Home Renovation Hacks That Will Save You Money

As I enter the complex process of spearheading a school’s renovation, I am embroiled in a tedious task of finding the most cost-efficient options. I have been saving those picturesque renovations and design ides on my Pinterest mood board. However, a renovation design only works when you add the element of realistic budget.

When it comes to build-to-order HDB, the average spending on renovations is between S$30,000 to S$50,000. A resale flat can cost you around 50% more! Imagine that. The huge amount of money highlights the importance of preparation. You need to prepare for the upcoming costs! Moreover, you must find ways to save some money.

LESS IS MORE

When it comes to home renovation or alteration, many people turn to Pinterest for inspiration. A home with a minimalist interior is likely to be more affordable to renovate than a home with an opulent interior. Your renovation’s theme can dictate its costs and your savings. Having said that, you must go back to basics. You do not need to compromise style to save money! After all, simplicity is beauty.

WALLETS ARE TIGHTENED

Upon the completion of your desired theme, do your research on the items that you need to purchase. List down the prices of each essential purchase. As much as possible, compare the prices from online and physical retailers. Stick to this planned budget!

Image Credits: pixabay.com

There may be unforeseen circumstances whereby you need to address costs that exceed your planned budget. To tackle this issue, you must give yourself an allowance of about 20%. Who knows? You might end up with an unfinished kitchen.

RECYCLING AND REVAMPING

There are two types of home or flat owners, second-hand or first-hand owners. It is very tempting to customize every inch of your new flat. However, you must keep in mind that you will not be able to bring these customization to the next home that you will purchase. The same idea can be applied to second-hand owners.

For people moving in to a “new” home, consider the things that can be kept. Revamp furniture or structural elements that are still in relatively good condition.

PLANNING PURCHASES AHEAD

Much like the two types of owners, there are two types of purchases. There are often urgent items or an items that can wait. Nonetheless, you must look out for warehouse sales to enjoy bargain prices. Go to various fairs such as Home Planner Furniture and Renovation Fair, which attracts a range of merchants selling products you might need. Compare prices online and often you can find the best deals out there including tables, chairs and smart mirrors.

Image Credits: pixabay.com

You may also consider scheduling your purchases during special holidays such as the Great Singapore Sale, National Day, Black Friday, Cyber Monday, or Yuletide Season. These are the periods wherein retailers exhaust their efforts to provide attractive discounts. Planning ahead can save you a lot of money!

Sources:1 &2

Read More...

How To Not Waste Your Money On Valentine’s Day

How can Singaporeans express their love in the sexiest way on Valentine’s Day? Well, they can do the seemingly impossible feat of spending less and saving more.

Enjoy a fruitful experience without breaking the bank using the following tips.

COOK FOOD AT HOME

For the first time, my significant other has offered to cook for me on Valentine’s Day. It is a sweet and intimate gesture that maintains his frugality as well. Much like him, you may offer to make a limited edition menu together. It is better than braving any crowded restaurants or bars nearby!

Excitement starts with planning your favorite indulgences as one. If you have no time to spare, you may have the food delivered to your doorsteps. However, please prepare the table setting and reconnect over that. What a great way to end a nice evening!

OPT FOR THE NON-TRADITIONAL

Who says Valentine’s Day can only be celebrated through expensive romantic excursions and gifts? There is no reason to settle for the traditional route. It is fancy and overly hyped. Instead, you may do something that is out of the ordinary.

Visit museums, parks, or zoos (e.g., Jurong Bird Park with tickets starting at S$30 each). These options are fun and less expensive. You may also go for a lunch date instead of a dinner. Lastly, skip the cinema by watching a movie at home. I am talking about Netflix and Chill, baby!

CHOOSE THE FLOWERS RIGHT

Taking a leaf from the traditional book is the giving of flowers. When choosing a stalk or a bouquet of flowers, you must look for the ones with tight buds.

Image Credits: pixabay.com

It is your job to look for flowers that do not “look good” at the moment. You see, they will blossom in a few hours and will stay that way for the days to come. In contrast, flowers whose buds are already opened will only last for a day or two.

REPLACE THE DUDS

When it comes to giving gifts on February 14, you must choose the best! Do not be afraid to take items back to the grocery store whenever necessary. You do not want to cook pasta with expired tomato sauce!

Moreover, you may ask to replace some of the flower buds that seem dull. If you have taken all these advice and they die early, you may want to request for a replacement.

DO NOT PAY FOR CHAMPAGNE

Many people cannot tell a good booze from a bad one. So, why bother? Expert Dawn Sandomeno suggests, to “keep the cork on the Champagne and pop the Prosecco”.

Image Credits: pixabay.com

For those who are not familiar with its origins, Prosecco is a sparkling white wine from Italy. It know for being not too sickeningly sweet. Much like your love, I suppose. A glass of this starts at S$10 in our local bars.

Sources: 1 &2

Read More...

The Real Cost Of Hiring A Helper In Singapore

Our concrete jungle has wired us to focus mainly on work. As work occupies most of your day, it is easy to take domestic life for granted. To handle the so-called burden of managing your household chores while you tackle occupational responsibilities, you may turn to a maid agency for help.

Let us be honest! It is becoming a fairly common practice to hire domestic help in Singapore. Many families come from dual-income households where both parents work long hours. Who will be left to take care of the children, elderly relatives, and chores?

There are various reasons why you may hire a helper. Whatever your reasons are, here are the initial and monthly costs that you can expect.

UPFRONT COSTS

The following are some of the initial costs that you need to pay as an employer of a foreign domestic worker.

a. Agency Fees: about S$1,000
b. Settling-in Programme: S$75
c. Work Permit Application: S$30
d. Work Permit Issuance: S$30
e. Security Deposit: S$5,000
f. Foreign Domestic Worker Levy: S$60-S$265
g. Medical and Personal Accident Insurance: about S$250 per month spanning 26 months

The estimated total will amount to more than S$6,000. Now, let us put a spotlight on each element.

Image Credits: pixabay.com

#1: MONTHLY SALARY

To determine someone’s monthly salary, you must consider several factors. Experience and relevant training are just some of the main factors. Not to mention, the applicant’s nationality plays a part too.

The Philippines’ government recently reduced the number of domestic helpers entering Singapore. With the reduced manpower supply, expect salaries to increase accordingly. That being said, the minimum salary for a Philippine domestic helper is S$570. On the other hand, Indonesian authority set its minimum domestic helper salary to about S$500. Lastly, the minimum salary that you can expect to pay to a foreign domestic worker (FDW) from Sri Lanka is S$400.

Other miscellaneous costs include food, accommodation, medical expenses, and travel expenses.

#2: EMPLOYER’S ORIENTATION PROGRAMME

As the name suggests, Employer’s Orientation Programme or EOP is tailored to the employers who are looking to employ some FDWs. It is recommended for employers who are hiring a foreign domestic worker for the first time or have changed workers on a frequent basis. This program lasts for 3 hours and can be both taken in a classroom or online setting. Classroom setting costs about S$30 to S$34. While, the online setting costs about S$46. After all, you are paying for convenience!

Learn more information about EOP by checking this link: mom.gov.sg.

#3: SECURITY BOND

How many times have you encountered a damage deposit or damage bond in your life? One to many, I suppose. A damage deposit ensures that you return an item in good condition. Similar mechanics can be applied to the FDW security bond.

If you are employing a Non-Malaysian domestic helper, you have to pay about S$5,000 to the Singapore government. This security bond ensures the safety of the domestic helper should you break any laws governing the employment. You will eventually be discharged from the security bond when you meet the following requirements:

a. You cancelled your foreign domestic worker’s Work Permit
b. You did not breach any conditions of the said bond
c. Your FDW has returned home

#4: AGENCY FEES

There are more than 500 maid agencies in Singapore, which are licensed by the Ministry of Manpower. Only licensed maid agencies can act as middlemen in finding related jobs in the country. Agency fees vary greatly depending on the services included. They do not usually publish their fees unless you inquire, but you can expect to pay around S$1,000. Be wary if you only have to pay S$200 or less.

#5: FOREIGN DOMESTIC WORKER LEVY

The FDW levy, paid directly to the Singapore government, costs about S$265 on a monthly basis. However, you can qualify for the concessionary rate of S$60 per month. Levy concession is “part of the package to support Singaporeans needing care”.

An employer with a young child or grandchild, an elderly person, or a person with disability living at the registered address can apply for the levy concessionary rate. Learn more about this by going to mom.gov.sg.

Sources: 1 & 2

Read More...

How to Protect Your Assets in a Divorce

Divorce – it happens to the best of us. Statistics show that in the UK there were 106,959 divorces of opposite-sex couples and 112 divorces of same-sex couples in 2016 alone. Although it is, of course, very sad to go your separate ways, it’s important to remember that your assets must be protected in divorce proceedings.

Here are a few words of advice about how a divorce doesn’t necessarily mean that you’ll automatically lose half of your assets. Here’s how you can best protect your finances in divorce proceedings:

Don’t Let Emotions Cloud Your Judgement

There’s often a lot of hurt feelings that come hand-in-hand with divorce. However, when it comes to protecting your finances, there’s no room for emotion and ultimately, playing a game of ‘tit for tat’ could be bad news for your assets.

Divorce isn’t cheap and sending short letters to each other through your divorce lawyers about trivial matters could end up costing you hundreds of pounds. Be savvy with your money and pick your battles carefully.

Get Your Property Valued

Almost all property can be divisible in divorce proceedings so the only way to get ahead is to know what your property is actually worth. How else will you get your fair share when you come to part ways?

Dividing your property is always going to be a complex arrangement, especially if you have contributed different amounts to your household. Take time to understand how your home can be divided, whether it’s putting it up for sale or arranging a buy-out.

Get to Know Both of Your Finances

In many households, there’s often one person who manages the majority of the finances and this creates a power imbalance when you’re negotiating settlements. Make sure you know both of your finances thoroughly – any hidden debt that’s incurred during the marriage could be owned by the couple, even if only one spouse signed the paperwork.

This is incredibly complicated so you should protect yourself by seeking advice from your divorce lawyers. They can advise you on how to make informed financial decisions when filing for divorce.

Also, consider your biggest assets – many people think it’s property but it could be a pension account. Bear in mind the court may take into account its future value when dividing assets, which would certainly affect you financially.

Consider Mediation

Mediation is the most cost-effective way of negotiating a divorce. It could help you reach an agreement by yourselves through direct discussions and allow you to negotiate a deal that works for you.

This could help you save money, although you may still need some independent legal advice tailored to your unique circumstances. This could include advice on financial proposals, the information you need, whether the practical arrangements will work and all of the necessary parts of your divorce settlement.

Mediation is an empowering way to keep some level of control over the proceedings and make sensible decisions after all the options have been discussed with your ex-spouse.

If you’re going through a divorce and you’re concerned about how it could affect your financial affairs, follow our tips on how to be smart with your assets even when emotions are running high. These can help you protect yourself and your future, to help you look forward to a positive new start.

Read More...

How To Save Money For Your Child’s Education In Singapore

GO LOCAL

As parents, you are well aware that deciding your child’s school involves various choices and costs. It is quite a task to run through every option available in Singapore. Budgetary constraints start from pre-school onwards. To play things safe, choose a government-associated institution. The public school system provides globally competitive education without putting a strain on your pocket.

LOCATION IS VITAL

Location plays an important role when choosing a tuition center. If you value tuition then, opt for the centers close to your home. Alternatively, you may organize a carpool program to cut down your transportationc costs.

Say that you intend to enroll your children in a private tuition. Consider asking for their package or discounted deals.

HONE THE HOBBIES

Academics is not everything! Raising a well-rounded child involves shaping his or her hobbies. You do not need to spend cash on workshops as there are many free amenities found in your town park. Go to the nearby park and let your child play on the swings.

Is your child interested in reading? Spend quality time at home by reading your child a storybook during bedtime. Furthermore, the National Library Board hosts free educational events such as the sold out program entitled: “Let’s Science Together! – Science Experiments for Parents and Kids”. For more information about their upcoming events, visit: nlb.gov.sg.

Image Credits: pixabay.com

Lastly, you may stroll in Esplanade to experience their free artistic events such as the “A Monsta Party”!

TREASURE IN THE BOX

Dig through your child’s closet and toy box to find some hidden treasures! Instead of throwing away your children’s outgrown clothes and used toys, you may sell them online or through a consigment store. Selling your stuff away will not only help you clear out, but also provide you extra cash.

INVEST ON BONDS

Investing your money on the stock market help you grow an education fund. One of the most popular investment options for education funding is bonds. Singapore Government Bonds is believed to be close to risk-free. Choose long-term bonds with periods ranging from 2 to 30 years in order to get higher returns.

A FAMILY AFFAIR

Birthdays are important to your children as gifts come along with it. In lined with this, you may try asking your relatives to provide experiential gifts. Experiential gifts refer to soccer classes, swimming lessons, or other enrichment programs that your child can benefit from.

Image Credits: pixabay.com

Not only are these gifts more memorable than toys, but it can also help you save for your child’s future education.

Sources: 1 & 2

Read More...