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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

5 Surefire Ways To Waste Money

Many posts on financial websites concentrate on the positive topics such as the effective ways to spend money and the healthy financial habits of successful people. However, these articles may not highlight the negative habits and practices that cost you money. And some people really need a wake -up call!

To help prevent unhealthy behavior as well as to add in the scarce literature on this topic, here are 5 Possible Ways To Waste Your Money:

1. GIVING IN TO DESIGNER GOODS

As you walk past the Orchard Road, you saw the huge crimson sign that said: “SALE”! Your highly elated self rushed through the counter and bought the first branded bag you saw. The rush was amazing but it did not last for long. The next day, you saw an email from Zalora that they are having discounts on Michael Kors’ watches. The Silver Steel Bradshaw watch used to cost S$439 but it is retails for S$307.30 now. Again, you got excited and bought it right away.

Do really need a new designer watch and a new branded bag when you have dozens at home?

These deals may seem like a bargain at the moment; however, it is just excess spending in hindsight. This is why you must list down all your necessities and stick with it.

2. AVOIDING NEGOTIATION

Although most people know that they are worth more, they are afraid to negotiate for a higher salary. By doing so, they are letting an opportunity and hundreds of cash slide.

Negotiating your salary is a game with all of its players attempting to dominate each other. Dominate the game by researching all the needed information. Go in-depth about the complete aspects of the job and the company. Also, collect data about the average pay and accurate salary opportunities in your position.

3. SHOPPING AT ONE STORE

It may be convenient to complete your shopping list at one place but it can also cost you more. Instead of getting your produce, office supplies, and toiletries at the nearby grocery store (e.g., FairPrice or Cold Storage), consider exploring other options such as the bookstores (e.g., Popular or Kinokuniya) and dollar stores (e.g., Value Dollar or Daiso). Visit the dollar stores for trivial things such as cleaning supplies, greeting cards, clothes pegs, and pet accessories.

4. BUYING BABY CLOTHES REGULARLY

Believe me when I say that babies can have sudden growth spurts so, it is unnecessary to buy loads of baby clothes in advance. It goes the same for shoes, as socks will be sufficient to keep their cute toes warm.

Start saving for baby clothes by asking your friends and family if you can have their child’s outgrown clothes. You will not only help your friends or family members to de-clutter their space but you will also save more.

5. INDULGING ON LUXURY BEAUTY PRODUCTS

With the society’s obsession towards physical appearance, it is no surprise that people spend so much on beauty products. There is an abundance of luxury beauty products in countries such as Singapore, Dubai, United States, and Hong Kong. This is one example:

As you can see Tati, YouTube’s famous beauty guru, disliked her experience with the ridiculous US$330 (S$441) Givenchy Le Soin Noir Lace Face Mask. She could have just purchased a S$2 Korean Snail mask and achieved seemingly similar results.

Sources: 1 & 2

How Much Shall You Spend On A Gift Without Looking Cheap?

While scouring the land for the one-of-a-kind gift, keep in mind that you must remain financially savvy. You may be tempted to go over your budget since you want to make the recipient feel special or you do not want to come across as being cheap. However, your gifts need not to be expensive to put a smile on someone’s face.

It is hard to put an exact price tag on the perfect gift as it all depends on a set of factors, namely: the amount you can afford, the budget you set, the current occasion, and the giver’s relationship with the recipient.

THE AMOUNT YOU CAN AFFORD

I read a good financial nugget from Manisha Thakor of The BAM Alliance. She said that if you cannot afford to buy the item in cash at the very moment then, you cannot afford to buy it. Simply, she wants us to be realistic when it comes to what we can and cannot afford. So if you are shopping in the mall, it is best to use mainly cash to regulate your spending. And if you are shopping virtually, convert that money as a gift card. When the gift card is maxed out, you will be done shopping.

THE BUDGET YOU SET

Just because the person gave you a lavish gift does not mean that you must do the same. If you budget does not allow you to go beyond S$50 for a gift then stick with your limits. Being stuck on debt just to keep up with a superficial appearance is never worth it.

If you are following a strict budget, you can allow your creative juices to pump. For example, your make-up obsessed best-friend wants to purchase the ridiculously costly and highly sought-after Kylie Lip Kit. You know that the product and shipping costs will exceed S$50. Then, you searched online for quality yet affordable dupes (equivalents) such as the NYX’s Soft Matte Cream lipsticks. These only cost S$12 so you went to Sephora and purchase four beautiful colors!

THE CURRENT OCCASION

The current occasion also dictates how much you shall spend. To illustrate this, let us take the Singapore’s “red envelope” gifting tradition into the table. For Chinese New Year, an amount of S$2-20 is common to give for children while it ranges to about S$8-S$88 for adults. On the other hand, the minimum Ang Bao amount for wedding banquets is S$50. This is why it is important to take the nature of the occasion into account. For corporate events, you can consider shopping from specialized online stores that offer corporate gifts or door gifts.

THE RELATIONSHIP WITH YOUR RECIPIENT

To whom is the gift for? How close are you to him or her?

Image Credits: pixabay.com

When it comes to giving the “perfect” present, it really is the thought that counts. If you are able to purchase a gift that translates how well you know and care about the person, you have done your job right. Start by determining what the person’s hobbies and interests are. From there, you can think of some gift ideas that will fit your budget.

Sources: 1 & 2

3 Brain Traps That Make You Spend More

Our brains are hugely interesting yet highly complex. Although it may seem like you have everything under your conscious control, your unconscious mind can play some tricks on you. It may trap your judgment with errors called cognitive biases. Cognitive biases are flaws caused by memory, statistical, and attribution errors.

Understanding and recognizing these biases in yourself is useful when managing or spending money. Awareness of these biases is the first step!

1. STATUS QUO BIAS

As I was looking for a new laptop online, my choice leaned towards the brand that I have been using for more than 4 years – the MacBook. Its competitor had touch screen, 360 bendable monitor, and is running on the new Windows software that enables you to download countless of Apps. For its specifications, the latter was the best choice but I still preferred the Macintosh.

This cognitive bias is called the Status Quo Bias. It occurs when you prefer a product that you know and had been using for a long while even if there is clearly a better option available. It maintains the status quo and avoids change.

2. FAMILIARITY BIAS

Similar to the Status Quo Bias, Familiarity Bias exists when you prefer the products and services that you are exposed more of. Are you only buying something for this reason? I hope not. Often smaller companies that are not able to afford costly advertising provide cheaper and more innovative products.

Image Credits: pixabay.com

3. ANCHORING BIAS

Anchoring bias occurs when you rely and focus heavily on the first piece of information you receive. This can potentially dictate your spending habits.

For instance, the first “Moroccan Argan Oil 200ml bottle” you saw online was worth S$100. Without knowing that retailers spend money on ads for their premium products, you quickly established a high benchmark. You are more likely to spend more than you would have if the very first product you saw in the search engine was worth S$20 (a real bargain)!

Instead of getting sucked into the effects of these biases, use your brain to your advantage by employing tricks to spend less and save more.

Sources: Time.com and Psychology of Love, Money, & Life (eBook)

Practical Ways To Ease Your Stress On Financial Responsibilities

DO NOT BE FOOLED BY THE 0% INSTALLMENT PLANS

There are an array of goods that you can buy through 0% installment plans such as furniture, designer bags, electronic devices and appliances. Without control, you can potentially pile up your installment plans to the point that you can no longer afford paying for credit card bill.

Say you are strolling around the mall in the lazy weekend when you suddenly saw a shiny sign that says:

“FULL HD FLATSCREEN TV FOR SALE

S$1,400 (U.P. S$1,600)

0% INSTALLMENT THRU UOB & OCBC CREDIT CARDS.”

It sounds tempting, right? But do you really need that telly when you have a functional one at home? Do you need another burden to add on your credit card bill? Well, it is time to live within your means!

UTILIZE YOUR CPF ACCOUNT WISELY

The Central Provident Fund (CPF) is a compulsory savings scheme for Singaporeans that is automatically deducted from the wages. Your CPF account can be used to support crucial financial commitments such as retirement, healthcare, and property purchases. While it is sitting there passively, you can maximize its use by utilizing it wisely. For instance, if you are using your account to purchase a new flat or refinance your current one, examine the situation every few years to see which is the better economical option.

And if you are not touching your CPF savings for a long period of time, consider putting it to the CPF Investment Scheme. It is a way to invest your CPF savings to various banks such as OCBC, DBS, or UOB. The money you will generate from your investments will eventually go to your CPF account and not your pockets. Compare the investment options and their charges. Instead of complaining about your “useless” account, why don’t you start investing?

FOR MARRIED COUPLES, SUPPORT EACH OTHER

Alongside merging two souls, marriage merges two finances together. Having another person to run to for support, opinion, and advice can help you make better financial decisions. For instance, if you are searching for a space at an Executive Condominium (EC), consult your spouse first. Are your incomes enough to suffice the payment of the EC? You do not want to end up working took hard for an EC when what your spouse just wanted an HDB all along.

Setting long-term and short-term financial goals such as purchasing a house or establishing realistic budget should be done together. Along with the goals, you must assign financial responsibilities to each other. Encourage and support each other throughout the process.

ALWAYS COMPARE PRICES

Almost every shopping hack includes a section about comparing prices so that your money would not go to waste. True enough; reading reviews and shopping around helps you get the best deal. Since comparing prices in physical stores is a troublesome and time-consuming activity, people have turned to technology. For example, browse at PricePanda if you are camera shopping. PricePanda.com.sg, the leading price comparison website for emerging markets worldwide, provides its users with prices, technical details and other information about the latest gadgets.

And if you are looking for an affordable wedding banquet, turn to SingaporeBrides.com.

Image Credits: pixabay.com (CC0 Public Domain)

SingaporeBrides.com is your one-stop portal for your local wedding festivity needs. Here you will see that the cheapest banquet venue for lunch and dinner costs S$501 at LingZhi Vegetarian.

Sources: 1 & 2

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