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Hey Globetrotter! How Much Is Your Money Worth Around The World?

Has your strong desire to travel been itching you these past several weeks? Is your schedule free enough for you to travel at least 3 days away? If all your answers point to “YES” then, it is time to give in to your wanderlust!

As you let your heart decide which country you shall go next, it is paramount to understand the value of your money and the cost of living dynamics. These said information would help you build the travel fund that is suited best for your trip. Furthermore, you can carry a little more pocket cash in case an emergency rises.

Looking into the globe through a microscope, a few of the countries you may visit are Australia (Continent: Australia), Italy (Europe), China (Asia), South Africa (Africa), Canada (North America), and Peru (South America). Hooked to the globetrotter idea already?

Then, browse through the things that you can buy with S$2.50, S$52.50, and S$1,500…

S$2.50

In Australia, or Commonwealth of Australia, you can buy 1 liter of milk for S$1.53 or a 1.5-liter of water for S$2.48.

Are you a salad enthusiast? Try the lettuce (1 head) from Italy for S$1.35. The 1.5-liter of water there costs S$0.76 only!

If you love imported beer, get a 0.33 liter bottle for S$1.59 in China. Otherwise, conquer your thirst with the very affordable S$0.65 1.5 liter of water.

Image Credits: takuki via Flickr

In South Africa, you can purchase 500 grams of white bread loaf for S$1.31. And, their 1.5-liter of water retails for S$1.47.

Going up to Canada, you may purchase a kilo of tomato for S$1.90 that is otherwise S$2.66 in Singapore. The 1.5-liter of water? It costs about S$2.43.

Lastly, Peru offers friendly priced domestic beers (0.5 liter bottle) for S$1.84 while their 1.5-liter of water is priced at S$1.16.

S$52.50

You can ride a cab (normal tariff) with an hour of waiting for S$51.31 in Brisbane, Australia.

And, if you are a sucker for cheese, get 2 kilos for S$46.14 in Milan, Italy.

There is nothing but pure regard for your money at Zhuhai, China where a three-course meal at a restaurant can cost about S$43.38 for 4 people!

However, in Johannesburg, South Africa it is a tad pricier as the three-course meal at a restaurant can cost about S$48.74 for 2 people.

In Cold Lake, Canada, chain store (e.g., Zara) dresses are priced cheaper at S$43.78 whereas it retails for S$63.60 in Singapore. That is saving you S$19.82!

In the capital of Peru called Lima, you can enjoy 3 hours of playing tennis on a weekend (S$35.94) plus catching a flick on its international release (2 seats for S$15.76). Talk about an ideal date!

S$1,500

With this larger amount, you can rent an apartment for a month (inclusive of Internet services) at all these countries discussed. For instance, in Australia, you can rent a 1-bedroom apartment on the outskirts for S$1,187.62.

While in the world’s eight largest economy, an Italian 1 bedroom apartment outside the city costs S$1,034.54.

Image Credits: Julia via Flickr

For an incredibly cheaper price, visit China where you can rent a 3-bedroom apartment at the city for S$1,030.15.

Or go to South Africa where a 3-bedroom apartment at the city is about S$1,409.27.

And, if you have a month long business trip in Canada, consider renting the 1 bedroom apartment in the city for S$1,340.63.

Finally, Peru’s 3-bedroom apartment at the city will cost you approximately S$1,107.23.

Image Credits: blog.absolutvision.com

Oh! By the way…all these data were collected from Numbeo. It is a website that stores the world’s largest database of user contributed information about global living conditions. It has been mentioned in internationally renowned newspapers and magazines such as BBC, Forbes, The Economist, and New York Times among others. See for yourself! 🙂

6 Highest Paying Jobs In The Field Of Technology (IT)

With the increasing global concern for cyber security across companies, there has been an ongoing demand for Information Technology (IT) Professionals. In fact, recent study showed that the five highest income-earning sectors in Singapore include Information Technology alongside Banking and Finance, Petrochemicals, Pharmaceuticals, and Semiconductors.

Salary.sg, a website dedicated to relay information on career and jobs, used the Ministry of Manpower wage date and excluded the bonuses and profit-sharing to generate the monthly gross wages of over a hundred jobs in Singapore. Looking at the IT sector through a microscope, here are the 6 Highest Paying Tech Jobs In Singapore based on the 2014 data by Salary.sg:

6. NETWORK AND SYSTEMS ENGINEER

Network and Systems Engineers can earn about S$4,000-7,000 a month.

They are tasked to oversee functionality, security, and design of the computer systems. To keep the internal and external company databases running smooth, they are responsible to look to how information is shared both internally an externally.

5. APPLICATION DEVELOPMENT CONSULTANT

Application Development Consultants can make about S$5,000-7,000 a month.

They are tasked to consult with the program managers, senior consultants, and clients to understand information requirements, operational procedures, and transaction processing. Basically, they are responsible for designing fresh software applications from the concept to completion.

4. INFORMATION TECHNOLOGY TESTING IT

Testers can earn about S$6,360 a month.

IT Testers are tasked to check for system bugs or other concerns in the new software to ensure that the company standards are maintained or that the product integrity is preserved. They examine a program by going through its typical uses and noting down the observable problems.

Image Credits: Bob Mical via Flickr

3. INFORMATION TECHNOLOGY SECURITY SPECIALIST

IT Security Specialist can make about S$6,385 a month.

IT Security Specialists are tasked to analyze the security breaches that have or may occur. Then, they must repair and strengthen the system against these breaches. Simply put, their work focuses on the risks to the security of valued company information or data.

2. INFORMATION TECHNOLOGY PROJECT MANAGER

IT Project Manager can have a paycheck of about S$8,320 per month.

A bachelor’s degree and significant years of experience is usually required for this position. IT Project Managers are tasked to manage and coordinate with the staff to oversee various computer-related assignments for the company.

1. CHIEF TECHNOLOGY OFFICER

Chief Technology Officer (CTO) can earn about S$10,648 per month, on average.

CTOs are tasked to play an important role in setting the company’s direction, development, and future growth by supporting all information and technology-related operations. With your growing years of experience and educational background in tech, you too, can be the CTO.

Image Credits: Chad Kainz via Flickr

Sources: 1, 2, 3, & 4

5 Things You Must Know About Microfinance In Singapore And Beyond

As majority of people in developing countries are economically disadvantaged, Microfinance proved to be a viable source of capital. In fact nearly 15% are living below S$1.68 a day, according to the World Bank. Fueled by hope and excitement towards success, both public and private sectors are willing to accept the risks of working with numerous borrowers. The only factor in the way are tightened financial regulations across the world. That said, here are 5 Things You Must Know About Microfinance In Singapore And Beyond…

1. DEFINITION OF MICROFINANCE

Microfinance refer to a diverse group of services that specifically target people who are low-income earners and who are often denied access to banking loans. Microfinance services include loans, savings, remittances, and insurances. Interestingly, Microfinance gave women the biggest economic boost.

2. RISE OF MICROFINANCE

Muhammad Yunus, founder of Grameen Bank, developed Microfinance in 1974 to promote self-sustaining social businesses in Bangladesh. Since then, millions of people around the world have opened Microfinance institutions that allowed Microcredits. With Yunus’ valued efforts to impact many and improve global economy, he was awarded the Nobel Peace Prize in 2006.

3. TECHNOLOGIES AND MICROFINANCE

Funding more than millions of people, Microfinance aided by technology became a perfect match in helping to eradicate poverty. Hatton National Bank’s Chandula Abeywickrema highlighted that Sri Lanka had been experiencing relatively high mobile technology tap. For instance, mobile technology allows rural residents to perform transactions through mobile platforms. This will surely bring newfound opportunities.

4. INTEREST RATES OF MICROFINANCE

The interest rates of Microfinance services vary across the board. In 2010, several organizations and websites have sited the rate to be about 37% in average. Borrowers are required to pay these rates to receive the money they need. Certainly, the rates are still cheaper than that of the banks’.

5. SINGAPORE MICROFINANCE NETWORKS, ORGANIZATIONS, AND COMPANIES

Open a small business or help others to be entrepreneurs with these networks, organizations, and companies:

a. Microfinance Society (Singapore)

b. MILAAP

c. Kiva Lending Team: Singapore

Image Credits: Dean Meyers via Flickr

Through Microfinance, may we not only show care to the underprivileged sector but also show immediate action toward activities that promote social welfare. 🙂

Sources: 1, 2, 3, & 4

Eating Out? Make Healthier And Cheaper Choices In Just 5 Ways

With the influx and the variety of the restaurants, cafes, and other eateries island-wide, it is always a good time to dine out at the Red Dot. But…this does not mean that you can freely eat unhealthily or splurge a lot.

Here are 5 ways to work around it:

1. MAKE IT A HABIT TO SEARCH IN ADVANCE

Before dining in the restaurant, make it a habit to check their menu online. Websites such as sg.openrice.com, yelp.com.sg, or hungrygowhere.com can help you locate a restaurant, identify its menu, and give you an estimate of the average spending. This will help you make tastier, healthier, and cheaper decisions.

2. CONSIDER ORDERING A MEAL

Imagine being in an affordable buffet with all the calorie-rich food available at your arm’s length. It sounds tempting doesn’t it? Yet your health may be at cost. Instead of always opting for a buffet, consider ordering a single meal that is packed with nutrients!

3. DISTANCE YOURSELF FROM THE APPETIZERS

Even if the restaurant appetizers are free, do your best to skip it as some of it are packed with calories. Appetizers are also made to fool your brain unto consuming more food that you intend.

Image Credits: wEnDy via Flickr

4. CHEW SLOWLY

Indulge and savour the taste of your food. Eating slowly will help you realize that you are actually satiated. Thus, you will eat and purchase just enough or even less.

5. CHOOSE YOUR DESSERTS AND SALADS WISELY

I know I am not the only one who shares a deep fondness for desserts. A delectably sweet cake drizzled with tasty toppings can make you hungry for more. Although it is tempting, it is important to watch your sugar intake. Opt for lighter dessert choices such as sorbets or fruits. As for the salads, be mindful of the creamy toppings and the dressings.

Image Credits: Ralph Daily via Flickr

With these simple ways, your tummy and your wallet will definitely be happy!

How Does One Become Bankrupt And How To Avoid It?

According to the High Court, an individual becomes bankrupt if he or she owes at least S$10,000 and has no means to pay it.

Filing for bankruptcy can be done by the creditor or the debtor. A deposit of S$1,600 to the Official Assignee (OA) is required. The OA is the authority that is responsible for selling as many of your assets as possible to repay your creditors. Credit bureaus will display your bankruptcy date for five years after the date of discharge.

Aside from this, it is essential to note that there are assets that are protected by the creditors such as furniture, HDB flats, compensation awarded for legal actions, and life insurance policies.

The effect of bankruptcy does not only take a toll on your finances but also on other aspects of your life. For instance, there will be restrictions in travelling overseas and in looking for a job especially as a director of a company. Truly, it drastically affects your lifestyle, your career, and your relationships.

This is why it is important to avoid falling to this “black hole” by being financially knowledgable. To put it in perspective, here are 4 Ways To Prevent Bankruptcy…

MANAGE YOUR DEBTS

First, be aware of how much your debts and assets total to. Include every billing statement, every document, loans, and mortgages you may have. Take immediate action when you notice that it is getting hard to pay for your debts.

CUT DOWN YOUR EXPENSES

After seeing the bigger picture, it is time to cut down your expenses. Reduce the unnecessary expenses first such as designer bags or costly coffee beans. Then, add the minimum payments of your debts and the cost of your necessities to your monthly budget.

SELL YOUR STUFF

To aid your budget, you must sell your unnecessary items among others. Selling whatever you can spare can help pay off your multiplying debts.

SEEK HELP

Calculate the money that you need to prevent bankruptcy. Examine how much money you are able to get. Then, consider seeking help from your family and friends to make up for the difference. Yes! Asking your friends and family for money maybe a shady area but this situation is an exception.

If you still find it uncomfortable to seek their help then, consider hiring a professional (e.g., credit counseling agency or debt management firm) to help you reduce your interest rates and penalties at friendly time frame.

Image Credits: Images Money via Flickr

Sources: 1 & 2

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