MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Why Personal Loan Is Not As Daunting As It Sounds

All is fine and dandy when your life is nicely panned out for you, but as Singaporeans, we can never be too cautious. What if a once-in-a-lifetime opportunity knocks, and you suddenly require a larger-than-expected sum of money to seize this opportunity?

Opportunities can come in different forms in your various stages in life. There may be investment opportunities, a chance to go abroad on an exchange programme, or a chance to further develop your skill sets.

If you find yourself short on cash and need a sum of money to tide you over a short period of time, a personal loan can come in useful.

When we think about loans, most would frown upon it. We would assume that borrowers are incapable of managing their own finances, or that they are financially irresponsible. That is but a misconception, as personal loans are merely tools that can improve our lives if used in a responsible and wise manner.

As compared to home loans, car loans or educational loans which have specific purposes, personal loans are a more flexible type of loan which can be used for almost any purposes you wish. The most straightforward of which are personal instalment loans, where you borrow a lump sum of money from a bank. You can use the borrowed cash for any reason you like. Payment is in fixed monthly payments over a specified time period.

You never know when you might need a loan, but it’s always good to be aware that there is this option out there without breaking the bank. A loan can be useful in the following situations:

A buffer for depleting all your savings – taking a personal loan instead of using up your emergency savings in case of, well, emergencies, and you need the savings
Seizing opportunities with smaller cash outlays – taking a personal loan for immediate cash to enrol in a workshop or class to improve your skill sets and employability, which will result in an eventual higher return
Fulfilling aspirations – perhaps an exchange abroad, a hobby you’ve always wanted to master or even an important bucket list item
Repaying a high-interest loan first – taking a personal loan to pay off higher-interest loans, such as credit card bills

Not all banks and money lenders are created equal. Different financial institutions offer different incentives – some offer lower interest rates while others have lower minimum criteria.

Ultimately, it’s always good to compare loans before applying for one, so you end up with the best bang for your buck for your personal goals and budget – one that has the lowest interest rate, the lowest fees, meets your requirements and has the best welcome offers.

SingSaver offers a convenient platform for comparing between different financial institutions. For a limited time only, get the first 3 months of interest FREE when you apply from SingSaver’s website. That’s not all — SingSaver has also partnered OCBC to offer 0% interest free loan applicable for loan with 2 years tenure.

Not only does choosing the right loan mean meeting your goals earlier, it also means that you can pay off your loans faster.

So while you’re all up for borrowing, be aware of the higher interest rates accounts that you’re liable to paying, so that you clear off those loans first.

Must-Have Travel Essentials Under S$20

PASSPORT CASES

Imagine spilling liquid droplets on the first page of your passport. What is more? Your flight is a few hours away! How can you travel now? Well, this frightening scenario happened to me before. Prevent this from happening to you buy purchasing a passport case.
Keep your valuable identification piece dry and clean by getting a passport case for as low as S$2 at Daiso.

EYE MASKS

If you are greatly affected by beaming lights or vivid stimulations, you may want to wear an eye mask during your long flight or road trip. Eye masks provide soft shades to survive the longest of trips.

Inexpensive eye masks are available at Daiso. However, you may invest in a S$19.90 eye mask designed to let you dwell in deep restorative stages of sleep. I am referring to the ErgoDream™ 3D Ergonomic Eye Mask. It comes with free high-density earplugs too!

ErgoDream™ 3D Ergonomic Eye Mask for Back Sleepers

SMALL PLASTIC CONTAINERS

One of the best gifts that I received last year was a set of reusable bottles from MINISO (i.e., less than S$5). I was able to transfer various liquids such as my shampoo, soap, essential oils, and hand cream.

Makeup addicts can benefit from these airline-approved bottles as well. You do not have to carry the full-sized weight of every product during your trip! You can transfer your setting spray, BB cream, cheek tint, and so much more.

BANDAGES

Some of the most common injuries experienced by travelers are cuts and scrapes. Hence, bandages are vital in a travel first aid kit. It is recommended to buy a set of adhesive bandages containing different types and sizes. This set will help you cover blisters from hiking or cuts from cycling.

Ensure that the bandages are of good quality to prevent it from slipping away. For instance, you may get a pack of waterproof bandage from Watsons for only S$2.

Image Credits: pixabay.com

BONUS: The search for travel-friendly bathroom paraphernalia is over! You may purchase a set of shampoo, conditioner, and body soap for only S$12.90. It is from the Japanese brand Ma Cherie!

How To Strike A Balance Between Work And Personal Life

These past few days, I had the luxury to tune out all my worries and to immerse myself in a 3-day vacation. This brief retreat sent my state of mind into its reset mode. My renewed self became more efficient in the workplace. I, for one, believe in creating a balance between work and personal life.

The core of balancing these two areas is satisfying both your sense of achievement and your hunger for enjoyment. Achievement is gained through growth in the workplace while, indulgence is gained through engaging in enjoyable activities. How do you divide your time, money, and effort to these two areas? It is something that you have to discover on your own.

Meanwhile, may the following tips help you in establishing a work-life balance.

#1: DRAW A CLOCK

In a recent training conference that I attended, the speaker shared how her subordinate juggles fifty preschool students on her own. She faced the challenge head-on while maintaining a household. What is her secret? According to her, the key is time management.

An individual must carefully manage his or her time to achieve what needs to be done. Prioritize your tasks and divide your time accordingly. These are some of the categories that you may follow:

a. urgent and important,
b. important and not urgent,
c. urgent and unimportant, or
d. neither urgent nor important.

Now, let us move on to your personal clock. It is easy to bury yourself into your job when faced with a significant personal issue. However, putting said issues on hold may take a toll on your career. Personal issues (e.g., involving your relationships or health) matter in the long run.

4 Unexpectedly Inexpensive Places to Travel

Image Credits: HollyEma☮, via Flickr

#2: CHOOSE THREE THINGS

Prioritizing is vital in creating a balance between the your personal and your professional life. The root of prioritizing depends on determining what matters to you. For instance, Randi Zuckerberg limits his priorities into three main categories. Randi chooses between work, sleep, relationships, and fitness. Yes! He is the sibling of Facebook’s Mark Zuckerberg.

After uncovering what matters to you the most, you can realistically define the “parameters of success” in each one. What do you have to do to achieve each of these category? Do you need to distance yourself from the activities that distract you from your priorities? Or, do you need to say “no” to some people?

#3: MANAGE YOUR FINANCES

Feeling confident about your finances will help you with both your personal and professional life. The expression “money makes the world go round” is still relevant in this day and age. The amount of cash-flow that circulates throughout your financial reservoir affects the life you lead. It is one of the biggest challenges that Singaporean households face on a daily basis. Hence, finding time to manage your finances is a must!

Track your spending by writing each expense on a piece of paper. To make your life easier, you may download accounting software or financial apps such as Spendee and AceMoney.

#4: LET GO OF PERFECTIONISM

Aside from toxic relationships and unnecessary spending, there are other things that you need to let go. Consider dialing down your “perfectionist tendencies” to maintain sanity. Aiming for perfection develops at a young age. It starts with keeping up with the demands of getting high marks. As you grow up, life gets more complicated.

Image Credits: pixabay.com

I learned the hard way that you must not be too hard on yourself. You cannot be in control all the time. When things do not go as planned, acceptance is the only option. Letting go of perfectionism can help you avoid burnout.

Sources: 1 & 2

Why It Makes Sense To Choose A Bank Mortgage Loan

Before you purchase your HDB flat, you will be faced with the dilemma of deciding between a HDB loan or a bank mortgage loan. This article demonstrates why it may make sense to choose a bank mortgage loan.

HDB loan is pegged at 0.1% above the interest rate of CPF Ordinary Account. Therefore, the current interest rate on HDB loan is 2.6%. However, you might be able to save on your interest payment if you choose a bank mortgage loan instead. Based on a comparison result from SingSaver, the interest rate on current bank loans varies from 1.62% to 2.28%. Therefore, if you are looking to borrow a loan amount of $200,000, HSBC’s TDMR-Pegged Package is the cheapest at 1.65%. Using this as a comparison, a home owner would need to pay $907 per month by taking a HDB loan, as compared to $814 per month by taking the HSBC home loan ($200,000 mortgage, 25 year repayment at 2.6% versus 1.65%). Therefore, assuming interest rates for both packages stay constant, a home-owner who took up the HSBC TDMR-Pegged package would have saved approximately $28,000 over the loan tenure.

Banks also tend to reward loyal customers for doing more banking activities with them. By taking a bank mortgage loan, the homeowner will be able to earn higher interest rates on their savings deposited. Some common savings accounts are the DBS Multiplier, Standard Chartered Bonus Saver Account and the Maybank SaveUp Account. The additional interest rate given to your savings is on top of the savings that you may have already incurred as a result of paying lower interest expenses on your home loan.

If you are able to apply a savvy refinancing strategy, you will be able to gain some form of control over the interest rates that you pay on your bank mortgage loans. Some of the strategies include

Actively comparing home loans on comparison website such as SingSaver to get the best quote,
refinance only after lock-in periods are over to avoid paying any penalties,
negotiate with the banks for waivers on items such as legal fees etc.

Therefore, by applying a smart refinancing strategy, you can further maximize the savings on your bank mortgage loan.

Do note that a bank mortgage loan has some slight disadvantages as well. A higher downpayment (20% of purchase value) is required, of which at least 5% must be in the form of cash. Therefore, greater cash outlay will be required when choosing a bank mortgage loan over a HDB loan. However, if your budget meets this cash outflow, then this will not be an issue to you. For such group of prospective home-owners, it makes perfect sense for them to choose a bank mortgage loan.

Here’s an exclusive offer from SingSaver: Apply for a home loan and receive $200 cash upon approval. For more details, click here.

Free Beauty Samples To Request Now

In the money driven world we live in, people value receiving something for free. This is why companies introduce “free beauty samples”. Free beauty samples benefit not only its consumers, but also its manufacturers.

You are given the opportunity to test out products without having to waste your money on a full-sized bottle. These beauty samples come in handy while travelling and while on-the-go. On the other hand, companies directly give the products to you in the hopes that you will like their products. The increasing admiration towards the product may lead to increase in sales.

Singapore is blessed with companies who are more than happy to share their products. Check out these free beauty samples that you can request now:

#1: FOR EXPERIENTIAL ENTHUSIASTS

Website: samplestore.com

As a preschool teacher, we are taught that many people learn best through their experiences. Experiencing a product or a service directly is essential for modern consumers. This is where Sample Store comes in.

Sample Store lets you immerse yourself with up to four samples on a daily basis. You read that right! Get free samples delivered to your doorsteps through SingPost. Start by signing up at samplestore.com and by choosing from their wide product selection. Post product reviews in their website to earn more points and redeem more products.

You are free to explore more than 300 brands, but you can only receive one sample per product in a certain time.

#2: FOR MAKEUP JUNKIES

Website: sephora.sg

Sephora is a place that serves as a haven for makeup addicts. It houses some of the best beauty brands out there! What’s more? Its online store offers free samples upon checkout. Simply comply with the mechanics.

Here are the basic rules that you must follow:

a. Add a saple to your bag at checkout.
b. Only one sample may be added to each order.
c. Samples are available while supplies last.
d. If a sample goes out of stock, Sephora will provide a substitute.
e. Samples are not available during sale periods.

Image Credits: pixabay.com

The current samples circulating the website include products from Make Up Forever, Kat Von D, Hourglass, Becca, and Fresh. You may receive samples of bigger sizes and of higher values by availing the Premium Sample. You can add a Premium Sample when your total bill ranks up to S$120 (i.e., before shipping and after applying the discounts).

#3: FOR HARDWORKING EYES

Website: kao.com

KAO corporation has a variety of products ranging from a sanitary napkin to a steam eye mask. The latter is an interesting one!

It goes without saying that eye strain is common in our screen-dependant society. What better way to refreshen your hardworking eyes that by receiving a free “hot” eye mask. Simply request a sample by completing a questionnaire. It is a rather lengthly form compared to the ones available on this list. Furthemore, they are releasing limited samples.

Here are the other terms and conditions:

a. Sample consists of 1 piece of Steam Eye Mask.
b. Each residential address is limited to one sample request.
c. Please allow 4-5 weeks for delivery of the sample.
d. Entries with incomplete addresses will be deemed invalid.
e. This free sample request is only available for applicants residing in Singapore.

#4: FOR DELICATE SKIN

Website: cetaphil.com.sg

Having sensitive skin is an issue that I had to tackle throughout my life. I lean towards gentle cleansers and organic soaps. Countless hours where spent on testing products that may or may not work for my skin. Not to mention, the prices these products are tagged with. In the course of my determined search, I found an affordable product that I completely swear by. It is none other than Cetaphil.

Cetaphil offers a broad selection of skin care products for babies and adults. Thus, you choose the right product to suit your skin type (e.g., Oily Skin Cleanser for oily skin). Receive a Cetaphil Gentle Skin Cleanser by answering a quick online form.

Now, let us move on to your baby’s regimen. Cetaphil baby is specially formulated for your beloved’s delicate skin. These products are dermatologically tested to help your child maintain a smooth skin and a healthy hair. Receive a Cetaphil Baby Skincare by answering a quick online form.

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