Insurance is a binding contract or policy in which an individual receives reimbursement or financial protection against losses. It provides coverage or security against a myriad of unwanted or unforeseen events such as death of the spouse, permanent disability, critical illness, and damaged car.
First, you must determine the situation you are in then and decide what type of insurance is appropriate for you. The policies and the insurance jargons can be confusing to a novice. To help you, here are some things you should consider before purchasing an insurance policy in Singapore:
1. PRICES
When purchasing for an insurance policy in Singapore, look for the best-priced deal that is suitable for you because prices can vary from one company to the next. Furthermore, the policies these companies offer are different. So, beyond the price, it is important to consider other factors as well.
2. TYPES
There are three main types of insurance sold in Singapore namely: Life Insurance, Health Insurance, and General Insurance. It is important to make sure you know what you want and you know what the insurance policies entails.
a. Life Insurance
This policy protects you and your dependants by giving the sum assured under certain circumstances such as being permanently disabled or critically ill. The agreed amount of money is intended to help you and your dependants meet your financial needs.
b. Health Insurance
This policy covers accidents, illnesses, and disabilities that affects your health. To help you and your family deal with the expenses, different health insurance policies are available in the market.
c. General Insurance
This policy secures you against a wide range of events such as damage to your home or loss of your belongings. Upon the occurrence of the event, the insurance company will pay you with an agreed amount to cover a portion or all of your loss.
3. TERMS
As a newbie, you are exposed to different insurance terms that can sometimes be confusing. This is why you must read through a comprehensive glossary of terms such as this list compiled by A.M. Best Company. This is the sample:
a. Annuity- a type of insurance policy that pays out fixed income payments at regular timings for one’s retirement.
b. Premium- price of protection for a specified period of time or a specified risk.
c. Whole Life Insurance- a type of life insurance serves a lifetime of protection. The policy will pay out the total sum insured plus any additional that you have accumulated before you passed away or become permanently disabled.
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What happens next if your ridiculously expensive car needs an engine replacement? If you are like countless people in the world, you will opt for using your credit card or taking loans. This will only build piles of debt.
Instead, you must commit to building an emergency fund to use during the “rainy days”. Financial professionals recommend to save money that can cover at least 6 months’ worth of your living expenses.
2. SAVING MORE FOR RETIREMENT
If you envision a life of comfort after you leave the working scene, you will not regret your decision to maximize your contributions to your CPF account or to your retirement plan.
Remember that the amount of money you need to save depends on what type of lifestyle you want to achieve during your retirement. You will need more savings if you plan to purchase a rest house, travel the world, keep your cable TV subscription, and other luxuries. Building your retirement plan while young can bring huge advantages to your financial future because of the power of compound interest. So start boosting your retirement savings as soon as possible!
3. EVALUATING THE RISKS BEFORE INVESTING
Before you lose some or all of your savings, it is important to understand the risks of the investments. Investment hazards include credit, liquidity, market, concentration, inflation, and devaluation risks. Taking a higher risk can potentially give you higher returns. But you have consult a financial adviser first.
As you make informed choices for your wealth, you will appreciate the day that you evaluated the risks before investing.
4. AVOIDING DEBTS
The debt that you accumulate in your 20s (e.g., student or car loans) can haunt you for the rest of your life. So before you take one more responsibilities such as getting married, starting a family, and buying a flat…you must avoid and eliminate your debts first.
Start by paying off the debts with high interest such as quickly as circumstance permits. Then, avoid accumulating debt by purchasing items that you can actually afford.
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Dating later in life can be a challenge not only because of your limited income resource but also because of the ever-so-changing dating landscape. In the era of Tinder and online dating sites, dating is entirely different from your first time. However, I believe that if your health permits (i.e.,you have no chronic illnesses or serious health concerns), it is never too late to fall in love again!
Despite its challenges, persevere with these 4 Financial Tips For People Dating In Retirement:
1. REKINDLE THE OLD FLAMES
Use modern technology to your advantage by embracing the power of social networking. Free sites such as Facebook and Twitter, allow you to look up your old friends whom you lost touch with. Do not be afraid to reconnect with your previous secondary school, university, and workmates by instant messaging or even e-mailing them. This way, you are expanding your social circle and increasing your chances of finding a date.
2. CONSIDER ONLINE DATING
If rekindling did not work for you, another inexpensive yet tricky strategy is to consider online dating. For many dating sites, you need not spend a cent as they offer free memberships. But you must proceed with caution as there may be scammers and imposters.
The leading online dating sites in Singapore include SingaporeCupid.com and
SingaporeLoveLinks.com. SingaporeCupid.com offers their services to more than 14,000 members. It has a rather retro design that may seem messy at first but you will soon get a hang of it. With its practical options, you can search for matches based on ages, locations, and other keywords. Members can either be free or deluxe. Deluxe members pay about S$16.95 for 1-month membership.
While SingaporeLoveLinks.com is operated by one of the largest niche dating networks in the world – Cupid Media. What is special about this site is that they bring together the singles of different nationalities. Also, they offer useful functions such as video exchange and instant messaging to its paid members. Members can either be gold or platinum. Gold members pay about S$29.98 for 1-month membership and platinum members pay about S$39.99 for the same time.
3. KNOW EACH OTHER’S MONETARY VALUES
Once you meet someone new, it is important to understand and know each other’s values about money. No need to talk about the specific numbers at first but you need to get an idea of how your date likes to save and spend.
Learn to put yourself in your date’s situation (i.e., spender or saver) by recognizing his or her financial strengths. For example, if your date is a saver then, he or she may view money as an important currency that shall not be wasted.
4. SET CLEAR EXPECTATIONS
After several dates, solidify your bond by maintaining good communication with your date. You must set clear expectations about who pays for what as this notion changes over time.
Time has led to both genders being relatively equals. In fact, a poll by Cosmopolitan showed that less than 25% of women believe that their partners should always pay for the bill and about 40% of women think that couples shall always split the bill.
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Shopping is Entertainment. That’s the slogan for Japan’s No.1 online shopping Mall Rakuten.
Launched in Singapore in 2014, Rakuten believes that shopping should be a fun experience, and they do so by creating an engaging environment for customers to do their shopping. Besides providing a platform for retailers to showcase their products, there are various interactive campaigns for shoppers.
The Rakuten Super Points was introduced as a reward program where customers can earn points to help save on their next purchase. Just like how airlines reward travellers with frequent flyer miles, Rakuten Super Points is awarded every time you make a purchase.
Rakuten carries over 330,000 goods from close to 500 merchants, with more than half of the retailers from Japan. Start your retail therapy with Rakuten today as we put together 10 Rakuten shopping hacks to help you be a smart shopper and save on your next purchase.
1. Bookmark the Deals page
This is one of the most important page you need on Rakuten. It showcases thousand of deals at up to 80% off and Buy 1 Get 1 free. It also includes a range of items from categories such as Food & Beverages, Health & Beauty, Electronics, Travel & Living, Women Apparels and many more.
*Tip: Simply drag the image below and place it in your Bookmark Toolbar on your browser.
2. Rebates, rebates and more rebates
Every dollar spent will earn you 1 Super Point and 100 Super Points = S$1 discount.
Accumulate your Rakuten Super Points to become a privileged Gold Member and once you achieved this milestone, there will be special perks and secret coupons mailed to you periodically! For example, Gold Member is eligible for the surprise Golden Member Days where you get a 24-hour Rakuten Super Points Day with exclusive discounts!
Update: Rakuten has recently launched a 5x Rakuten Super Point-back programme to help you accumulate your points faster. Every dollar spent will now earn you a whopping 5 Super Points (rather than 1) and that is equivalent to an impressive 5% rebate on any products, on any day.
Tip: Look out for Bonus Super Points Promotion Campaigns, Rakuten will reward you with 20x, 30x, 40x, etc, Bonus Super Points to help you save even more.
3. Shop on Tuesday
TGIT. Thanks God It’s Tuesday! Every Tuesday, you can enjoy an additional 5% off your shopping if you pay with your MasterCard.
Tip: Remove all the MasterCard sitting in your wallet. Find out which of these cards provide more points or rewards when you charge your online purchase.
4. Shop from Ebates
Haven’t heard ofEbates? You have been missing out where everyone’s cashing in. Ebates is a cashback website that helps you stretch your dollar on your online shopping from over 300+ online retailers such as Groupon, Redmart, Foodpanda and more. Is Rakuten included in their cashback scheme? You bet. Register with an account with them and shop from their platform to earn an additional 5% cashback on your purchase.
5. Subscribe to Rakuten’s Newsletters and Follow Them on Facebook & Twitter
Be the first among your peers to know of the latest promotions and contests! Rakuten is on Facebook and Twitter, so follow them closely on their social media accounts and sometimes it pays to be kiasu!
You would have missed out on a chance to participate in their contest if you’ve spent $190 — $10 short to earn 1,000 Rakuten Super Points! Don’t miss out on such opportunities and start following them on Facebook!
Tip: There’s a $288 Rakuten Super Points giveaway today on 14/1 if you simply like their page, share and comment on the pinned post today. Otherwise, there’s also the Win a Free Trip to Shizuoka, Japan contest ongoing until 20/1.
6. Be a smart shopper: Know what to shop on Rakuten
If you have been a savvy shopper, you know what are the best deals to buy at Rakuten. But what if you don’t? Don’t worry, we have done the homework for you.
Mega Discount Store: Because of Rakuten’s generous 5% cashback from its Super Points (+ additional cashback from credit cards), it makes purchasing big ticket items attractive. That means you can essentially save up to hundred of dollars when you buy home appliances such as refrigerators, LED TV and massage chairs.
Snaffle’s: Being a fan of Hokkaido’s catch cakes, Snaffle’s is one of my favourite store on Rakuten. Although they have physical stores in Singapore, you rarely see their catch cakes on promotion. However, if you have been following them on their online store, you can actually snag a deal at times when they are running their 1-for-1 catch cakes promotion, 20% off, free delivery and other bundled discounts.
Henri Charpentier: When French-inspired Japanese patisserie Henri Charpentier opened their first online shop at Rakuten late last year, i was jumping for joy. I no longer have to travel to the inaccessible Dempsey Hill to satisfy my craving for their famed financiers and madeleines. I can simply order at the comfort of my own home or office, and with a few clicks, i can get it delivered to my place fuss-free.
TokiChoi: Fast fashion label Toki Choi (東京著衣) is a popular fashion brand in Taiwan. Their fashion collections are a hit amongst the ladies, as they are reasonably priced for their quality! Look out for their $9.90 or 50% off campaign! TokiChoi, with its original designs and vast selections at reasonable prices could give local blogshops a run for its money.
NanoJapan: Ladies would love this. NanoJapan brings in quality beauty & health products directly from their Japan’s factory. Their beauty collagens has received good reviews so far and a trial can can be bought for just $39.90. For the month of January, you can get 1 can at the price of $39.90 and $36.90 per can for a set of 4! Wow!
Soup Stock Tokyo: Fans of Japan food chain Soup Stock Tokyo rejoice! They not only have an outlet at 313 Somerset but are also retailing their frozen soup stock exclusively on Rakuten. Get your hands on the CNY trial sets retailing at only $14 now!
Tip: Check out the Top 100 Best Sellers to see what are the popular items on Rakuten.
7. Use the right credit card
There are several cards you can use to enjoy additional perks when shopping at Rakuten:
Citi Rewards Card: 10% off storewide with code “RTCITI10” (max discount $50)
Standard Chartered SingPost Platinum Visa Credit Card: 7% cash rebate (min $600 spend a month)
DBS Live Fresh Platinum Card: 6% cash rebate (min $500 spend a month)
MasterCard (any banks): 5% off storewide on Tuesday + any points or rewards from your bank
Tip: Tuesday: Any MasterCard | Other days: Citi Rewards Card, Standard Chartered SingPost Platinum Visa Credit Card or DBS Live Fresh Platinum Card
8. Make full use of free shipping
Don’t want to pay for shipping cost? Several merchants on Rakuten offers free shipping with no minimum amount, so if you are the type of shopper that want to maximize your dollar, you can shop at their Free Shipping page. Rakuten will display all the products that are eligible for free shipping.
Tip 1: Save on shipping cost by combining orders with your friends or colleague. Some stores offer free shipping when you make a minimum spend. The key here is to buy in bulk for items such as diapers, ramen, rice seasoning, etc.
Tip 2: Most free shipping are on weekend so look out for weekend campaigns!
9. Do your homework. Use Price Panda or Priceme
Don’t shortchange yourself. With many e-commerce platforms online, make sure the item you want is competitively priced. I personally use Price Panda or Priceme to compare the price to see if i’m getting the best deal. And often, Rakuten seems to edge because of the various cashback, rebates and offers.
Take for example:
The GoPro Hero 4 Black Edition is retailing at S$750 at both Courts and Challenger according to Priceme.
(Click to enlarge)
The cheapest set displayed on Priceme: Lazada at S$619
(Click to enlarge)
Galaxy on Rakuten is selling it at S$650
Although it may seems cheaper at Lazada, it is an export set that doesn’t come with warranty. Whereas, the one by Galaxy (Rakuten) comes with a 1 year local agent warranty. And that is not all – Rakuten also offers 5X Rakuten Super Points which is equivalent to a 5% cash rebates. This works out to be a $32.50 discount which brings the total nett price to S$617.50! Now, which is more value for money?
*Tip: Charge your purchase with a a MasterCard and get an additional 5% discount on Tuesday + Points or rewards from your bank
10. Don’t miss out the Shop Campaigns
You thought that Rakuten’s campaigns was mindblowing? What if i say stores can run additional campaigns on top of Rakuten’s campaigns? Keep your eyes peeled when you visit a store’s page. There arecertain campaigns run by stores and this include giving away free gifts and voucher when you make a purchase.
For example, Mega Discount Store is currently giving away freebies such as free bread maker and $50 voucher when you purchase certain promotional items from their shop.
Tip: Subscribe to individual stores to get the latest updates on campaigns and promotions.
We hope you find these hacks useful!
To get your started, we have collaborated with Rakuten in the MoneyDigest X Rakuten Super Points Giveaway. 2,000 Rakuten Super Points (worth $20) will be given away to our readers who have yet to sign up for a free account at Rakuten. Do note that only the first 25 valid entries qualify.
The unwavering popularity of K-Pop and Korean dramas brought forth the satisfying dessert called soft serve.
Soft serve, a type of ice cream, is perfect for the sunny Singapore climate and its increasing health conscious inhabitants. It is generally lighter, smoother, and creamier than the regular ice cream because of the air introduced during freezing. Due to its formulation, soft serve ice cream melts rather quickly so you must eat lick its goodness rather quickly. Worry not if you consume more than expected as it has generally less milk-fat than regular ice cream.
Inexpensive does not always come with bad taste if you know the right places to look. That being said, here are 3 delicious yet affordable places to satisfy your hunger for Korean soft serves…
1. THE POPULAR ONE
Boasting with lengthy queues daily, Honey Crème’s soft serves are silky and rich. Showing a balance between flavors, all the ingredients are mixed well together by the hand to give a smooth consistency. Customers can avail occasional flavors aside from its classic flavors such as Caramel Popcorn, Comb Honey, Affogato, and Organic Mixed Grains.
If you are a fan or cotton candy or fairy floss, their nice spins are made with organic sugar and natural flavoring. Furthermore, it is stuffed with Italian rock salt to give a twist and even out the sweetness of both the ice cream and the cotton candy.
Hailing from South Korea, Milkcow offers ice cream made with 100% organic milk from Italian farms. Much like Honey Crème, Milkcow has a loyal following that proves how addicting their products are.
With 14 special flavors, Milkcow’s wide selection of sort serves can be topped with organic honeycomb, cotton candy, fruits, jelly beans, chocolate syrup, and so much more. And if you are confused on which flavors to purchase, consider trying Snow Drop, Milky Peace, and Milky Cube.
Locations: 8 locations nationwide, visit milkcow.sg for more information.
3. THE RISING STAR
Sweet Monster is the new Korean soft serve on the block. With its adorable characters, unique flavors, quality ingredients, and American festival vibes – you are sure to have a wonderfully satisfying experience!
Feast your eyes on their visually pleasing Popcorn Ice Cream (S$6.80) that is in complete dichotomy in taste, texture, and temperature. Is it sweet or salty? Is it crunchy or smooth? Is it hot or cold? Find the answers to these questions yourself by heading to one of their outlets.
