4 Saving Tips You Must Know Before Buying Your Dream Designer Bag

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Aside from your wedding or your house, a designer bag is one of the biggest investments most women make in their entire life. It is so common that you can sometimes make assumptions about one’s level in the company just by perceiving their bags. This is why it is paramount that you save and purchase righteously.

Tweaking your lifestyle here and there and following your budget religiously will help you reach your dream in no time!

1. RESEARCH TO BE ENLIGHTENED

Determine how much you want to spend and whether you want to buy a brand new or secondhand (pre-loved) bag. This will give you a view of how long you have to save up. Research online on the real value of your designer bag to see if you are getting a great deal.

2. SAVE AS MUCH AS YOU CAN

Save to the fullest by removing the unnecessary expenses such as regular trips to the nail salon or to the luxurious cafe. Instead of sipping a S$5 cup of cafe beverage that would cost you up to S$1,825 a year, make your own coffee or tea at home. With S$1,825, you can already afford a new designer bag. Save even more cash by packing your own lunch to school or work.

3. GO FOR THE CLASSICS

Yves Saint Laurent once said: “fashion fades but style is eternal”. When selecting the best designer bag for you, go for the classic designs over the fashion fads. The fringes or embellishments may be trendy now but it will be gone tomorrow. Buy something that you are going to enjoy for a long period of time. It has to be simple, timeless, and undeniably you.

A few examples of timeless designs are  Prada Tote (US$1,660/S$2,244) and Fendi 2Jours Shopper (US$1,900/S$2568).

4. GIVE THE ONLINE SCENE A SHOT

Online shops in Singapore not only sell brand new but pre-loved designer bags as well. With prices that are over 80% lower than the retail price, how can you resist an online bargain deal? Here are some of the trusted retail websites in Singapore:

a. www.reebonz.com.sg

Reebonz, a popular online destination, offers the widest range for both new and pre-loved designer bags, wallets, and watches. From Chanel, YSL, to Louis Vuitton bags…they have it all!

b. www.brandsfever.com

Getting a great bag deal at the Brands Fever’s flash sale is like hitting the jackpot. For example, you can purchase a new Bottega bag for as low as S$1,800. But you have to be a site member to indulge on the benefits of over 80% the retail prices.

c. www.madammilan.com.sg

Madam Milan not only has an online shop but also physical boutiques in Far East Plaza, Raffles Place, and Holland Village. They offer prime selections of designer labels islandwide.

Image Credits: fervent-adepte-de-la-mode (Raymond Meier) via Flickr with Creative Commons License

Image Credits: fervent-adepte-de-la-mode (Vogue, Raymond Meier) via Flickr with Creative Commons License

Sources: 1, 2, & 3

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Money Saving Sites Every Singaporean Should Know About

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Moneys inside a pig

Saving money is easy in theory: just spend less than you have. But that’s a little like saying architecture is easy because you just “build buildings”. We all know it’s not that simple, so here are some sites that can provide keen insights and step-by-step help:

1. DollarsAndSense.sg

The best thing about DollarsAndSense.sg is its hyperlocal focus. In case you haven’t noticed, things work differently in Singapore–we have concerns like what to do with our NS pay, or whether we should invest our CPF money. You can even get some insights about where you stand income wise.

For those of you who need to know about money issues in Singapore, this is a good first stop. You won’t be bombarded by articles about FICO scores, or insurance policies that don’t exist locally. Expats in particular should take note.

2. The Wealth Journey

Into investments as well as savings? The Wealth Journey is a blog that has a pretty good balance between the two. This is a blog, and a lot of the content is commentary on something else. But the commentary almost always highlights an important lesson or two.

The Wealth Journey isn’t the prettiest site on this list, it’s mostly walls of text. But there’s never any advertorials or obvious promotions, so it seems our anonymous blogger (who just calls himself/herself an accredited investor) is offering independent insight. Come here when you need perspective without being sold something.

3. Cheerful Egg

This blog is more focused on the psychology of personal finance than strict numbers. You may not find lists of the cheapest cafes or home loans, but you will get some understanding as to how our brains are wired. If you’re a fan of writers like Malcolm Gladwell or Dan Ariely, you’ll love this content.

You can find out what drives successful investors, why saving is so hard, and (on some posts) mind hacks you can use to make getting rich easier. This has our vote as the finance blog for people who don’t like reading finance. It’s serious bus ride entertainment, with some positive benefits for your wallet.

4. SingSaver.com.sg

This is part finance blog, part toolkit. SingSaver blog posts cover the small but important steps you can take to save money even in tight situations. They also provide a host of comparison tools to lower the costs of your loans, or to filter out the credit cards that are worth applying for. Credit card comparison, as you may know, is critical for getting the best rewards and discounts out of them.

Their blog is also lifestyle heavy, so if you need to save money on drinks or a tattoo, the information you need is lurking here somewhere.

SingSaver probably tops the list when it comes to credit, loans,and banking products – with contacts in many parts of the finance industry, they’re professional snoops and deal finders. So whatever you need from a bank, check out this site first. They may be able to get it cheaper.

5. Mint.com

Another part blog, part toolkit. Mint offers a tracking service for your personal finances, so you can uncover that black hole that all your cash seems to vanish into. They have what’s probably one of the best budgeting apps online, which follows you on your phone and tablet. If this can’t make you save money then nothing else will.

Although the content is non-local, some of Mint’s money saving tips are quite universal. You might want to take an idea from their blog (eg. using balance transfers to manage debt), and then check for a local equivalent on one of the other blogs here.
What are some of your favourite money saving sites? Comment and let us know!

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

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6 Money Hacks To Keep You On Budget

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Are you having a difficulty to stay on budget every month? Perhaps it is about time to try a new approach. Here are just some ways to improve your financial situation…

1. MAKE SAVINGS THE FOCAL POINT

I am assuming that you are already set with your budget. You know how much money is coming in and how much money you have now. To grow that money and to prepare for major spending (e.g., buying a property or a car), you must focus on saving. Set up a savings account to make things easier for you. Then, allot an amount to save each month. Seeing your savings balance increase will be a treat to your eyes.

2. SPEND THE CASH YOU HAVE

Whenever I am going out, I leave my credit/debit cards behind and put a relatively small amount of cash in my wallet. This amount is enough for me to survive the day. Furthermore, I am not tempted to buy unnecessary things even if there are several shopping malls along the way.

You can also apply this trick to stay on your budget and be mindful about how much you spend. Try it for a few weeks first to get used to it.

3. REVAMP AND RECYCLE YOUR STUFF

Fix, refurbish, or recycle your furniture, decor, or appliance that are still in good condition instead of saving up money to replace these. As you revamp your stuff, use warm colored paints to brighten up the mood! Or, recycle your old drawer and turn it into a shelf. There are many ways you can think of to upgrade the look of your home without having to spend so, get your creative juices going!

Image Credits: Sean and Lauren via Flickr with Creative Commons License

Image Credits: Sean and Lauren via Flickr with Creative Commons License

4. CUT DOWN ON UNHEALTHY HABITS

Unhealthy habits, such as drinking alcohol or smoking tobacco, that you enjoy on a regular basis can not only increase your insurance premiums but also your daily expenses. When you decide to stop drinking and smoking entirely, you will see your bills going down and you will feel improvements in your health – in no time.

5. PRESERVE THE RECEIPTS

To make a budget, you probably stored a bunch of receipts and monitored your expenses for a month. But, you still need to keep an eye on it in order to stick on your budget. Save up all your receipts and categorize them. If you find something that you spend too much on, analyze if you lower your spending on it. For instance, frequent restaurant take-outs can put a toll on your budget.

6. REWARD YOURSELF

One of the quickest ways to adapt a new approach is to have a reward system. Reward yourself each time you reach your financial goal. You do not have to spend a hefty amount to indulge. Have a sleepover with your friends or read a delightful book. Finding ways to associate the budgeting process to a positive feeling will help you reinforce more good habits and get rid of the unhealthy ones.

Image Credits: Vox Efx via Flickr with Creative Commons License

Image Credits: Vox Efx via Flickr with Creative Commons License

Sources: 1 & 2

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How Does One Become Bankrupt And How To Avoid It?

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bankruptcy

According to the High Court, an individual becomes bankrupt if he or she owes at least S$10,000 and has no means to pay it.

Filing for bankruptcy can be done by the creditor or the debtor. A deposit of S$1,600 to the Official Assignee (OA) is required. The OA is the authority that is responsible for selling as many of your assets as possible to repay your creditors. Credit bureaus will display your bankruptcy date for five years after the date of discharge.

Aside from this, it is essential to note that there are assets that are protected by the creditors such as furniture, HDB flats, compensation awarded for legal actions, and life insurance policies.

The effect of bankruptcy does not only take a toll on your finances but also on other aspects of your life. For instance, there will be restrictions in travelling overseas and in looking for a job especially as a director of a company. Truly, it drastically affects your lifestyle, your career, and your relationships.

This is why it is important to avoid falling to this “black hole” by being financially knowledgable. To put it in perspective, here are 4 Ways To Prevent Bankruptcy…

  1. MANAGE YOUR DEBTS

First, be aware of how much your debts and assets total to. Include every billing statement, every document, loans, and mortgages you may have. Take immediate action when you notice that it is getting hard to pay for your debts.

  1. CUT DOWN YOUR EXPENSES

After seeing the bigger picture, it is time to cut down your expenses. Reduce the unnecessary expenses first such as designer bags or costly coffee beans. Then, add the minimum payments of your debts and the cost of your necessities to your monthly budget.

  1. SELL YOUR STUFF

To aid your budget, you must sell your unnecessary items among others. Selling whatever you can spare can help pay off your multiplying debts.

  1. SEEK HELP

Calculate the money that you need to prevent bankruptcy. Examine how much money you are able to get. Then, consider seeking help from your family and friends to make up for the difference. Yes! Asking your friends and family for money maybe a shady area but this situation is an exception.

If you still find it uncomfortable to seek their help then, consider hiring a professional (e.g., credit counseling agency or debt management  firm) to help you reduce your interest rates and penalties at friendly time frame.

debt

Image Credits: Images Money via Flickr

Sources: 1 & 2

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