Get up to S$500 cash with DBS/POSB with your salary crediting & card spend

What’s better than payday? Free cash! With DBS/POSB, you can now get up to S$500 in cash rewards just by crediting your salary and spending with your POSB/DBS Credit or Debit Cards.

Here’s how it works:

Step 1: Start with S$300 Cash Reward

Register for the promotion from 7 August to 31 October 2024 and credit your salary of at least S$1,600 for three consecutive months to your DBS account. Once that’s set, you’ll be rewarded with S$300 cash! Just contact your HR department to make the switch.

Step 2: Unlock an Additional S$200

After your salary is credited, spend a minimum of S$500 monthly for three consecutive months on your DBS/POSB Credit or Debit Cards, and you’ll receive an additional S$200 cash reward—bringing your total to S$500!

New to DBS/POSB Credit Cards?

If you’re new to DBS/POSB Credit Cards, apply now with the promo code SCAUG and receive an extra S$100 cash reward when you sign up! It’s the perfect way to kickstart your journey toward more rewards.

Reward Payout

Eligible Customers will receive the Cash Reward according to the schedule below:

Don’t miss out—register and credit your salary by 31 October 2024!

Terms and conditions apply.

Switch, spend, and get rewarded with DBS/POSB—because it’s time your money worked harder for you!

Click here to find out more about this offer.

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Unlocking Financial Security: 5 Crucial Benefits of Choosing a Fixed Deposit

graphic showing a couple holding a piggy bank together

To get financial freedom you need to make wise investment decisions. While there are ample investment solutions available in the market, depending on any particular one becomes a tough decision to make.

However, stock trading, currency, commodities, and even crypto trading are becoming popular choices for modern investors. None of these can be considered a long-term investment solution.

However, fixed deposit is a long-term investment solution that comes with- Stability, and Security.

FDs are meant for investors who are willing to make decent money while being more protective than other investment solutions. However, to invest in FDs, you must know what is a fixed deposit account.

However, in the process of FDs, you need to invest a specific sum of amount in your FD account for a fixed period. This is called locking down your investment. In return, you will get a fixed interest rate, which is higher than standard savings account interest.

Also, you will get more benefits with FDs. Let’s find out!

Guaranteed Returns

One of the most compelling reasons to invest in a fixed deposit is the guarantee of returns. Unlike equities or mutual funds, where returns are subject to market fluctuations, fixed deposits offer a predetermined interest rate.

This means you know exactly how much you’ll earn over the investment period, making it a reliable way to grow your savings without worrying about market volatility.

Capital Protection

Fixed deposits are known for their capital protection. When you invest in an FD, your principal amount is secure and protected against market risks.

This feature makes fixed deposits an attractive option for conservative investors or those looking to preserve their capital while still earning a return.

Flexible Tenure Options

FDs come with a range of tenure options, from as short as a few months to as long as several years. This flexibility allows you to choose an investment period that aligns with your financial goals and liquidity needs.

Whether you are planning for a short-term expense or a long-term financial goal, there’s likely an FD term that fits your requirements.

Predictable Income Stream

Fixed deposits can be particularly beneficial for individuals seeking a predictable income stream. Most FDs offer periodic interest payouts, such as monthly, quarterly, or annually.

This can be especially useful for retirees or individuals looking to supplement their regular income. The fixed nature of these payouts ensures you can confidently plan your finances.

Tax Benefits and Special Schemes

In many countries, fixed deposits offer tax benefits under certain schemes. For instance, in India, certain fixed deposits with a tenure of five years or more qualify for tax benefits under Section 80C of the Income Tax Act.

Additionally, some banks and financial institutions offer special FD schemes with higher interest rates for senior citizens, making FDs a favorable choice for elderly investors seeking better returns.

Bag a Steady Income

Choosing the right investment solution is proportional to risk factors. With FDs, you not only bypass the risk factors but also engage in a steady investment solution.

While you are not the only person dealing with investments, making the right decisions is essential. You might be wondering about all investment solutions, especially in a competitive market where everyone is focusing on beating inflation.

Why would you consider FD instead of stocks and bonds?

Well, the answer is simple: You will get a steady return here, which is guaranteed.

Can you give us a particular amount you can assure of getting as a return on other investments? No! But with FDs, you can predict that even before you invest. So, if you want stability with a decent return, FDs are the prime source.

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How much to save for emergency funds and ways to save it

Singapore 50-dollar notes

Are you the sort that never plans for rainy days?

Life is full of surprises, and they’re not all the good kind. If a sudden big expense pops up, you might go into panic mode. Best to start building your emergency fund now and make it a minimum of 3 to 6 months of your usual spend.

With an emergency fund, you can sleep more peacefully at night knowing you’ve got a financial cushion if life throws curveballs your way. Take control of your money situation now for less stress and more stability overall.

Strategies for building your emergency fund
  • Cut out non-essential spending

Go through your monthly expenses and trim whatever you can, like eating out daily, entertainment, or subscriptions. Then redirect that money into your emergency fund. Even reducing discretionary spending by $50 a month can make a big difference over the course of a year.

  • Save a fixed amount regularly

Set up an automatic transfer of a fixed amount, say $100 per month, from your paycheck or bank account to your emergency fund. The amount depends on your income and expenses, so start with whatever you can afford. The key is to save regularly, even if just a little bit. Over time, you will build up a good amount.

  • Deposit any windfalls

When you receive unexpected money like a work bonus, cash gift, or even a government payout, put all or a portion of it into your emergency fund. Windfalls are a great way to give your fund balance a quick boost.

Where to keep your emergency fund
  • High-yield savings account

High-yield savings accounts are very liquid, meaning you can withdraw your money anytime without penalty. The interest rates are usually higher than normal savings accounts. Some recommended options are CIMB FastSaver (easy to start) and DBS Multiplier (easy to maintain).

CIMB Savings Accounts

  • Fixed deposits

Fixed deposits lock in your money for a fixed period, usually a few months to a year. In return, you will get higher interest rates than savings accounts, up to 3 to 4% per year. If you need to withdraw early, most banks will charge a penalty fee. So only put in money you won’t need for a while.

  • Singapore Savings Bonds (SSBs)

SSBs are issued by the Singapore government and you can earn up to 3%+ interest per year and your money is pretty safe. The catch is your money will be locked in for 10 years. Withdrawal is possible but you will need to pay a small fee.

  • Cash management accounts

Cash management accounts are a good option if you want to earn higher interest (fluctuates) but still maintain liquidity. However, they aren’t guaranteed by the Singapore Deposit Insurance Corporation (SDIC) so do your thorough research before jumping in.

Saving for your emergency fund is important and you better start saving now before the next financial crisis comes knocking on your door. Even saving $50/month can go a long way. Remember, you want enough to cover at least 3 to 6 months of essential expenses in case anything happens. Once you hit your target, don’t stop—keep adding money whenever you can. The more you save, the more prepared you will be for unexpected events. Saving money may not be the most fun thing to do every month, but having that emergency fund will guarantee plus chop give you that peace of mind if life takes a wrong turn.

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How to reduce air-conditioning bills in Singapore?

a living room with an air-conditioner

As the tropical heat of Singapore continues to challenge our daily comfort, air-conditioning has become more of a necessity than a luxury.

However, the soaring energy bills that accompany constant usage can be a rude awakening. And that’s why I’m here to help you strike a balance between staying cool and keeping costs down. Or at least try to offer my two cents.

Let’s discuss some practical tips and smart habits that can significantly reduce air-conditioning bills, ensuring you enjoy a cool and comfortable living space without breaking the bank.

Maintain your air-conditioner

First up on our simple hacks list is the need to maintain your air-con properly and regularly.

Even if it’s a tedious process, it’s one that you should not siam.

Clean and replace filters where necessary (depending on usage), and service the unit via a professional to make sure it’s running smoothly.

This will ensure that you use less energy and cool down your room/home faster.

Opt for energy-efficient models

If you don’t know what I’m talking about, just remember—the more ticks, the better it is.

You should be able to find better energy-efficiency products with ease thanks to the tick rating system we have in Singapore.

In other words, if an appliance uses less energy to produce the same results as an appliance that uses more, it is said to be more energy efficient.

And that will have a direct impact on how much you pay for electricity at the end of the month.

It’s almost a no-brainer, right?

So don’t just be a cheapo and go for the lowest-priced one, be a smart shopper for longer-term gains.

Set the right temperature
a remote controller at 25 degrees

Image Credits: luceaircon.sg

There’s no need to make your room feel like it’s winter in Antarctica, yeah.

The sweet spot should be around 24 to 25°C. Any lower than that and your bill will skyrocket like… a rocket. Every degree lower can add up to 10% more energy consumption.

Use a fan

If you really cannot tahan the heat without lowering the temperature, try using a fan to supplement. Or even better, use a ceiling fan.

Turning on the fan and the air-con together can help you set the aircon temperature higher. The fan will help to circulate the cool air and make you feel much better.

You don’t need to worry too much about the electricity bill because a fan uses waaay much less energy than the aircon. So, you can enjoy the cool air and save money at the same time.

How awesome is that?

Use a timer

Next, set the timer to turn off after a few hours, especially at night when you’re in deep slumber.

Some people like to leave the aircon on an entire day, and then wear a jacket or wrap themselves in a thick blanket because it’s too cold.

Why?!

You’re just saboing yourself financially.

Insulate your home
blinds on a window

Image Credits: softhome.sg

You don’t need to hire someone to do it.

Just invest in some curtains, blinds, or window films. Block out the sun during the day, keep your home cooler, and reduce the need for air-conditioning at night.

And speaking of which, remember to also close your windows and doors. If your air-conditioner is turned on with an open window, you can’t blame anyone for those high bills.

Dress for the weather

People can die for fashion but I won’t sacrifice it for comfort.

I’m saying this because I used to have a friend who layers like he was going to the North Pole or what. He calls it the “layering fashion” and thinks it’s cool. Oh, well.

Anyhow, don’t be like him.

Choose lightweight items of clothing, like cotton or linen. They can help you stay cool and thus reduce the need to rely too much on your air-conditioning when you reach home from a warm day out.

Minimize heat-producing activities

When you cook or use appliances like an iron or a hair dryer, it makes your surrounding area hotter than your spouse’s temper.

The air-con works harder to cool down your house, so your bill goes up.

If feasible, turn on the air-conditioner after you’re done with all those appliances. It may sound like a “sis, you serious?!” moment but, hey, every little bit counts.

Install energy-efficient lighting

Those old-school bulbs are damn hot and can make your room feel even hotter than the weather outside.

But if you use LED bulbs, they generate less heat, and less power is needed also. Good, right?

Plus, LED bulbs can last longer, so you don’t need to keep changing them all the time.

Soaring air-con bills in Singapore really can make you want to pengsan. But don’t worry, follow the tips I’ve listed in this post to help you get by like a pro. To recap some points we’ve looked at: clean your aircon regularly. If there’s dust and dirt, the air-con must work harder to cool the room. Next, use a fan together with the air-conditioning. Not only will you be saving energy, but you will also instantly make the room feel cooler with the constant air circulation. Then, set the temperature to 25 degrees—no need to make the room feel like it’s winter. So there we have it, simple hacks for long-term gain 😉

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