MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

The Do’s And Don’ts Of Spending Money In Your 20s

For most people, 20s was the decade that defined who they became for the rest of their lives. It is the era of endless exploration and distinctive decision-making. Not to mention, it is the time that you establish your spending habits.

If you are in your 20s right now…take the time to invest in yourself, to learn about personal finance, and to get on the right track. Start by observing the healthy financial habits and diminishing the unhealthy financial habits.

THE DO’S

1. DO THIS FIRST OF ALL

The first step you must take is to establish a realistic and beneficial budget. Instead of perceiving it as something that limits your spending, perceive it as a tool that encourages you to live within your means.

Begin by listing down your expenses (i.e., fixed and variable), your income, and debts. Your cash flow for the previous weeks will help you setup your budget. Do not panic if you still have to pay your student loan because your budget will help you plan your income allocation.

2. DO EDUCATE YOURSELF

Read and understand materials about self-empowerment, investment, and money management. Here are four books to get you started with:

“The War of Art” by Steven Pressfield
“Why Stocks Go Up and Down” by William Pike
“The Intelligent Investor” by Benjamin Graham
“Turning Pro” by Steven Pressfield

3. DO PRACTICE COOKING

With the pervasive technology, it is possible to learn just about anything! If you want to save money on eating out (especially if you are living on your own), it is best to learn how to cook. Convince your 20-something self that it is about time to practice cooking simple meals such as Omelet, Carbonara, and Chicken Rice. Remember that aside from rent, your food expenses make the largest impact on your budget.

Image Credits: crateandbarrel.com

THE DON’TS

1. DO NOT SPEND TOO MUCH ON CIGARETTES

As you know, Singapore is one of the cities that sell expensive cigarettes. And if you are caught smoking one in a restricted place, you are bound to pay a hefty price of S$200-1,000. Aside from its high cost, you are at risk of paying costly health care fees (e.g.,due to lung cancer). So think twice before you light one!

2. DO NOT BOOST YOUR CREDIT CARD DEBT

Aside from splurging your money, another unhealthy habit that you have to stop is not paying off your credit card. The bad credit decisions you made in your 20s can haunt you in the future. For example, it can affect whether or not you are able to get a loan to buy a car.

3. DO NOT SPLURGE FOR “EXPERIENCES” ALONE

Millennials have shifted their spending patterns to experiences rather than material goods. However, if you solely spend your hard-earned cash to pay for your travel without the consideration of your savings, everything can go down hill. Saving money is important not only because emergencies happen but also because retirement is inevitable.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

5 Ways To Score The Cheapest Wedding Dresses In Singapore

One ensemble that enhances the glistening bride is the dress itself. Shopping for wedding dresses in Singapore can be difficult, especially if you pay close attention to the price tags attached to it.

This is why it is important to keep an open mind when shopping on a strict budget. Consider the “5 Ways Score Cheapest Wedding Dresses In Singapore” as a starting point:

1. RENT YOUR DRESS

If you are feeling guilty on spending thousands of dollars on a piece of clothing that you are bound to use once, why not rent your wedding dress? Renting your dress does not mean that you have to give up your envisioned design nor do you have to wear something that does not fit.

In fact, you can wear gowns from internationally acclaimed designers like Rosa Clara and Pronovias with Blessed Brides‘ renting services. They also have a wedding package that will save you a lot of money. And if you have a fixed budget for your dress, consider Dream Wedding‘s rental services that starts from S$99-399. This budget prices aim to bring you quality wedding dresses at really affordable rates.

2. SIMPLY YOUR EXPECTATIONS

Since materials such as embellishments, laces, and beading cost more, purchasing a plain and classic dress can lower the price tag significantly. With a simpler dress, you are given the freedom to go BIG on the accessories.

3. WAIT FOR SALES

If you have the luxury of time, you can wait until the annual sales or wedding events happen before you buy your dress. For example, Blessed Brides’ previous “End of Season Clearance” sold dresses from S$199-1,399. How is that for a bargain?

During the sale season, you can not only buy a gown for a cheaper price but also negotiate for a lower price. Do not feel embarrassed while negotiating as your future husband will appreciate that you saved more in the end.

4. FIND THE PERFECT FIT

When looking for the right dress, consider finding dresses that fit you perfectly. Since changing the shape of the neckline or adjusting the sleeves can cost you up to S$300, you can save hundreds of dollars in alterations by buying a dress as it is.

5. SHOP ONLINE

In order to score good deals at your home, you can try shopping online. Many gowns sold online come at a cheaper price simply because the overheads for websites are usually lower. While you are it, explore the shops at countries with lower production costs.

Image Credits: facebook.com/Blessed-Brides-Bridal-Evening-Prom-Gowns-117642394921072

Sources: 1, 2, & 3

Best Adult Playgrounds In Singapore With Tickets Under S$22

Everybody experiences stress at one point! From job loss to break-up, you have your own share of stressors. And these accumulated stress can be detrimental to one’s health when not managed.

While a trip to the nail salon with your best friend is always a good idea, why not consider blowing off some steam while burning calories at the same time?

Channel your inner stress-free kid by trying out these exciting “adult playgrounds”…

1. THE FLYING TRAPEZE

Being the first of its kind in Singapore, Sentosa’s The Flying Trapeze offers exhilaration and fun for its participants and spectators. Learning trapeze helps develop your strength, concentration, and coordination. Let the beach become your playground as you soar high above it!

Prices: S$10 per swing and S$20 for 3 swings

2. AMPED TRAMPOLINE PARK

Ready to experience the exciting thrill of defying gravity? If so, grab your grip socks and visit the nearest AMPED Trampoline Park. AMPED Trampoline Park has interconnected trampolines, foam pits, basketball court, and dodge ball court. Feel free to shoot hoops, jump into the valley of foams, and bounce around the trampolines. With outlets in Jurong and River Valley, adults of all ages can safely and efficiently enjoy this cardiovascular workout.

Prices: From S$10-18. Book here.

3. BUBBLE BUMP SINGAPORE

Take playing soccer up a notch with Bubble Bump. Bubble Bump Singapore offers bubble games where players wear inflatable balls in an attempt to win in a Soccer match. Each suit are harnessed and equipped to make sure your fall will be relatively painless. One session will surely bring all the players loads of laughter as you start the full-on bouncing action just to score a goal.

Prices: From S$15/pax of 20 people. Visit bubblebump.sg for more information.

4. MEGA ADVENTURE

Mega Adventure/ MegaZip Adventure Park is another place where you can play as adults in Sentosa. For people on a budget, you can enjoy one of its three attractions namely: MegaBounce, NorthFace, and ParaJump. If you want to jump as high as you possibly can, you can try the MegaBounce as its simple trampoline with elastic powercords allows you to jump up to 10 meters! If that is not enough, you can brave the 16-meter climbing wall at NorthFace.

Lastly, you can replicate a free-falling parachute jump with the 15-meter drop at ParaJump. Sounds like a good way to keep your adrenaline pumping, doesn’t it?

Prices: S$15 for MegaBounce and S$19 for NorthFace or ParaJump

2016’s Most Profitable Savings Accounts In Singapore

In Singapore, savings accounts predominantly require a minimum amount of deposit. The amount ranges from S$0-1000. To get most of the benefits of your savings account some encourage you to transact more while others encourage you to withdraw less.

That said, here are 2016’s Most Profitable Savings Accounts In Singapore as they offer the highest interest rates to date…

4. BANK OF CHINA SGD SAVINGS ACCOUNT

The Bank of China SGD Savings Account is a passbook savings account that offers its clients with up to 0.48% interest. To open an account, you must initially deposit a minimum of S$1,000 and maintain a balance of S$2,000.

Whether you are planning to open it as a single or as a joint account, you can access your account anytime and anywhere. This is because Bank of China enables its clients to withdraw from their account thru BOC Internet banking, telephone banking services, and ATMs. Nothing beats flexibility and convenience!

Eligibility: For Singaporeans, Singapore Permanent Residents, and Foreigners holding NRIC.

Apply here: bankofchina.com/sg

3. MAYBANK PRIVILEGE PLUS SAVINGS ACCOUNT

Being the first savings account that gives its clients with attractive rates and insurance coverage, Maybank Privilege Plus Savings Account is truly one of a kind. For privileged individuals aged 50 and above, you can avail this passbook savings account and receive an interest of up to 0.50%. The minimum initial deposit is only S$500 for locals and S$1,000 for foreigners.

What’s more? It includes Free Accidental Medical Reimbursement Benefit and Accidental Permanent Disablement Benefit insurance coverage (T&Cs apply).

Eligibility: For Singaporeans, Singapore Permanent Residents, and Foreigners holding NRIC.

Apply here: info.maybank2u.com.sg

2. CIMB STARSAVER SAVINGS ACCOUNT

CIMB StarSaver Savings Account requires a minimum deposit of S$1,000 with S$0 maintaining balance. With this savings account you can get up to 0.8% of interest per year as long as you deposit at least S$100 more to your account every month. On the other hand, you will get an interest of 0.5% per year for balance under S$100.

Wait…there is more! Funds transfer to CIMB Malaysia is free. And there are no withdrawal fees from CIMB Group ATMs across ASEAN countries.

Eligibility: For Singaporeans, Singapore Permanent Residents, and Foreigners holding NRIC (Employment Pass and Work Permit).

Apply here: cimbbank.com.sg

1. DBS MULTIPLIER PROGRAMME

DBS Multiplier Programme follows a different scheme. The more you use your account for transactions, the higher interest you shall receive. If your banking transactions adds up to more than S$7,500 a month then, you are eligible for an interest of up to 2.08%. But if your monthly transaction is less than S$7,500 monthly, they will still reward you with 0.05% interest.

With it, you can enjoy the flexibility to withdraw and deposit any time with no lock-in period. Feel free to save and transact in Singapore dollars and up to 12 other foreign currencies too!

facebook.com/dbs/timeline?ref=page_internal

Apply here: dbs.com.sg

Sources:1 & 2

Personalities That Affect Your Success At Wealth Management

A wealth manager offers a high-level professional service which combines investment advice, accounting services, tax services, retirement planning, and legal planning. Generally speaking, wealth management is more than just about investments as it encompasses all the areas of one’s financial life.

Because of the pervasive nature of wealth management, a crucial factor affecting its success is your personality. Understanding your own personality toward money will help you identify the factors that are beneficial and harmful to your wealth. Start identifying which personality category you belong to. This can increase your self-awareness as well as take the right wealth management plan.

THE IMPULSIVE BUYER

A prey to bargains and sales, an impulsive buyer is a person who hates shopping lists and likes to go with the flow. He or she achieves psychological gratification through spending money on things that are often unnecessary. The urge to spend is usually regretted.

Image Credits: pixabay.com (CC0 Public Domain)

Solution: Remove the immediate ability to spend by keeping all your credit cards at home and by bringing nothing but a substantial amount of cash.

THE UNCONTROLLABLE DEBTOR

Falling under the umbrella of spenders, the uncontrollable debtor borrows money that he or she will readily spend. They are at risk of incurring high amounts of debts, impaling their credit score, and bankruptcy itself. With an outstanding amounts of debts, no successful wealth management can take place.

Image Credits: pixabay.com (CC0 Public Domain)

Solution: Identify all your debts and rank them according to interests. Start by ceasing the debts with higher interests and progress from there.

THE CAUTIOUS MANAGER

Unlike the two personalities mentioned above, the cautious manager likes lists and plans. People in this category also love to spot the greatest deals for their money.

Personally, I consider myself as a cautious manager. I keep track of my monthly expenses in order to analyze my spending habits. In terms of my wealth management efforts, I am very conservative that I invested my money on Mutual Funds (Bonds) alone.

Image Credits: pixabay.com (CC0 Public Domain)

Solution: As you take lesser risks, look for the savings account that offer the highest interest rates.

THE SMART INVESTOR

The smart investor is capable of managing his or her own money well. People under this category have a clearer understanding of their financial situation and they are actively putting their money to work.

Solution: Improve your knowledge on in-depth topics on investments and wealth management through several resources such as books and online articles.

Image Credits: pixabay.com (CC0 Public Domain)

Sources:1 & 2

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