3 Top-Rated Budgeting Apps For Android Users

Whether you are managing a business or managing your own finances, saving money can be challenging. Saving money entails that you spend within your means and eliminate unnecessary expenses. Having more money saved up can help you achieve your long-term goals.

Start by downloading these free Android-friendly budgeting apps.

#1: YOU NEED A BUDGET

HIGHLIGHTS
a. Easily connects all your accounts in one place
b. Offers real-time updates
c. Creates an easy-to-visualize plan to help you get out of debt for good
d. Tracks the progress of your financial priorities
e. Has a chat support team that can assist you
f. Free for 34 days

As the name suggests, this app enables its users to create a budget using its easy-to-use interface. You will learn to prioritize certain expenses and find ways to save more money for unexpected costs. Its app and software work both for Windows and Mac computer as well as iOS and Android devices.

Available here.

#2: MINT

HIGHLIGHTS
a. Free app
b. Has an investment tracking system
c. Offers TransUnion credit scores
d. Gives payment reminders to avoid late fees
e. Lets you sync your financial accounts within the app
f. Showcases monthly bill tracking system

Mint is one of the most popular financial apps in the market. It stands out for a variety of reasons. Firstly, it is a free app that can help anyone looking that aims to improve their spending habits. The app is free, but you will be able to see product advertisements.

Secondly, Mint lets you sync your financial accounts within the app or manually add the transactions. This will enable you to keep track of your spending daily. Moreover, it has a monthly bill tracking system that includes payment reminders to avoid late fees. It also offers the ability to view your investments and check portfolio fees.

Available here.

#3: ZETA

HIGHLIGHTS
a. Free app and no fee for joint bank accounts
b. Exclusively designed for couples
c. Has in-app product recommendations
d. Features include early direct deposits, contactless payments, and bills payment

Image credits: unsplash.com

If you are looking for a budgeting app that you can use as a couple, search no further than the Zeta. This app caters to all types of couples including those who are living together or are new parents. You can sync several accounts to track spending, manage bills, and see your net worth. For instance, this app offers a free joint bank account to help you spend and pay bills together.

Available here.

Sources: 1 & 2

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Your Ultimate Guide To Financial Literacy: What It Is & How To Improve It

DEFINITION

Financial literacy is the ability to understand and efficiently use various financial skills including financial management, investing, and budgeting. Financially literate consumers not only manage their money with confidence, but also have a better chance of handling the inevitable ups and downs of their financial lives.

It is the foundation of your relationship with money, which enables you to create a lifelong journey of learning. It will help you understand how to prevent and manage financial issues as they arise. The earlier you start, the better off you will be.

On that note, here are the advantages of financial literacy.

UNDERSTAND HOW MUCH YOU SPEND & EARN

When cultivating financial literacy, establishing a budget can give you a clear understanding of your expenses and income. Once you have a budget in place, you will be able to track your spending and revisit your spending plan regularly. With the variety of budgeting methods such as 50/30/20 plan, you can choose one that suits you best.

PAY OFF & AVOID DEBTS

Searching for the lowest interest rates when comparing loan terms can help you save a substantial amount of money over time. If you already have debt, financial literacy can help you select the best methods to eliminate your debt. You can pay off your credit card balances each month, so you do not get trapped by the interest charges. You can look for a credible expert such as a credit counselor if necessary.

WORK TOWARDS FINANCIAL SECURITY

Saving for retirement will enable you to secure your future. As you become more financially literate, you will be able to examine how much you need to save to obtain your retirement plan. You will be able to carve your action plan too.

WAYS TO BOOST YOUR FINANCIAL LITERACY

1. SET A BUDGET

Track your earnings and expenses each month by using an Excel Spreadsheet, a ledger, or a budgeting application. Your budget should include your incomes (e.g., investments and paychecks), fixed expenses (e.g., rent and utilities), variable expenses (e.g., shopping and travel), and your savings.

2. PAY YOUR BILLS ON TIME

Stay on top of your monthly bills by making sure that payments arrive on time. Consider taking advantage of automatic payments or signing-up for payment reminders (i.e., by email, SMS, or phone call).

Image Credits: unsplash.com

3. BUILD YOUR SAVINGS

Building your savings will help you reach your financial goals. Decide how much you want to contribute each month and stick to it.

4. CHECK YOUR CREDIT SCORE

You can request your credit report from Singapore’s credit bureaus. Companies assess your creditworthiness by looking at the credit score. Having a good credit score has its perks such as helping you obtain the best interest rates on loans and credit cards.

5. MANAGE YOUR DEBTS

Utilize your budget to manage your debt. You can devise a plan to reduce your monthly spending and increase your monthly repayment. Develop a debt-reduction plan such as paying for the loan with the highest interest rate first. If your debt is excessive and overwhelming, you can contact lenders to re-negotiate repayment or find a debt-counselling program.

Sources: 1 & 2

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5 Surefire Ways To Avoid Spending Too Much Money On Junk Food

“Cravings are powerful. (It) can make a person value a food more since it not only may fulfill a hunger need, but also a psychological need for satisfaction.”
– Ms. Jackie Arnett Elnahar, a Registered dietitian and CEO of TelaDietitian

When fast food chains offer their tasty meals, they go beyond advertising on television and social media. They employ different marketing strategies to entice the consumers into spending their hard-earned cash on the spot. These attractive offerings can increase a person’s craving for junk food.

You need to realize that your cravings for junk food burns both your wallet and your health. A 2018 study from New York University showed that people were willing to pay more for foods they crave. It did not matter whether they were hungry or not. Moreover, the amount they were willing to pay multiplied when they were offered bigger portions.

The lead author of the study explained that the “results indicate that even if people strive to eat healthier, cravings could overshadow the importance of health”. Participants craved for larger portions of junk food but did not crave larger portions of healthy food.

It is up to you to fight these cravings and to choose a healthier path. Read the following tips to start your journey.

#1: BE HONEST WITH YOURSELF

The first step to curb your junk food spending is to be honest with yourself. If you aim to gradually remove unhealthy snacks from your diet, include it to your grocery budget. Set a realistic amount and stick to it. Limiting your budget for snacks will prevent you from dropping by the store to spend more money on it.

#2: PLAN YOUR MENU

Whether you are cooking for yourself or your family, planning meals is a good place to begin improving your food choices. Taking the time to plan a healthy meal can help you avoid the costly takeaway or delivery food.

Start by grabbing a pen and a paper. List down your favorite meals. It may help to talk to your spouse or your family regarding their meal preferences. Some meals are healthier than others, but write them all for now. After gathering your options, it is up to you to strategically spread these meals out. Planning the weekly menu will help you save money and give you more time to prepare healthier food.

#3: GIVE YOURSELF A BREAK

Let us face it! Sometimes, you may feel too tired or unmotivated to prepare a meal. Give yourself a break. Reduce your junk food spending by giving yourself a cheat day. With all the factors that hinder you from preparing a meal (e.g., time), you can purchase pre-packaged meals such as salad or frozen pizza. You can only eat these types of meals during your cheat day.

#4: REWARD YOURSELF

As you practice healthy habits and reduce your junk food consumption, you can increase your motivation by rewarding yourself. Whether you want to purchase a new top or an air fryer, include this purchase on the leisure expense category of your budget. This way, you will not feel guilty about spending too much money outside of your budget.

#5: CUT DOWN ON EATING OUT

It is no secret that Singaporeans love to eat! People in Singapore are blessed with a variety of cuisines that one cannot resist the temptation of dining out. As with everything that is good, too much can be bad too.

Image Credits: unsplash.com

You may feel that eating out during lunch daily does not make a difference. But, all your costs add up. The cost of one restaurant meal may be equivalent up to three home-cooked meals. Try packing lunch from home as it is generally cheaper. Packing your meals will also enable you to follow your dietary restrictions.

Sources: 1, 2, & 3

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How To Manage Your Money In Your 30s

As you enter your thirties, your focus is geared towards saving money and meeting your financial obligations. This is the time to figure out the future you want to have to lay its groundwork.

On that note, let this article give you an idea on some of the financial goals that you need to set when you are in your 30s.

#1: REVISIT YOUR BUDGET

Are you still following the same budget you set in your 20s? If so, it is time for an upgrade. Your responsibilities and financial capacities evolve as time passes. Food, housing, childcare, and medical expenses will require a different type of budgetary attention as you enter your 30s. Examine your current budget and make necessary changes.

#2: GROW YOUR EMERGENCY FUND

If you are still on the fence on whether you should start an emergency fund or not, just think about the uncertainties brought by the pandemic. It is a concrete example of why people need to have a cushion for unforeseen events.

Most financial experts recommend having a savings that will cover your expenses for a minimum of 6 months. However, this amount varies per person. Adults with dependents need to consider putting more money in their emergency fund. The more funds you put aside, the more money you can use for unexpected expenses.

#3: GET INSURANCE

Due to the many demands brought by your professional and personal life, prioritizing your health is vital in your thirties. Having health and life insurance plans will not only be beneficial for you, but also for your family. You see, insurance premiums increase as you age. It is cheaper to get an insurance plan now. Shop around for the best insurance plans that suit your needs and your budget.

#4: PAY OFF DEBTS

While you are building an emergency fund and revisiting your current budget, identify how much debt you still have. Debts can negatively impact your financial health and your ability to accomplish your long-term goals. Why not start paying off your debts? The sooner you can reduce or eliminate debts, the sooner you can focus on turning your dreams to reality.

#5: THINK ABOUT YOUR RETIREMENT PLAN

Although you are decades away from retirement, thinking about your retirement plan will help you to allocate your retirement funds. Whether your employer has a company retirement plan or not, it is a good idea to think about what you want to do once you stop working.

Image Credits: unsplash.com

How much you need to save for your retirement will rely on the kind of lifestyle you want to have when you retire. Fortunately for you, there are many financial resources online. Do your research!

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New Insurance Savings Product: Dash PET offers 1.7% p.a.* on the first $10,000!

* Update 27 April 2021: The crediting rates for new Dash PET sign ups with effect from 27 April 2021 will be 1.3%* p.a. for the first year for the first $10,000, and 0.3%* p.a. for the first year for amount more than $10,000. Crediting rate is non-guaranteed.

Dash PET by Etiqa Insurance, the latest insurance savings plan available on Singtel Dash, allows users to Protect, Earn and Transact – basically taking care of you! You can earn up to 1.7% p.a.* with no additional criteria required, making it absolutely hassle-free! At 1.7% p.a.*, this makes Dash PET highly attractive especially given the current climate of uncertainty and falling bank savings interest rates. Here’s how Dash PET can take care of you.

Singtel Dash is an all-in-one mobile wallet for your everyday needs, from your commute to paying at your favourite hawkers, supermarkets and restaurants, and even for your online purchases.

Enjoy attractive returns with capital guaranteed

Earn 1.7% p.a.* for your first S$50 – $10,000, and 1.2%* for amounts above S$10,000! This means that up to the first S$30,000 earn attractive returns of $410 (1.37%) per year. Ensure that you maintain a minimum account value of S$50 to start earning these high interest rates on your funds. You will be glad to know that your capital in Dash PET is guaranteed.  It also comes with SDIC protection.

You won’t be kept on a tight leash with Dash PET (pardon the pun)

This insurance savings product offers the ultimate flexibility by having no lock-in period. Once your account is active, you can top up your funds anytime! This can be done at your convenience via Dash wallet or PayNow from S$1, or via eNets (minimum S$50 top up).

If you wish to use your money, you may withdraw anytime from S$1 to your Dash wallet (free) or to your bank account via PayNow (S$0.70 transaction fee applies for each transaction).

Highly accessible given low entry barriers

Some financial instruments in the market may require hefty contributions or long lock-in periods, which may not fit into some people’s financial needs. With Dash PET, all you need is S$50 to start saving and insuring. For instance, students can save their allowance or internship pay into Dash PET first to earn attractive returns. They can then withdraw via their Dash wallets to pay for their everyday expenses like their favourite bubble teas and even hawker meals.

Self-employed or gig economy workers who may not have regular monthly income can take advantage of Dash PET to save as it does not require them to complete the myriad of tasks required (e.g. meeting monthly salary crediting, minimum spends, etc) to unlock bonus interest rates.

Finally, there is no fall-below fee if the account runs low, so savers are not penalised when they have higher expenses for the month. One thing to note though, you’ll need to maintain at least S$50 average daily Account Value for the calendar month to enjoy the rates of return and Dash PET benefits.

Takes Care of You

The value provided by Dash PET is immense. It allows your capital to grow at an attractive rate, offers the flexibility for you to withdraw funds for everyday expenses and protects you by offering insurance coverage. Furthermore, the Protect element comes from the layer of insurance coverage of up to 105% of account value in case of death as well as financial assistance benefit for Covid-19.

As demonstrated, Dash PET is the PET that takes care of you by helping you to save and insure better!

All it takes are 3 simple steps to start your savings journey with Dash PET:

  1. Download the Dash mobile app (if you are not an existing user)
  2. Sign up for Dash PET through the Dash mobile app
  3. Top up your Dash PET account from either Dash Wallet, eNets or PayNow

In these uncertain times, it is prudent to consider safe and flexible options to start saving smarter and allow your hard-earned savings to work harder. With Dash PET, Singtel Dash aims to be the companion app for saving, insurance, payments and more!

Disclaimers

  • The information is meant purely for informational purposes and should not be relied upon as financial advice.
  • Dash PET is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate.
  • * Guaranteed 1% p.a. + 0.7% p.a. bonus on first S$10,000 for first policy year. Guaranteed 1% p.a. + 0.2% p.a. bonus on above first S$10,000 for first policy year.
  • This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). This advertisement is for general information only. Terms apply. Full details of the policy terms and conditions can be found in the policy contract on dash.com.sg/dashpet. Protected up to specified limits by SDIC. As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is accurate as at 1 February 2021.

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