MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

How And Why You Should Start An Online Business Now

Have you been wanting to start your own business but your intended capital would not suffice? Or maybe the thought of leaving your children at home prevents you? Well, that shipped has sailed when people from the Silicon Valley introduced the “Online Business”. Online business (OB) allow you to sell your product or service at the convenience of your own home and your own time.

Here are the other reasons why you should open your own OB now:

1. SPEND LOW COSTS ON THE START-UP

Once you settled the costs of the products or services that you are planning to sell, you can start opening an OB for S$15.48 or free! The S$15.48 only applies if you want your own website domain name. For example instead of having “myshopname.blogspot.com” you can have “myshopname.com” to appear more professional. Go Daddy sells the website’s domain name at S$15.48 for the first year.

2. WORK ON THE PROJECTS YOU LOVE

Not only do you get to explore your interests and hobbies when thinking of a business idea, you also get to work on something you are really passionate about. This will motivate you to improve your business even more.

3. GET BROADER NETWORK OF POTENTIAL CLIENTS

Since you are setting up a business in the Internet where anyone from anywhere can have an access, you gain a wider scope of clients. This will allow you to transact and ship worldwide.

Sold by the idea of an OB? Here is how you can start yours:

1. DO RESEARCH

Know what is available on the market today. See something that interests you? Incorporate that and add something unique. This will be your niche. Also, research on marketing ideas and budget plans by asking your family, colleagues, friends, or even Google.

2. DEVISE YOUR BUSINESS TYPE AND GOALS

Choose the business you would like to start by tapping into your interests, time availability, and accessible funds. Set goals not just for the business but also for your budget plans.

3. FINALIZE YOUR PRODUCTS OR SERVICES

There are a few products that you can sell at a low cost such as essence oils, Ebooks, and stationary. Given that you have sufficient knowledge of Web Designing, you can sell your services online and charge per project.

4. START OPENING YOUR STORE

If you want to set up an online store without spending a dollar, try selling your products and services on either tictail.com or carousell.com. Tictail.com, established in 2012, allows its users to run a nice online store in minutes. Carousell.com, on the otehr hand, allows its users to sell through its mobile App. Both are definitely free and easy to use! Say you are in need of new materials, you may save money by buying bargain items at these websites too.

5. PROMOTE YOUR BUSINESS

To promote your business, you will need to have visibility in various social media websites such as Instagram, Twitter, and Facebook. The good news is that it is totally free to open your accounts in these websites. Also, you can set up a newsletter or a mailing list so people can receive regular updates when promotions or new items are coming up.

Image Credits: springwools via Flickr

As you can see, it is surprisingly cheap to set up your own online business! But, keeping it may take hard work. So, it is important to find a business that follows what your heart desires.

Retire In The World’s Cheapest And Most Beautiful Countries

In 2013, Live and Invest Overseas and International Living examined the best countries worldwide where you can retire for S$1,760/month or less.

Live and Invest Overseas is a trusted online publication dedicated to giving information on retiring, living, and investing overseas. With a similar goal, International Living, established in 1979, had surveyed experts and contributors to get the cost of living information of countries around the world. These are the latest large-scale data available to date:

1. NICARAGUA, CENTRAL AMERICA

Nicaragua, a multiethnic country of approximately 6 million people, is one of the most beautiful countries in America as it boasts its Pacific coastline, Caribbean beaches, and freshwater lakes. You can live for about S$1,350 a month inclusive of utility bills (no air-conditioning), groceries, entertainment, rent, maid (3 times a week), and health insurance. Not a bad way to retire!

2. PHILIPPINES, ASIA

Philippines, a picturesque country consisting of 7,107 islands, ensures that you can enjoy a low-cost island life once you retire. For about S$1,410 a month, you can avail services such as electricity, water, gas, cable TV, Internet, grocery shopping, rent, and entertainment costs. Relax in the beach and reminisce the old times while sipping a fresh coconut juice that will cost you lest than a dollar!

Image Credits: Brian Evans via Flickr

3. MALAYSIA, ASIA

How about retiring close to home? In Malaysia, you can retire for a cost of approximately S$1,450 a month. This is inclusive of utility bills, handphone bills, Internet services, maid (4 hours/week), transportation, health insurance, and entertainment. Keep your healthy physique by buying a bagful of fruits that will cost you only S$5.

Image Credits: Tatiana Vdb via Flickr

4. ECUADOR, SOUTH AMERICA

Aside from English, if you are fluent in Spanish then, you may consider living in Ecuador. With mostly Spanish-speaking citizens, Ecuador known for its rich ecosystem that hosts many species of plants and animals. For approximately S$1,760 a month, you can indulge on utilities, grocery shopping, health insurance, maid (2 times a week), Internet services, cable TV, handphone services, entertainment, and transportation. The top choice of most American retirees is the wonderful city of Cuenca due to its glorious weather and affordable real estate.

Image Credits: andresmbernal via Flickr

Age gracefully by retiring in a comfortable place where you are at peace with your finances! The world is your oyster.

Sources: 1 , 2, and 3

4 Cheap And Awesome KTV Places in Singapore

One of the entertaining activities to do in Singapore is Karaoke. A Karaoke Television (KTV) is a musical machine that allows the people to sing along with the recorded music using a microphone and the lyrics flashed through the screen. Hence, KTV places are the perfect spots for friends and family who want to have fun while channeling their inner diva. Here are 4 of the best KTV places that offer cheap rates in Singapore…

1. TEN DOLLAR CLUB KTV

Dreaming of singing along popular KPop, Jpop, or MPop songs? Dream no more as Ten Dollar Club offers good Karaoke experience at affordable prices. A group of 3 or more people can enjoy singing for up to 5 hours by paying S$10 per person. This price is inclusive of free flowing drinks! Also, you can save a few more bucks, as you are free to bring and eat your own food inside the Karaoke room. Corporate events and birthday parties are welcome too.

Locations:

Aranda Country Club, 60 Pasir Ris Drive 3, Singapore 519497

35A Smith Street 3rd Floor Singapore 058945

Home Team NS-JOM, 31 Ah Hood Road Singapore 329979

2. PARTY WORLD KTV

Party World KTV, a brainchild of Eric Chan, consists of capacious and decorated rooms filled with quality audio equipments, speakers, and large LED screens. They offer wide array of songs enabling everyone to sing their hearts out. Students are able to enjoy their promotion of S$12 each on the weekdays and S$15 each on the weekend. This includes 3 hours of stay with 2 beverages each. All you have to do is to present your student card upon reception.

Location:

177 River Valley Road, Liang Court, Singapore 179030

3. TANG MUSIC BOX

What separate Tang Music Box from the rest are their contemporary interiors. Their rooms are suited with materials such as exotic tiles, exposed bricks, and untreated woods. You get a choice of whether you want to spend hours on the Mini (1-3 pax), Small (3-6 pax), Medium (6-10 pax), Large (11-18 pax), Premier (19-25 pax), and Club room (26-40 pax). The prices are as low as S$10 per person. Also, you can purchase food (e.g., liquor or snacks) at their store called “The Meeting Place”.

Location:

3B River Valley Road, #02-03/04, The Foundry, Singapore 179021

4. TEO HENG KTV STUDIO

Probably one of the well-known places for belting out your favorite Karaoke song is the Teo Heng KTV studio. Not only do they offer good quality KTV experience but they are also considered as one of the cheapest in the market today. This is because they charge by the room instead of by the number of person in it. Prices range from S$8-18 per hour. So, imagine having the maximum of 10 people in a room, that will equate to about S$2-5 per person for a 3-hour session. Now, you can sing freely for hours at a surprisingly good price!

Locations:

7 outlets islandwide, visit here for more details.

Image Credits: Savio Sebastian via Flickr

Should You Borrow Money From The Bank Or Licensed Money Lenders?

Believe it or not, the bank often lends its money to people who are stable enough that they would not need to borrow the money anymore. This is why some Singaporeans turn to alternative ways of acquiring money including Licensed Money Lenders. Now, before you borrow money from any of these options, you must know their differences first.

BANKS

Loaning money from the bank guarantees that there would be future repayment of the principal amount and its interest. A loan can either be specific or open-ended credit up to a certain ceiling amount.

Characteristics:

1. Larger Loans – Banks are ideal for larger loans such as renovating your home, starting a business, or buying a car.

2. Credit Assessment – A good credit score with a low debt to credit ratio is a must to qualify for a loan. And, if you want to pay a low interest rate, you need to be vigilant about your credit score.

LICENSED MONEY LENDERS

Licensed Money Lenders are businesses that are regulated by the Singapore’s Law. Unlike the loan sharks that lend with high interest rates, licensed money lenders’ fees are controlled by the parameters of the Law, which means you can expect to have a fair deal. Some of the known money lenders in Singapore are Max Credit, CashMax Credit and Quickloan Pte Ltd.

Characteristics:

1. Smaller Loans – Licensed money lenders are the ideal option for smaller loans such as paying utility bills, getting your laptop fixed, or repairing your car (even amounting to S$1,500).

2. Credit Assessment – Unlike the banks, licensed money lenders give more leeway in the credit score. This is because they lend a significantly smaller amount. So, if you have a bad credit and you cannot get a personal loan, licensed money lenders are there for you.

3. Transaction Speed – Licensed money lenders approve the borrower’s application within the day itself!

4. Higher Interest Rate – Since they carry more risk for granting loan to people with poor credit rating, they usually charge a higher interest rate and late fees

Image Credits: Taber Andrew Bain via Flickr

Although the license money lenders give more freedom in the credit score, they will reject your application if you have a large sum credit card debt or if you have an outstanding loan from another money lender.

Sources: Investopedia and Sumo Credit Pte Ltd

5 Ways To Have Flawless Skin For Less

Skip Skin or Face Treatments that cost for more than S$300 by rejuvenating your skin with simple kitchen ingredients available at your own home. Isn’t it amazing that you can get flawless skin for less?

1. FIGHT BUG BITES, PIMPLES, AND RASHES

Aside from cleaning your teeth or fixing small holes in your walls, toothpaste can be used as a handy tool to remove bug bites, reduce pimples, and eliminate itchy skin rashes. All you have to do is apply an ample amount of plain white toothpaste on your bug bites or pimple and allow it to stay on your skin over night. Rinse it off immediately in the morning.

2. FRESHEN YOUR SKIN

Consisting of 95% water, it comes as no surprise that cucumbers help freshen and moisturize the skin. Also, cucumber pulp can help improve your skin’s complexion especially if you have redness or irritation. So, place at least two cucumber slices in a plastic bag and let it freeze in the fridge overnight. Remove it from the fridge the next morning and place two slices in your eyes for 10 minutes. Guaranteed instant freshness and less puffy eyes indeed!

3. EXFOLIATE YOUR SKIN

Coffee is not only delicious but also skin smoothening. Exfoliate your skin by mixing coffee grounds with your body lotion. Just dip a wet cloth into your leftover coffee grounds. Massage it from your neck down to your body to wash off the dead skin.

4. REDUCE ACNE, WRINKLES, AND AGE SPOTS

A natural antiseptic (i.e., prevents the growth of disease-causing microorganisms), sea salt helps to reduce acne, wrinkles, and age spots. What a powerful ingredient! Try it at home by adding one tablespoon of sea salt in a 16-ounce bottle of warm water. Spray the solution to a cloth then apply it on your skin. Buy the Origins organic sea salt (500g) for only S$2.80 at Natural.sg.

5. HELP MAKE SKIN LESS OILY

Lemon and sugar are the perfect duo to help make your skin less oily. Like sea salt, lemon is a natural antiseptic that is good for removing bacteria and dirt from the pores. While sugar acts as an active ingredient to open up the pores so that the lemon’s juice can seep in. Simply use half of the lemon and sprinkle sugar on top. Apply this on your face to help get rid of blackheads and acne – leaving you to look more radiant than ever before!

Image Credits: Heather via Flickr

Sources: AllYou and Lifehack

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