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9 Smartest Ways To Save Money As An Individual Or An Entrepreneur

IMPROVE YOUR PERSONAL FINANCE

1. ELIMINATE AN EXPENSE

Spend at least 5 minutes on examining your last month’s utilities bill or last month’s credit card statement. Use your hawk eyes to look for one unnecessary expense that you can reduce. Whether it is the unusable gym membership or the expensive dinners at the restaurants, you must commit on eliminating it and saving more.

2. KEEP THINGS SIMPLE

Save more on clothing and handbags by keeping your closet “simple”. You do not have to wear the same outfit everyday like Facebook’s founder Mark Zuckerberg or Apple’s late founder Steve Jobs, just save money by avoiding costly designer clothing and purchasing during year-round sales.

3. SHOP AROUND FOR MEDICATIONS

When prescribed with medications, carefully compare the prices from the different providers to get the best price. According to Ministry of Health guidelines, every patient must get an itemized medication bill. To save more, ask your physician if there is a cheaper yet equally efficient alternative especially if you are taking medications on a long-term basis.

CUT DOWN YOUR HOME EXPENSES

4. DE-CLUTTER AND EARN

Save money by increasing your income through de-cluttering. Clean the clutter in your closet and find the things that you deem to be unused or underused because you can sell them online. The old clothing articles of your children as well as your old devices that are still in good condition can be sold too. Sell your items to the global marketplaces such as eBay, Carousell, and Gumtree.

5. CONSUME THE LEFTOVERS

Save the unconsumed food when you either ordered too much restaurant food or when you cooked excessively. Regularly label these leftovers so you can keep track of how long it has been in your refrigerator.

6. UNPLUG REGULARLY

Even if you turn off the switches, your appliances and electronics will continue to consume energy and spike your tariff. So reduce your bills by unplug your cables and electronics when not in use.

Image Credits: moneydigest.sg/wp-content/uploads/2014/12/4153368583_15706e04a2_z.jpg

Instead of leaving the TV on as a background noise, consider using your hand phone as a radio. This small daily act can save you a month’s worth of major electricity.

LOWER YOUR BUSINESS COSTS

7. TAKE ADVANTAGE OF CHEAP ADVERTISING

Use free websites to post your ads. Online classifieds are a good choice as these are cost-effective, convenient to relay contact, visible to a large-scale of consumers, and the you are able to edit a listing anytime. Browse a list of good advertising websites here.

8. EMBRACE MODERN TECHNOLOGY

Instead of buying bulky desktop computers, invest on laptops as they are not only less expensive but they also consume less energy. Whenever possible, use these laptops and Internet tools to communicate effectively. For example, if you are planning to call your international client, call them through Facebook’s free video chat.

9. IDENTIFY THE TAX DEDUCTIBLES

As an entrepreneur, it is important to know the types of tax breaks, reliefs, and deductions you can take. In fact, budding businesses can avail the Tax Exemption Scheme For New Start-Up Companies as well as the Angel Investors Tax Deduction Scheme.

Image Credits: pixabay.com (CC0 Public Domain)

Educate yourself about the tax deductibles by visiting iras.gov.sg.

Basic Guide To Taxation In Singapore

Individuals, corporations, trustees, and partnerships that are carrying on profession, trade, or business in Singapore are chargeable with tax. Fortunately for you, the country offers one of the lowest tax rates in the world.

Whether you are entering the country’s working scene as a local citizen, a fresh graduate or a foreign worker, you must familiarize yourself with the taxation regulations. Start by reading this guide…

AUTHORITY

The Inland Revenue Authority of Singapore (IRAS), formed in 1960, is the statutory board responsible for collecting personal income taxes, corporate taxes, goods & services taxes, property taxes, betting taxes, and stamp duties. In short, it integrates all the revenue collection agencies into one place in order for the processes to be managed better.

The governing laws include Income Tax Act, Goods & Services Tax Act, Stamp Duties Act, and Property Tax Act.

TYPES

For your reference, here are some of the most common types of taxes in Singapore:

INCOME TAXES are charged based on the income of individuals and companies.
GOODS & SERVICES TAXES (GST) are the tariff paid when you spend on merchandise, services, and imported goods.
PROPERTY TAXES are charged to the owner/s based on the expected rental values of the said properties.
BETTING TAXES are paid when betting on the lottery, sweepstakes, or alike.
STAMP TAXES are imposed on legal and commercial documents.

TERMS

To avoid confusion, here are some of the most common terms related to income taxes:

NOTICE ASSESSMENT (NOA)
– NOA shows the amount of income subjected to tax, calculates the tax amount you have to pay, and displays the credit balance that needs to be refunded to you. Simply, NOA is your tax bill.
YEAR OF ASSESSMENT (YA)
– YA refers to the annum in which the income tax is charged and calculated. It is a no brainer!
BASIS PERIOD
– Basis period refers to the previous YA that is relevant to the current YA.
PERSONAL RELIEFS
– Personal reliefs are good news as they are the deductions that help you to save tax.
ASSESSABLE INCOME
– Lastly, the assessable income refers to your total income after subtracting the approved donations and allowable expenses.

Image Credits: pixabay.com (CC0 Public Domain)

For more information about what is taxable and what is not, please visit www.iras.gov.sg.

Sources: 1, 2, & 3

Sneaky Costs Of University Education In Singapore

Everyone knows that saving money for tertiary education is not an easy task. With fees totaling to about S$8,000 a year, getting into your dream school takes effort and creativity. Not to mention, fees are graver if you are an international student.

Be forewarned that aside from the tuition fee, here are the “hidden or sneaky” expenses that can take a toll on your budget:

BOOKS

When you are studying at the university, you will realize that textbooks can get really expensive The prices of books you need to purchase depend on the modules you have to take per semester or quarter. A single reference book costs about S$45-100 based on my experience.

Despite these hefty expenses and as much as you would like to skip buying them, most of the required textbooks are crucial to pass the course.

SUPPLIES

When choosing your course, remember that you are making an important investment. You are investing for your future career in many ways including your supplies. For instance, if you are taking up a course in Media and Communications, you may be required to purchase a professional high-resolution camera. And if you are taking up architecture, it is uncommon to spend more than S$1,000 (per year) on tools and materials needed for model-making tasks.

SOCIAL GATHERINGS

For you to meet other people and expand your circles, it is almost necessary for you to join the school’s social gatherings. If you are a member of a club, you have to be ready for the registration fee as well as the special events fees. You can expect to pay within S$10-100 per event.

For example, since previous university club was hosting a workshop, we were required to share at least S$15 for the food and materials.

EXCHANGE RATES

If you are an international student in Singapore, you must consider the dynamics of the foreign exchange rate when budgeting your money. Whether you are exchanging your Indian Rupee or Philippine Peso, the current exchange rate can affect your total tertiary education expenditure.

An increase in the value of the Singapore Dollar will result to paying more than you had expected earlier on. In contrast, an increase in the value of your “nation’s currency” will result to you paying less.

ACCOMMODATIONS

Sick and tired of travelling for more than an hour from Woodlands to NUS? Or are you a foreigner studying in the Lion City? Consider renting a room in the HDB flat or living in the campus hostel.

NUS and NTU students can save more money in transport and rent by opting for the hostels that cost about S$220-580 per month.

Image Credits: facebook.com/nus.singapore

Sources: 1 & 2

Most Popular Recruitment Agencies In Singapore

Extraordinary – that is the perfect word to describe Singapore’s workforce.

Singapore is a popular destination to many foreign workers and a starting point to some locals who want to further their careers overseas.With that said, the competition is as fierce as can be!

Stand up from the rest and improve your chances of getting hired by seeking the services of credible recruitment agencies. A recruitment agency is a business paid to find suitable workers for various companies and organizations. It plays a vital role in connecting the employers with the potential candidates.

To help you in your quest, here are some of the Most Popular Recruitment Agencies In Singapore…

1. RECRUIT EXPRESS

From its inception in 1996, Recruit Express has expanded their staffing operations across the Asia-Pacific regions. In fact they have offices in Singapore, Hong Kong, Sydney, Taipei, Shanghai, Beijing, Tokyo, Kuala Lumpur, and Bangkok.

Listed as one of the top Singapore agencies at JobsDB.com, Recruitment Express uses their vast network of resources and extensive database to match the right people to the right organization within the shortest time.

2. CAREERHUB CONSULTANTS

A relatively new agency established in 2011, Careerhub Consultants has been ranked as one of the best Headhunter in Singapore by Dougles Chan. Dougles Chan is the author of Financial Success in Recruitment Industry and Job Seeker Power Manual).

Image Credits: pixabay.com (CC0 Public Domain)

This recruitment agency offers a myriad of job opportunities in fields such as hospitality, finance, and engineering.

3. AEGIS RECRUITMENT

Aegis Recruitment is one of the leading agencies in Singapore that boasts with excellent reputation. Just take a look at their sleek, neat, and user-friendly website right now. Do you see what I mean?

From real estate to advertising, the Aegis consultants do not just work by “word matching”. Rather, they use extensive methods and prompt actions to ensure that the requirements are thoroughly understood and met.

Image Credits: pixabay.com (CC0 Public Domain)

Although these agencies are potent, you must not heavily rely on them to secure a job. Do not just sit back and relax at home! Put in additional efforts to observe the odds in your favor.

Sources: 1 & 2

Trending Instagram Hobbies Within Your Budget

Where else can you showcase your coolest talents, delicious meals, cutest pets, greatest adventures, and oddest interests better than at Instagram (IG)?

As I browse through my IG feed, I noticed these 5 hobbies that are within each individual’s tight budget:

1. EDITING

Some people are naturally gifted with visual arts while others see it as a hobby that they have to practice. If you want to share your beautiful memories captured on portraits, showcase your photography and editing skills on IG.

Fit in the crowd by ensuring that you edited your photos with extra filters and finishing touches. Use this “4 Free Photo Editing Apps” list to help you out!

2. SINGING

I have to admit, a bunch of my IG friends are good at singing. And a fun way to get their followers connected is by posting a preview of their “full cover/song video” and linking it to their bio.

For emerging and establish artists, it is a no-cost way to advertise and stay in touch with the fans.

3. EATING

Some people love to watch movies as much as others love to read books. But my favorite people love to go on “food trips”. To be on a food trip means that you are on-board a stimulating and exciting food experience. Whether it will be a good or a bad one, you can easily post your food photography or video clips on IG for your friends to see.

4. CRAFTING

On the top of making a Facebook page of your artworks, you can manifest your artistic side by posting it on IG. This can not only support your passion but also boost your followers and your brand. You can either show daily clips of your artwork’s progress or make a short timelapse video of it from start to finish.

5. SHOPPING

If your interests involve window shopping (like many Singaporeans), take it up a notch by virtually browsing on IG. Save time, effort, and money by looking through a range of local labels while at home. Check out @gsews for bags, @wontyouburnbitch for accessories, and @lovebonito for clothes!

Screen-grabbed from instagram.com/lovebonito

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