Savings Archives | Page 14 of 17

6 Money Hacks To Keep You On Budget

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

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

Sources: 1 & 2

How Does One Become Bankrupt And How To Avoid It?

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…

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.

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.

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.

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.

Image Credits: Images Money via Flickr

Sources: 1 & 2

Most Profitable Savings Accounts In Singapore To Date

Savings Account is an account managed by the bank, which provides principal security and a moderate interest rate. This account lets the client set aside a portion of his or her liquid assets while earning a monetary return. Personally, I value this financial tool because it serves as an accessible shield to cover the immediate expenses with its facilities such as Internet banking and online transactions.

In Singapore, savings accounts predominately 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 being said, here are the Most Profitable Savings Accounts In Singapore To Date as they offer the highest interest rates…

4. 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. There is more! Funds transfer to CIMB Malaysia is free. Also, there are no withdrawal fees from CIMB Group ATMs across ASEAN countries.

But wait, there is still more…sign-up for CIMB StarSaver Savings Account from now until June 30, 2015 online to be rewarded with S$20 worth of shopping vouchers. Apply here.

3. MAYBANK ISAVVY SAVINGS PLUS ACCOUNT

For people who are very diligent and disciplined savers, Maybank iSAVvy Savings Plus Account is the perfect partner for you. With this savings account, you will not only earn an interest of 0.38% a year but you will also be rewarded with additional interest with every dollar you save. You see, an additional interest rate of 1.56% per year will be rewarded as long as the average daily balance increases every month. The base interest rate, depending on how much money you have, ranges from 0.19% and 0.38% per year. That is not all! Being a super saver with a minimum account balance of S$100,000 will get you a free insurance coverage.

All you have to do is to deposit a minimum amount of S$500 and apply here.

2. DBS MULTIPLIER PROGRAMME

In contrast of Maybank’s iSavvy, DBS Multiplier Programme rewards you for regularly using your account. The more you use your account for transactions, the higher interest you shall receive. Specifically, if you’re banking transactions adds up to S$7,500 a month then, you are eligible for an interest up to 2.08%. It offers a starting rate of 1.08% per annum. Enjoy the flexibility to withdraw and deposit anytime, as there is no lock-in period.

With a minimum balance of S$3,000, you can apply here.

1. OCBC HIGHER-INTEREST DEPOSIT ACCOUNT- BONUS PLUS

As the name suggests, OCBC Higher-Interest Deposit Account – Bonus Plus offers its clients the higher interest rates for up to 2.35% a year. But, there are conditions attached to it. First, the initial deposit required is a fresh fund of S$10,000 with a minimum balance of S$3,000 every month. Second, you will earn higher interest rates if you do not make any withdrawals every month or every quarter. Here is a detailed illustration of how the system works:

Image Credits: www.ocbc.com.sg

Nonetheless, they offer secure online banking or mobile banking, and no lock-in period for your transactions. Apply here.

Sources: Investopedia and iMoney

As you park your money inside the bank, consider the savings account that suits your lifestyle and needs. 🙂

5 Things You Should Consider Before Opening A Savings Account

According to Investopedia, Savings Account is an account managed by the bank which provides principal security and a moderate interest rate. Personally, I value this financial tool because it serves as an accessible shield to cover the immediate expenses. Before you open your own savings account, here are the 5 helpful and feasible things you should consider…

1. HOW MUCH TO SAVE

Having enough money in reservation, especially in an expensive country such as Singapore, is very important not just for you but for your family too. A savings account with an emergency fund can pay for the unforeseen expenses instead of using credit cards or applying for loans. You need to ask yourself this: “How much do you need to save?” Consider your needs and that of your family.

2. CHOOSE YOUR BANK WISELY

The first thing you should look out for aside from your eligibility to open the savings account, is the initial fee and the maintaining balance requirements. For example, UOB’s passbook savings account has an initial fee of as low as S$500 (for Singaporean/PR) and a maintaining balance of S$500. While, OCBC’s passbook savings account has an initial fee of S$1,000 (for Singaporean/PR/Foreigner) and a maintaining balance of S$1,000.

3. ATM AND BRANCHES AVAILABILITY

It is important that you can withdraw the cash from your savings account at your convenience once the need arises. Be sure to examine the bank’s ATM locations. Are there ATMs near your home, workplace, or frequented shopping malls? Also, if you are traveling a lot then, a bank with branches around the world is a better option.

4. SCOPE OF FACILITIES

In today’s world, most banks allow Internet banking and even Mobile App banking to check your savings account balance and to make various transactions. Consider this. Also, know whether your savings account comes with a passbook, a debit card (e.g., with VISA, NETS, or MasterCard), or an ATM card. This will help your options to narrow even more.

5. ESTABLISHING THE SAVINGS

To establish your savings, it is better to have a fixed amount to put inside every month. First, you must set a long-term goal about the money you can accumulate. Second, you must set a time frame that allows you to complete your goal.

Image Credits: Ken Teegardin via Flickr

Do not forget that different banks have varied interests rates that may affect your savings.

Money Management Tips From Around The World

Diversity is rich in meaningful insight that extends to financial values and money handling practices. Know more about the 5 money strategies from around the world that you can use in your everyday life…

1. CHINA: MAKE FRUGALITY YOUR MANTRA

China has a strong culture of saving. Being raised by Chinese parents, you will feel that saving at least 50% of your income is normal. In fact, China’s government has saved about 51% of their GDP in 2013, according to the International Monetary Fund. Make frugality your mantra by saving electric bills through charging your hand phone at work and by unplugging everything after usage.

2. ASIA: TRY TO BARGAIN ON ANYTHING

I cannot be the only one who constantly asks if there are discount options or if there is a better price offer. In Asian countries, negotiating is a common practice especially for those who are purchasing in the market or flea. Whether it be computers, bed sheets, or apples…there is always a better price and all you have to do is ask politely.

3. GERMANY: SHY AWAY FROM CREDIT

Germany has a deep aversion towards debt and an emphasis on responsibility. This is why they prefer to pay cash than credit. Having to pay with the money you already have is a wise decision that is accepted by most. This preference for cash is evident as they use one of the most valuable currency denominations in the world – the €500 note.

4. JAPAN: VALUE ONE’S MONEY

In Japan, money is handled with respect and is kept clean and crisp. This is why it is common to give cash as a gift, especially for significant life events such as weddings and funerals. Interestingly, they value money so much that they sell anti-bacterial wallets to sterilize the bills. Treating money with profound respect helps the saver to resist the urge of spending.

5. GUATEMALA: ASK FOR THE FAMILY’S OPINION

Most countries of Spanish decent have close family ties.

Image Credits: Alfonso Lomba via Flickr

This is why before making huge purchases or monetary decisions, some Guatemalans ask for their family’s advice. This is a good tip because you never know who has a connection, a friends-and-family discount, or even an extra of the item so you do not have to purchase.

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