MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

5 Appliance Shopping Hacks Everyone Should Know

Are you considering a major appliance purchase any time soon?

Spend your money wisely and save along the way with the 5 Appliance Shopping Hacks Everyone Should Know:

1. WAIT FOR THE HOLIDAY SALES

Aside from the holiday festivities, you will enjoy the appliances bargains. All year-round Singapore’s physical and virtual stores celebrate the holidays with lots of promotions. If you are not rushing, I suggest you wait for the sales on the upcoming Labour Day and Vesak Day on May.

2. AVOID HEFTY MAINTENANCE COSTS

Air pollution is around us, especially during the incidents of haze. Indoor air pollution come in the form of dusts and dirt trodden. These can harm your lungs and contribute to asthma and allergies.

To control the air pollution, you may purchase appliances such as air purifiers, air cleaners, and air humidifiers. However, its maintenance costs can be pricey. So it is better to shop for permanent or washable types of filters such as HEPA filter.

3. CONSIDER OLDER MODELS

It is no secret that you can score greater savings by buying the older models of appliances. Sometimes, stores offer discounts on older models to prepare for the upcoming release of new one.

Since stores constantly rotate the models, the previous models are left at the sides or at the back. Look for those!

4. AVOID CHEAPER KNOCK-OFFS

Knock-offs are duplicates or copies of the authentic or branded appliances. Because knock-offs are built with lower quality than the authentic appliances, it may cost you more in the long-run. The knock-offs’ appliance life is generally short that you may constantly have to buy a replacement. Instead, buy appliances from trusted brands such as Electrolux, Philips, and Whirlpool.

5. BUY ENERGY EFFICIENT APPLIANCES

If you are planning to buy a new refrigerator, air-conditioner, television, or dryer, opt for 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.

Image Credits: nea.gov.sg

To check if the appliance is energy-efficient, please refer to the Energy Label. Aim for appliances with 4-5 ticks. Energy Label is issued by the National Environment Agency.

Sources: 1, 2, & 3

7 Surefire Signs That Your Boss Is Horrible

Research showed that your horrible boss does not only impact your work but also other your life. Avoid this harmful “spillover effect” by knowing the 7 Surefire Signs That Your Boss Is Horrible…

1. YOUR BOSS IS NEVER WRONG

Surely, you have encountered a person who thinks that he or she is never wrong! But what if that person is your boss? It affects everything – including employee job satisfaction.

If your boss does not admit that he or she is wrong then it means that pride outweighs all. Furthermore, it means that your boss is not willing to go out of the “comfort zone” for you.

2. YOUR BOSS GIVES LITTLE TO NO GUIDANCE

When your boss likes to decide in the moment with no clear long-term plans, you work in a very dynamic industry that is bound to have its flaws. With little to no goals to accomplish as a group and as an employee, your company will have no distinct direction.

3. YOUR BOSS IS INDECISIVE

Great bosses make decisions in the most quick and accurate way because they know that time is money. In contrast, horrible bosses make tentative decisions which they frequently re-analyze. This failure to decide may cost you and the company itself.

4. YOUR BOSS CHANGES THE SCHEDULE ABRUPTLY

Since the schedule was given to you beforehand, you made your plans for the day. Or so you thought! You see, your boss decides to change the schedule on the day itself and extend for a few more hours. It has happened to me before and I was not happy about it.

To avoid this, ask your boss to explain and justify why there is a need to change the schedule. If your contract entails rotations in your schedule then, you are good. But it is a different story if your schedule is supposed to be fixed.

5. YOUR BOSS PAYS YOUR WAGES LATE

As we live in one of the most expensive cities in the world, it is important to get your wages on time. If your boss pays your salary late for the first time or due to valid reasons then it is acceptable. However, if he or she does this on a regular basis, you must contact your superiors to address the problem right away.

6. YOUR BOSS PLAYS FAVORITES

Horrible bosses give amazing perks, consistent raises, and special assignments to the employees whom they like the most. In contrast, great bosses encourage their employees to excel in their own way.

7. YOUR BOSS DENIES YOUR VACATION

After staying for a year in the company and your boss does not grant your vacation then, it becomes a legal issue.

Once you are covered by the Employment Act and have worked for at least 3 months, you are entitled to annual leave of at about 7 days (for your first year). You will be entitled 14 days annual leave on your 8th year (of service in the company) and thereafter.

Image Credits: pixabay.com (CC0 Public Domain)

It is important to know your rights before entering the workforce.

Sources: 1, 2, 3, & 4

Married With Benefits: 6 Financial Advantages Of Matrimony

Just as much as money crumbles relationships apart, it can also bring two people together.

As you settle down to the married life, here are some of the financial benefits matrimony can bring:

1. CHEAPER HOME EXPENSES

It takes no doctorate degree to realize that it is cheaper for two people to live together than to live apart. When living together, you are consolidating a singular mortgage or rent expenses. Not to mention, married couples enjoy the advantage of sharing the responsibility for the utility bills. Thus this arrangement can save you hundreds of dollars each month.

2. DOWNSIZED FURNITURE AND APPLIANCES

When married couples move in together, they get to keep some of their old furniture and appliances as they only need a set. Having one set of furniture and one set of appliances will reduce your maintenance costs.

Image Credits: facebook.com/damianwidowskihome

To make more money, you can sell your unused or underused furniture and appliances that are still in good condition.

3. INCREASED FINANCIAL STABILITY

It is easier to cope with the financial woes if you are married. For instance, if you get fired from your job but your spouse is still working, your partner’s income can support your family for the meantime.

4. PROTECTION OF THE ESTATE/S

If you are married, you can protect your partner’s properties and other assets once he or she dies. First, you must get the Will and contact the executors to ensure the smooth distribution of the estate/s to you and other family members. Then, you need to formally transfer the assets as well as the investments to your name.

5. IMPROVED RESOURCES TO PAY OFF DEBT

It is often challenging to pay debt with one income. By combining your income and your spouse’s, you get to expand your resources and increase your savings. Budget your combined income to pay off your credit card debts and other loans.

6. BETTER FINANCIAL ADVICE

In respect to your marriage, your spouse is supposed to know about your spending patterns and your cash flow. Aside from the financial expert, who can you turn to for reasonable and empathic financial advice other than your spouse?

Image Credits: pixabay.com (CC0 Public Domain)

So when making important money decisions, it is best to reach an agreement with your partner first.

Sources: 1 & 2

9 Smartest Ways To Save Money As An Individual Or An Entrepreneur

IMPROVE YOUR PERSONAL FINANCE

1. ELIMINATE AN EXPENSE

Spend at least 5 minutes on examining your last month’s utilities bill or last month’s credit card statement. Use your hawk eyes to look for one unnecessary expense that you can reduce. Whether it is the unusable gym membership or the expensive dinners at the restaurants, you must commit on eliminating it and saving more.

2. KEEP THINGS SIMPLE

Save more on clothing and handbags by keeping your closet “simple”. You do not have to wear the same outfit everyday like Facebook’s founder Mark Zuckerberg or Apple’s late founder Steve Jobs, just save money by avoiding costly designer clothing and purchasing during year-round sales.

3. SHOP AROUND FOR MEDICATIONS

When prescribed with medications, carefully compare the prices from the different providers to get the best price. According to Ministry of Health guidelines, every patient must get an itemized medication bill. To save more, ask your physician if there is a cheaper yet equally efficient alternative especially if you are taking medications on a long-term basis.

CUT DOWN YOUR HOME EXPENSES

4. DE-CLUTTER AND EARN

Save money by increasing your income through de-cluttering. Clean the clutter in your closet and find the things that you deem to be unused or underused because you can sell them online. The old clothing articles of your children as well as your old devices that are still in good condition can be sold too. Sell your items to the global marketplaces such as eBay, Carousell, and Gumtree.

5. CONSUME THE LEFTOVERS

Save the unconsumed food when you either ordered too much restaurant food or when you cooked excessively. Regularly label these leftovers so you can keep track of how long it has been in your refrigerator.

6. UNPLUG REGULARLY

Even if you turn off the switches, your appliances and electronics will continue to consume energy and spike your tariff. So reduce your bills by unplug your cables and electronics when not in use.

Image Credits: moneydigest.sg/wp-content/uploads/2014/12/4153368583_15706e04a2_z.jpg

Instead of leaving the TV on as a background noise, consider using your hand phone as a radio. This small daily act can save you a month’s worth of major electricity.

LOWER YOUR BUSINESS COSTS

7. TAKE ADVANTAGE OF CHEAP ADVERTISING

Use free websites to post your ads. Online classifieds are a good choice as these are cost-effective, convenient to relay contact, visible to a large-scale of consumers, and the you are able to edit a listing anytime. Browse a list of good advertising websites here.

8. EMBRACE MODERN TECHNOLOGY

Instead of buying bulky desktop computers, invest on laptops as they are not only less expensive but they also consume less energy. Whenever possible, use these laptops and Internet tools to communicate effectively. For example, if you are planning to call your international client, call them through Facebook’s free video chat.

9. IDENTIFY THE TAX DEDUCTIBLES

As an entrepreneur, it is important to know the types of tax breaks, reliefs, and deductions you can take. In fact, budding businesses can avail the Tax Exemption Scheme For New Start-Up Companies as well as the Angel Investors Tax Deduction Scheme.

Image Credits: pixabay.com (CC0 Public Domain)

Educate yourself about the tax deductibles by visiting iras.gov.sg.

Basic Guide To Taxation In Singapore

Individuals, corporations, trustees, and partnerships that are carrying on profession, trade, or business in Singapore are chargeable with tax. Fortunately for you, the country offers one of the lowest tax rates in the world.

Whether you are entering the country’s working scene as a local citizen, a fresh graduate or a foreign worker, you must familiarize yourself with the taxation regulations. Start by reading this guide…

AUTHORITY

The Inland Revenue Authority of Singapore (IRAS), formed in 1960, is the statutory board responsible for collecting personal income taxes, corporate taxes, goods & services taxes, property taxes, betting taxes, and stamp duties. In short, it integrates all the revenue collection agencies into one place in order for the processes to be managed better.

The governing laws include Income Tax Act, Goods & Services Tax Act, Stamp Duties Act, and Property Tax Act.

TYPES

For your reference, here are some of the most common types of taxes in Singapore:

INCOME TAXES are charged based on the income of individuals and companies.
GOODS & SERVICES TAXES (GST) are the tariff paid when you spend on merchandise, services, and imported goods.
PROPERTY TAXES are charged to the owner/s based on the expected rental values of the said properties.
BETTING TAXES are paid when betting on the lottery, sweepstakes, or alike.
STAMP TAXES are imposed on legal and commercial documents.

TERMS

To avoid confusion, here are some of the most common terms related to income taxes:

NOTICE ASSESSMENT (NOA)
– NOA shows the amount of income subjected to tax, calculates the tax amount you have to pay, and displays the credit balance that needs to be refunded to you. Simply, NOA is your tax bill.
YEAR OF ASSESSMENT (YA)
– YA refers to the annum in which the income tax is charged and calculated. It is a no brainer!
BASIS PERIOD
– Basis period refers to the previous YA that is relevant to the current YA.
PERSONAL RELIEFS
– Personal reliefs are good news as they are the deductions that help you to save tax.
ASSESSABLE INCOME
– Lastly, the assessable income refers to your total income after subtracting the approved donations and allowable expenses.

Image Credits: pixabay.com (CC0 Public Domain)

For more information about what is taxable and what is not, please visit www.iras.gov.sg.

Sources: 1, 2, & 3

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