singapore Archives | Page 15 of 55

4 Types Of Car Loans In Singapore

1. BANK’S CAR LOANS

Bank car loans are the most accepted, traditional, and typical route consumers take. Due to their traditional nature, loaning money in the bank requires the completion of fixed procedures that attest your financial stability.

You will be asked to complete a loan application that may include: your name, NRIC, date of birth, address, current and previous employers, length of employment, occupation, sources of income, total monthly income, and information about existing credit accounts. This along with your application shall help the bank decide if you are trustworthy and credible enough to pay the loan. This is why you must have a stable income and good financial history if you are considering this option.

The interest rates for bank car loans can go as low as 2.28% (DBS Car Loans) or 3.25% per annum (Maybank Car Loan).

2. FINANCE COMPANY’S CAR LOANS

Finance companies, licensed under the Finance Companies Act, are focused on providing saving deposits and credit facilities to individuals and firms.

They typically work with banks, insurance companies, and auto dealers to give the best possible deals to their clients. If you are striving for the cheapest price for a used car, get a loan from a finance company that is also an auto dealer. Such company purchases vehicles from various sellers for resale. Aside from this, finance companies are a great source for refinancing loans.

For example, Speed Credit Pte Ltd offers a car-refinancing loan with a maximum amount of 80% of its Prevailing Quota Premium.

3. LICENSED MONEY LENDER’S LOANS

Licensed money lenders are businesses that are regulated by the country’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 and CashMax Credit.

It is important to realize that the loans offered by the licensed money lenders are heavily influenced by your annual income. If your annual income is more than S$30,000 but does not exceed $120,000 then you can loan up to 4 times the amount of your monthly income. And if your annual income is at least S$120,000, you can loan as much as you want.

So if your annual income is less than S$20,000, licensed money lenders are the ideal option for smaller loans such as repairing your existing car.

4. SELLER’S CAR LOAN

An unconventional loan option is arranging a deal directly with the seller. You can either pay the seller in installments or pay the seller with a deposit. By paying in installments, you can only get the full ownership of the used car once you have paid the complete amount. By paying the seller with a deposit equal to what he has paid in the bank, the balance will be your responsibility after transferring the ownership to you.

Image Credits: pixabay.com (CC0 Public Domain)

This option only applies to used cars.

Sources: 1, 2, 3

8 Money-Saving Tips That Every Singaporean Should Know

1. CREDIT YOUR SALARY

Get your salary credited into your bank account to dismiss the lure of spending your it right away. Update your bank account details with your employer and follow the terms and conditions of your bank so that your income gets credited correctly. In Singapore, these two savings account will give you the best interest rates per month: OCBC 360 Account and DBS Multiplier Account.

2. CONVERT YOUR CASH

According to the Economist Intelligence Unit, the US dollar has been stronger while the Euro weakens. If the above hack does not work, try converting some of your money to US dollars. This way, it is more inconvenient to spend. The thought of having to go for and pay for the currency exchange will likely to dissuade you from spending!

3. LEARN TO COOK

If you want to save money on food, it is best to learn how to cook. Start cooking simple meals with ingredients that are easy to obtain such as Omelet, Scrambled Eggs, Fried Rice, and Chicken Rice. Consider going to the wet market as items are sold for a cheaper price there. Remember that aside from rent, your food expenses make the largest impact on your budget.

4. READ BOOKS FOR FREE

To satisfy your bookworm urges, visit the nearest public library and rent a series of books – for free! While you are there, you can catch the free financial talk entitled “MoneySense@The LLiBrary: Understanding Loans & Credit” on April 14, 2016. Go to nlb.gov.sg or more details.

5. GET THE CHEAPEST GYM MEMBERSHIPS

It is no secret that Singapore’s fitness centers are expensive. And let us face it, most of you will not even use your membership perks to its fullest! Thus, it is best to go for the most affordable gym memberships such as the ones on this list. Alternatively, you can make use of your school’s facilities as most universities are fully equipped with gyms and other facilities.

6. EXERCISE FOR FREE

Aside from sweating at the gym, get fit by exercising outdoors. Satisfy your weekly dose of exercise by running in the nearby pavements, park or park connectors. You can also cycle around if that is your cup of tea.

7. GO FOR THE LAST YEAR’S MODEL

To save money on your next smartphone, consider purchasing the last year’s high-end phones such as the Samsung Galaxy S6 (the Samsung Galaxy S7 has been released last month). To save even more, you can review the well-designed phones offered by “less popular” brands such as Xiaomi.

8. DON’T FALL FOR THESE TRAPS

Aside from the diversity of eateries, Singapore is known for the diversity of shopping centers. Naturally, tourists fall prey for the huge “SALE” sign on the window of most shops. However, if you lived here long enough, you will realize that sales happen all year round. As long as there is a public holiday coming up, sale signs will be up too! So only buy an item if you really need it!

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

7 Painless Ways To Curb Your Energy Bills

1. ROLL DOWN THE BLINDS

During summer and hot days, roll down the blinds to prevent extra heat from coming in and prevent your air conditioner from running more on energy. Do the opposite during the cold weather to keep your home naturally warm.

2. INVEST ON WINDOW FILM

If the blinds are still inferior with the Singapore heat, consider investing on window film or window tint. Believe it or not, window film eliminates as much as 90% of the heat and about 99% of the UV rays passing through your windows. As lesser heat is accumulated in your home, there is a great chance that you will use your Air Conditioner less (eventually lowering your electricity bills).

You can either have a professional install your window film or save more money by installing it yourself. Get a Korean Solar Film for only S$29.90 at Qoo10.

3. WISELY SELECT YOUR NEW APPLIANCES

As you shop for a new television, refrigerator, air-conditioner, or dryer, consider 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.

To check if the appliance is energy-efficient, please refer to the Energy Label issued by the National Environment Agency.

4. LET YOUR DRYER REST

Instead of constantly putting your clothes in the dryer, hang them properly in a clothesline. The dryer can contribute to a major chunk of your energy bill because it feeds on a lot of energy. By letting your dryer rest, you can save about S$103 a year. That is if you regularly have 6 loads per week and take 20 minutes per load.

5. SLEEP IN A COOL ROOM

Like the dryer, the air conditioner eats up a lot of your energy bill. To lessen your Air Conditioner’s (AC) energy consumption, let it run for an hour before you go to sleep and switch to a fan after the room has cooled down. Alternatively, you can set the timer of your AC unit off at least 30 minutes earlier than usual.

6. UNPLUG THE POWER STRIPS

Power strips or otherwise known as power bar, extension block or trailer lead, can spike your electric costs even if you turn it off. Accounting for about 5-10% of your home’s energy bill, the best way to save from this is to unplug it completely. Unplugging your power strips can save you approximately S$70-330 per year.

7. SEND YOUR OWN METER READING

Once every 2 months, SP Services send someone to read the your electricity meter outside your home. This reading is usually estimated. So prevent overcharging by submitting the current meter reading to SP Services’ Whats App number: 8482 8636. You may also call 1800 2222 333 for other billing and meter reading inquiries.

Image Credits: pixabay.com (CC0 Public Domain)

Consuming energy efficiently will not only save you money but it can also contribute to saving our Mother Earth.

Sources: 1, 2, & 3

Prominent Shifts In Singapore’s Budget 2016

The Budget 2016 signifies a new era – an era that is governed by a new decade (following SG50), new government (following 2015’s general election), and a new Finance Minister. Despite this, most of the expert panel at the discussion held by The Straits Times last March 26 agreed that the strategies taken by Finance Minister Heng Swee Keat was evolutionary.

Although he stayed on the path of restructuring for long-term growth and building social cohesion, as laid down over the past years, he had three main shifts in his approach. These shifts were namely: more financial help for companies, working closely with the people, and more funds for innovation.

MORE FINANCIAL HELP FOR COMPANIES

One of the most noticeable changes is seen in the government’s approach towards firms. With the S$4.5 billion Industry Transformation Package, Budget 2016 extends its financial help to companies with open arms. This promotes greater entrepreneurial spirit.

Another policy called the “Automation Support Package”, which will cost more than S$400 million over 3 years, is aimed at helping the companies to upgrade the utilization of automation in their operations. It will subsidize up to 50% or S$1 million of a project in order to help companies to expand the use of machines and progress more – even internationally.

WORKING CLOSELY WITH THE PEOPLE

In facing the challenges of tomorrow, Finance Minister Heng Swee Keat is positioning the government as more of a partner than a leader.

As the Budget is given to the trade associations, companies, and unions, the solution is in their hands. Regardless of which industry you belong to, the government is going to help the firm (of a certain size) to grow!

Image Credits: pixabay.com (CC0 Public Domain)

MORE FUNDS FOR INNOVATION

The last change is seen on Mr. Heng’s approach to focus more on innovation than productivity. In his speech, he highlights that innovation does not require high-tech software or robots. Instead, innovation is in the application of existing technologies in creative and lateral ways.

Supporting this approach is the upcoming S$100 million National Trade Platform. It will allow service providers to develop applications or value-added services on top of the platform. This is similar to an open-source environment. With this new scheme, an uncharted venture awaits!

Sources: 1 & 2

5 Financial Tips For Savvy Singaporean Teens

When it comes to money management, starting early is always a good idea!

1. KNOW THE TRUE VALUE OF MONEY

When I was a teen, my sister and I spared a portion of our allowance in order to by the latest CD released by our favorite boy band. Instead of asking our parents for money, we worked patiently for it. That way, we understand the true value of money.

Aside from being a student, if you have a part-time job, you can see the value of money in terms of the work you have to do in order to earn it. For example, if you view a designer wallet as 25 hours of work at a S$6/hour job rather than as S$150 alone, it gives you a unique perspective on spending. This shall help you make more accurate decisions.

2. FOLLOW THE STOCK MARKET

To get a good grasp about investing, it is recommended to follow the companies that have growth potential and renowned products. For example, track the stocks of the world’s no.1 brand for half a century – Coca-Cola (NYSE:KO) or the stocks of your favorite bakery – Breadtalk (SGX: 5DA). Using these shares for financial education can help make learning fun!

3. SPEND SMARTLY

As a teen, you can save more money by employing simple spending strategies such as comparative shopping and buying sale items. If you are an artist who want to purchase assorted colored paints, compare the prices of online and physical shops to get the best deal. And if you want to save even more, go to the clearance or sales section to avoid paying the full price.

Image Credits: pixabay.com (CC0 Public Domain)

4. REWARD YOURSELF

To make savings as vital as expenses, you must set aside a certain amount that you are planning to save first. This way, you can keep track of your money without accidentally spending it. Even as a teen, it is advisable to open your own savings account (e.g., Junior Savings Account).

5. DO AVOID DEBT

In Singapore, students are eligible to use their parents’ CPF account in order to pay their school fees. To pay it off, you might start your adult working life with debt. Such type of debt is unavoidable but credit card debt is. So avoid debt as much as possible.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

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