How To Fool Yourself Into Saving Money

If money could talk, my wallet would be having a farewell party. I am not exaggerating! The weight of the Yuletide Season has been hard on my budget. You see, we are constantly bombarded with flashy sales and social gatherings.

The materialistic temptations becomes harder to resist due to the year-end bargains. Not to mention, the convenience of swiping a credit card makes spending easy!

Fortunately for you, there are other strategies that you can employ to save money. See how much you can potentially save with these four money tricks!

PUSH THE AUTOPILOT

How can you spend money that you do not see? This is no “vanishing coin act”! Instead, I am referring to automating your savings. Setting up an automatic transfer to your savings account can help you fulfill your financial goals. Whether you are looking forward to the night market or the BTS concert in Thailand, your expenses can be covered by your savings.

There is truth to the phrase: pay yourself first. Allotting a portion of your income to personal savings is as easy as allocating a budget for your phone bill. Upon getting into the habit of saving, you will be able to resist the temptation of spending. Ask your bank for guidance in automating your transactions.

EVERY CENT COUNTS

As I was walking to a dollar store, I saw an elderly man leaning towards the coin he just dropped. No matter how small a currency may seem, every cent counts. It is only logical to say that keeping your loose change in the course of the year can add up to a few hundreds of dollars! So, consider developing the habit of growing your cents.

Begin by getting an empty jar. You may turn it into an arts and crafts activity by having your child decorate the surface of your jar. Afterwards, empty the contents of your wallet every three days. Pour all the loose change into your decorated money jar. By December, you may exchange these coins for bills at your local bank. Growing your money jar will not only declutter your wallet, but also grow your wealth.

REMOVE THESE NUMBERS

Let us face it! Online shopping has been more prevalent than ever. The mere fact that you can get a blanket set from IKEA Singapore within three business days only shows how convenient it is to shop. The virtual market’s prompt gratification can breed addiction. Personally speaking, a friend of mine gets various packages sent on a weekly basis. It is crazy how each one comes from different parts of the world!

You open more rooms for financial vulnerability by setting up a customer account and saving your credit card information. So, consider deleting your online shopping accounts.

Adding an extra layer of difficulty while shopping gives you more time to weigh whether you really need to purchase an item or not. If you lack courage to delete the information on your own, you may ask the help of your trusted spouse. Who knows? This third party intervention may just be the solution to avoid impulse purchases.

A SINGLE QUESTION

As I was walking inside a fast-fashion store, I realized how random purchases can take a toll into my finances. Stocking up on adorable yet unnecessary items on Daiso can affect my budget for the next day. If only you can ask yourself a single question!

Do you believe that a single question can change your spending outlook? Well, it sure is possible! Who knew that a sequence of words can convince you to leave a shop without a cart full of non-essential items.

Simply ask yourself this: “Did I need it yesterday?” If you do not need it yesterday, you probably do not need to buy it today. By asking acknowledging whether an item is a need or want can help you stick to your budget.

Image Credits:pixabay.com

Saving money does not have to be a chore! May these easy tricks help you reach your savings faster than you would have thought.

Sources: 1 &

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Surefire Ways To Save Money As A Student In 2019

As a student, keeping a budget may sound intimidating or boring. However, you must understand that having a budget is essential to enjoying your academic life. Saving extra cash while sticking to your budget will help you gain control over your finances, especially in Poly or Uni.

May the following tips aid in keeping your wallet afloat!

TAKE ADVANTAGE OF YOUR STUDENT ID

Not many of us take pride in our student identification cards (ID). Do not get me started with the image attached to it! Well, your perception may change upon knowing how powerful your ID is. The potency of your ID may pour outside the halls of the school. Many retailers offer discounts or freebies upon the presentation of the student ID. For instance, I used to take advantage of the ticket discount in the nearby cinema. While, my sister’s Alumni ID doubles as a Nets FlashPay card.

Image Credits:pixabay.com

Check with your student services department to learn more about the discounts that are readily available to you.

EAT AT HUMBLE PLACES

With a youthful spirit, dining among friends is a common pastime. Consider eating at kopitiams rather than spending your allowance on restaurants. Gain a sense of nostalgia by searching for the nearest kopitiam.

Kopitiam in shopping centers allow you to go cashless. Kopitiam cards are available for top up in denominations of S$2, S$5, S$10, S$20, S$50 and S$100. Use this card to eliminate 10% off your transactions!

LOOK FOR A PART-TIME JOB

Widening your streams of income beyond your monthly allowance allows you to save more. If your academic load and schedule permits, you may consider acquiring a part-time position. Begin by asking for the vacancies in your university.

Some universities provide students with convenient jobs such as in libraries or computer labs. The administrators at such places understand the importance of attending classes and making extra income. Otherwise, you may consider various home tutoring options.

Image Credits:pixabay.com

Fulfill your academic and financial responsibilities this coming year by finding efficient ways to stick to your budget, to save extra cash, and to widen your streams of income. Good luck! 🙂

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How much does tuition cost in Singapore?

Tuition (both private as well as the centers) are highly in demand among parents in Singapore compared to tuitions in the neighboring states as found by a survey conducted by an international news agency where they have found that more than three-quarter of the parents do invest on such academic agencies despite the fact that they cannot expect the best grades by just providing them a tutor. It was also that in Singapore, parents prefer to send their kids for extra classes even before their formal schooling has officially started in order to brush their English as well as their Math’s skills.

Here in this piece of writing we will be talking about the tutoring services available for children of all ages here in Singapore and how much would it cost you to send your child in one of them.

Pros and Cons of the Different Tuition types

1. Private Tuition

  • Advantages
  1. Home tutors engaged from a tuition agency can give one-to-one attention to students that is most desired by parents. Students do have different learning styles and the private tuitions can be designed in order to suit the exact learning style which are not possible in large classrooms or tuition centers/group tuitions.
  2. They can work out at the student’s pace.If the student did not understand something in the class then he/she can consult with the tutor later on at home and clear the problem they are facing in that particular chapter .
  3. Private tutors do take on the responsibility of doing the children’s homework given by the school. Homework of children of Standards 6-12 can be sometimes complicated for several parents with complex arithmetic and science chapters to deal with and this is when private tutors come to the rescue as they have become experts by teaching those subject for a long while.
  • Disadvantages
  1. Private tuitions are generally  expensive compared to other tuition types which is why not everyone can afford them.
  2. It is often very difficult to find a good private tutor that does meet the children’s needs.
  3. Most parents are also concerned about the safety of their children with the adults they do not know for sure, henceforth it is highly recommended for them to refer to a tutor agency that do screen its private tutors and have accurate reference.

2. Group Tuition /Tuition Centers

  • Advantages
  1. More affordable compared to private tuitions
  2. Students do receive materials that help them to understand the topic in a better sense.
  3. Students are able to discuss to share their knowledge and solve their problems      with other peers in the group/class.
  4. Helps with enhancing on social skills
  5. As the tutors in group tuition or tuition centers are working full time therefore it is seen that they are extremely committed to teaching.
  • Disadvantages
  1. As there are many tuition centers available, students are often sketchy which was to choose among the lot that would *actually* work hard on enhancing their skills.
  2. Also sometimes these centers do charge exceptionally which makes them unaffordable to many like private tuitions.

Some Famous Tuition Centers in Singapore

  1. The Learning Lab – This is a very popular and well trusted brand to parents in Singapore for the last 15 years with several branches spread across the country for preschoolers as well as college going teens. Their teaching style comprises of the following factor-knowledge, skills to pass the exams, develop the interest of learning within children.
  2. Mavis Tutorial Centre – This is another popular and yet affordable option to send the kids to if they are studying somewhere between the primary school level and A ‘levels. This, too like the Learning Lab, have branches all across the country.
  3. True Learning Centre –  It employs NIE (National Institute of Education) ,exclusive school that trains teachers-to -be here in Singapore. As they have already held important positions and won several teaching awards in their careers before they joined the center-the curriculum of the center is being exclusively designed by them that ensures the students are receiving the best help possible.

Reliable Tuition Agencies

At first glance, it appears that tuition agencies tend to offer the same service. However, from our experience, some companies go above and beyond and offer more than others. Our personal recommendation is SmileTutor. They are among the best and the most trusted private tutor agency here in Singapore. Here are the reasons why it is the best

  1. Tuition coordinators work around the clock to make sure that the assignments are being fulfilled on time by the pool of active home tutors from the whole range starting from Kindergarten to Junior College.
  2. The tuition matching system does ensure that the tutor being chosen does fulfill all the criteria demanded by the parents of the children.
  3. The highly qualified private tuition assignment coordinators do select the home tutors based on the home tuition rates and fees as requested by the parents.
  4. There is no contract being signed between the two parties which gives the parents the flexibility to change the tutor if they think the tutor is not appropriate for the child. Also the fees are being paid when the classes are being conducted hence no extra agent fees.
  5. The tutor contacts the parents within 6 to 24 hours after the request is being made.

 

Financial Comparison between Private Tutors and Tuition Centers

There is an average difference of not more than 10 SGD between the private tutors and tuition centers. The median range of the tuition fees for primary section is about 30 SGD per hour, 40 SGD per hour for the Secondary section and more than 55 SGD per hours for Junior College Section.

However for the private tuition, the rate depends on the qualification of the teacher. For a degree holder the rate is usually 30 SGD per hour for the primary section 40 SGD for the lower secondary section, 50 SGD per hour for the upper secondary section and 60 SGD for the Junior College. ,

The rates are however different if the private tutor has been trained from a MOE affiliated institute ,compared to the degree holder teacher who has not trained from NIE all the rates rise by 20 to 30 SGD for each section

 

Ending  

Parents do always the best for the children expecting them to excel in every stage of life. Therefore tuition or extra classes are not an exception when they notice their kids lagging behind in their academic pursuit. If spending an extra few bucks apart from the usual schooling fees can push up the grades from B to A for instance, they would not think twice to enroll their kids for extra classes. But as there is famous saying, “cut your coat according to your cloth”-an idea about the financial expenses of enrolling them for extra classes would help them decide the type of tuition that suits their economic budget.

 

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Are you getting $100, $200 or $300? You can now go online to check your SG Bonus, update your payment mode and more.

The SG Bonus was announced in Budget 2018 to share the fruits of Singapore’s development with Singaporeans. All eligible Singaporeans will receive hardcopy letter notifications on their SG Bonus benefit from 2 October 2018. Those who have registered their mobile numbers with SingPass will also receive SMS notifications.

The amount of SG Bonus is tiered according to income, with more for those earning less:

SG Bonus will be paid to eligible Singaporeans in end 2018.

Citizens are encouraged to register their NRIC on PayNow by 7 November 2018 to receive their SG Bonus earlier (see payment dates below). They may do so via their bank’s mobile banking or Internet banking platforms.

Log in to the SG Bonus e-Service (SingPass login required) to sign up for the SG Bonus, update your payment mode, or make a donation:

Click here to be redirected to the SG Bonus website www.singaporebudget.gov.sg/sgbonus.
Example:

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Budgeting 101: Taking Over Your Financial Life

Have you created a budget in the past? Were you able to firmly follow through? What were the obstacles that you have experienced?

It comes as no surprise that budgeting is no easy feat! It is a strategic task that encourages cutting down of your expenses. Furthermore, you must find a way to still enjoy the money you earn. Striking a balance between your needs and wants can be stressful for some.

So, where must you start?

Start accept your accountability over the choices you make. Every action has an equal reaction towards your wealth. Regularly subscribing to designer shoes can take a toll on your income. While, decreasing your trips to the coffee shop can help save cash. With this form of thinking, you will practice financial self-awareness.

Financial self-awareness comes the observation of thoughts, feelings, and actions surrounding money. For instance, you will be more aware of temptations such as the “cheap” 24-hour marketplaces.

TYPES OF BUDGETING

A. Traditional

A Traditional Budget maps out a plan for how you expect to spend your money. It indicates the amount of money you allot during a specific period of time for a specific financial obligation. How much will you set aside for rent, entertainment, or insurance?

B. 50/20/30 Rule

The 50/20/30 rule is a proportional guideline that helps you establish good habits through the alignment of saving goals. 50% of your income shall go to essentials, 20% of your income shall go to savings, and 30% of your income will be spent on the unnecessary personal expenses.

C. Envelope Method

Envelope method is a simple way introduce you to budgeting. Begin by track the last month’s spending. Highlight your fixed and variable expenses. Then, devise a plan that will consist of different categories. Segregate each category into various envelopes. You must strictly follow through the allocation of each envelope. Do not get money elsewhere.

D. Event-based Budgeting

The last type of budgeting revolves the life events such as weddings, funerals, vacations, and special holidays. Tweak your budget in accordance to these events.

Image Credits: pixabay.com

Budgeting lies at the foundation of each and every financial plan. It is about understanding how much money you have, where it goes, and how to allocate those funds. Best of luck! 🙂

Sources: 1 &2

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