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5 Questions Educated Consumers Ask Before Purchase

Dreaming of a movie theatre-like experience at home? Few people turned that dream into reality by purchasing 3D television that includes 3D glasses, lifelike images, vivid colors, and 3D effects. But majority of these owners (i.e., almost 80%) in United Kingdom, regret their purchase. The leading complaint is that there is not enough 3D content to make ownership of the device worthwhile.

Image Credits: pixabay.com (License: CC0 Public Domain)

To avoid making regrettable purchases like the example above, you must use the available resources to educate yourself on the consumer data and product information before buying something. The power of communication will help you make quicker and smarter consumer decisions. Ask yourself these questions before purchasing something:

1. DOES THIS PRODUCT COME WITH WARRANTY?

In case an unforeseen event happens and your item does not function anymore, do you have to fork your own savings for repair or return it to the manufacturer under the warranty terms? We all know that the latter is better especially if your purchase is a costly one (e.g., a washing machine or an Apple laptop). Invest in products with warranty and confidence in its manufacturer’s shoulders.

2. DO I HAVE ONE OF THIS?

Some people forget where they place a certain item and would go to the store just to purchase one – again. If this happens to you often, it is about time that you organize your space. Toss or donate the stuff you do not need anymore then, discover useful items that you already own.

3. CAN I JUST BORROW THE SAME ITEM FROM SOMEONE ELSE?

Say you live in a small flat with 1 bedroom and you needed to vacuum. If the product is as common as a vacuum cleaner then, opt for borrowing the vacuum cleaner of your neighbor or friend. Why bother if the item is not really necessary to your home anyway? Furthermore, you can assess whether buying a secondhand version of the product is a brilliant idea.

4. DO I HAVE TO USE THE MONEY I DO NOT HAVE FOR THIS ITEM?

Using the credit card for your purchases should be your last resort. No matter how great a deal may seem, it may still add up to your credit card interest. So, ask yourself if the item is really worth it.

5. CAN THE PRODUCT’S USEFULNESS LAST FOR 6 MONTHS OR MORE?

Be realistic while envisioning yourself and the product. If you are still using it for six months and more then…it is a good purchase. You do not want to waste too much money on something that you would use for a day (e.g., Halloween costume)!

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1 & 2

How to Earn Extra Cash in Singapore

Growing your side-income is way better than thrift. Why? Because there is a limit to how much you can cut from your cost of living, but not how much you can earn. Here’s a quick rundown on how to earn a bit of extra cash on the side:

For “Quick Fix” Cash, Think Service and Not Skills

If you need quick cash (not a long term side income or business), focus on what people immediately around you want. Don’t just fixate on finding something that matches your skills or forte. For example:

Say you are a qualified accountant. Your first impulse, when it comes to making a spot of extra cash, might be to offer accounting services. Or it may be something closely related, such as offering tutoring services for someone trying to pass business accounting.

However, in your fixation on keeping it “skills oriented”, you may miss more immediate opportunities. These opportunities can be as simple as painting someone’s walls for S$500, being a mystery shopper for insurance companies, or even helping to install Windows in a bunch of workstations. Look for simple, one-off things that people around you need all the time.

Invest for Dividends

You don’t need to be a stock market expert to make money with shares. An easy way to generate passive income is to identify shares with high dividend yields, and then buy and hold.

(Some shares provide dividend pay-outs, often every six months.)

A financial advisor can help you identify such shares. Alternatively, you might choose to buy a simple index fund (e.g. the Straits Times Index Fund). There is no trading (having to buy low and sell high) in this approach to stocks, so you will not need to track stocks all day and get stressed out.

Provide Referrals

Many companies pay referrals when you bring in a customer. These companies can range from financial services to even specialist retailers. Think of it as being an unofficial, commissioned salesperson – when you refer someone to the company, and they buy something, you get a small cut of it.

This can also work in business to business (B2B) dealings. For example, many small courier services will be willing to give you a small referral fee, if you find a shop willing to sign a service contract with them.

It is best to do this with businesses you know well or have worked with before. While lucrative, it may not be worth your time to learn about a product from scratch to sell it.

Use a Credit Card with Cash Rebates

If you pay your credit card in full (and you should) try using a cashback card. This returns a percentage of what you spend as a rebate, typically 3 – 6%. Assuming you use the card for essential purchases, and make full repayment each month, you would be getting money for an expenditure you had to make anyway.
You do need to make sure the cashback card matches your purchases, and the cashback limit (the maximum possible rebate) is not too low. You can find the best cashback credit card for your needs on SingSaver.com.sg.

(This article is brought to you by SingSaver.com.sg)

7 Budget-Friendly Ways To Organize Your Kitchen

Imagine a disorganized kitchen with tools clustered and mess everywhere. You might be motivated to cook more if it was not so disorganized. Okay, perhaps not. But, you wouldn’t it be nicer to have a clean and organized kitchen space? Upon realizing this, keep in mind that although this is time-consuming…it is all worth it!

1. MAKE AN INVENTORY

To get organize, start by determining what you have and arranging these items based on their functionality. Create an inventory wherein the items on top are the ones you use often and the ones you need the most.

2. EVALUATE THE ITEMS

After making an inventory with specific ranking, look at the items on the lower end and evaluate whether you are going to toss or donate them. Toss items that are helplessly broken or cannot be repaired. Then, donate the items that you underused or have too much of (e.g., three pots of the same size and color).

3. BRING OUT THE ESSENTIALS

Increase accessibility by placing the essential items and products such as knives, cutting board, and oil, near the stove and sink. It does not make sense to put these overly used items inside the drawer.

4. MAKE IT REACHABLE

I generally hear homemakers say: “You must put the kitchen items within reach. If you do not see them, you would not use them.” It is totally sensible. Avoid losing money to rotten potatoes or other expired products by making these items reachable. For instance, you my keep the potatoes in a basket near the cutting board.

Image Credits: pixabay.com (License: CC0 Public Domain)

5. GROUP ITEMS BY TYPE

Keep the kitchenware of the same kind together. All the pans should be in the same cabinet or drawer as well as all the baking sheets. Arrange items from smallest to biggest and cluster their “group mates” close by. This way, it will be easier to locate items without messing with the kitchen.

6. USE THE WALLS WELL

Create space by making use of the kitchen walls. Hang up shelves or pegs to keep your utensils, dish towels, spices jars, small bowls, and pot holders on plain sight. You may purchase IKEA’s GRUNDTAL shelves that range from $15.90 to $19.90.

7. CHECK YOUR KITCHEN REGULARLY

After you arranged everything to your liking, value your efforts by regularly going through your drawers, shelves, cabinets, and cupboards once every 2-3 months. Make sure everything is on its right place. This shall only take up a few minutes of your time.

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1 & 2

Prevent High Turnover Rate By Knowing 4 Common Reasons Why Singaporean Employees Quit

I do not have to throw statistics to claim that some Singaporean companies are experiencing trouble in retaining their employees. Losing money to hire a new talent over and over again seems to be inevitable because of the perceived dissatisfaction in the workplace. Last year, the aspects of work of 5,000 Singaporean employees were studied by Singapore Human Resources Institute. They found that on average, the employees were considered “Under Happy” at work.

Prevent the high turnover rate by instilling alterations in the working conditions. Often times, employees are just hungry for change. Start with these 4 issues that you can juggle on:

1. HORRIBLE BOSS

The competitive cost of living in the country affected the demand for faster output. In return, this can create a toxic workplace wherein employees suffer from burnout or depression. Adding a horrible boss into the mix will only worsen the situation.

Image Credits: Vocab Ninja via Flickr

In 2012, JobsCentral conducted a survey including the responses of 3,299 employees and 256 hiring managers. A whopping 31% of the respondents said that they do not have satisfying boss-worker relationship. This is because of the following reasons: lack of advancement opportunities (87.5%), lack of autonomy (80.6%), and work demands (71.1%). So, if you want your priced employee to stay, warn the boss against these poor practices.

2. LOW OPPORTUNITIES FOR CAREER GROWTH

Career growth does not only help the employee personally but also financially. An employee maybe happy at his or her current position but in need of bonuses to cover the rising costs. A limit in growth can decrease the motivation and purpose of the employee to strive for more. For some the limit is unacknowledged and it is famously called as the “glass ceiling”. Therefore, companies shall create tangible career paths.

3. LOW SALARY

I cannot deny the fact that salary is a common factor for an employee to draft his or her resignation. In fact, 61% of Singaporean employees felt that were underpaid and overworked compared to the existing market rates. CPF deductions and domestic expenses will be deducted to the baseline salary afterwards. This leaves no room for retirement funds or any type of savings.

Solution! Companies: make room for increments no matter how small it may seem. Individuals: do not hesitate to ask for a raise.

4. OFF-BALANCE BETWEEN WORK AND LEISURE

When we work as hard as we do, we only deserve to play hard too! According to a survey, 57% of Singaporeans said they would rather have a work-life balance over higher pay. Take notes from the CEO of I-Search Worldwide – Mr. Richard Hoon who sets aside the Friday evenings for the staff to gather and chat with complementary food and beverage. It is his way to help the employees ease into the relaxing weekends ahead.

Image Credits: pixabay.com (License: CC0 Public Domain)

6 Simple Ways To Organize Your Finances Now

In a sea of bills and taxes, its huge waves may drown one. Building a strong money boat to hold you and your finances together through organization is the key. Organizing your personal finances enables you to save more money and time. Start with these simple ways:

1. KEEP TRACK OF YOUR FINANCES DIGITALLY

Firstly, you must be aware of your spending patterns and exactly how much you are spending per month and per annum. A surefire way to organize your personal finances is to keep track of it by using a Smartphone App or computer software. Find the perfect (and Free) money management app for you here. Or, download reliable money management software called Money Dance or Mint. These digital tools will help you decide how much you shall save and help you to highlight the unnecessary expenses.

2. DESIGNATE A PLACE FOR BILLS

Never forget where you put the bills or what their due dates are by designating one place for them. Some bills arrive by electronic mail while some arrive by postal mail. You have to decide whether you are going to file all your bills in a tangible box or in a computer folder. For physical storage of bills, you may purchase the S$0.90 PAPPIS brown box from IKEA that is created to hold A4 size papers. Label the box accordingly and keep it in a safe place. While for virtual storage of bills, make scanned copies of those that arrive in the mail and put them into a labeled folder in your computer or laptop.

3. PREPARE FOR YOUR BILLS

At the beginning of the month, make a list of the bills you are expecting to receive. Put it on your working desk or create a file for it. This way, you will not pay a bill twice even if you received it simultaneously by e-mail and postal mail.

4. PAY THE BILLS IMMEDIATELY

Always charged for late payment? Try paying bills immediately. Since you are prepared for the bills earlier on, you may have available money in the bank to pay it the same day as you received it. If you have automatic payment scheduled and you still received a billing statement, call your bank or creditor.

5. CUT DOWN THE NUMBER OF YOUR FINANCIAL ACCOUNTS

In a world filled with a certain bank account card for all your needs, most people have several number of financial accounts. The complication starts when the credit card for travel, for petrol, and for shopping bills at the same time. Also, you may have different bank accounts for higher interest, minimal fees, and rebates. More than being complicated, the constant shuffling between these accounts can get messy. This is why you must reduce the number of your accounts.

6. SET REALISTIC FINANCIAL GOALS

Develop a habit of financial goal setting to know where you are going and to plan how you can get there. Write down your financial goals with a trusted witness and contemplate the monetary milestone you would like to accomplish in the next 2 to 5 years. Track down your monthly progress.

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1 & 2

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