Savings Archives | Page 11 of 17

8 Money-Saving Tips That Every Singaporean Should Know

1. CREDIT YOUR SALARY

Get your salary credited into your bank account to dismiss the lure of spending your it right away. Update your bank account details with your employer and follow the terms and conditions of your bank so that your income gets credited correctly. In Singapore, these two savings account will give you the best interest rates per month: OCBC 360 Account and DBS Multiplier Account.

2. CONVERT YOUR CASH

According to the Economist Intelligence Unit, the US dollar has been stronger while the Euro weakens. If the above hack does not work, try converting some of your money to US dollars. This way, it is more inconvenient to spend. The thought of having to go for and pay for the currency exchange will likely to dissuade you from spending!

3. LEARN TO COOK

If you want to save money on food, it is best to learn how to cook. Start cooking simple meals with ingredients that are easy to obtain such as Omelet, Scrambled Eggs, Fried Rice, and Chicken Rice. Consider going to the wet market as items are sold for a cheaper price there. Remember that aside from rent, your food expenses make the largest impact on your budget.

4. READ BOOKS FOR FREE

To satisfy your bookworm urges, visit the nearest public library and rent a series of books – for free! While you are there, you can catch the free financial talk entitled “MoneySense@The LLiBrary: Understanding Loans & Credit” on April 14, 2016. Go to nlb.gov.sg or more details.

5. GET THE CHEAPEST GYM MEMBERSHIPS

It is no secret that Singapore’s fitness centers are expensive. And let us face it, most of you will not even use your membership perks to its fullest! Thus, it is best to go for the most affordable gym memberships such as the ones on this list. Alternatively, you can make use of your school’s facilities as most universities are fully equipped with gyms and other facilities.

6. EXERCISE FOR FREE

Aside from sweating at the gym, get fit by exercising outdoors. Satisfy your weekly dose of exercise by running in the nearby pavements, park or park connectors. You can also cycle around if that is your cup of tea.

7. GO FOR THE LAST YEAR’S MODEL

To save money on your next smartphone, consider purchasing the last year’s high-end phones such as the Samsung Galaxy S6 (the Samsung Galaxy S7 has been released last month). To save even more, you can review the well-designed phones offered by “less popular” brands such as Xiaomi.

8. DON’T FALL FOR THESE TRAPS

Aside from the diversity of eateries, Singapore is known for the diversity of shopping centers. Naturally, tourists fall prey for the huge “SALE” sign on the window of most shops. However, if you lived here long enough, you will realize that sales happen all year round. As long as there is a public holiday coming up, sale signs will be up too! So only buy an item if you really need it!

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

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

How to Thrive in the World’s Most Expensive City

It’s common for Singaporeans to complain about the rising costs in this country, especially when Singapore has stayed on the charts for world’s most expensive city two years in a row. You can even call it a favourite pastime of residents and foreigners living here.

While it’s amazing how we’ve growth so much in a short span of time, it’s also taking a toll on us mere mortals, who can only dream about being one of the countless millionaires choosing to live here. We work hard, but it seems like we’re not going to see much increase in salary or bonuses in the year to come.

Still, it’s not impossible to save money in Singapore. The SingSaver team recently pulled together tips that have worked for us and published them in a free eBook, “100 Ways to Save Money in Singapore”. From shopping to dining out to general tips, we’ve covered every aspect of typical expenses the average Singaporean has.

Here’s an excerpt from their eBook:

Know Where to Save

Stuffing your money in a pillow is as good as losing it. Due to the inflation rate (about 3% per annum in Singapore), your cash is worth less each year.

Always compare the different rates between fixed deposits, or products such as Singapore Savings Bonds (SSBs), before deciding where to store your money. You will want the highest interest possible for your deposit. Speak to a financial advisor about the best options, as they change on an almost weekly basis.

Keep the Expense Ratio Below 40%

Your expense ratio is your necessary expenditures compared to your monthly income.

For example: say you earn S$3,000 a month. You have to pay at least S$300 a month toward utility bills, your phone line, loan repayments, etc. Your expense ratio is thus 10% (S$300 / S$3,000).

You should put a freeze on expenditures that raise your expense ratio above 40%.

Pay with an Optimised Credit Card

Dining with friends? Pick a credit card with the best rewards or cashback for the restaurant, then place the entire bill on it. After that, collect your friends’ shares in cash. Because the card is giving you a discount in some form (cashback, more reward points, vouchers, etc.), you will usually save money.

***

There’s a lot more where that came from. If you want to save more or just want to cut down on your expenses, this guide will help you. Well, it’s definitely helped us.

Download your free copy of “100 Ways to Save Money in Singapore” here.

(This is a guest post by SingSaver.)

Creating A Budget Is Like Learning How To Ride A Bike

Creating a budget for the first time is like learning how to ride a bicycle. At first you were scared to mount up those two-wheelers like how scared you were to conquer those mountain of debts. Even though you know these are healthy for you and your finances, you just cannot hop around and go!

That fear of yours consumed you. You never learned how to ride a bike gracefully. You never learned how to implement a budget efficiently.

Don’t you think it is the right time to change? For a brighter future ahead, I think it is!

Let me carefully take you to step 1…

Step 1: LOOK FOR A SAFE PLACE TO PRACTICE

When you are riding a bike for the first few times, it is better to find a place that will cushion your potential falls. Find a grassy field with short grasses so that it does not drag the wheels too much.

Likewise, you must find safe place to practice budgeting. That safe place is inside your head! Visualize your financial goals and examine how you are going to achieve them. Make it feasible and smart so you would not have too much unrealistic expectation. Then, list down your short-term and long-term financial goals.

Step 2: ENSURE THAT YOU HAVE ALL THE NECESSARY RESOURCES

After finding a “safe” place, the next things you have to gather are all the needed materials and information. For beginners in biking, consider strapping a helmet and kneepads. Tuck in your shoelaces while you are it. And avoid long pants, long skirts, and heavy clothing because the fabric can get caught in the gears or tires.

For beginners in budgeting, consider tracking your spending history (for the last two month). Gather all the past receipts, credit card statement, utilities bill, and bank statements. Estimate how much you make and spend each month.

Step 3: PRACTICE AND JUST DO IT

In order for you to practice riding or budgeting, you must push yourself to just do it. Mount the bike and get the feel of how it leans and steers. Notice how your body leans when you are going intro a curve. Instead of just using your hands to brave the curve, try letting your body turn and the bike will follow.

This will help you learn an important biking skill – balancing.

Now that you know your income and expenses per month, it is time to make a plan. Categorize your spending into 2-3 main categories namely: needs, savings, and wants. Learnvest suggests allocating 50% of your budget to your basic needs such as rent, food, transportation, and utilities. Secondly, 20% of your budget will go to your savings such as emergency fund. The last 30% of your budget will go to your wants such as mobile phone plans, gym memberships, and vacations.

This will help you learn an important budgeting skill – organizing.

Step 4: GET READY TO RIDE AND SAVE

From finding your safe place to pushing yourself to do it, the final step to take is to face your fears.

Ride that shiny bicycle! Follow that well-devised budgeting plan!

Raise the seat of your bike but keep it low enough so that you can touch the ground with your toes. Balance and steer along the flat surface. Glide along the gentle slopes. Allow yourself to go naturally with the flow of the road.

On the other hand, you must follow your budgeting plan that you devised on spreadsheet file or budgeting software. Track your spending and eliminate at least two unnecessary expenses every month. By doing so, you are keeping things under control.

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

Over the course of the month, you will encounter slopes and obstacles but you have to persevere on. It will all be worth it in the end!

Sources: 1, 2, & 3

Smart, Simple, and Swift Ways To Save Money Now

Would you rather spend your six minutes to check the latest gossip on Facebook, to stalk the recent celebrity updates on Instagram, or to save a decent amount of money?

The last choice proves to be healthy not only to your finances but also to your life in general.

So start allocating at least 6 minutes of every day to do 1 of these money-saving steps:

1. UNPLUG THE TELEVISION

Did you know that the electricity cost for households is 20.35 cents per kWh? Thus, the monthly cost of a 40″ LCD television (TV) running for 6 hours daily is about S$7.69.

In reality, you cannot maintain the energy consumption of the television constant due to social events. There may be days when you alone time with yourself the remote and other days when you want to go out with friends. Also, free previews during holidays can make you want to use the cable TV even more.

To keep the tariff into a minimum, it is important to switch off and unplug your TV when no one is watching. Instead of leaving the TV on as a background noise, consider your hand phone as a radio. This small daily acts can save you a whole month’s worth of major electricity.

2. LOOK FOR ONE EXPENSE TO ELIMINATE

Spend your 6 minutes by examining your last month’s utilities bill or last month’s credit card statement. Use your hawk eyes to look for one expense you can reduce or eliminate. Whether it is the unusable Yoga studio membership or the expensive dinners at the restaurants, there is a surefire way to cut and save!

For example:

Say you have different telecom provider for your hand phone, landline, and cable TV. Cut them all and save money by getting a promotional bundle from one provider.

3. ALTER AND FIX YOUR CLOTHING BY YOURSELF

Tailoring or sewing services in Singapore can range from S$5-40 depending on the type of clothing article. Some of the prices are too much if you asked me. You might as well buy a new one. Good thing there is a better and quicker option – altering clothes by yourself.

Instead of tossing away your favorite shirt because of several broken or missing buttons, sew new ones into the fabric one by one. Learning how to sew a button is quick and uncomplicated. The first thing you must do is to choose a suitable button and a matching thread. Then, be guided by this short video:

Aside from sewing buttons, master the basics stitches now by browsing through the free tutorial videos available online or by reading this post.

4. COMPILE THE BEST FINANCIAL RESOURCES ON THE WEB

Make a concise list of the premium financial resources on the Internet that are both free and objective. Upon making the list, subscribe to their email or Facebook notifications so you are constantly reminded of the money-saving tips, great deals, online coupon codes, and other financial news. Rather than using your personal email, it is advisable to make a separate email for this.

This simple step can save you money regularly in 6 minutes or less! Begin the list by including Money Digest and MoneySENSE (the national financial resource made by the government).

Image Credits: facebook.com/MoneyDigest

Sources: 1, 2, 3, & 4

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