MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

2016’s Best Credit Cards For Grocery Shopping

As businesses are adopting increasingly competitive prices, grocery shopping became costlier. And if you were to use a credit card, be sure to indulge on all of its rewards by paying the bill in full each cycle. That said, here are the 2016’s Best Credit Cards For Grocery Shopping (listed in no particular order)…

1. HSBC VISA PLATINUM CARD

Minimum Annual Income (Singaporeans): S$30,000
Minimum Annual Income (Non-Singaporeans): S$40,000

Do you want a card that allows rebates on your daily spending? HSBC Visa Platinum Credit Card may just fill your heart’s desire. It has rebates for grocery shopping, telecom bills, petrol, and dining. Waived for 2 years, the annual fee is S$180. Get 3% cash rebates on your grocery shopping with a minimum spending of S$400/month or 5% cash rebates with a minimum spending of S$800/month.

2. OCBC PLUS! VISA CARD

Minimum Annual Income (Singaporeans/PRs): S$30,000
Minimum Annual Income (Non-Singaporeans): S$45,000

OCBC Plus! Visa Credit Card will give you a whopping 5% off on all the items at FairPrice and FairPrice Online. What’s more? You can save up to 5% off at Unity, 3% off at Popular bookstore, and 18.3% off at Esso fuel stations. All you have to do is pay an annual fee of S$80 – waived for the first year!

3. UOB DELIGHT CARD

Minimum Annual Income (Singaporeans): S$30,000
Minimum Annual Income (Non-Singaporeans): S$40,000

Does 10% rebates at groceries and pharmacies sound tempting? Then, UOB Delight Credit Card is perfect for you. Enjoy up to 10% off house brands at Giant, Cold Storage, and Guardian. For the rest of the products, you can get 3% or 8% rebate at Cold Storage, Market Place, Jasons, Giant and Guardian (T&Cs apply). To qualify for this, you must pay S$85.60 annually.

Buying in bulk? Get free home delivery at selected Giant stores with a minimum spending of S$150 in a single receipt.

4. CITIBANK SMRT PLATINUM VISA CARD

Minimum Annual Income (Singaporeans): S$30,000
Minimum Annual Income (Non-Singaporeans): S$42,000

As the name implies, Citibank SMRT Platinum Visa Credit Card will give you good savings for your public transportation. Surprisingly, it is also good for grocery shopping. Get up to 7% savings on Fairprice, Sheng Shiong, and Giant. Just pay an annual fee of S$161.50, waived for 2 years.

5. CITIBANK DIVIDEND CARD

Minimum Annual Income (Singaporeans): S$30,000
Minimum Annual Income (Non-Singaporeans): S$42,000

Looking for a credit card that does not limit your grocery shopping? Look no more as Citibank DIVIDEND Card gives you up to 8% cashback at all supermarkets nationwide (e.g., Cold Storage, Jasons, Sheng Shiong, and more)! Aside from this, you shall receive 0.25% cashback on your other retail spending. The basic card annual fee is S$192.60.

Image Credits: www.citibank.com.sg

4 Retirement Myths That Singaporeans Should Scrap

A number of Singaporeans who are planning for their retirement tend to rely on myths without even realizing it! It can happen to you too. As believing in these retirement myths can be detrimental to your financial future, it is important to scrap these myths.

MYTH #1: THERE IS A CERTAIN PERCENTAGE TO QUANTIFY YOUR RETIREMENT FUND

Some financial gurus have set a rule of thumb regarding the percentage of income you need for your retirement. According to them, you need to have 80% of your current salary in retirement. This is utterly exaggerated! The actual amount of your retirement fund depends on your pre-retirement and post-retirement lifestyle choices.

For instance, if you choose to travel frequently during the early months of retirement, you will need to spend more. However, if you choose to live “kampong-style” for the rest of your life, you will spend less. The amount of retirement fund you need depends on what you want to do and how you want to live. It does not rely on a magical percentage!

MYTH #2: YOUR CPF SAVINGS IS ENOUGH

Contrary to the popular myth, your Central Provident Fund (CPF) savings may not be enough to sustain the lifestyle you desire during retirement. Keep in mind that your CPF savings depends on how much you earn during your working years. If your income is relatively low throughout the years then you can expect to receive lesser payouts than your “higher earning” friends. Thus, your CPF savings may not be enough. Also, if you exhaust your account earlier on to pay for your HDB flat then you shall expect to receive lesser payouts than those who bought flats within their “means”.

MYTH #3: RETIREMENT ONLY HAPPENS AT AGE 62

Do you know that some people retire as early as 30? Believing that 62 is the magical retirement age can harm your finances. If you limit yourself to 62 then you may procrastinate on growing your retirement fund, you may ignore the knowledge of bonds and stocks, and you may panic at the last-minute. Retirement actually happens when you have achieved financial freedom. Do not limit yourself to a magical number and regret planning too late.

MYTH #4: MY CHILDREN WILL SUPPORT ME IN THE LONG-RUN

According to the law, your adult child has the responsibility to support you in old age. Protected by the Maintenance of Parents Act, senior citizens who are unable to sustain their lifestyle can apply to the court in order for their children to provide a monthly allowance.

Here are the exact statements from the Maintenance of Parents Act:

“Any person domiciled and resident in Singapore who is of or above 60 years of age and who is unable to maintain himself adequately (referred to in this section as the parent) may apply to the Tribunal for an order that one or more of his children pay him a monthly allowance or any other periodical payment or a lump sum for his maintenance.”

However, the court will consider several factors including if your child is able to afford it. If your child has started a family of his or her own, you can only hope that your child is financially stable by then!

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

Is Home Office Heaven Or Hell For You?

Working from home used to be an idea that graced infomercials few years ago but in the new generation, it has become increasingly common. According to the data collated by Global Workplace Analytics, there are approximately 10 to 15 million home-based businesses. Before making any decisions to jump on the “home office” bandwagon, you must first weigh its advantages and disadvantages.

ADVANTAGES

Given the opportunity to be your own boss, you may be able to do things you love and get paid for it. Since you do not have a supervisor beside you, your passion will fuel your creativity and productivity. In fact, a Stanford University study showed that call center employees from China reported increased performance by 12% and higher work satisfaction as they worked from home.

Aside from this, having a home office can give you one thing that you might be itching for – freedom! You start by building your own working environment that you are most comfortable with. With this power of autonomy, you will notice that little things you do can make a huge difference.

Freedom also entails that you hold your own work schedule. Setting your own hours can mean that you get to drive your children to school, you can go out for private errands during lunch, and you won’t miss out on your children’s school presentations. This means that you are able to do more of what you really love.

DISADVANTAGES

After hearing its advantages, working from home may sound like a dream come true but you have to take note of its disadvantages too. One prominent downside to many home offices is the vulnerability to distractions such as accessible electronic devices, noisy family members, and many household tasks.

Another disadvantage is higher utility costs, especially if you barely leave your home. This is why you should make it a habit to conserve energy through simple strategies such as scheduling your air conditioning use, reducing indoor heat by painting your rooms white, or working at the brightest part of the house.

Lastly, since most people meet new people and make friends in the workplace, professionals who are working from home may experience loneliness, isolation, and depression. As they are plucked away from their previous co-workers and bosses, staying in touch with them can remedy the situation.

Image Credits: pixabay.com (CC0 Public Domain)

Bottom line: When you are shifting towards the home office, you must consider all its possible factors – both good and bad. If possible, you may split your time between the home office and the workplace.

Sources: 1,2,3,& 4

Genius Cleaning Hacks To Save You Money And Time

USE VINEGAR TO CLEAN THE BATHROOM

Your S$2-3 bottle of white vinegar have uses that are beyond the kitchen! To clean the toilet, pour a cup of distilled white vinegar into the bowl and let it stay there for 5 hours or overnight. Then, scrub it well and flush. To clean your tub and kill the germs, spray white vinegar around the tub. Then, wipe it with wet cloth to clean.

USE BLOW DRYER TO REMOVE WATER STAINS

Spills from your mugs, glasses, bottles, and cans can leave a whitened “ring” that can be easily visible on furniture. Before you replace or repaint some tables, a simple yet efficient shortcut is to use a blow dryer to clean it. Hold the blow dryer (high heat) close to the ring and see it disappear in a few minutes. Once it evaporates, add a small amount of olive oil to re-condition the wooden table.

USE A DRY TOWEL TO SPEED UP THE DRYER

To save money on electricity, you must reduce the amount of time it takes to dry your wet laundry load. Simply add a dry towel to your dryer with other wet clothes. This trick works because the dry towel absorbs the excess moisture around your dryer.

USE AN IRON TO ELIMINATE CARPET STAINS

To eliminate nasty carpet stains without professional help, clean it with white vinegar, iron, and water. Start by mixing 2 parts of water with 1 part of white vinegar in a spray bottle. Spray this solution on the stain. Then, iron the rag (steam setting) for about 30 seconds or more. This shall remove the stain as well as its unpleasant odor.

USE A DIRECTORY OF THE CLEANING SERVICES IN SINGAPORE

If all else fails, save time and effort by having a directory of the top cleaning services in Singapore.

a. NTUC Domestic Cleaning Service
Location: 75 Bras Basah Road, NTUC Income Centre, Singapore 189557
Contact: 6788 8788

b. House Cleaner Singapore
Location: 538 Bedok North Street 3 Singapore, Singapore 460538
Contact: 6844 3382

c. Home Cleanz Cleaning & Laundry Services
Location: 332 Changi Road, Singapore 419807
Contact: 6440 3342

d. Domestic One Cleaning Service
Location: 47 Hill Street, #06-06 Singapore 179365
Contact: 6100 2388

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

Student’s Guide To Part-Time Job Hunting In Singapore

In Singapore, it is ordinary for students to gravitate toward part-time jobs. These part-time jobs either add a boost to their travel fund or to their school allowance. Whatever the reason may be, job hunting in the modern age has definitely changed!

That said, here are some places you have to browse when job hunting:

1. NEWSPAPER CLASSIFIEDS

Go back to the tried and tested strategy of grabbing the latest newspaper publication right from your doorstep. In particular, the leading English newspaper in Singapore called The Straits Times has its weekend supplement containing a section for “Classified Jobs”.

2. ONLINE CLASSIFIEDS

If you cannot find the job you want on the newspaper ads, try looking for some opportunities at the online classifieds namely: Gumtree and Craigslist Singapore. Renowned as Singapore’s Number 1 Free Classifieds Site, Gumtree Singapore is well-known for providing good classified services with one of the largest visibility. Check out the “Jobs” category or type the keywords of your desired job. With its user-friendly functionalities that is both available online and on the mobile app, you can search for a job at your own convenience.

An even more simplistic website is one of the oldest classifieds portals in the world called Craigslist. Established in 1996, Craigslist provides services for more than 70 countries including sunny Singapore. Posting job ads and browsing through them is totally free!

Friendly Reminder: Please be careful as some of the ads posted are merely scams or spams.

3. NETWORK REFERRAL

Everybody is bound to know somebody. Within your existing network, there are probably a handful of part-time jobs that are perfectly in lined to your capacity. Do not hesitate to ask your classmates and friends if they can recommend a job for you.

And here are the common part-time jobs suitable for students:

1. F&B STAFF

Becoming an F&B Staff requires a whole lot of energy and patience. Despite the average salary, it can be a rewarding experience that will help you learn the skills you need further down the road. No to mention, there is a possibility of taking home free food.

Average Rates: S$6-10/hour

2. RECEPTIONIST

Clinics, spas, and fitness centers are often on a lookout for part-time receptionists whose main job is to book appointments, answer phone calls, and sell products. Being computer and social media literate is a must if you are planning to apply for this job. Luckily, almost every millennial fits the bill!

Average Rates: S$6.5-10/hour

3. FLYERS DISTRIBUTOR

One of the most tiring yet technically simple part-time jobs available is the “flyers distributor”. Just imagine yourself distributing some papers while standing in a spot for hours and braving Singapore’s heat.

Average Rates: S$5-6/hour

Image Credits: MuseScore (CC License Attribution 2.0 Generic)

Sources: 1 & 2

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