MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Newbie’s Basic Guide To Smart Shopping

1. BATTLE BETWEEN NEEDS AND WANTS

If you want to be a smart shopper, it is important to stick to what you need to buy and what your budget permits. Knowing the difference between a perceived deal and an actual deal is also a must. For instance, you find a studio that offers 80% off their Pilates classes, but you have no passion for it, then you are still wasting money if you purchase the deal.

2. CHOOSE THE RIGHT CREDIT CARD

Committing to smart shopping entails a credit card that has the best rewards. By that I mean, you must find the best card that aligns with your purchasing habits. For instance, if you intend to save more on flying then get a frequent flyer miles card. To each your own cards match.

3. GET OFF THE ELECTRONIC MAILING LISTS

Most of the stores especially those that are online makes you give out your email details. This can break your savvy shopping strategy. Being a newbie, you may not be able to resist the urge to shop once you learned about the deals available, so it is recommended to unsubscribe from the mailing list right away. This simple change will eventually break the bad habits.

4. STICKING WITH THE MONEY YOU HAVE

If you cannot trust yourself with the responsibility of holding a credit card, then stick with cash and debit card. It is best to spend the money you already have rather than to swim in a pile of debt. You may allocate a portion of your budget per month to a category called “shopping money” so you will be sure that you always have money to spare.

5. FREE SHIPPING IS NEVER FREE

Free shipping is usually offered in more expensive items and by comparing prices you will find out that an item at a lower price is much cheaper with shipping included!

Image Credits: Yoel Ben-Avraham via Flickr

So, when a website offers a free shipping minimum, it is smart to shop what you need and observe if your virtual shopping cart has reached the minimum. This not only gives you a chance to see the prices go up and down to fit your desired budget but it also gives you a chance to save even more money.

6. LOOK OUT FOR DISCOUNT COUPONS AND DEALS

Online shoppers need to know this. Why pay full price for your cart when you can save even more with discount coupons? There are many aggregators out there that offer coupons and deals for online shopping. These sites help benefits customers by giving them varied discount coupons and choices in their shopping experience, by leveraging our relationship with merchants.

For example, shoppers can easily save up to 70% with a promo code for Zalora that can be found on Paylesser.com.

Great Singapore Sale Facts That Every Singaporean Should Know

Great Singapore Sale (GSS) is a shopping extravaganza that happens annually in Singapore.

Citizens as well as guests from all over the world can indulge on the extended period of this year’s GSS, which started last June 3. It is set to run for ten weeks instead of the usual eight. Its official partner card is UnionPay International.

Image Credits: facebook.com/OfficialGreatSingaporeSale

1. PRIMARY PURPOSE OF GSS

The Great Singapore Sale is an event spearheaded by Singapore Retailers Association (SRA) along with the local stores and malls. Its primary purpose is to boost the tourism industry in the Lion City. In fact, the longer sale period was predetermined to better accommodate the tourists hailing from Asia-Pacific countries such as China. SRA’s executive director Anthony Gan stressed that the GSS 2016 coincides with the school holidays in June-August and the peak travel season in July.

This extension may very well increase the influx of tourists but it can also desensitize the locals.

2. ACCREDITED PARTICIPANTS OF GSS

There are no “official” participants of GSS as retailers are not required to submit to SRA guidelines or register with SRA to engage in the event. All the retailers who offer discounts or promotions during the GSS period are considered as the partipicants.

Moreover, merchants are not mandated to use the GSS logo. The decision to do so is left to the business owners because they must think about their own marketing strategies.

3. AUTHORITY GOVERNING THE PROMOTIONS

Aside from the freedom put on the incorporation of the GSS logo, retailers are free to determine their discounts and promotions. The minimum and maximum amounts of discounts, deals, and promotions are left to the hands of the retailers. SRA has little to no say in this.

4. DURATION OF THE RETAILER’S PROMOTIONS

In lined with Fact #2-3, perhaps you have an idea about the designated duration for the store’s sale. It is not compulsory to hold the sale for the entire GSS period. In fact, there were some stores that started their “GSS sale” even before June 3. These stores include Metro and Robinsons.

5. BLOGGER’S INFLUENCE

In 2013, the financial giant MasterCard Singapore launched the Princess Singapore Campaign that featured famous Singapore bloggers. The campaign was a success as MasterCard holders used their cards for a total of over US$1.5 billion (S$2 billion) during the GSS 2013.

6. RISE IN THE TOTAL RETAIL SALES

GSS contributes to the rise in total retail sales in the country throughout the years. According to the Ministry of Trade and Industry’s Department of Statistics, the total retail sales for June and July 2015 was about S$7 billion. It is a 6.1% boost over that of 2014’s.

Image Credits: pixabay.com

Since the flow of GSS is heavily bestowed upon the retailers, the possibilities are endless. Be sure to check out this grand shopping event! 🙂

Sources: 1, 2, & 3

Avoid “Bill Shock”: 5 Ways You’re Throwing Your Money Away

As much as we try to save on bills that swamp us, there are hidden costs along the way that seem to spring up and bite you from the back when you least expect it.

Here, we suss out 5 ways that your next bill may shock you, and how you can prevent it to save yourself from the all-too-often panic attacks.

Phone bill costs

(Image credit: www.saveup.com)

Today’s millennials simply can no longer live without a smartphone. The smartphone is the gateway to everything. Furthermore, it acts as your PA. It reminds you of upcoming birthdays, it keeps you connected to your otherwise non-existent friends, it is your solution to appearing knowledgeable, and is handy for when you need to “keep busy”.

All the little time spent on your phone adds up. And you would have wished you had watched a little less YouTube, served a little less on Instagram, and minded less about people’s business on Snapchat when your monthly phone bill arrives.

For the next month, take control of your phone bills. Free apps such as My Data Manager or Onavo Count make for great tools to monitor your data usage. Both are available on Apple and Android.

Overseas purchase and currency conversion

(Image credit: commons.wikimedia.org)

It is in everyone’s nature to be unique, and looking unique is part of the equation. Therefore sometimes, we cannot help but do some online shopping with overseas brands.

It all seems harmless and appears to be an effective way to shop, until your credit card company charges you at their own currency conversion rate. That is when you realize that the items you bought are not as affordable as you previously thought.

Keep in mind the next time you do online shopping with a different currency. If possible, convert the foreign currency to a local one, so that at least you will not be at the mercy of your credit card company’s exchange rates.

Letting your taxi meter run as you get stuck in heavy traffic

So you inadvertently overslept for work the next day thanks to a soccer match. You flag for the next oncoming taxi hoping to beat time. But when you fall right into the throes of peak-hour traffic conditions, the fare meter is racing as fast as your heart is.

Why give yourself the unnecessary morning stress and panic? You can eliminate fare uncertainty with GrabCar, where you always know your fixed fare upfront. Once you have keyed in your pickup and drop off locations and are satisfied with your fare, all you need to do is wait for your ride to arrive. Unlike metered fares that will jump by the distance or time, GrabCar fares remain constant even if you are caught in a traffic jam.

Unlimited flow of drinks

(Image credit: https://www.rsamelbourne.com.au)

It is your best friend’s birthday, or your cousin’s first promotion at work, and this is a cause for celebration at a bar. It is an occasional splurge, you tell yourself. You make a mental note to make sure no glass on the table is empty, and you put your bill on tab. What matters is that everyone is merry, right?

At the end of the night, you sign your bill off only to realize that you have spent way out of your limit.

Sometimes, it does not take more than a simple suggestion to split the bill between your comrades to spread out your cost.

Hidden charges on restaurant bills

(Image credit: http://www.stomp.com.sg)

Cunning as they can be, some restaurants put extra hidden charges on seemingly great service, such as paper towels, starter bread baskets or drink refills. Before you know it, it is already charged to your final bill.

The next time you frequent a restaurant that does something similar, be wiser about it and clarify beforehand, or decline politely when they serve these (chargeable) bonuses to you.

(This article is brought to you by Grab.)

Which One Is A Better Investment Strategy: Maximizing Or Simplifying?

By definition, maximizing refers to “increasing [something] to the greatest possible amount or degree” while simplifying refers to “making [something] less complex or complicated”. Applying these two opposing strategies to your investments can lead to different results.

Let us find out which strategy is more productive.

With the sole purpose of increasing the value of their portfolios, “maximizers” are vulnerable to the trap of purchasing a product off the bat. They may be too optimistic and expect the best possible outcomes. This idealistic thinking can be far from reality. The truth is, there will always be a few decisions that would not work in your favor.

Aside from investing on the wrong products, maximizers can be overwhelmed and stressed about the abundance of investments that they bought. The mindset of a maximizer is focused on the overall potential that various investment can offer rather than optimizing a single investment.

Sure! You can actually earn five times more than your initial cash-out if you added all of these options. However, can you really pay attention to all of it?

Most people cannot. They end up putting “so-so” effort into each of their investments and fail to achieve the best scenario that they previously envisioned. Also, they end up being drained. Drained investors can become unproductive. Being unproductive may later result to a significant loss.

With all the money at stake, do you still want to maximize?

If your answer is “NO”, try the second strategy called simplifying. Simplifying allows you to create a portfolio that is easier to manage by eliminating complex investments. To tell you frankly, investing does not have to be difficult! You just have to focus on one thing at a time.

Start by analyzing all the possible investment options that you can afford. Next, determine which options suits your personality the best. Remember that investing is more than just about the outcomes.

A powerful mindset that “simplifyers” possess is contentment.

According to Psychologist Barry Schwartz, people who are preoccupied with the best possible outcomes are less satisfied and more susceptible to “buyer’s remorse” than the people who are satisfied with the outcomes that are good enough.

Maximizing can be counterproductive to your investments. The more you try to grow your wealth, the more you can inflict strain and stress to yourself.

Image Credits: pixabay.com

Sources: 1 & 2

What Not To Ask In A Job Interview

1. HOW MUCH WILL YOU PAY ME FOR THIS POSITION?

Asking questions about wages and benefits in the first job interview may potentially send an inappropriate message. You may come off as someone who is more interested with reaping the rewards of the job, rather than coming off as someone who is serious about the position.

Every job seeker is curious about money matters. However, you must wait until the interviewer brings it up or until the later interview.

2. HOW EARLY CAN I GET PROMOTED?

According to Rebecca Woods, an HR Professional in Minneapolis, this is one of the most usual questions that job seekers shall avoid. Put yourself in the shoes of the interviewer. You would not want someone who is expecting immediate gratification!

Instead of asking when are you getting promoted, Woods encourages applicants to familiarize themselves about the ways to reach occupational success.

3. CAN I WORK FROM HOME, INSTEAD?

Your top priority at job interviews is to sell yourself by showing what you are capable of. Do you think that asking special favors such as “working from home” can help you land the job? Of course not.

Unless the job description implies that you can work remotely, do not ask this question. You will be glad to know that some Singaporean companies allow their employees to work from home after they have proven how productive they were.

4. IS THE RUMOR ABOUT YOU…TRUE?

Never ask about the gossips that you heard or overheard. You are not only being rude to the interviewer but you are also engaging in a highly unacceptable behavior. Need I say more?

5. WHY?

People who are faced with questions that begin with the word “why” typically raise their defenses. For instance, “Why did the company fire so much people?” seems more confrontational than “I heard about the recent layoffs. What is your opinion about the company’s future?”

Image Credits: pixabay.com

Phrasing your questions in a friendlier manner can help your chances at getting your dream job!

Sources: 1, 2, 3

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