What do tank tops and plain shirts have in common? For starters, you typically use these underneath a polo or a blouse. Others can barely see these types of clothing so, why bother with an expensive brand? Stick to purchasing basics in department stores such as John Little. Save the designer labels for the items that you show off!
THE OLD BECOMES NEW AGAIN
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When my partner and I were out of activities to do, I convinced him to experience a hunt at a nearby thrift store. Flea shops and thrift stores sell gently used or preloved clothing at incredibly cheaper price tags. Many of these stores offer holiday sales too! I once bought a Zara skirt for S$4. What a steal!
You can purchase an entire outfit for under S$30 at Singapore thrift stores such as New2U Thrift Shop, PraiseHaven Thrift Shop (under Salvation Army), and Something Old Something New. Remember that used clothes must be thoroughly cleaned or sent to the laundromat.
IT’S FREAKY FRIDAY
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If you are not comfortable with raiding a stranger’s wardrobe then, try swapping clothes with your friends or family members. I am not saying that you must take advantage of your friends or relatives but, you should tap into each other’s resources to save money. Furthermore, you are contributing to less waste too.
Allow your loved ones to freely choose which clothing items they like from your unused or underused pile. You can do so every quarter or every month. For instance, you may switch your summer clothes every March!
THE SIMPLER, THE BETTER
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In 1970, a London boutique coined the term “Capsule Wardrobe”. A Capsule Wardrobe consists of 30 to 37 pieces of clothing that you always wear. It is the minimalist way to downsize your wardrobe and boost your savings. It teaches us to focus on staples and to skip the trends.
A leather pants may be prevelant at Forever 21 or H&M but, constantly keeping up with trends such as this one can poke a hole in your wallet! Purchase items that you can still use in a few years time.
Currently, residential consumers (like you and I) can buy electricity only from SP Group. This will gradually change as the Energy Market Authority (EMA) sets its sights on further opening up of the electricity market. This will allow households to buy electricity from a retailer at a price plan that best meets their needs.
Since the soft launch of the Open Electricity Market (OEM) in April 2018, those staying in Jurong enjoy more choices and flexibility when it comes to buying electricity, thanks to more competitive pricing and innovative offers. It will roll out progressively in four geographical zones starting from 1 November 2018.
With different price plans available, choosing one that best suits your needs may come across as daunting. We are here to help you make an informed decision. This is no different from selecting a mobile phone plan from telcos where users are encouraged to pick a plan that best suit their needs.
What are the types of standard price plans?
First, let us take a look at the standard price plans available. At present, there are a total of 13 retailers offering over 60 standard price plans for residential consumers. These fall under one of the following 2 types:
Fixed Price – Consumer pays a fixed rate throughout the duration of the contract.
Discount Off the Regulated Tariff – Consumer enjoys a fixed discount off the regulated tariff throughout the duration of the contract.
How to go about choosing a price plan?
Now that you are aware of the types of standard price plans available, what should you keep in mind when choosing a plan? Here is a comparison of the 2 standard price plans offered by 13 electricity retailers.
Plans stated are accurate as of 8 November 2018 and are subject to change. For the latest price plans, please visit www.openelectricitymarket.sg or the retailers’ websites directly.
A. Fixed Price Plan
If you opt for a Fixed Price Plan, you will pay a constant rate per kilowatt hour for your electricity during the contract period.
The advantage of this price plan is that you are assured of the same rate every month throughout your contract with your retailer, i.e. more price certainty. Do note that the rate the retailer offers may be higher or lower than the regulated tariff which is reviewed every quarter.
As of 8 November 2018, Sunseap offers the best rate for 6-month contract, while SembCorp Power has the best rate for 1-year contract and both SembCorp Power and Geneco offers the best rate for 2-year contract.
B. Discount Off The Regulated Tariff Plan
If you are someone who does not want to think too much about price movements and wishes to pay less than the regulated tariff, a Discount Off the Regulated Tariff Plan may be the plan for you. Here, the rate will always be based on a fixed discount off the regulated tariff. The catch is, unlike the Fixed Price Plan, the rate may change each quarter during the contract duration.
As of 8 November 2018, Sunseap offers the best rate for 6-month contract, while Diamond Electric has the best 1-year contract and ES Power has the best rate for 2-year contract for a Discount Off the Regulated Tariff Price Plan.
As with making any comparisons for the best deal, it is important to read the fine print. Before you select a price plan, do consider these key areas:
The contract duration that you are willing to be locked in;
The amount of security deposit needed;
Whether there are any early contract termination charges and if so, how much;
The billing and payment arrangement offered by the retailers; and
Whether there are any bundled services or products or other additional perks offered, and to be aware of the terms and conditions associated with these perks.
The rates stated in the standard price plans should be inclusive of all charges for electricity consumption such as Transmission Loss Factor (a fee to account for network and transformer losses in the course of delivering electricity to consumers).
What else you should know when choosing a standard price plan?
While you may enjoy savings as a result of buying from a retailer, the amount you save could vary based on when you use electricity and how much electricity you eventually use. Of course, the type of standard price plan you choose plays a role as well.
Even after switching to a retailer, you can always switch back to buying electricity from SP Group at the regulated tariff. However, you might want to take note of any early termination charges levied by your retailer.
Finally, if you have any dispute with your electricity retailer (we hope not), you can always approach the Consumer Association of Singapore (CASE) for advice and assistance.
Note: This article has been updated on 8 November 2018 to reflect the 2 standard price plans (instead of 3) with the latest pricing, and the inclusion of 2 new added retailers ES Power and Union Power.
Financial planning goes beyond the calculated investments. Building a financial plan helps you visualize the “big picture” and set financial goals (i.e., both long-term and short-term). This is a crucial step in mapping out your financial future. And, a financial planner or financial advisor may just help you with that!
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BENEFIT #1: ENUMERATING ONE’S FINANCIAL GOALS
The first step that financial planners partake in is the identification of the client’s financial goals. For couples, this activity is enough to get the two individuals on the same page. It highlights their similarities and differences. The funny thing is that many Singaporeans spend more time planning their travels than planning for their financial goals (e.g., retirement fund).
BENEFIT #2: DETERMINING WHETHER YOUR GOALS ARE SMART
After listing down your financial goals, the financial planner visualizes how you can get there. How much do you need to save S$10,000 a year? Should you invest your income in mutual funds? A cost-benefit analysis will be done. This act will put each of your goals in a microscope to see whether they are SMART! SMART stands for Specific, Measurable, Attainable, Realistic, and Time-bound. The financial planner must ensure that both your goals and your timeline are attainable.
BENEFIT #3: HAVING PEACE OF MIND
Certified financial planners have years of education, training, and experience working with different clients of diverse situations. Their broad professional background aids in assessing your needs. They are qualified to give you advice that reflects the best practices of the financial industry. Simply put, having a financial planner gives a sense of peace when it comes to knowing that you have an in-depth financial strategy in place.
BENEFIT #4: HIGHLIGHTING THE MONEY MISTAKES YOU MAKE
Analyzing your holistic financial picture exposes the mistakes that you are currently making.
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For instance, you disregard some of your credit card debts. This leads to paying a significant amount of money for penalty fees. Said mistake will be highlighted to ensure that you can apply an efficient fix.
Whether Singapore is the most expensive city in the world or not, you should be able to explore the country freely. Take it in the most literal sense!
#1: DEDICATE A DAY FOR THE ARTS
As a concrete jungle, Singapore does not have numerous natural attractions. However, it boasts its variety of exhibitions and museums. Where can you begin your creative journey? Consider visiting the National Museum of Singapore. Its the country’s oldest museum. Then, you may hop a ride to Singapore Art Museum. Its contemporary take on art will warm your hearts. Lastly, you may visit a museum that features Asian cultures in a humble light. I am referring to the Asian Civilisations Museum, which overlooks the Singapore River.
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Enjoy free admissions to these museums by presenting your NRIC to validate that you are either a Singaporean or a Permanent Resident.
#2: TAKE A TRIP DOWN HISTORY
Take some time to explore the historic route of the first HDB developed town – Toa Payoh. You may explore the facilities inside the Toa Payoh Sports Complex. Did you know that the 1973 South East Asian Peninsular Games was held there? As a resident of Toa Payoh, I can attest how efficient and convenient it is to have a wealth of fitness facilities close-by.
Adults with a youthful spirit can feel nostalgia by visiting playgrounds with soft sands. Relive your joyful childhood memories by walking or running in the Toa Payoh’s dragon playground. After all, it is the last of its kind!
#3: TAKE CARE OF ANIMALS
Making a difference starts with a single step. As an animal lover, you may leave a mark by helping a cause that houses abandoned animals. Said furry friends have physical and emotional well being too. It is time to give the support that they need! Volunteer at the Society for the Prevention of Cruelty to Animals.
Volunteering to causes such as this one is not a piece of cake! It requires a ton of patience, commitment, and passion for animals. Are you up for that?
#4: SHOP AT THE REALLY REALLY FREE MARKET
You read that right! One of the country’s beloved flea markets is the the Singapore Really Really Free Market (SRRFM). SRRFM welcomes anyone to sell their goods or services by setting up their own stall. You are encouraged to roam around to experience different treats along the way.
Image Credits: facebook.com/srrfm
Who knows what gems await you? Will you be able to hunt old vinyls or vintage clothing? There is only one way to find out! Head to the next event by following their Facebook page.
It’s hard to believe how many saving opportunities there are within just one year. There’s Black Friday weekend, pre-Christmas period, post-holiday time and there is this: the Great Singapore Sale. What is it about and is there anything you still don’t know?
Fact 1: More is more
The Great Singapore Sale is so much more than just the sales. Over the recent years, it has grown so much that both the stores and the city itself organise concerts, lucky draws and other attractive activities for locals and tourists. Instead of mere shopping sprees, it’s an excellent opportunity to meet new people, immerse yourself in the local culture and see what’s happening in other parts of the city.
So who’s participating? The simple answer is: anyone who’s trading can take part in the GSS and offer their customers deals and discounts. Registration is not necessary, and there is always a possibility that your favourite store is taking part. Currently, online shops, such as Zalora give their users opportunities to save tons of money on luxurious products from top brands with discount codes and seasonal markdowns.
Fact 2: What purpose does it serve?
For any group invested in the event, the answer is different. On the one hand, the economy needs our taxes to thrive. The more we spend, the more taxes merchants pay and this is directly reflected in the services we receive as locals. For shoppers, it’s a wonderful opportunity to stock on all kinds of goods, from fashion to house appliances. Some people don’t buy anything throughout the year and do all the shopping from June to August. Finally, it’s a fantastic opportunity for local businesses to advertise their services to locals and tourists. If you love their products, chances are you will return before the next year’s GSS. What if you have no time for shopping due to a busy schedule? Anyone can stay updated at all times thanks to the event’s official app.
Fact 3: Why is it so long?
It all started in 1993, and before 2016, the event lasted for only a few weeks. However, it was proven that tourists from other countries, like China, often visited Singapore and would have benefitted from taking part in the GSS. This is why the year 2016 was the first one where the shopping spree was extended to ten weeks. This year’s event started on the 8th of June and is scheduled to end on the 12th of August. There is still plenty of time, but stocks don’t always last for too long at these prices. Of course, those who reside in other countries can take advantage of international shipping offered by many stores. In Singapore, on the other hand, Lazada brings many household items and gadgets with the Great Singapore Sale for less.
Fact 4: How can you make it more convenient for yourself?
In the past, you wouldn’t have known about the sales unless you went to the store or someone you know had told you about them. Fortunately, with online shopping, it’s no longer the case. The Internet gives infinite opportunities to all shoppers who want to get the best value for the smallest money. Most of the shops, even those which carry luxurious goods, now offer online sales to shoppers. What is more, they can be found both on- and offline. If someone prefers to go to the shop, they can view the information on promotions on the internet and then check them out in person. Those who like to stay online can visit discount websites, such as Picodi which gathers all those fantastic GSS bargains in one place.
As you can see, there is always something to learn about The Great Singapore Sale and the fact it’s getting bigger and bigger every year only shows that the sky truly is the limit. With the right attitude and a little planning, you can furnish your house, restock your closet and buy all essentials for your upcoming baby. All of that for considerably less money.
