MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

What On Earth Is ERP?

As far as the majority is concerned, ERP is something that you must avoid during peak hours. Many Singaporeans plan their routes beforehand in order to drive away from the relatively costly charges. But, have you ever wondered why ERP exists?

ERP or Electronic Road Pricing emerged as a means to control the traffic conditions. Managing the congestion is a must as there is a limit to the number of roads that one can build in Singapore.

I have a simple task for you! As you travel to developing countries, observe how demanding it is for drivers to queue up to the appropriate toll booths. The ERP scheme diminishes this problem by deducting your payments in a wireless manner, without seeking further actions from the drivers.

Image Credits: lta.gov.sg

Its robustness paved way for the significant expansion from 2 to 80 distinct gantries (i.e., bridge-like overhead structure with a platform). You see, ERP was activated on the 1998. Its predecessor was known as the Area Licensing Scheme. Drivers in the late 70’s will remember this.

You may wonder how ERP rates are determined. In complex terms: “rates will be adjusted accordingly based on an optimal speed range of 20-30 km/h on arterial roads and 45-65 km/h on expressways”. In simpler terms, ERP rates are determined by a quarterly review of traffic speeds on certain roads. Factors that affect the rates include:

a. the passenger car unit equivalent,
b. the time you entered the restricted zone, and
c. the systemic pattern during peak hours (i.e., charges alter every half hour during peak hours).

Image Credits: pixabay.com

The future of ERP takes form as a Global Navigation Satellite System. NCS Pte Ltd. and Mitsubishi Heavy Industries Engine System Asia Pte Ltd. were appointed to develop this new-age ERP. It will be operational by 2020.

Are you ready for this contemporary shift and its potential effects on the road rates?

Sources: 1 & 2

Single’s Guide To Saving Money On February 14

Cupid’s arrow is up ahead and the pressure to find love is on! There is an abundant supply of deals on expensive getaways, jewelries, and restaurants. Our consumerist culture makes it seem like spending loads of cash is what Valentine’s Day is all about. Personally, I do not buy it!

This view excludes the disposition of numerous single Singaporeans. If you are alone on February 14, you do not have to sulk in sorrow. It is in your control to have a fulfilling day despite your relationship status! Consider these tips:

ME, MYSELF, & I

Everyone deserves a little break every once in a while. Household chores, social expectations, and work deadlines can weigh you down. This is why you must not feel guilty if you want to prioritize yourself on this day. You can create your own rejuvenating retreat at home for less than S$15, get your nails done at Far East Plaza (express manicure costs as low as S$8), or play a new video game from Cash Converter (my friend bought a Call Of Duty disk for only S$8).

Personally, I enjoy vegging out in front of my laptop. Do whatever you want as long as it is within your means!

SHARING BLESSINGS

Random acts of kindness can generate happiness to both the receiver and the giver. As a compassionate individual, you may spread your love to those who need it the most. Simply search for a campaign nearby by visiting giving.sg/volunteer.

Valentine’s Day must not limit you to extending romantic love because making someone else’s day is entirely worth it.

NO PAIN, NO GAIN

“No pain, no gain” used to be the slogan at my father’s fitness center. I learned that fitness centers do not exactly encourage public displays of affection. Put your gym membership to good use if you want to stay in shape and to avoid the affectionate couples.

Exercise not only elevates your mood, but also improves mental clarity.

BLOOMING CREATIVITY

Do you really want to spend hundreds of dollars on a ridiculously priced bouquet that will die in a few days? No matter how grand or vibrant your store-bought flowers are, they will eventually decompose. Be practical and learn how to make origami flowers instead. Give your masterpiece to the people who inspire you the most.

Flowers fade, but your paper roses will stand the test of time.

Image Credits: pixabay.com

Whether you are single or not, February 14 is an excellent time to have fun!

Sources: 1, 2, & 3

DBS/POSB introduces easier ways to deposit “LI CHUN” funds

Customers can deposit funds during lucky timings via DBS PayLah! or avail themselves to over 350 DBS/POSB cash deposit machines islandwide

SINGAPORE, 1 February 2017 – On 3 February this year, also known as “Li Chun” on the Chinese calendar, Singaporeans will be able to make deposits to their bank accounts while on the go via their DBS PayLah! mobile wallets. Available to users from all Singapore banks, DBS PayLah! users can skip having to bank in cash physically on “Li Chun” and simply make electronic money deposits during their “lucky timings”.

Depositing on “Li Chun” with DBS PayLah!

Over the last few years, Singaporeans have taken to the practice of making cash deposits to their bank accounts on “Li Chun”. According to a guide put up by fengshui firm Chang Consultancy, different timings are advised for people to bank in money on 3 February based on their Chinese zodiac sign. This year DBS PayLah! users stand to win SGD 88 when they send an eAng Bao during this Chinese New Year, and double their chances when they deposit money into their bank account from their PayLah! wallet on “Li Chun” day. The draw is open to 100 lucky winners. New users also get SGD 5 when they download DBS PayLah! with the promo code ‘PAYLAHCNY’. For more details, please visit www.dbs.com.sg/personal/promotion/paylah-cny.

Mr. Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank, said, “We’ve been very encouraged by how quickly customers have come to embrace our alternative and digital channels for the Chinese New Year. Last year, customers were quick to take advantage of the convenience provided by DBS PayLah! during Li Chun, with the number of account deposit transactions spiking a whopping 47 times on that day. We also understand that this is the time when parents and younger customers start to deposit cash from their red packets. With this in mind, we have converted some of our popular new notes pop-up ATMs so they have now cash deposit functions, alongside our network of some 350 cash deposit machines. Our aim is to provide customers with more innovative and convenient options to help meet their banking needs during this festive season.”

POSB new notes pop-up ATMs converted to accept cash

Eight POSB new notes pop-up machines will also be converted to accept and dispense cash, and will be available for use in time for “Li Chun”. These eight machines will be located at eight community clubs – Toa Payoh West, Toa Payoh Central, Bedok, Yew Tee, Chong Pang, Henderson, Clementi and Jurong Spring. The machines in Toa Payoh West and Chong Pang will open from 9am to 10pm daily while the remaining machines in other locations will be fully operational round-the-clock – a key benefit to customers who wish to deposit their Chinese New Year funds. Customers can also avail themselves to over 350 DBS/POSB machines with cash depositing functions islandwide. To find out where these machines are located, please visit www.dbs.com.sg/index/locator.page.

Sending eAng Baos with DBS PayLah!

DBS was the first in Singapore to introduce eAng Baos via DBS PayLah! in 2015 and it was quickly adopted by users for the Chinese New Year season. The eAng Bao provides customers with a digital alternative that allows them to carry on the tradition of red packet-giving with their families and friends even if they’re apart. Last year, during the Chinese New Year season, some 20% of DBS PayLah! money sending transactions were in the form of eAng Baos. More eAng Baos are also used – up to 3.5 times as much – during festive seasons. The number of eAng Bao transactions last year also grew by 30% compared to 2015.

POSB new notes pop-up ATMs return to massive demand in 2017

This year, the POSB new notes pop-up ATMs saw a record number of transactions flow through averaging more than 22,000 transactions a day, some 67% higher than last year, and more than double than in 2015. Since its debut in 2015, the POSB new notes pop-up ATMs continue to see large increases in demand. The ATMs served more than 138,000 customers this year, 61% higher than last year. Total withdrawn amounts increased 80% this year with over 14 million in new notes issued, compared to 8.6 million for last year, and 6 million in 2015.

Eight Possible Reasons Why Your CV Got Dumped

If you have not received any confirmation or callbacks, it is likely that your CV (Curriculum Vitae) was rejected. Why is this so?

#1: You are clearly unqualified for the job that you are applying for.

It is as simple as that! If the HR department perceives that you are submitting an irrelevant resume then, they will ignore your application. Making a significant career switch is acceptable as long as you put it in your cover letter.

#2: Your materials were unpolished.

How can you validate your sharp attention to detail if your CV and supporting documents were embellished with grammatical and typographical errors? Having someone proofread your submission will help prevent shameful mistakes and help check your cohesive thoughts.

#3: Your application got lost in the pile.

Some companies receive a massive pool of applicants on a daily basis. They need to seek help from young interns to cover the load. Novice interns may lose your premier CV in the pile. This is why you must send a follow-up after 3 days.

#4: You used an unappealing font.

I completely understand that you want to stand out from the crowd, but a funky font is not the answer. The appearance of your CV is one of the first few things that the HR Department considers. Stick to the trusty “Arial” font!

#5: You have significant employment gaps.

Job hopping has become prolific in the Singaporean workplace. Employers dread the stories of employees who suddenly went MIA. So, they watch out for applicants with significant employment gaps.

#6: You do not seem to be eager to move.

If an expanding company needs to fill a position immediately, your well-crafted resume may be ignored. It does not matter if you are the ideal candidate for the job! What matters most for some employers is your willingness to move.

#7: You used an incompatible format.

Once again, the appearance of your CV is crucial to gain the attention of the recruiters. Ensure that you are using the right type of document when sending your CV. Some companies may prefer a .pdf file, while others may opt for the .docs file.

#8: Your CV was sent thru a staffing firm.

People who have a hard time looking for a job in Singapore can hire the services of staffing or recruitment firms. The only downside is that certain companies intentionally ignore the applicants under said firms.

Image Credits: pixabay.com

You see, staffing firms require charge a substantial amount of money for every role filled. The company may think that it is better on its own.

Sources: 1, 2, 3, & 4

This could be one of the best miles credit card with a rate of 6 miles per dollar spent

I always wanted to see the world — or at least the United States — but i didn’t have a budget to justify it. I started looking for the best ways to accomplish my goal and how to save money on flights. A few years ago, i found something surprising.

By using a strategy, there is a certain group of people that are flying for free every year. Here’s how it works:

How to Fly for Free

A great and affordable way to fly for cheap is by using frequent flyer miles. Cash in your miles, get a free flight and travel for less.

At first, I assumed that you had to fly all the time to earn frequent flyer miles. They are called “frequent flyer” miles after all. As it turns out, that’s the complete opposite of what is true. The best way to earn frequent flyer miles isn’t by flying at all. It’s by finding the best credit card deals for earning frequent flyer miles, free hotel stays, and rewards points.

Best Miles Credit Card

Introducing the new OCBC Titanium Rewards Credit Card that earns you 10x OCBC$ for ever S$1 spent – when you shop online and offline, locally and overseas!

OCBC Titanium Rewards Cardholders are entitled to earn 10X OCBC$ with every S$1 spend, if they perform Local & Overseas Shopping Transactions and Local & Overseas Online Transactions at establishments that fall within any of the following approved Merchant Category Codes (MCC):

MCC 5311: Department Stores
MCC 5611: Men’s and Boys’ Clothing and Accessories Stores
MCC 5621: Women’s Ready to Wear Stores
MCC 5631: Women’s Accessory and Speciality Stores
MCC 5641: Children’s and Infants’ Wear Stores
MCC 5651: Family Clothing Stores
MCC 5661: Shoe Stores
MCC 5691: Men’s and Women’s Clothing Stores
MCC 5045: Computers, Peripherals, and Software
MCC 5732: Electronics Stores
MCC 5699: Miscellaneous Apparel and Accessory Shops
MCC 5912: Drug Stores and Pharmacies (from 17 October 2016 to 31 March 2017)

Making transactions with their OCBC Titanium Rewards Cards from 17 October 2016 to 31 March 2017, through Mobile Payments (Android Pay, Apple Pay, Samsung Pay) will also entitle the Cardholders to earn 10X OCBC$ with every S$1 spend.

You can exchange 10,000 KrisFlyer miles with 25,000 OCBC$. (10x OCBC$ for S$2,500 spend) For the frequent travelers, this is equivalent to 4 miles for every S$1 spent, making it one of the best air miles credit card in the market.

What’s more, from now till 15 Feb 2017, you get to enjoy a higher rate of 15x OCBC$ for a limited time. That is equivalent to a miles conversion rate of 6 miles per S$1 spend. Read the T&C here.

Bonus sign-up promotion

Apply for this credit card before 31 January 2017 and receive $50 Grab, Zalora or Chope voucher of your choice upon card approval. For more information on this promotion, click here.

Play Your Cards Right

Chasing miles would not be a good idea if you do not pay your balance in full every month. As a reminder, live a life with no debt and do whatever you can to lower or erase your debt.

If you do it right, however, you will be on your way to rack up enough frequent flyer miles to fly for free.

POSB new notes pop-up ATMs return to massive demand in 2017

How to Fly for Free

Best Miles Credit Card

Bonus sign-up promotion

Play Your Cards Right

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