Asian currencies have broadly declined against the buoyant US dollar, sliding to levels not seen since the Asian financial crisis.
Among the worst-hit currencies is the Korean won which extended losses this month, dragged down by the U.S. Federal Reserve’s aggressive monetary tightening. South Korea which is export-dependant also comes under increasing pressure with higher oil prices and a deteriorating trade balance.
On the flip side, the Singapore’s dollar has been resilient against the US dollar. To fight inflation – which is expected to keep rising – the Monetary Authority of Singapore (MAS) allows the Singapore dollar to appreciate against peer currencies. This helps to slow the inflation momentum and ensure price stability thereby driving down the cost of imported good in local currency terms.
The SGD/KRW crossed the 1000 mark on Sep 30, 2022
On Friday, the SGD/KRW went above the 1000 support, a level not seen since March 2009.
According to the CashChanger’s site, one can get a rate of approximately S$1 = 975 KRW at local money changers in Singapore on Friday, Sep, 30, 2022. That’s a good rate if you are planning a travel to South Korea any time soon.
Have you heard of Trust, the latest digital bank to take the digital banking scene by storm? Trust Bank offers up to 1.4% interest rate for its savings account, 21% rebate on its credit card, $35 NTUC e-Vouchers as well as free rice and Kopitiam breakfast set. Here is how to save and score these freebies!
What is Trust Bank?
Trust Bank (known as Trust) is a new digital bank set up by Standard Chartered Bank and NTUC. This means that customers of Trust conduct all their banking activities online since Trust Bank does not have any physical bank branch. Here are the products available under Trust.
1. Trust Bank Savings Account
Trust offers a base interest rate of 1% for the 1st $50,000 deposits. If the customer makes 5 eligible card transactions, this can be increased to 1.2% and 1.4% for non-union and union members respectively. No minimum amount is required to start earning the base interest rate. Best of all, there is no fees or lock-in period required.
2. Trust Bank Credit Card
Trust credit card provides up to a mind-boggling 21% savings rate on card spend. This is issued in the form of Linkpoints which can be offset against purchases at NTUC, Unity stores etc. If a NTUC union member spends at least S$350 per month on expenditure outside of FairPrice Group every month, he or she will be entitled to 21% savings rate on spending made at FairPrice Group. Simply put, if you are already spending within the NTUC ecosystem- i.e. shop at NTUC and Unity, dine at Kopitiam, now is the perfect time to save on your spending with Trust card.
Other amazing perks are the absence of annual fee, foreign transaction fee, cash advance fee as well as card replacement fee. Finally, those who sign up for the Trust credit card will enjoy complimentary coverage of the Family Personal Accident Insurance for the first 2 months
Amazing Promotion
Another eye-catching aspect is the generous freebies thrown in to mark its launch. These freebies add up to a total of $42:
$10 FairPrice e-Voucher upon signing up with a referral code (DFFZV6CZ)
Free Signature Breakfast Set to be redeemed at Kopitiam (worth $3.10)
Free 1KG Superior Fragrant Rice (worth $3.55)
S$25 FairPrice e-Voucher on your first card spend (no minimum amount required)
Besides these one-off freebies, Trust also pushes out regular discounts from popular merchants such as KFC, Burger King, Starbucks, Gong Cha etc. Remember to browse the app regularly and grab these vouchers!
Sign Up For Trust
From downloading of the app to approval of application takes less than 20 minutes if you sign up via MyInfo. With such a smooth onboarding process and the amazing freebies, what are you waiting for?
Download Trust app to collect your freebies- remember that the $10 FairPrice voucher is only valid if you sign up with a referral code. (DFFZV6CZ)
Let us face it! Saving money as a teenager is challenging, especially when you have friends who are constantly buying new clothes or are going on yearly overseas trips. However, it is possible. Here are 6 tips on how teens can save money despite the temptations and less income.
#1: OPEN A SAVINGS ACCOUNT
Opening a savings account with the help of your parents or guardians is a good idea as it will train you to manage your money. It is a surefire way to boost your educational savings and to cover your other expenses. There are multiple junior accounts available in Singapore such as the CIMB Junior Saver Account, OCBC Mighty Savers Kids Account, and UOB Junior Savers Account. These banks offer about 0.05% to 1% interest p.a. and minimal initial deposits.
#2: SEPARATE YOUR NEEDS FROM WANTS
Organize your finances by separating the money for spending and the money for savings. Although you have stashed the money away in your savings account, it might be tempting to touch it when your cash runs out. Stop! Refrain from doing this.
Your savings are for emergencies and essentials, not for straightforward purchases like food and clothes. The smart thing to do is to have a direct deposit account which you can access on demand.
#3: CREATE A REALISTIC BUDGET
Keep track of where your money is going by creating a budget. You can either write everything down or have software that stores all the data. Be diligent when it comes to encoding what you spend in a week or in a month. Most of us tend to spend more cash on the weekends, so you can start encoding during this time.
Once you have an idea of where your money is going, you can set limits and targets next.
#4: TAKE ADVANTAGE OF THE STUDENT DISCOUNTS
Your student ID is more than just a card that enables you to go to school. It is your means of getting discounts such as cheaper public transport or cheaper books. Many businesses and services offer student discounts throughout the year. Do your research to get more information.
#5: ASK YOUR PARENTS FOR HELP
There is no shame in asking your parents for help while you are starting to build your wealth. You can ask your parents to match your monthly savings by contributing to your account. If you put aside S$25 a week for a month, you can ask your parents to contribute S$100 at the month’s end. Do household chores in return for this favor.
Do not be afraid to ask! Once you have shown your parents that you are serious about saving money, they will reach out and offer their support.
#6: CONSIDER GETTING A PART-TIME JOB
For many young Singaporeans, having a part-time job is a rite of passage. Students can be able to find part-time jobs in the administration, hospitality, or retail fields. Investigate to see who is hiring in the area.
If these are outside of your interests, you can use your passion to create your own online shop. Use your extra income to grow your savings even more.
Emotions have a big influence on what we buy. As a result, it’s understandable that when anything is going on in our personal lives, it will manifest itself in our financial habits as well.
Does a little online shopping sound like the solution when you’re having a bad day? It may be as simple as picking up a new blouse or the latest pair of shoes. You convince yourself it’s not a huge cause for concern; you simply want to treat yourself to something good. Hold your horses! Making judgments based only on emotions is a proven way to give impulsive buying the upper hand.
Here’s how to stop the urge of spending money.
Have a plan
Having a plan for what you want to purchase and how much you will spend before you begin your shopping spree is a wonderful strategy to avoid impulse purchases. You will be less prone to overspending if you have a shopping list in place. It might include everything from groceries to holiday gifts for your family and friends; just make sure you know what you want to grab before you go.
Solve issues with existing products
Image Credits: sneakernews88.top
Is it really necessary to have a mobile phone holder on your workstation, or can you just rest it against a water bottle to check incoming notifications? Is it wise to purchase your kid a toy drum set when you could DIY your own? Using a little creativity, you might be able to fix problems with products you already own, or at the very least, postpone your next e-commerce transaction.
Track all that you’re spending: big or small
The smallest purchases may quickly mount up, and by the end of every month, we may be faced with buyer’s regret. The secret to effective budgeting is keeping track of your expenditures because it holds you liable for every dollar that leaves your bank account. You will be capable of making better spending decisions once you know where your money goes.
Many people begin by keeping track of their larger spending, but it’s just as vital to keep track of those minor, recurring purchases. A daily cappuccino, weekend meals out, or getting a seemingly harmless monthly magazine may add up to a lot more than you realize, and they can have a significant impact on our finances. You would have saved roughly over $100 per month if you could forego that Starbucks drink before you hit the office.
One of life’s most noteworthy temptations will always be to spend. Knowing how to control your impulses will help you get the optimum financial status possible in the future. While avoiding spending urges may seem tedious or challenging in the short term, the money you save today will provide greater options for enjoyment and financial security in the long run.
One most vital roles of parents are teaching their children about finances and success. Instilling in children the concepts of earning, saving, and investing is essential in developing life skills that they can use in the future.
Opening a bank account for kids is a good idea to train them on managing their money. It is also a surefire way to boost their educational savings and other expenses. On that note, here are five of the best savings accounts for kids in Singapore.
#1: OCBC MIGHTY SAVERS KIDS ACCOUNT
If you have S$50 to spare, you can open your child’s OCBC Mighty Savers Kids Account. Enjoy a 0.05% interest to set a head start for your child. Avoid withdrawing money from your account to get an additional 0.05%. Grow your savings even more by opting to link it up with an OCBC Child Development Account to get another 1% (i.e., resulting to about 2% interest p.a.).
Children aged 16 and below can ask their parents to open a UOB Junior Savers Account. It is a joint account with the parents, with a minimum initial deposit of S$500. The interest rate p.a. is 0.05%. Once your child ages beyond 16, the account will automatically convert into a regular savings account. This regular savings account can be used to grow their wealth during adulthood.
For parents who are eyeing for competitive interest rates, you can consider the CIMB Junior Saver Account. It offers a higher interest of 0.3% p.a. for the first S$200,000, 0.5% p.a. for the next S$800,000, and 0.3% for anything above S$1,000,000. What is the best part? There are no fall-below fees to maintain your child’s account. Set up an account online for approximately 10 minutes. It is that convenient!
Believe it or not, S$10 is all you need to open the Maybank Youngstarz Account! It has the interest rates of 0.1875% p.a. for the first S$3,000, 0.3125% p.a. on the next S47,000, and 0.3750% p.a. for anything above S$50,000. You and your child may also indulge in other benefits such as Popular bookstore vouchers and exclusive birthday privileges.
Help your child grow his or her finances by opening the POSB My Account. It works as a joint account. There is up to 3.8% interest p.a. when you convert your My Account to a Multiplier Account and it offers other benefits such as complimentary Popular bookstore 1-year student membership. The POSB Smart Buddy feature comes in handy as it automatically saves their pocket money and teaches them the importance of saving.
