MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

5 Efficient Ways To Save Money Using The Internet

The Internet can be your best financial ally!

1. TAKE ADVANTAGE OF THE SHARING ECONOMY

Sharing Economy is a type of economic model which allows individuals to borrow or rent assets owned by someone else. For individuals and society at large, it presents a variety of opportunities to invent new ways to earn and to solve social issues. All of these opportunities are made possible with the help of modern technology.

If you tired of the mediocre and costly hotel services that do not meet your expectations, consider finding a well-reviewed space from home sharing websites. Cut accommodation costs as well as energy and water consumption by availing the services of Airbnb, HomeExchange, and Couchsurfing.

Image Credits: pixabay.com

Friendly Tip: For your safety, please conduct a careful examination of the place and its owners before renting it.

2. SAVE SOME CASH BY COUPONING

Previously viewed as a hobby exclusive to “aunties and uncles”, couponing is seen in fresh light due to the popularity of online couponing services such as groupon.sg and cuponation.com.sg. My love affair with these websites began when I was a frugal university student. Groupon Singapore helped me to get the cheapest deals on educational workshops in lined my course while, Cuponation helped me to expand my school wardrobe without breaking the bank.

Image Credits: pixabay.com

3. DOWNLOAD FREE SONGS

People who are deeply passionate about the music industry frequently download songs to support the artists, labels, and distributors. Fortunately for these people, the Internet hosts several premium websites that allow people to legally stream and download songs. The sites that I am referring to are mp3.com, Amazon.com, PureVolume.com, and Jamendo.com.

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The wide array of genres and music collections available online will help you find a song that chimes in with your taste. Go check them out!

4. USE FREE AND OPEN-SOURCE SOFTWARE

Stop paying hundreds or thousands of dollars on programs that can be obtained for free with the same level of performance, quality, and reliability. Use free and open-source software such as the packages enumerated on these posts:

a. List of free and open-source software packages,
b. 30 Essential Pieces Of Free (and Open) Software for Windows, and
c. 5 Awesome Free and Open Source Reporting Software Packages.

Image Credits: pixabay.com

5. DOWNLOAD MONEY MANAGEMENT APPS

Eliminate unnecessary expenses and improve your spending habits with the aid of free money management apps such as Mint, MoneyWise, and Pocket Expense Personal Finance. Mint allows its users to track their spending, develop a monthly budget, receive bill reminders, and take control of their financial life. It is available for download on iOS and Android devices.

MoneyWise combines minimalist design with powerful functionality. It may seem minimal but it can do a lot! It allows you to generate charts or graphs, track budgets or spending, and create regular account backups. It is available for download on Android devices.

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Lastly, Pocket Expense Personal Finance fuses all your financial accounts together so it can track all your bills and set your budgets. It is exclusively for iOS users.

Possible Career Shifts To Conquer 3 Dying Industries In Singapore

Whether you are willing to admit that you are in a dying industry or not, it is a difficult disposition that several of us have to face at one point in our lives. If there are substantial evidences that your industry is doomed, perhaps it is time to weigh your options.

1. FROM PRINT MEDIA TO DIGITAL MEDIA

As my university professor have predicted, one of the industries that was negatively impacted by modern technology was print media. I am talking about the tangible reading materials such as magazines and newspapers. A good illustration of this seemingly dying industry is the closure of the Cosmopolitan Singapore last year. According to their 2014 Nielsen Media Index report, the racy magazine’s readership stood at 22,000. These low numbers did not win the hearts of many advertisers! Hence, everything went downhill from there.

More and more readers have turned into digital media with the rapid growth of larger smartphones (with wider screens) and efficient tablets. In 2012, a global study by Ericsson estimated that approximately 1 in 3 Singaporeans owns a tablet. These flat and handy devices provide a more convenient way to download and read digital publications.

If you want to part ways with the print media, consider turning to the “IT” crowd by joining the club of people who switched to the digital scene. Jobs such as freelance writer, social media manager, and graphic designer are up for grabs!

Image Credits: pixabay.com

2. FROM TRAVEL AGENCY TO TRAVEL BLOGGING

Be honest. When was the last time you booked a trip through a travel agent? I do not remember either!

Whenever I am book for my vacation, I do everything in the comfort of my own home. I start by looking extensively for the best airfare deals available. Then, I read several TripAdvisor or blog reviews about my intended destination. This is followed by a series of searching for quality accommodations at Airbnb, Agoda, and Expedia.

Why shall I hire the services of a middleman when I can go directly to the source and save more effort, time, and money?

These thoughts echoes the mindset of many Singaporean travelers. The exit of big travel agencies such as Five Stars Tours is just another sign on where this industry is heading.

With your wealth of knowledge and experience as a travel agent, you can consider to become a travel journalist or a travel blogger. Highly qualified individuals can enjoy a good salary and a free pass to various places in the world. Are you on-board?

3. FROM DEPARTMENT STORES TO FUNERAL SHOPS

Say you were a part of the salespeople who lost their jobs due to the closure of Isetan Wisma branch or Metro Sengkang branch. Consider diving away from selling vibrant products such as perfumes and swimming towards selling “lifeless” products such as coffins. You read that right!

Ironically, the death industry is one of the hottest industries right now. More graduates are now applying for the funeral sector as the younger generations are more dismissive of superstitions. Worry not about being called an undertaker because has been re-branded to “funeral director.” Sounds more sophisticated, right?

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Note: The aforementioned dying industries are based on the predictions made by a recruitment professional, Adrian Tan of Singapore Business Review.

Financial Moves That Recently Divorced Men Shall Take

Much like any other major life transitions, you shall seek support if you and your spouse recently part ways. This may seem like a simple task for some but it can be really difficult for the “macho men” who want to keep their own matters private. As David Blaylock, a LearnVest Planning Services Certified Financial Planner, once said: “Divorce is difficult for everyone involved, but it can be especially challenging for men who don’t typically express their feelings.”

Lucky for you, I collated some of the best financial moves that a person in your challenging situation shall take.

1. CREATE A NEW BUDGET

Recently divorced men usually think about the immediate financial responsibilities such as payment for divorce lawyers and monthly child maintenance. However, they forget that they are basically single again!

With your circumstance, it is best to remind yourself that you are starting a fresh chapter in your life. You have to think about your family expenses (e.g., child’s school fees) as well as your daily expenses (e.g., grocery costs). This is why it is important to create a post-divorce budget that incorporates these two types of expenses.

2. DIVIDE YOUR BANK ACCOUNTS EQUALLY

Allowing your vengeful ex-lover to withdraw all your money is the worst thing that can happen when you have joint bank accounts. Avoid this by honoring your prenuptial agreement. Alternatively, you can discuss the matter as two mature adults.

Given that your former spouse is trustworthy and understanding, you can talk about dividing your joint bank accounts in half. Dividing your wealth equally will entail that you have the welfare of your family and children in mind. If you are the breadwinner in your previous household, it is ideal to make financial arrangements so that the monthly bills are covered.

Image Credits: www.pixabay.com

3. REDUCE YOUR PERSONAL EXPENSES

It can be more expensive if you are living in two separate households unlike before. You may have to pay for two mortgages, two utility bills, and so on. This is why you must cut down your expenses everyday for at least a week and realize your spending habits. Eliminate the areas which are unnecessary such as cable television.

4. AVOID COSTLY IMPULSIVE BEHAVIORS

Sure, binging on alcohol can help you drown the sorrows of yesterday but your problems will not disappear with every bottle you chug! It is not only an unhealthy way to move on but it is also a costly behavior in the long run.

Avoid self-destructive behaviors such as spending too much money on sex, drugs, and drinking. Evidence of said behaviors will only strengthen the case of the other camp.

5. DECIDE ON WHO KEEPS THE RINGS

Since Singapore is a cultural melting pot, we have different beliefs and traditions when it comes to wedding rings. Most people are accustomed to return the gifts that their previous lovers had purchased for them. However, if the ring was an heirloom from your former spouse’s family then you must let her keep it.

Image Credits: www.pixabay.com

If she refuses to give back the rings that you purchased then, be the bigger person and move on! They are merely Earthly possessions after all.

Sources: 1 & 2

What Stock Should I Buy?

Warren Buffett once said, “it is not necessary to do extraordinary things to get extraordinary results.” When it comes to finding stocks worth investing in, we simply need to ask the right questions.

We share 3 of these questions with you, and 3 financial ratios that can help answer your questions.

What if you don’t have a stock in mind? After all, there are over 9,000 stocks on the Singapore Exchange (SGX), New York Stock Exchange (NYSE), NASDAQ and Hong Kong Stock Exchange (HKex) alone and brokers like us offer access to many more markets including Thailand, China, Indonesia, Malaysia and the Philippines.

There are tools out there that can help you identify stocks using ratios like the ones above. Click here to learn how stock screeners can help you identify trading opportunities.

Why The Current Generation Of Singaporeans Must Save Longer For Retirement

It is no secret that Singaporean and expat workers have to face a higher cost of living compared to other cities in the world. In order to cultivate a sufficient retirement fund, these employees have to save nine years longer than the preceding generations. This information is according to the recent HSBC report that included 1,008 Singaporeans who are either working or retired.

Findings in “HSBC’s Future Of Retirement: Generations And Journeys” report showed that the average Singaporean begins saving for retirement at age 32 and continues it for another 29 years. Simple arithmetic will tell you that the previous generations of Singaporeans used to save at an average of 20 years.

Despite having the advantage of saving for a longer period of time, 41% of the participants wished that they had started to save earlier. This tone was supported by the 38% of the participants who stopped saving money due to several difficulties.

Mr Matthew Colebrook, the head of retail banking and wealth management in HSBC Bank Singapore, highlighted that: “in many instances, life events are also getting in the way of setting aside money earlier or in a consistent manner.” This is one of the significant roadblocks that keep Singapore workers from maximizing their retirement fund.

Another roadblock that is worth mentioning is the “tunnel vision” that Singaporeans apply when investing. Often they exclude other forms of assets and focus on cash savings and properties. In fact, the report found that 21% of Singaporeans anticipate that selling or downsizing a property can help them fund their retirement.

Mr. Colebrook made another potent statement concerning this tunnel vision. According to him, “all asset classes’ performance will rise and fall as the current softening of the Singapore property market and low deposit rate environment show us. This speaks volumes for why it is important to seek diversification in a savings plan.”

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To gain information about the diversification of a retirement plan as well as other strategies to grow your wealth, you must educate yourself or even seek the help of a financial professional. A financial professional can help tailorize a strategy that suits your personality and lifestyle the best.

Sources: 1 & 2

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