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POSB LAUNCHES INNOVATIVE “BANK AND EARN” PROGRAMME

FIRST BANK IN SINGAPORE TO REWARD CUSTOMERS WITH MONTHLY CASHBACK FOR REGULAR BANKING TRANSACTIONS

With “POSB Cashback Bonus”, customers need only to fulfil three or more types of regular banking transactions to enjoy cashback rewards, without the need to make additional deposits

It pays to bank more with POSB – customers can earn up to SGD 130 per month via salary crediting, credit card spending, home loan instalments, insurance premiums, or investments

SINGAPORE, 17 October 2016 – POSB, Singapore’s oldest and most loved bank, today announced the launch of an innovative “bank and earn” programme which will reward customers with cashback every month through regular banking transactions. This programme is also the first-of-its-kind in Singapore which allows customers to earn straight cashback rewards without making additional funds deposits on their account balances.

The “POSB Cashback Bonus” programme is the first of its kind in Singapore to offer customers direct monthly cashback simply by fulfilling at least three types of regular banking transactions. This is a simple programme for customers to earn cashback as the majority of POSB/DBS customers are already conducting these transactions with the bank. For example, customers will only need to conduct at least three of the following transactions every month to earn up to SGD 130 per month in cashback rewards:
1. Credit their monthly salary (Minimum amount of SGD 2,500; cashback of 0.3%; monthly cashback cap of SGD 20)
2. Spend on their POSB/DBS credit cards (No minimum amount required; cashback of 0.3%; monthly cashback cap of SGD 20)
3. Pay their monthly home loan instalments (No minimum amount required; cashback of 3%; monthly cashback cap of SGD 30)
4. Pay their POSB/DBS insurance premiums (No minimum amount required; cashback of 3%; monthly cashback cap of SGD 30; insurance products should be purchased after signing up for the programme)
5. Invest through POSB/DBS (No minimum amount required; cashback of 3%; monthly cashback cap of SGD 30; investment products should be purchased after signing up for the programme)

See below for two examples of how a customer can earn generous cashback rewards from regular banking transactions:

Earlier this year, POSB conducted a survey among some 800 customers on their reward preferences based on their banking relationships. The majority of customers responded that they prefer the following features for their banking accounts:

· Rewards structure that is straightforward and simple to understand
· Cashback rewards which are credited to their accounts regularly
· Rewarded based on their multiple relationships and transactions done with the bank
· No requirement to make additional deposits to earn rewards

Said Jeremy Soo, Head of Consumer Banking Group Singapore, DBS Bank, “We are delighted to introduce this programme that rewards our customers based on their banking relationships with us. Currently, most of our customers are already conducting regular banking transactions with us and this means that customers can simply enjoy monthly cashbacks with ‘POSB Cashback Bonus’ without doing a lot more. As the ‘People’s Bank’, we are committed to offering our customers greater value through innovative products and services, and to providing superior deals for them to enjoy.”

To enroll in the “POSB Cashback Bonus” programme, customers simply have to log on to POSB/DBS iBanking to register, and nominate a deposit or credit card account to receive their monthly cashback. Visit www.posb.com.sg/cashbackbonus for more information on the programme.

In 2013, the bank launched the DBS Multiplier Programme to reward emerging affluent customers for consolidating their finances with DBS. With DBS Multiplier, which was recently enhanced in August 2016, customers are able to enjoy a higher interest of up to 2.68% p.a. on their account balances by fulfilling any three of the five transaction categories. The programme has been a hit with customers and the bank has now more than 90,000 accounts. For more information on the “DBS Multiplier Programme”, please visit www.dbs.com.sg/multi.

How Millionaires Spend Their Cash

Singapore values money and money follows the country with equal passion. According to Forbes, the Little Red Dot is one of the world’s fastest growing wealth hub with about US$1.3 trillion (S$1.8 trillion) assets under its hood. The latest data highlighted that 1 in 30 Singaporeans were millionaires in 2012. It was predicted that this statistics will elevate to 1 in 20 Singaporeans by 2017.

Along with these figures come the stories of outrageous affluent indulgences. Here are just some of them:

BAGS MADE FOR THE ROYALTY

Nothing says luxury better than a designer bag that is artistically touched by the hands of a royal craftsman. Singapore-based designer EthanK utilized his artistic skills to design bags for the members of the Middle Eastern royalty.

Stand out from a crowd of Birkin-toting women by carrying an extraordinary handbag by Ethan Koh! His bags are made with a technique that fuses exotic skins (e.g., lizard or python) with dyes, which are often in stunning jewel hues. People are attracted to Ethan’s creations due their unique designs and superior quality.

No design is restricted for Ethan, who stated that: “My creations are for the nonconformists and imaginatives. A true result of cultural and couture dialogues.”

COCKTAIL INFUSED WITH DIAMOND

Do you want to experience an extravagant cocktail at one of Singapore’s most luxurious nightclubs?

If you answered affirmative then, you have to fork out about S$32,000 to experience the “Jewel of Pangaea”. The Jewel of Pangaea consists of vintage Krug, Richard Hennessy cognac, smoke-infused sugar cube, and 1-carat triple X diamond from Mouawad.

The renewed mixologist prepares the shining jewel garnishing over foamy liquid of gold in just 45 seconds. 45 seconds – the short amount of time it would take to flush your S$32,000 down!

NAILS THAT ARE LOVED BY HOLLYWOOD’S A-LIST STARS

Some millionaires do not settle for the average mani-pedis as they prefer the world-class services of Bastien Gonzalez’s Studio at the St. Regis Singapore. St. Regis Singapore’s recognized Remède Spa houses the Pedi:Mani:Cure Studio by Bastien Gonzalez. Its renowned treatments were reported to be the favorite of celebrities in the likes of Gwyneth Paltrow and Naomi Campbell.

The basic manicure (about S$145) or pedicure (about S$195) are completed with pearl-infused buffing cream,chamois buffer, and more. It leaves your healthy-looking nails with quality luster at the end of the service. Book a reservation by visiting the website at remedespasingapore.com/bastien.

RENT THAT QUALIFIES FOR THE 5-FIGURE REALM

A millionaire has over S$20,000 at his or her disposal. With that mind, one can move into The Ritz-Carlton Residences for merely S$21,000 per month. This significant amount of money allows you to savor a 4-bedroom space that spreads across 3,057 square feet.

Image Credits: propertyguru.com.sg

Not to mention, there is a spectacular view of the city skyline from the balcony and the entire space is fully furnished! Not to mention, there is a spectacular view of the city skyline from the balcony and the entire space is fully furnished!

Source: CNN

When Shall You Ask Your Parents For Financial Help?

I cannot deny the fact that there is a wealth of financial information available in the Internet. However, the most underused financial support may be located at the comfort of your own home. Admitting you need the financial help of your beloved parents is not a simple task, but it is crucial in specific cases.

Know when to ask your parents for financial help and when not to.

DO’S: DO ASK FOR MONEY WHEN YOU ONLY NEED A RELATIVELY SMALL AMOUNT.

You are days away from receiving your coveted paycheck. The only problem is, you end up spending more than you meant. It happens! If you are lacking a few bucks to get through the days, you can call your parents to ask for a small loan. An extra S$50-S$100 can make all the difference at the end of the pay period.

This relatively small amount will be easy to return. Furthermore, it will not pose too much strain to the finances of your parents.

DON’TS: DO NOT ASK MONEY FOR A VACATION.

It is totally acceptable to ask your parents for pocket-money in order to fund your school excursions. However, it is not appropriate to ask your parents for travel fund if you are employed on a full-time basis. Reaching your dream vacation comes with a bag of determination and a realistic budget. Like a mature adult, plan to save the necessary amount and earn extra money if you have to.

DO’S: DO ASK FOR MONEY WHEN YOUR EMERGENCY FUND ISN’T ENOUGH.

Unforeseen events can spiral at any moment and you will not be able to handle every situation on your own. No one can predict that a vehicular accident may strike even if an individual safely cruises his or her car everyday. This may entail a significant medical procedure that the insurance company cannot cover. When your emergency fund and your back-up financial plan cannot cover all your expenses, it is acceptable to ask your parents for support.

DON’TS: DO NOT ASK THE IGNORANT FOR ADVICE.

My friend grew up with a silver spoon. His family had multiple properties and threw multiple parties. Basically, they purchased whatever they wanted. His parents’ mindset was that their money will last forever. Since his parents highlighted on the short-term wants rather than the importance of the long-term financial goals, my friend copied their spending patterns.

No money management skills were shaped during his younger years. He carried this out as a young adult. His parents appeared to have everything in order. But if you look closely, you will realize that his parents did not handle their financial responsibilities well. Decades went by and my friend’s family lost everything they once owned.

Image Credits: pixabay.com

If your parents are clearly not displaying financial discipline, do not mimic them. Educate yourself about the importance of savings, investments, and retirements plans. Sometimes, it is better to do things on your own.

Sources: 1 & 2

Creative Ways To Earn Money On Snapchat And Instagram

Social media platforms have infiltrated our lives. According to the findings of the Connected Life by Kantar TNS global study, Singapore ranked third among the countries of APAC.

Third in which scale? Well, third in the usage of Instagram and Snapchat apps. Considering that Singapore’s connectivity speed is impressive, it comes as no surprise that more and more people are using these two apps.

Put your knowledge of social media into good use by earning cash on the side!

SELL YOUR PRODUCTS OR SERVICES

With the knowledge that social media allows daily access of diverse consumers, one of the most obvious methods to make money through this platform is to post an advertisement. For example, you may clean up the clutter in your closet and find the things that you deem to be unused or underused and sell them to your friends and family through Instagram. Or, you can turn your hobbies (e.g., baking cupcakes or making jewelries) into a home-based online shop.

You can either use your personal Instagram account or set up a secondary business profile. Instagram’s business profile allows you to add details (e.g., contact number and location) so that interested individuals can directly reach your brand. Interestingly, it includes a tool called “Insight” that enables you to learn more about your followers and to observe how your posts are performing.

PROMOTE FOR OTHERS

It never crossed my mind that I could be paid to share a selfie simply because I am a blogger. I once gave a “shout-out” for a humble jewelry business while rocking some of their products. No! I am far from a huge celebrity nor am I as close as the famous social media personalities. However, I have a decent amount of followers. Marketers seem to ensure people like me when it comes to promotion.

Well, it might be due to the trust placed by the consumers. According to Singaporeans aged 16 to 24, they seem to accept the information shared by the social media personalities rather than the information distributed by the brands themselves. You may take advantage of this ideal by selling your selfies and shout-outs in Instagram and Snapchat (considering that you have a relatively huge following).

For instance, you can feature the songs of rising artists on your Snapchat live stories. Keep in mind that the stories are no longer auto-advanced, which is why you must maintain the interest of your audience.

EMPLOY AFFILIATE MARKETING

How often have you seen websites with sidebar banners that publicize their partners and other affiliates? This is called affiliate marketing. The same principle applies when you are rolling it over to Instagram. You use affiliate marketing to receive cash for the sales of the products or services that you promoted. Use catchy taglines and vibrant HD photographs to drive more sales through an affiliate code or a URL (i.e., to be attached in your profile bio).

SELL YOUR ACCOUNT

If you are ready to quit your social media addiction, consider selling your account along with the audience that you carefully built. Your hard work will not put to waste as budding businesses and other individuals are interested in managing an established account.

Image Credits: pixabay.com

Simply wipe out your sensitive information as well as all your uploads before handing it out to the new owner.

Sources: 1, 2, & 3

How To Get Your Finances In Order After Bankruptcy

While experiencing bankruptcy is tragic and bouncing back is challenging, there are some strategies to get your monetary train on track.

1. COMMIT TO CHANGE

You are feeling isolated and helpless due to the recent loss of your assets, bank accounts, and primary source of income. Declaring bankruptcy can shake one’s confidence in many ways. However, you need to be reminded about the brighter things ahead. Is there any place to go to than up? The best thing that you can do now is to pick up the pieces and put them back together.

The first step is to make a strong commitment. Change your financial habits and be ready to perpetually follow through a plan.

2. ANALYZE THE CIRCUMSTANCE

You must analyze the overall financial circumstance that you are in, especially the events that led up to your downfall. Figure out the financial mistakes you made in the past and avoid repeating it in the future.

I have to admit that some setbacks are due to factors that are beyond your control (e.g., layoffs due to recession). While others are due to poor financial decisions. For instance, you became addicted to retail therapy and exhausted all your income on designer goods. You skipped out on emergency fund in favor of your fashion sprees. This is why you must come up with a plan to dig yourself out of the financial trap.

Image Credits: pixabay.com

3. FIX YOUR BUDGET

A new budget will help you rebuild your wealth by placing some constraints on your spending. Treat this as a map that will guide you to your financial goals. Now, let us start with the income. It is most likely that you are left with a single source of income that pays a minimum amount. Search for other part-time jobs or additional streams of income that can aid your journey. Face the uphill battle with a realistic budget.

Find ways to ensure that you are spending less than you are earning. I know it is not easy at first but, you have to endure the tides. Cut the unnecessary spending that you can spot in your previous budget. Rather than purchasing a smaller flat, ask your friends or family if you can crash their homes and pay a “rent” for the meantime. Lastly, sell your mint condition items to earn more money on the side.

4. PAY OUTSTANDING DEBTS

Contrary to popular belief, bankruptcy will not dissolve all your debts. You are not entirely safe yet! Although many of your unsecured debts were discharged, other forms of debts may still be on hold. This includes child support and student debt.

This is why you must gather and organize your financial documents. Determine all your obligations and list them down. Then, figure out various arrangements to pay off each one.

5. KEEP THE FAITH

The graceful bamboo stands firm in a beautiful sunny day. But, it is not always sunshine and rainbows. As strong winds gush through the forest, the graceful bamboo sways with the breeze. Be pliant like a bamboo. Embrace the strong winds of life much like this graceful creature does!

Image Credits: pixabay.com

No plan is entirely perfect and roadblocks are inevitable. Do your hardest to rebound from every setback and reverse the financial situation. The worst thing that you can do right now is to give up!

Sources: 1 & 2

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