MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Here’s another reason why you should tap on the foodpanda app more often — foodpanda has recently launched its new dine-in feature in Singapore. With pandapro dine-in, foodpanda is making it even easier for customers to conveniently meet their food and lifestyle needs all on its app. This adds to its existing suite of services such as restaurant delivery, pandamart, foodpanda shops and pandago. Let’s find out what exciting promotions and savings are in store for foodpanda customers when they unlock the dine-in feature.

(NEW) Dine-in benefits on pandapro

With the launch of dine-in on pandapro, members get to enjoy 1-for-1 offers and up to 30% discounts at over 400, participating restaurants! With such a widespread selection located all over the island, members can look forward to dining to their hearts’ content wherever they are. Here’s a glimpse of this extensive and ever-growing list of popular restaurants:

The Landing Point and Gin Parlour at The Fullerton Bay Hotel
A-One Claypot House
Red House Seafood
Gyu Nami
Quentin’s the Eurasian Restaurant
Peach Garden
Holey Moley Golf Club
PizzaExpress

Before you start jio-ing your vaccinated friends for some really good food, here’s how you can enjoy the dine-in offers on pandapro:

1. First, you have to sign up as a pandapro member. Choose from the following subscription plans:

Monthly subscription at $7.99/month, billed monthly
Half-yearly subscription at $6.99/month, billed $41.90 biannually (save 13%!)
Yearly subscription at $5.99/month, billed $71.90 annually (save 25%!)

Upon subscription, all benefits will be added to the customer’s account, absolutely hassle free.

2. After signing up as a pandapro member, click on “Dine-in” available on the foodpanda app homescreen

3. Click on the offer you would like to enjoy (eg: PizzaExpress)

4. Scan a QR code at the restaurant for the offer to be verified. The discount will automatically be reflected upon payment. Yup, that’s how simple it is to save on dining in.

Other perks & benefits of pandapro

Besides the latest addition of dine-in, let’s not forget the existing perks and benefits that pandapro members get to enjoy as well:

Unlimited free delivery at selected restaurants (min. spend $15)
Unlimited 20% off deals on selected restaurants (min. spend $15)
Unlimited 5% additional discounts on pick-up (there is currently 20% off everything on Pick-Up!)
2X 10% discount vouchers on pandamart monthly (min. spend $15)

Besides gaining exclusive benefits across a wide-range of services, it is immediately evident that the amount of savings pandapro members potentially enjoy far exceed the cost of subscription. For instance, if you redeem a 1-for-1 drink at Harry’s, you would have already covered the monthly cost of subscription that starts from as low as only $5.99/month.

With dining-in now allowed as Singapore gradually eases its social restrictions, sign-up to be a pandapro member to start saving on your food (delivery, pick-up and dine-in) and groceries bills immediately!

Get Your Free N95 & Surgical Masks Until September 26

On the first day of Temasek Foundation’s mask distribution exercise, more than 100,000 households have collected their free N95 respirator and medical grade surgical masks. These masks are standard adult size.

The collection spans from August 26 to September 26.

WHERE CAN YOU COLLECT?

Singapore residents can collect 25 pieces of N95 respirator masks and 50 pieces of medical grade surgical masks at 15 CapitaLand malls and selected Cold Storage, Sheng Siong, FairPrice Xtra, Prime Supermarket, and Giant outlets.

There is a total of 131 collection points throughout the country and some collection points have employed the digital queuing system. As a friendly reminder, not all supermarket outlets are considered as collection points. Check out the participating outlets at stayprepared.sg.

WHAT IS THE DIGITAL QUEUE SYSTEM?

Eleven out of fifteen CapitaLand malls have activated the digital queue system. You can be added to the queue at these selected malls: Bedok Mall, Bugis Junction, Bukit Panjang Plaza, Funan, IMM, JCube, Junction 8, Lot One, Plaza Singapura, Tampines Mall, and Westgate. With this system in place, you do not need to stand in line to wait. Simply read the notification that alerts you to collect your masks. You can also check the length of queue through the system. Signing up for the digital queue will allow you to catch up on your other errands.

Go to getq.capitaland.com to snag an online queue number and to get notified on your phone when it is your turn to collect.

WHAT DO YOU NEED TO BRING?

You need to bring two important things when you are about to collect your free masks. Firstly, please have your SP Group bill (i.e., digital, or physical copy) ready or provide your residential account number at the collection point. Secondly, you must bring a sturdy bag. This bag needs to be big enough to carry up to three boxes of masks. No bags will be provided at the collection point.

WHY ARE THEY GIVING AWAY FREE MASKS?

Temasek Foundation aims to help the Singapore residents in their fight against COVID-19. It said this in an earlier statement: “It is important to have better masks ready for higher risk situations. For example, residents with flu symptoms should put on a better mask such as a medical-grade surgical mask to go see a doctor.”

Image credits: unsplash.com

The Foundation added that people who have tested positive for COVID-19 at home with an antigen rapid test kit should put-on higher-grade masks like an N95 respirator when going to the doctor for confirmatory COVID-19 tests.

Sources: 1, 2, & 3

Personal Debt Among Young Singaporeans Soars During Pandemic

Personal debt among young Singaporeans have been rising during the COVID-19 pandemic and the situation could turn sour once the interest rates start to rise.

Recent Credit Bureau Singapore data showed that people in their twenties have been taking on increasing amounts of other debt since the second quarter of 2020. The data manifested that the average personal loans and overdraft balances for those under 30 elevated by about 23% in the first quarter of this year over the last three months of 2020.

To illustrate, the average personal loan and overdraft balances for borrowers aged 21 to 29 increased to S$49,689 in the first quarter of this year. This is about 42% higher than the average of S$34,941 in the first quarter of last year.

It is important to note that the borrowing limits in Singapore were capped in 2015 to help keep unsecured debt in check. Experts say that the higher debts observed recently could have been fueled by the low interest rates among other factors.

RISE OF UNEMPLOYMENT

Last March, the unemployment rate among residents below the age of 30 was 6.4 per cent. Unemployment and lower earnings could be the reasons why young adults take personal loans and overdrafts. They try to borrow their way out of the crisis.

“If it is due to youth unemployment, it is often transitory. And the Government already has the SGUnited Traineeships programme and other relief to help young people and help small firms hire young people.” – Singapore Management University’s Associate Professor of Finance, Mr. Song Changcheng

LACK OF PERMANENT JOB

Ms. Selena Ling, OCBC Bank Chief Economist, said that the impact from rising personal debt among younger people will depend on when things turn around in terms of their professional life.

She added: “If subsequently they can find permanent jobs, then they can pay off the debts. But if the duration is extended, then loan delinquency or default rates may rise.”

MANAGING YOUR DEBTS

Awareness of your overall debts and assets is the first step. Include every document, billing statements, loans, and mortgages you have. Take immediate action when you notice that your debts are getting harder to manage.

After seeing the bigger picture, it is time for you to reduce your expenses. Cut down unnecessary expenses such as designer bags or artisan coffee runs. Add the minimum payments of your debts and the cost of your necessities to your monthly budget. To aid your realistic budget, you may sell your unused or underused items online.

Image credits: unsplash.com

Lastly, you can seek professional help. Start by seeking help from your family and friends. Then, consider hiring a professional to reduce your interest rates and penalties at forgiving timeframe.

Source: 1

A car loan is perhaps one of the best loans to be ever created by lenders. It allows you to finance a vehicle easily that can help you cut down on commute costs in the long run. If managed properly, you will end up a proud owner of a new or used car. However, if you mishandle the loan and make delays in the monthly payments, you might end up in emotional and financial stress.

You could be struggling to reach a decision. We are sharing a list of pros and cons to help you make an informed decision.

Pros

You Get a Card Without Paying a Dime Out of Your Pocket

Technically, the car you buy is paid for by the bank. Financing this loan 100% has now become a common practice. Not everyone can buy a car no matter how much money they have in their savings account. Hence, a car loan is such an attractive option.

It Improves Your Credit History

Unlike small loans that don’t add much to your credit score, a car loan allows you to improve your credit history. As long as you keep making the monthly payments on time, you will see your score increase gradually. The improvement in your credit score will help you get approved for a home loan later.

Low Rates

In most cases, a car loan is secured. Banks or lenders, such as Jacaranda Finance, typically offer a 5-year term. On a $25,000 loan at a 3.5% interest rate, you will only have to pay a few thousand dollars. Plus, with the extended period, you can divide the payments either by weeks or months.

Tax Deductions

If the car you purchase is for business, the cost of running the car and its interest payments will be tax-deductible. Your claim for the business portion cost depends on how the car is used for work-related errands.

Cons

The Bank Owns the Car Until Your Make the Full Payment

A car loan is secured where the collateral is the car itself. Meaning: if you fail to make the full payment, the lender or bank will repose the car. This could also affect your credit score and leave a negative marking on your credit history.

Depreciation

As time passes, your car’s value depreciates. The depreciation rate depends on the model of the car. In some cases, the remaining amount of the loan is higher compared to the car’s market value, which means you are paying more than its price tag. If you decide to sell the car and get another one, you will have to cover the difference between what you make from the car’s sale and the remaining loan amount you owe to the lender, and this can pose a problem.

So, you now know all the intricate details of a car loan. The pros outweigh the cons, which, in our opinion, makes the loan a great option. Just imagine getting in your car every morning rather than waiting for the bus and then finding no seat.

What to do when your toddler just won’t nap

Mums with babies, we feel you. Parenting is a consistent rush, and these kids grow up really fast!

In a blink of an eye, they start crawling, and before you know it, they are taking their first steps. As your little ones transit from their baby moments to toddlerhood, you might find that it’s not easy to put them down for a short sleep.

Here’s what to do when your toddler just won’t nap.

Adapt according to their physical needs

When your baby is a few months old, maybe you found it easier for them to sleep for two hours straight after their milk routine. As they grow a year old, their nap time might be reduced to an hour instead. If so, go with the flow and adapt according to their physical needs. Forcing a child to sleep more when they don’t want to can backfire and make them resist even more.

Stick to the same nap time

Image Credits: ovuline.com

Humans are habitual creatures, and so is your toddler. Once you’ve adapted to your child’s physical needs and found a pattern for their sleep, stick to it.

While you don’t want to force a kid to take a nap, waiting till they are overly exhausted and start crying is not ideal. Remember, the more regular their sleep pattern is, the less they will resist since their bodies are used to the same daily schedule.

Create a peaceful environment

As adults, we are often told not to look at our phones, laptops, or watch television programmes right before bedtime. Similarly, your toddler needs to stay away from stimulating activities before they can calm their mind and body.

You can create that peaceful environment for them by allowing them to engage in relaxing activities. It could be playing soothing instrumental music in the background or reading them a bedtime story. Do this at least 10 minutes before their usual daytime nap period.

Make sure they stay in bed

Image Credits: healthline.com

Perhaps you’ve tried all the above, but your toddler just won’t nap. Worse still, they start wailing, and you begin panicking. If that happens, do not be too quick to remove them from their bed. Pat gently and comfort them using a reassuring voice.

What most parents fail to do is to make sure they stay in bed. The rationale behind not giving in is so that they understand that a nap is inevitable. When you start breaking the routine and bring them out of bed when they cry, you will have a hard time putting them down for a nap the next day and in the future.

As we come to a close, be well aware that there is no one correct parenting method since every child is unique in their ways. Try the abovementioned methods to see if they work and if they don’t, make tweaks accordingly! No one knows your child better than you do.