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6 Shopping Faux Pas All Should Avoid

1. SHOP ‘TILL YOU “DEBT”

Do not bury yourself in a pile of debt because you cannot live without the new Prada bag. Saving up for a new designer bag or a new car is a better option than having to loan money for it. Seek a balance between your debts and your savings by paying for loans with low interest first. This will ramp up your cash flow (income – expenses) for sure.

2. AVOIDING COUPONS

Couponing is a strategy used by a shopper to pay less in shopping for groceries, tickets, and more. Smart shoppers that are new to the scene may shy away from coupons but once they see the real value of their savings by looking at the receipt, they would realize how great it is. You may get coupons for dining, leisure, toys, pets services, and just about anything at cuponation.com.sg or groupon.sg. Learn more about how coupon works in groceries by watching this video:

3. MISTREATING THE SALES REPRESENTATIVES

Never show off your success or mistreat the salesperson. Instead, treat the sales representatives nicely by smiling and asking politely whenever you shop. That act of kindness can go a really long way. They may even offer you special discounts or tell you when the next promotions are coming.

4. SPENDING MONEY YOU DO NOT HAVE

Having your credit cards handy will only tempt you to shop for more. Say you hid your credit card already but memorized its account number then you may just fall back to a slipper slope. Use precautions such as getting a new credit card to replace the one that you had memorized. Spending the money you do not have can only lead to a pile of dreaded debt.

5. LEAVING PERSONAL BELONGINGS BEHIND

Although this event happened once, I can never forget what I learned. I went inside the fitting room and hung my bag with my wallet and phone inside. As I was going out of the store with my newly purchased dressed, I realized that my bag was not with me. Luckily, living in a country with low-crime rate paved way for my bag to be in tact. Singapore is generally safe but, we can never really say that crimes do not happen. What if I left my passport inside and someone took it? Even a new dress will not make me happy. So, always check your belongings before and after you go inside the fitting room or any place else.

6. BEING CAUGHT BY THE HOLIDAY SALES

Most of us clamor over the holiday sales!

Image Credits: F Delventhal via Flickr

Who can resist a cheap Valentine’s Day greeting card or an oven that retails for 50% off after the Christmas sale? To avoid buying more than you intend, make a shopping list and stick to it. If you are shopping for more than one person then, budget your money by calculating how much you are willing to spend per person.

Opening A Franchise in Singapore? Know These 5 Things First

Starting a business in Singapore cannot only be expensive but also difficult. As Albert Kong, CEO and chairman of Asiawide Franchise Consultants that advised 650 franchise clients in Asia, once said: “Starting a business in Singapore is much tougher than other countries in the region especially when it comes to dealing with landlords and managing employees.”

1. SAVE LOADS OF MONEY FOR FUTURE EXPENSES

You must save for the franchise fee, renovation of the space, rent requirements, raw materials, and employee salary. Regardless of whether you are making a huge profit or not, the franchisor will request a share in your revenues.

For example, the franchise fee for a cafe is about S$50, 000 for a 3-year contract. The renovation costs may hit about S$100, 000 for only a 600 sq ft place. The rent of this 600 sq ft place costs about S$7, 000 a month. Additionally, the raw materials and employee salary for the first few months costs an extra S$100, 000. These costs heavily depend on your franchisor and landlord.

2. EMPLOYEE EXPENSES ENTAILS HIGH COSTS

Employees in Singapore are among the highest paid workers in the world. Not to mention, as an employer, you will have to contribute a given amount to the Central Provident Fund (CPF). Employees can leave you whenever they want and because of it, you will have to spend more resources to hire and train again. To avoid this, layout a 1-month waiver for employees that want to resign.

3. FAMOUS BRANDS ARE THE SAFEST

A household name such as 7-Eleven is your safest bet if you are franchising for the first time. First, the landlord will be more lenient to you as they know the “required look” of the establishment. Second, consumers tend to buy brands that they are most familiar with. In Singapore, the famous F&B franchises are Subway and Ya Kun Kaya Toast.

4. FOLLOW YOUR PASSION

Follow your passion so you do not feel the stress of costs too much especially during the first few months. If you are motivated by your happiness then, you are more likely to succeed in what you do. Furthermore, you may consider franchising a unique business with a popular brand to avoid the competition.

5. BUILD GOOD BUSINESS RELATIONSHIPS

It pays to have a good business relationship that is open and honest with the suppliers and the landlord so that if disagreement and troubles arise, you can settle it out in a friendly manner.

Image Credits: 드림포유
via Flickr

Sources: Business Insider Singapore

How To Minimize Food Leftovers And Save Money

Food leftover or food waste consists of numerous discarded materials. Over the last decade, the amount of food waste generated in Singapore had elevated by 45%. In fact, in 2013, the food waste rate reached its peak of 796, 000 tones and with only 13% of it recycled.

1. SHOP ONLY WHAT IS NECESSARY

Shopping for groceries? Make sure you buy what is realistically necessary for your whole family. Even though the produce is enticing, avoid being greedy with it, as you certainly cannot consume all of it. Plan out your meals and make a detailed shopping list of the ingredients you need. Stick to the list. If you live far away from the grocery store, be careful about your purchases.

2. COOK THE RIGHT PROPORTION

Mouth-watering massive proportions of food in restaurants sound tempting but you only generate more leftovers once you adapt this culture to your home. Avoid cooking more food than your family can consume. Over-serving your friends and family especially during special occasions will only generate more monetary and food waste.

3. EAT 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.

4. MORE THAN THE EXPIRATION DATES, TRUST YOUR SENSE

Milk, bread, and other grocery products have expiration dates that you can use as guidelines. But, do not solely rely on it. Trust your senses to prevent medical expenses in the event you had a stomach flu or food poisoning. Use your sense of smell, sight, and taste to test the condition of the food.

5. PRESERVE YOUR FOOD BY CANNING

Canning, a method that applies heat to food in a closed container, helps to preserve food and stop its natural spoilage. Lengthen the shelf life of your favorite fruits by following the steps on this video:

What’s more? You can decorate the containers or jars by using paint that you already have.

6 Ways To Slash Your Costly Mobile Phone Bills

Prevent exceeding your monthly budget by taking control over your mobile or hand phone bills. May these tips help you save some of your hard earned money…

1. IDENTIFY YOUR MONTHLY USAGE

Look onto your carrier’s usage information or last month’s billing statement and check your monthly usage. Identify what you really need in terms of number of texts, call minutes, and Internet data each month. Then, start comparing the telecommunication plans available to get the best and cheapest deal.

2. CONTEMPLATE ON YOUR MOBILE PLAN

Examine your plan carefully. What is your telecommunication’s limit for your local and overseas calls, texts, and data usage per month? Does it harmonize with your actual usage? The truth is, majority of people do not maximize the use of their plans. Most under consume and over paying for the phone service they are using. So, consider switching to a lower plan or going on prepaid to save more money and to actually stretch your dollar’s worth.

3. AVOID EXTRA FEE BY COMMITTING TO YOUR CONTRACT

Before you switch to a new telecom, honor your current contract term first. Most companies have a two-year contract. Doing your research on the terms and conditions can save you from paying additional fees.

4. SAVE ON INTERNET DATA USAGE

Avoid exceeding your monthly data allowance by regulating the phone’s settings. For Android users, go to settings then, click data usage to set a limit for a month. If you are using iOS, go to settings then, click cellular to track your cellular data usage every month.

5. USE WI-FI AS MUCH AS POSSIBLE

Using 3G or 4G does not only cost you more but it also decreases your battery life easily. Instead, use Wi-Fi whenever possible. Take advantage of the free Internet network services provided by your school or workplace and save money.

6. REDUCE YOUR CALLS AND TEXTS

Use Free Apps that provide call and text services without adding extra charges to your plan since you are using Wi-Fi connection anyway. These free online Apps are Line, Viber, Tango, and Facebook Messenger among others.

Image Credits: Sam Azgor via Flickr

Money Management Tips From Around The World

Diversity is rich in meaningful insight that extends to financial values and money handling practices. Know more about the 5 money strategies from around the world that you can use in your everyday life…

1. CHINA: MAKE FRUGALITY YOUR MANTRA

China has a strong culture of saving. Being raised by Chinese parents, you will feel that saving at least 50% of your income is normal. In fact, China’s government has saved about 51% of their GDP in 2013, according to the International Monetary Fund. Make frugality your mantra by saving electric bills through charging your hand phone at work and by unplugging everything after usage.

2. ASIA: TRY TO BARGAIN ON ANYTHING

I cannot be the only one who constantly asks if there are discount options or if there is a better price offer. In Asian countries, negotiating is a common practice especially for those who are purchasing in the market or flea. Whether it be computers, bed sheets, or apples…there is always a better price and all you have to do is ask politely.

3. GERMANY: SHY AWAY FROM CREDIT

Germany has a deep aversion towards debt and an emphasis on responsibility. This is why they prefer to pay cash than credit. Having to pay with the money you already have is a wise decision that is accepted by most. This preference for cash is evident as they use one of the most valuable currency denominations in the world – the €500 note.

4. JAPAN: VALUE ONE’S MONEY

In Japan, money is handled with respect and is kept clean and crisp. This is why it is common to give cash as a gift, especially for significant life events such as weddings and funerals. Interestingly, they value money so much that they sell anti-bacterial wallets to sterilize the bills. Treating money with profound respect helps the saver to resist the urge of spending.

5. GUATEMALA: ASK FOR THE FAMILY’S OPINION

Most countries of Spanish decent have close family ties.

Image Credits: Alfonso Lomba via Flickr

This is why before making huge purchases or monetary decisions, some Guatemalans ask for their family’s advice. This is a good tip because you never know who has a connection, a friends-and-family discount, or even an extra of the item so you do not have to purchase.

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