MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Why Is It So Difficult To Save Money?

As I looked at my balance, I was overwhelmed by how fast my salary had disappeared. I’m not the only one! Many of us handle daily expenses and unexpected costs one day at a time, especially those living paycheck to paycheck. With the high cost of living, unnecessary purchases, and unforeseen expenses, why is it so challenging to save money? Here are some key reasons:

#1: NOT PRIORITIZING DEBT

Debt can be a major obstacle to saving money. The desire to pay off debt rather than save is strong, especially with revolving debt like credit cards. Interest rates on these accounts can fluctuate, often increasing the amount owed.

For example, the average interest rate on credit cards in Singapore is around 25% per annum. Consolidating debt with a low- or no-interest card or taking out a lower-interest personal loan can help ease this burden.

#2: IMPRESSING OTHERS WITH SPENDING

Social pressures can lead to overspending. Maybe friends invite you to an expensive restaurant, and you go along, only to split a hefty bill. Or perhaps you use a bonus to buy a status watch to fit in with big-spender pals. I recall a colleague who stole money from the company just to maintain face in their religious community.

If you find yourself overspending with friends, consider more affordable activities like museum-hopping, hiking, or local events. These are simple ways to save money while still enjoying time with friends.

#3: HAVING INSUFFICIENT INCOME

Your earnings need to cover your expenses, but sometimes unexpected costs outpace your paycheck. Keeping a budget helps track spending and identify areas for adjustment. For example, if your rent increases by 12%, you’ll need to find the extra money. In such cases, a side hustle might be beneficial.

#4: SHOPPING EXCESSIVELY

Shopping excessively doesn’t necessarily mean always filling your online cart. It could mean not being strategic about your spending. I’m guilty of this, especially since I prefer designer makeup and skincare for my sensitive skin. For instance, daily trips to a grocery store are more expensive than bi-weekly bulk shopping trips.

Making lists, tracking prices, and using coupons and cashback offers can help save money and even make the process enjoyable.

#5: LACKING MOTIVATION TO SAVE

Saving money is challenging if you don’t have a compelling reason. You might be overly focused on the present or unsure about future goals. Creating a savings plan starts with asking yourself where you want to be financially in the next 5 to 10 years and what you need to do to have “enough” money.

#6: INCREASING EVERYDAY EXPENSES

Many people debate whether the rising cost of living is as bad as it seems, but most Singaporeans have felt the pinch in recent years. Inflation affects housing, utilities, and groceries, and wages haven’t kept up.

#7: LACKING THE INSTINCT TO SAVE

Saving for the future isn’t a natural human instinct. Our brains struggle to think about the future in concrete terms. However, we can either trick our minds into better future planning or make saving money automatic. Behavioral economist and Nobel Prize winner Richard Thaler suggests, “If you want to help people accomplish some goal, make it easy.”

Image Credits: unsplash.com

By understanding the reasons why you need to save and making mindful adjustments, saving money can become more achievable.

Sources: 1,2, & 3

4 accommodations under $46/night in Bangkok, Thailand if you can free yourself for a weekend trip in October 2024

Itching for a weekend getaway this October to Bangkok?

Then allow us to intro to you some budget-friendly accommodations, all under $46/night, that will allow you to rest your heads.

These affordable options ensure you will have more to spend on Pad Thai and more.

Neat studio rental flat close to Airport Link Station

Price: $30/night (for 2 persons)

Travel dates: 11 to 13 October 2024

First up, we have this really cheap rental to start us off.

Touchdown at this Airbnb studio just a quick 7-minute stroll from the Airport Link Station.

Kick back on the wide balcony with city views from the 8th floor, then head downstairs for a caffeine boost at the building’s cafe or to pick up essentials at the convenience store.

With easy access to the city center, this studio is in a prime location.

Complimentary laundry service is provided so you can pack light.

Clean & bright vacation home near Huai Khwang Station

Price: $32/night (for 2 persons)

Travel dates: 4 to 6 October 2024

Or consider this bright vacation home near Huai Khwang Station, a part of a bustling neighborhood that comes alive late into the night.

Floor-to-ceiling windows flood the space with natural light, while a double bed and high-quality latex pillows ensure you catch up on your ZZZs.

Stay connected with free high-speed Wi-Fi, and take advantage of the coin-operated laundry on the second floor if you need it.

There’s room for a third guest (at an additional fee), just ask the host for more info.

One-bedroom unit with gym & pool access

Price: $38/night (for 2 persons)

Travel dates: 18 to 20 October 2024

Looking for a home base near Bangkok’s Huamak Station?

This one-bedroom unit offers homely vibes—a queen bed, a living area with a sofa, and a kitchenette stocked with all the basics.

You also get access to the building’s amenities, including a pool to cool off after a day out and a gym to stay active.

Stay a while or stop over—this prime location near Huamak station lets you dip into the city’s bests.

Double room in a vintage-looking villa

Price: $45/night (for 2 persons)

Travel dates: 4 to 6 October 2024

Last but not least, escape the tourist trail and experience local life like a true Thai native with this double room in a vintage-looking villa.

This place offers a real taste of residential living.

You will be nestled right among the locals, with a convenience store and hawker center just around the corner.

Inside, the room features a king-size bed, a private balcony for catching the breeze, and a wide couch to slouch on after a day of exploring.

There’s also a proper work desk if you need to get things done.

And that’s about it from us. These abovementioned options under $46/night won’t stay unbooked for long for a weekend escape this October. So, reserve fast, pack your bags, and get ready to hop on your flight to Bangkok. Have a safe trip!

Expensive Expat Living: Singapore Takes 2nd Spot in Asia’s Costliest Cities

Living in Asia as an expat offers dynamic urban landscapes and a rich cultural blend, making it an enticing prospect. Yet, this allure comes at a price. According to recent studies, several Asian cities rank among the world’s most expensive places for expatriates.

In a 2023 study by ECA International, cities like Hong Kong, Singapore, Seoul, Tokyo, and Shanghai made it to the top 10 global rankings for expat living costs. The rising cost of living, driven by high rental prices, inflation, and strong currencies, propels these cities up the ranks.

Image Credits: unsplash.com

SINGAPORE’S RISE IN GLOBAL RANKINGS

Singapore, renowned for its efficient infrastructure, safety, and quality of life, has seen a significant increase in expatriate living costs. The Lion City now ranks as the second most expensive city globally for expats. According to ECA International, soaring rental costs play a crucial role in this rise, making it increasingly challenging for expats to find affordable housing.

MOST EXPENSIVE CITIES IN ASIA

While Singapore’s ascent is remarkable, it’s not alone in experiencing a surge in living costs. According to the Mercer Cost of Living Survey for 2024, here are the most expensive cities for expats in Asia:

1. Hong Kong – This city frequently tops the list due to overwhelming housing prices and a competitive job market, yet it continues to attract international businesses and expats alike.

2. Singapore – Rapidly rising rental costs place Singapore as the second most expensive city globally for expats.

3. Shanghai – As a global financial hub, Shanghai has seen significant increases in housing expenses, cementing its status as one of Asia’s costliest cities.

4. Seoul – Known for its tech-savvy lifestyle and vibrant culture, Seoul demands a high price, particularly in housing and education.

5. Tokyo – With its blend of tradition and modernity, Tokyo’s high living costs are driven by pricey real estate and high standards of living.

Image Credits: unsplash.com

BALANCING LUXURY AND COST

As Asia evolves into a hub for international business and lifestyle, understanding the financial landscape is crucial for prospective expatriates. High living costs in cities like Singapore offer world-class amenities and cultural experiences. Yet, balancing luxury and expenses is tricky. It will take time to navigate these financial pressures while enjoying the unique city living.

Sources: 1, 2, & 3

Latest WFH internships posted from 9 to 11 July 2024

Welcome to another WFH internships episode.

We won’t beat around the bush—this week we have opportunities in branding, marketing, social media, and more.

Scroll down for the details.

#1: JCube Institute – Curriculum Support And Automation Internship

Website: jcube-institute.com

Allowance / Remuneration: $900 – 1,200 monthly

Job Qualifications

Currently pursuing a diploma or degree in Business, Information Technology, Computer Science, Business Process Management, or a related field.
Basic understanding of automation platforms such as Zapier and Pabbly.
Strong analytical and problem-solving skills.
Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint).
Ability to learn new tools and technologies quickly.
Excellent verbal and written communication skills.
Attention to detail and ability to work independently.
Must be residing in Singapore.

Key Responsibilities

Curriculum support via the creation of training decks and other curriculum activities
Assisting in the automation of various tasks and processes using platforms like Zapier and Pabbly.
Identifying opportunities for automation within existing workflows.
Creating and managing automated workflows to improve efficiency.
Testing and troubleshooting automated processes to ensure they function correctly.
Documenting automated processes and providing training to team members as needed.

How to apply?

View the job post in full here and apply for this position by submitting your resume and a short bio of yourself to [email protected].

#2: Ailytics Pte Ltd – Data Annotation Specialist Intern

Website: ailytics.ai

Allowance / Remuneration: $800 – 1,500 monthly

Job Qualifications

Not specified.

Key Responsibilities

Data Collection:

Collect data from new and existing deployments.
Ensure data quality in terms of variety, lighting, and angles.
Be proficient in using Video Management software.

Data Labelling:

Label objects based on specific guidelines.
Review labeled data and identify the model’s deficiencies.

Documentation:

Upkeep of guidelines and procedures for data collection and labeling.

Model Testing:

Collect test videos from various deployments to evaluate the model’s performance.
Suggest areas of improvement for data collection and labeling.

Script Writing:

On an ad-hoc basis, assist in the writing of scripts to improve processes and increase efficiency in the manipulation of data.

On-site deployment:

Provide data collection and labeling services at the physical deployment.

Managing internal and external stakeholders:

Communicate updates to internal stakeholders on progress, priorities, and problems.
Assist in communication with external stakeholders on an ad-hoc basis, for example, demos.

How to apply?

View the job post in full here and write to Royston via this link.

#3: Mondays Made – Social Media & Marketing Intern

Website: mondaysmade.com

Allowance / Remuneration: $800 – 1,000 monthly

Job Qualifications

Passionate and interested in the jewelry industry
Good command of written English
Independent and resourceful in leading, conceptualizing, and executing campaigns
Good eye for detail and creative flair
A 6-month full-time commitment is preferred
Only Singapore-based applicants should apply.

Key Responsibilities

Explore your creativity and grow your skill sets in content creation
Work with the team to plan and execute marketing campaigns
Develop styling, photography, and videography skills via shoots and reel creation
Assist and coordinate influencer outreach campaigns
Coordinating and posting of collaterals for social media platforms

How to apply?

View the job post in full here and write to Sheaufen via this link.

#4: Reamnext SG Pte Ltd – Content And Social Media Intern

Website: onesports.sg

Allowance / Remuneration: $800 – 1,200 monthly

Job Qualifications

Open to Short-Term/Part-Time: Welcome fresh graduates and internship requests.
Copywriting and Editing Skills: Proficient in Canva, CapCut, or similar tools for creating eye-catching content.
Organizational Skills: Strong attention to detail for administrative tasks and meeting deadlines.
Social Media Savvy: Familiar with all social media platforms, their content formats, and best practices.
Creative Mindset: Passion for storytelling and the ability to conceptualize and execute engaging content ideas.
Communication Skills: Strong written and verbal communication skills for effective collaboration with the team.
Time Management: Ability to work independently and manage time effectively.
Experience is a Plus: Previous experience in social media creation and management is a bonus!
Web Development using WordPress will be an added advantage

Key Responsibilities

Manage Social Media Channels: Take charge of our Facebook, Instagram, and TikTok accounts, creating a vibrant online presence for ONE Sports.
Brainstorm Content Ideas: Collaborate with our creative strategy team to generate exciting and engaging content concepts.
Create Compelling TikTok Content: Produce, edit, and curate captivating video content for TikTok, incorporating the latest trends and best practices.
Influencer Engagement: Identify and connect with influencers and partners for potential collaborations and promotions.
Performance Monitoring: Keep a close eye on social media platform performance, providing insights and identifying areas for improvement.

How to apply?

View the job post in full here and send your resume to [email protected].

#5: Hunter & Match – Branding & Marketing Intern

Website: hunterandmatch.co

Allowance / Remuneration: $700 – 1,000 monthly

Job Qualifications

Interested in branding, marketing, and business development.
Self-motivated, disciplined, organized, and fun to work with.
Experience in content creation, basic image/video editing, social media, or marketing will be a plus.

Key Responsibilities

Content Creation
Video/Image editing
Social Media Management
Events (ad-hoc basis)
Project Management (managing schedules and timelines)

How to apply?

View the job post in full here and write to Cheryl via this link.

Editor’s note: These positions are selected based on the “remote” tag, but some are hybrid ones and you may need to report physically to the office. For more deets, do contact the employer directly.

Failing to declare large amounts of cash at Singapore checkpoints could lead to fines and/or jail time

Have you read the news about how a couple of individuals were apprehended at Changi Airport for failing to declare that they were bringing in more than S$20,000 in cash into Singapore?

If you don’t already know, know this:

You must declare such amounts online within 72 hours of arriving at or departing from Singapore’s checkpoints.

For more information on this and how to make your declaration, head to ICA’s official website.

Why declare?

Simply because the anonymity that cash provides makes it appealing for illegal activities.

Let’s also not forget that large sums of cash can be suspicious since there are now more efficient ways to keep and transfer money.

In addition, declarations help authorities track suspicious money flows and ensure that funds are not used for unlawful purposes or illegal activities that may lead to charges and imprisonment.

Image Credits: npr.org

Why the S$20,000 limit?

The S$20,000 limit aims to balance effectiveness and intrusiveness.

If the limit were to be too high, illicit activities might go undetected and conversely, if it were to be too low, the requirement to declare would become overwhelming and unnecessary for small, everyday transactions.

In some borderline cases, authorities may issue a warning if you can provide a valid explanation for carrying large sums of cash.

Perhaps it’s for medical expenses, family emergencies, gifts, business transactions, education costs, or large purchases…

But you don’t want to play by ear when it comes to such things.

Consequences of non-declaration

Since the online declaration process within a 72-hour window leaves little room for excuses, failing to fully and accurately declare amounts over S$20,000 in cash or bearable negotiable instruments can result in up to three years of jail time, fines up to S$50,000, or both.

Moreover, some individuals explicitly try to evade detection by hiding cash in vehicles or on their bodies, further complicating matters.

Is this declaration only a Singapore thing?

No. Similar declaration requirements exist in other countries.

For instance:

In Australia, you must declare amounts over A$10,000.

In the United States, you need to declare amounts over US$10,000.

European Union countries like Germany, Spain, Italy, and France require declarations for amounts over 10,000 euros.

The United Kingdom has a limit of £10,000.

In the UAE, including Dubai and Abu Dhabi, the limit is 60,000 dirhams, etc.

By understanding and adhering to these requirements specific to the country you’re entering/leaving, you can help ensure the security and integrity of financial systems globally and most importantly, don’t get yourself into unnecessary trouble with the law.

Travel with the right knowledge in your mind, yeah? 😉