MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

8 Money-Saving Tips That Every Singaporean Should Know

1. CREDIT YOUR SALARY

Get your salary credited into your bank account to dismiss the lure of spending your it right away. Update your bank account details with your employer and follow the terms and conditions of your bank so that your income gets credited correctly. In Singapore, these two savings account will give you the best interest rates per month: OCBC 360 Account and DBS Multiplier Account.

2. CONVERT YOUR CASH

According to the Economist Intelligence Unit, the US dollar has been stronger while the Euro weakens. If the above hack does not work, try converting some of your money to US dollars. This way, it is more inconvenient to spend. The thought of having to go for and pay for the currency exchange will likely to dissuade you from spending!

3. LEARN TO COOK

If you want to save money on food, it is best to learn how to cook. Start cooking simple meals with ingredients that are easy to obtain such as Omelet, Scrambled Eggs, Fried Rice, and Chicken Rice. Consider going to the wet market as items are sold for a cheaper price there. Remember that aside from rent, your food expenses make the largest impact on your budget.

4. READ BOOKS FOR FREE

To satisfy your bookworm urges, visit the nearest public library and rent a series of books – for free! While you are there, you can catch the free financial talk entitled “MoneySense@The LLiBrary: Understanding Loans & Credit” on April 14, 2016. Go to nlb.gov.sg or more details.

5. GET THE CHEAPEST GYM MEMBERSHIPS

It is no secret that Singapore’s fitness centers are expensive. And let us face it, most of you will not even use your membership perks to its fullest! Thus, it is best to go for the most affordable gym memberships such as the ones on this list. Alternatively, you can make use of your school’s facilities as most universities are fully equipped with gyms and other facilities.

6. EXERCISE FOR FREE

Aside from sweating at the gym, get fit by exercising outdoors. Satisfy your weekly dose of exercise by running in the nearby pavements, park or park connectors. You can also cycle around if that is your cup of tea.

7. GO FOR THE LAST YEAR’S MODEL

To save money on your next smartphone, consider purchasing the last year’s high-end phones such as the Samsung Galaxy S6 (the Samsung Galaxy S7 has been released last month). To save even more, you can review the well-designed phones offered by “less popular” brands such as Xiaomi.

8. DON’T FALL FOR THESE TRAPS

Aside from the diversity of eateries, Singapore is known for the diversity of shopping centers. Naturally, tourists fall prey for the huge “SALE” sign on the window of most shops. However, if you lived here long enough, you will realize that sales happen all year round. As long as there is a public holiday coming up, sale signs will be up too! So only buy an item if you really need it!

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

Genius Ways To Save Money On Your Next Laptop

A laptop is a computer device designed for users who prefer to keep their workstations portable and lightweight. Even with the popularity of modern products such as tablets and smartphones, laptops remain to be a timeless staple. With an array of choices available, it is best to find the best laptop to suit your preferences, needs, and budget. Here are some tips to help you with that:

DO YOUR RESEARCH

Before purchasing anything, it is good to read the reviews and to compare the prices so that your money would not go to waste. For example, if you are planning to purchase a new lipstick, consider searching for Sephora’s products as they are affordable and well-reviewed. And as for your laptop shopping, browse at PricePanda.

PricePanda.com.sg, the leading price comparison website for emerging markets worldwide, provides its users with prices, technical details and other information about the latest gadgets. Aside from Singapore, PricePanda is available in Argentina, Colombia, Indonesia, India, Malaysia, Mexico and Philippines. Laptops can go for as low as S$269 according to the latest data.

DO SKIP ON THE EXTENDED WARRANTY

Most consumer advocates agree that extended warranties are a complete waste of your money. If your laptop has a problem, it will most probably present itself within the first few months. And if something happens to your device’s hard drive after the warranty, ask your company’s IT personnel to help you change it.

DO NOT SHY AWAY FROM REFURBISHED LAPTOPS

Many consumers associate the word “refurbished” to “junk or used” products but, that is not always the case. A refurbished product is once returned to the manufacturer due to several reasons such as faulty battery or minor dents. These laptops are then fixed, overhauled, and repackaged for resale. They basically behave and look like brand new laptops but sold at lower prices.

Buy refurbished laptops from established and trusted retailers to ensure safety. You do not want to be fooled by a Sim Lim Square scam artist just because you want to save some cash!

DO NOT PAY FOR UNNECESSARY FEATURES

Nowadays laptops are fraught with a multitude of features such as back-lit keyboards, greater storage space, and extra SD card slots. But do you really need to spend thousands of dollars for all these features?

If you are just going to use your laptop for the basics, all you really need is the HP Stream 13. This laptop does not come with the flashy features but it is suitable for simply surfing the net, taking notes or making documents. Unless you are using specialized software for your audiovisual work and high-powered computations, this gets the job done for an extremely affordable price.

Image Credits: https://www.facebook.com/Hp-Stream-13-Laptop-Includes-Office-365-1526839064222287/?fref=ts

Image Credits: facebook.com/Hp-Stream-13-Laptop-Includes-Office-365-1526839064222287/?fref=ts

Sources: 1, 2, 3, & 4

Singaporeans, Must You Discuss Your Salary To Your Spouse?

If you were tasked to participate in a television game show to test your knowledge about your spouse, how well do you think you will do? Getting your spouse’s full name correctly is easy. But will you still get it correctly if you were asked about your spouse’s exact income?

According to a 2015 survey by Fidelity Mutual, 43% of the participants had no clue about each other’s earnings. The percentage of couples who were ignorant about their incomes have grown compared to the survey 3 years ago. Furthermore, 1 in 10 people was off by US$25,000 (S$33,700). This is no laughing matter.

You cannot blame these numbers on poor communication alone as the ever-changing economy may also be the malefactor. A shift in the workplace is seen as many employees become freelancers while others work on multiple jobs with unpredictable hours (much like Uber drivers). If your spouse belongs to the cluster of people whose income is relatively unpredictable, you still have to be informed.

Asking anyone how much they make is a taboo subject especially in our Asian culture but if you are planning to spend the rest of your lives with the person, you have the right to know. Your annual household income dictates how you are able to save and your quality of life in general. Knowing each others’ assets and liabilities can help plan your future well (including your plan for retirement).

To put that in perspective, you have to realize that our lives are filled with uncertainties. Emergency expenses, hospitalization fees due to chronic illness, loss of a spouse and unemployment can affect your finances. You have to be prepared. This is why it is vital that married couples communicate and cooperate in managing their finances no matter how much they earn.

As you begin to open up about this subject, it can be uncomfortable for some and fight-inducing for others. Given the extent to which our society judges the person based on how much they earn, this particular subject is susceptible to dangers. Dangers that the other person can feel insecure, frustrated or inferior. But as Richard Vondra, the first Vice-President of Spire Investment Management, once said: “You don’t have to be rich, but you do need to make sure you’re able to support each other.”

Beyond your fear of being judged, knowing your spouse’s income is one of the most basic elements of your finances. Moreover, it may just be the key to your marital bliss! Studies have shown that the happiest couples talk about money and stay out of debt.

Image Credits: pixabay.com (CC0 Public Domain)

Ask yourself: “Will having this financial information change my life?” Then take action based on your answer.

Sources: 1, 2, 3, 4, 5, & 6

Important Money Matters In Marriage

As you may know, money is one of the biggest reasons why couples get divorce. Perhaps the reason why people fight most about finances is because of its measurable nature. With money, the give and take parts are quantifiable. Thus feelings of inequality and resentment can arise.

Discussing money matters may not seem romantic but it is very essential. Here’s where you shall start:

1. DETERMINE YOUR FINANCIAL GOALS AND RESPONSIBILITIES

Setting long-term and short-term financial goals such as establishing realistic budget should be done together. Along with the goals, you must assign financial responsibilities to each other. Who shall pay the utility bills? Who shall do the bookkeeping? Consider various factors such as time, knowledge and skills when deciding which of you shall take the primary responsibility for each task.

2. CONSIDER GETTING INSURED

The vow of “for better or worse, for richer or for poorer…” entails an important promise to live in a financially able home. Buying appropriate insurance coverage, to safeguard you from unforeseen financial hardships, can help embody this vow. Consider these types of insurance:

a. Life Insurance: This policy protects you and your dependents by giving the sum assured under certain circumstances such as being permanently disabled or critically ill. The agreed amount of money is intended to help you and your dependents meet your financial needs.

b. Health Insurance: This policy covers accidents, illnesses, and disabilities that affects your health. To help you and your family deal with the expenses, different health insurance policies are available in the market.

c. Home Insurance: This policy is designed to protect your home and its contents as well as covering any renovation work. Usually, homes that are less than 10 years old or those that are renovated within the last 10 years cost less to insure.

3. ESTABLISH A REALISTIC BUDGET

If you are planning to spend your lives together, it is only fitting that you learn to manage your finances as a unit. Once a month, evaluate your expenses and review important documents (e.g., credit card billing statement or utility bills) to help you create a realistic spending and budget plan for the weeks ahead. Make this a healthy habit to shield your family from piles of debt.

4. DISCUSS ABOUT THE NECESSITY OF A WILL

A Will is a legal document that communicates an individual’s final wishes. It determines not only the distribution of your properties but also the guardianship over your children in the event that both you and your spouse die.

Some people find it difficult to discuss about creating a will as the thought of it seems unpleasant, pessimistic, and morbid. However, think of it as an insurance tool that protects your assets and ensures its smooth transition. It is ideal to make a Will before having children or while they are still young.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, 3, & 4

7 Painless Ways To Curb Your Energy Bills

1. ROLL DOWN THE BLINDS

During summer and hot days, roll down the blinds to prevent extra heat from coming in and prevent your air conditioner from running more on energy. Do the opposite during the cold weather to keep your home naturally warm.

2. INVEST ON WINDOW FILM

If the blinds are still inferior with the Singapore heat, consider investing on window film or window tint. Believe it or not, window film eliminates as much as 90% of the heat and about 99% of the UV rays passing through your windows. As lesser heat is accumulated in your home, there is a great chance that you will use your Air Conditioner less (eventually lowering your electricity bills).

You can either have a professional install your window film or save more money by installing it yourself. Get a Korean Solar Film for only S$29.90 at Qoo10.

3. WISELY SELECT YOUR NEW APPLIANCES

As you shop for a new television, refrigerator, air-conditioner, or dryer, consider the ones that are energy-efficient. Energy efficient appliances can help you save several dollars each month on your water and electricity bill. These seemingly minute savings add up quickly to about hundreds or thousands per year.

To check if the appliance is energy-efficient, please refer to the Energy Label issued by the National Environment Agency.

4. LET YOUR DRYER REST

Instead of constantly putting your clothes in the dryer, hang them properly in a clothesline. The dryer can contribute to a major chunk of your energy bill because it feeds on a lot of energy. By letting your dryer rest, you can save about S$103 a year. That is if you regularly have 6 loads per week and take 20 minutes per load.

5. SLEEP IN A COOL ROOM

Like the dryer, the air conditioner eats up a lot of your energy bill. To lessen your Air Conditioner’s (AC) energy consumption, let it run for an hour before you go to sleep and switch to a fan after the room has cooled down. Alternatively, you can set the timer of your AC unit off at least 30 minutes earlier than usual.

6. UNPLUG THE POWER STRIPS

Power strips or otherwise known as power bar, extension block or trailer lead, can spike your electric costs even if you turn it off. Accounting for about 5-10% of your home’s energy bill, the best way to save from this is to unplug it completely. Unplugging your power strips can save you approximately S$70-330 per year.

7. SEND YOUR OWN METER READING

Once every 2 months, SP Services send someone to read the your electricity meter outside your home. This reading is usually estimated. So prevent overcharging by submitting the current meter reading to SP Services’ Whats App number: 8482 8636. You may also call 1800 2222 333 for other billing and meter reading inquiries.

Image Credits: pixabay.com (CC0 Public Domain)

Consuming energy efficiently will not only save you money but it can also contribute to saving our Mother Earth.

Sources: 1, 2, & 3

Search the site