategy to achieve our life goals.

Sources: 1 & 2

Newbie’s Guide To Mobile Wallets In Singapore

Much like you, I constantly find myself in a sea of recommended YouTube videos. The other day, I chanced upon a GQ video, which highlighted an athlete’s collection of items that he cannot live without. He said that he cannot live without his phone. You see, his phone has a card casing. This phone casing stores his credit card and house keys. Gone are the days when you need to carry large wallets to stash all your valuables!

These days, everything you need can fit inside your pocket. Your mobile phone is a powerful device that can scan documents, track calories, book rides, and snap selfies. All you need to do is to instruct it. You may also download a mobile wallet.

When it comes to handling money matters, you can maximize your gadget by downloading a mobile payment app or a mobile wallet. Singapore’s unified QR code can accept payments from 27 digital methods such as GrabPay, AliPay, FavePay, Nets, PayLah! and Dash.

WHAT IS A MOBILE WALLET?

A mobile wallet is a virtual wallet that keeps payment information on your mobile device. It is a convenient and a cashless way to pay your bills. Whether you are paying for your lunch or splitting the bill with a friend, you can use your mobile wallet in Singapore and abroad. For instance, you may use UOB Mighty in Malaysia and Thailand. While, Alipay and WeChat Pay can be used globally.

WHERE CAN YOU USE THE MOBILE WALLETS?

#1: TO TRANSFER FUNDS INSTANTLY

Say that you went out for a quick grocery run with your friend. To split the bill, you may transfer money to his or her mobile number or NRIC/FIN that has been registered for DBS’ PayNow digital bank. You do not have to worry about getting the bank accounts right away!

#2: TO GIFT MONEY TO YOUR FRIENDS AND FAMILY

Did you just attend a virtual wedding thru Zoom? If you cannot figure out what to get for the couple, you can consider gifting a virtual red packet. Send money through your mobile wallet and the receipient will receive it immediately. It makes for an eco-friendly and a practical gift!

#3: TO RECEIVE CASHBACK AND REWARDS

If you frequently use your mobile wallet for purchasing your airline tickets or for cafe-hopping, you will most likely receive reward points or cashback benefits. You can save quite a lot of money by using the right mobile wallet.

#4: TO GET YOUR CRAVINGS SATISFIED

It is lunchtime and you have not cooked anything yet. Fortunately, there are several food apps that can deliver right in your doorstep. You do not have to endure long lines and to risk your health by going outside. Collect your food through the GrabFood app and pay it through GrabPay. GrabPay is rapidly adding and growing its network of partner merchants, as well as adding services like GrabFood and GrabDelivery.

#5: TO INSURE YOURSELF BEFORE YOU TRAVEL

Whether you are going of on a quick weekend retreat or a big adventure, buying travel insurance to cover unforeseen events can save you. You can purchase a travel insurance plan through the DBS PayLah! app just before your departure. It only takes a few minutes to complete.

#6: TO PAY BILLS

Several banking mobile payment apps allow you to pay your bills on time. Use your mobile wallet app to settle your phone bills, fitness club membership fees, insurance premiums, and more. You can do all these while you are outside or while you are inside your home.

Image Credits: unsplash.com

Having a mobile wallet is necessary and helpful given the current situation. Simply ensure that you secure all your details before you use it. Stay safe!

Sources: 1 & 2

How To Secure Your Device When Shopping Online

In a recent survey, 1 in 4 Singaporeans have adopted mobile payment. In 2016 alone, over 30,000 retail points in Singapore enabled cashless payment. The most popular online wallets include DBS Paylah!, Apple Pay, and Android Pay.

You can only imagine how much growth the cashless payment received due to the Circuit Breaker period! People have been leaning towards this payment scheme due to the lack of face-to-face interaction that comes with it.

A mobile wallet stores payment information on your mobile device and lets you transact painlessly. It is fast and convenient. The downside? You are vulnerable to cyber hacking. On that note, here are several tips that you can use to secure your device while you shop.

#1: ENABLE THE TWO-FACTOR AUTHENTICATION

Two-factor authentication gives you an added layer of protection. Enabling this will let you control your purchases. You will be notified whenever your card or your online wallet is in use. You will get a message or an email asking for your verification code. This is something you have to put to pursue the online transaction. This will alert you in case fraudulent transactions are about to take place.

#2: BE VIGILANT AGAINST BOGUS SITES

Notice every little detail such as the web address. Cyber criminals use similar characters in the web address to virtually trick you into putting your bank details and other personal information. For instance, you may shop in amaz0n.com instead of amazon.com. Consider using tools such as Google Safe Browsing to check the current safety status of a website.

#3: PAY WITH CREDIT CARD

Credit cards are not tied to your savings account. Furthermore, it often offers fraud prevention and protection services compared to debit cards. If you use a debit card on purchases, the money will automatically be taken out from your savings account. Treat debit cards like cash. In contrast, credit cards enable you to have enough time to dispute fraudulent charges. Seek the help of the bank to investigate the incident. It is a good habit to regularly check your billing statement and your weekly transactions online.

#4: DO NOT SAVE YOUR CREDIT CARD INFORMATION

Some online retailers, like Lazada, offer the option of storing your credit card or debit card information after you have made a transaction. While it is convenient for you to do this, you must never put your personal information at risk. Major companies have suffered data breaches where consumers’ information have been stolen. Do not let this happen to you! Moreover, never provide your credit card or debit card details over an email or a phone call.

Protect yourself! Be vigilant and strategic whenever you purchase online.

Sources: 1 & 2

Should You Wear Face Shields In Singapore?

According to the Ministry of Health’s guidelines, plastic face shield offers adequate basic protection and can be worn if you need to go out of your home during this period.

For the general public who need to go out of their homes during this period, any mask including reusable masks, DIY masks or plastic face shields, offer adequate basic protection.

Face shields have a number of advantages over masks. It can be more comfortable to wear than a face mask and it is easier to clean and disinfects after each use.

Video by Lindsley et al, 2014/NIOSH

According to a report from JAMA Network, face shields were shown to reduce immediate viral exposure by 96% when worn by a simulated health care worker within 18 inches of a cough. Face shields also protect your eyes and other parts of the face not covered by the face masks.

While face shields offer more advantages, they are are not 100% foolproof. Experts have recommend wearing with face masks to be effective. In addition, practicing good personal hygiene and social distancing should form the first line of defence against the coronavirus.

If you are considering to get a face shield in Singapore, here are some places where you can get them:

Should You Buy Your Essentials Online Or In Store?

Welcome to the new normal! The Circuit Breaker period allowed us to stay at home out of necessity, while we anxiously spray disinfectant on every item around the house. WE all know that we have to follow the social distancing measures and to wait for the COVID-19 updates. However, it is hard to stay at home when you are running out of home essentials and grocery supplies. How do you shop for your essentials? Is it safer to buy online or in store?

GOING OUT TO SHOP IN STORE

Stepping outside to buy groceries and household supplies is the quickest and simplest way to restock. It is also accessible, whereby everything you need can be found in one place. The shopping mall can also provide you with different brands and packaging sizes. You can even return a damaged item on the spot.

Going outside to shop is no longer simple and safe as it used to be. Since most stores close earlier and some ceased their operations, you will have to time your shopping accordingly. You need to wear a mask and carry a disinfectant with you. Without the usual public transport measures, you will have to walk to the store or to avoid the peak hours. You will also have to line up for hours to fulfill your grocery journey.

Going outside also increases your chances of getting sick. You can contract the illness from surfaces, from crowded lines, or from the cash. This is according to the World Health Organization. Not to mention, the germ exposure that you can get from ATMs and banks. Remain safe wherever you are by practicing social distancing and by keeping your hands clean at all times.

The use of cash can be prevented by carrying your debit or credit card. You may also use cashless services such as Apple Wallet and PayPal. These methods are convenient and safe.

STAYING INDOORS TO SHOP

Shopping online has become more popular than ever. Getting deliveries right at your doorstep lets you skip the countless hours you spend in the store and the anxiety of getting infected. Most stores have strict disinfection practices, encourage no-contact deliveries, and accept contactless payments. It is easier to find specialty items online such as bubble milk-tea shops or freshly-baked goods.

The only downside is that you will have to visit several websites to look for everything you need. Stocks are limited too. You need to tick the item into the cart before you lose your chance. Most online stores have delivery delays due to the surge in demand. You have to be patient. Nonetheless, you can always order in advance.

FairPrice and Lazada Singapore are just a few of your online grocery options. These shops accept electronic payments and cash on delivery. After filling in the shop’s bank account details and amount, review your details and confirm. You will be spoiled with their item selections found online.

Image Credits: unsplash.com

For Singaporeans who only need a set meal without having to shop, food delivery apps can provide cravings for an entire family. This options offers all the advantages of shopping online, minus the long queue. There are upsides and setbacks to any way you choose to shop, and it is up to you to decide which best suits your lifestyle.

Should You Wear Face Shields In Singapore?

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