singapore Archives | Page 23 of 55

Baby Items That You Should Not Be Spending Too Much On

Let us all be real here…as adorable as babies are, having one is Singapore is not cheap!

In fact, the hefty expenses start before the baby is born. You will have to purchase new clothing, supplies, and furniture for the safety and comfort of your precious one. Adding these expenses to the hospital costs may shock the new parents in the first year alone!

This is why it is essential to save as much as you can. Start by considering these frugal alternatives to otherwise expensive purchases:

1. INFANT FORMULA

One of the empowering things that only women can do is to breastfeed their baby. As much as you can, opt for breastfeeding because it will not only be healthy but also be able to save you as low as S$1,500 per year.

If you want to save even more on breast pump, borrow from your family or friends but make sure to change the plastic attachments. You can buy those for far less than a brand new pump.

2. CHANGING TABLE

Is it really necessary to buy another table with S$300 price tag just for changing your baby’s diapers? Especially of you live in a small flat, space can be an issue. Instead, it is advisable to use your long dresser to double as a changing station. Some parents even change diapers on the bed or couch!

Simply put a soft blanket, mat, or pad over the spot so your baby can rest comfortably.

3. BABY CLOTHES

Believe me when I say that babies can have sudden growth spurts so, it is unnecessary to buy loads of baby clothes in advance. It goes the same for shoes, as socks will be sufficient to keep their cute toes warm.

Start saving for baby clothes by asking your friends and family if you can have their child’s outgrown clothes. You will not only help your friends or family members to de-clutter their space but you will also save more.

4. NURSERY DECOR

Some parents spend over a hundred dollars just for designer wall decals. A frugal alternative is to select from a wide range of free printable art available in the Internet.

For instance, this awesome post will give you over 100 designs from 89 talented artists. Just print your desired art and hang it on your nursery walls with the S$4.90 frames from IKEA.

Image Credits: meinlilapark.blogspot.sg

Saving money has not looked this good! 🙂

Sources: 1, 2, & 3

3 Ridiculously Expensive Purchases Feeding Singapore’s Materialistic Urges

In 2012, a study published by Singapore Management University showed that female university students who were locals were significantly more materialistic than their American counterparts.

Living in the most expensive city in the world, it is inevitable to equate one’s stature to one’s wealth. The validation we get from other people while flaunting our expensive items is flattering at first but it is harder to maintain in the long run.

Instead of inciting envy, how about you focusing on improving your self-worth by avoiding these ridiculously expensive purchases:

1. DESIGNER BAGS

There is no better way to wear your “wealth” than by carrying a bag that screams costly designer price tags wherever you go! While you may feel excited, happy, and satisfied the first few months, you will soon be craving for a new one to widen your collection.

With the ever-changing fashion trends, is it really worth spending over S$4,000 on a mini Chanel bag? For me, making new experiences with your loved ones while traveling overseas is a better way to spend that pile of cash.

Think about it. You have to strictly save up and resist temptations as this huge amount of money equates to about 2 months of your salary (in reference to the average wages of Singaporeans)! Sporting your sleek Chanel bag may display your “high status” but the preoccupation to limiting your daily expenses can cause long-term unhappiness.

2. JEWEL OF PANGAEA

Do you want to experience an extravagant cocktail at one of Singapore’s most luxurious nightclubs? If you answered yes then, you have to fork out about S$32,000 to experience the “Jewel of Pangaea”. The Jewel of Pangaea consists of vintage Krug, Richard Hennessy cognac, smoke-infused sugar cube, and 1-carat triple X diamond from Mouawad.

The renewed mixologist prepares the shining jewel garnishing over foamy liquid of gold in just 45 seconds. 45 seconds – the short amount of time it would take to flush your S$32,000 down!

3. 3D TELEVISIONS

Dreaming of a movie theatre-like experience at home?

Few people turned that dream into reality by purchasing 3D television that includes 3D glasses, lifelike images, vivid colors, and 3D effects. In Singapore, the price for this set ranges from S$2,800 to S$14,999.

Knowing that the majority of the owners (i.e., almost 80%) in United Kingdom regretted their purchase…will you still buy one for the sake of showing off your extravagant television to others?

Image Credits: pixabay.com (License: CC0 Public Domain)

Avoid making ridiculous purchases that are meant to fill your emotional void by questioning your buying habits. Also, be grateful for what you have. The less you give into the unnecessary wants, the less financial and natural resources will be impacted!

Sources: 1, 2, 3, & 4

5 Genius Ways To Save Money As A Start-Up

As a budding entrepreneur, your new business is tied with cash. With hundreds of things on your plate, you are either looking for more ways to boost your profits or more ways to save money.

Look no further as this list will explore smart ways where your small business can save money in its early phases…

1. SAY “YES” TO FREE AND CHEAP ADVERTISING

You do not need the fanciest commercials or the flashiest banners to bring in more customers. For now, all you need are 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 premier advertising websites here.

2. ONLY HIRE PEOPLE WHEN YOU NEED THEM

As a start-up, you are testing every aspect of your business including the amount of labor necessary. Do really a marketing team or can you handle the marketing aspect by yourself?

Instead of hiring professionals to do the job for you, you can commit several hours in developing skills. This is why it is not a good idea to hire a huge team of workers and waste a hefty amount on wages earlier on.

And when you decide to hire help, good sources of quality yet low-cost labor are university or polytechnic interns. If you are willing to supervise and devote your time to training, both of you can benefit from the experience. Think about it! You are giving a worthwhile experience and good recommendation for the intern while the business is receiving low-cost (and sometimes free) services.

3. USE A BUDGETING SOFTWARE

If you have zero knowledge on accounting or you need more help in your budget planning, then you must consider accounting software.

Aside from using an Excel spreadsheet, you may budget like a pro by using accounting software called inDinero. inDinero helps you run the small business better as it safeguards your transactions, your cash flow, and your expenses. It connects the bank accounts so you can visualize where your money goes. Furthermore, it helps you with your payrolls and taxes.

4. ARRANGE ONLINE MEETINGS

Globalization paved way for international affairs to be easily accessible. So if you have clients or workers who are overseas, what better way to hold meetings than by using inexpensive online tools such as Skype video conferencing or Facebook video chat?

To save even more, invest in laptops instead of desktop computers, as these laptops are not only less expensive but also consume less energy. Whenever possible, use these laptops and Internet tools to communicate effectively.

5. SAVE ON YOUR WORKSPACE

Office spaces in Singapore can get very expensive! Instead of forking out your wealth, you can consider sharing your space and splitting the rent with another small business. In fact, you can rent a flexible space for as low as S$450 a month with Regus.

Regus is a global company that has been around for more than two decades. With over 25 building locations islandwide, you will be able to find a space that suits you best! 🙂

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1, 2, & 3

5 Surefire Signs That You’re Ready To Move Out

For a young working adult, staying at home with your parents seems like the perfect place to live in. Since the rent and food are usually free, you will be able to get a financial head start.

However, this living arrangement can hold you back if you want to live an independent and autonomous lifestyle. Think about it!

To help you, here are some signs to validate your desire to move out:

1. YOU ARE DONE ANALYZING YOUR CURRENT SITUATION

Renting or buying your own flat is one of the biggest investments you can ever make in your life. It is a long-term commitment that you should carefully analyze and plan.

Before deciding on whether you are renting or buying your own home, you must first know how much you earn, how much you can afford, and how much do you need. The type of flat you can afford to rent or buy depends on your income and savings. The exact amount of money you need includes the upfront payments and the monthly payments such as conservancy charges or housing loan installments.

You are only ready to move out when you are done examining your financial capabilities and done weighing your housing options.

2. YOU HAVE SUFFICIENT SAVINGS

In order for you to move into your own nest, you must have sufficient savings in your account. This savings is not only for your down payment but also for your emergency fund that compromises maintenance, repair, and moving expenses.

Image Credits: pixabay.com (License: CC0 Public Domain)

Since loans may take up a huge chunk of your income, it is advisable to have a sufficient cash at hand (amounting to at least four months’ worth of salary).

3. YOU HAVE ENOUGH MONEY TO PAY FOR DOWN PAYMENT

If you are purchasing a house in Singapore, the bank can give you a loan of up to 80%. This means, you will need to have 20% of down payment upfront. Instead of getting trapped in a credit hole, it is important that you can afford the down payment. And if you really cannot afford it just yet, you can either wait or find a cheaper place.

4. YOUR POTENTIAL HOME WILL NOT ELIMINATE YOUR ENTIRE CPF

As a working Singaporean, you are entitled with a comprehensive savings plan called the Central Provident Fund (CPF). This is mainly used for your healthcare, retirement, and housing needs. However, you must not blow it all on one area such as housing.

If you do not have other investment options to cover your lifespan then, it is not necessary to take the highest HDB loan possible just because you can.

5. YOUR PARENTS ARE ITCHING FOR YOU TO GET OUT

If you are constantly finding yourself in an argument over simple things especially the ones that pertain to the house rules then, it is time to consider moving out. Furthermore, if your parents are throwing subtle comments on you then, it is time to take the hint.

Moving out may be the suitable solution for you to keep your loving and peaceful relationships in tact.

Image Credits: Denis Bocquet via Flickr (CC License)

Aside from these signs, you must not overlook the pleasure and responsibilities of living on your own!

Sources: 1, 2, 3, & 4

Despite Higher Wages, Thirst For F&B Workers Is Higher Than Ever

Regardless of the 5.6% increase in the wages of the accommodation and food services sector in 2013, Singaporeans are still keeping away from the jobs it offers.

In fact, job vacancies in this sector elevated from 5,010 in 2011 to 7,740 in 2014. Majority of these vacancies carried the positions of waiters, followed by food service counter assistants and cooks. Employers even added that these positions were hard to fill with locals.

To be fair, this is influenced by the ever so growing number of establishments. The Singapore Department of Statistics conducted a survey last year and found that there were about 6,750 establishments in the food and beverage (F&B) industry in 2013!

With overflowing establishments and lack of manpower, businesses may turn to other options such as outsourcing talents abroad or letting the employee perform multiple positions.

Nonetheless, if you are at the crossroads right now, it is good to contemplate on entering the welcoming arms of the F&B industry.

Image Credits: pixabay.com (License: CC0 Public Domain)

There are a lot of positions and wages you can choose from! Here are just some of them:

1. GENERAL MANAGER

Average salary per month: S$7,000

The restaurant’s general manager supervises all the employees and oversees the profile and loss of the business. The general manager does this by exploring the ways to cut costs and increase sales. Also, it is his responsibility to ensure that everything runs smoothly in the restaurant.

2. EXECUTIVE CHEF

Average salary per month: S$7,000

The executive chef is brain behind the kitchen operation. He or she is tasked to create the menu and recipes with the head chef, manage the product inventory, supervise the kitchen staff, and perform some administrative work. In most cases, this executive position does not require one to cook on a daily basis.

3. RESTAURANT MANAGER

Average salary per month: S$3,000

Aside from the day-to-day operations, it is the restaurant manager’s job to attend to the restaurant maintenance, customer complaints, staff hiring and training. Usually, the average pay for restaurant managers in hotels are higher by a couple of thousands.

4. HOST

Average salary per month: S$1,800-S$2,200

The host is in charge of assisting the guests to their designated tables and taking reservations from the guests. Also, they graciously handle the walk-in customers.

5. WAITER

Average salary per month: S$1,800-S$2,200

Waiters or service attendants set and clear the tables. They are familiar about the restaurant’s menu. In other restaurants however, waiters are divided into two groups namely: a.) to support the senior waiters and b.) to perform other tasks such as preparing the bread and coffee.

6. SOUS CHEF

Average salary per month: Differs per division

The sous chef is the next in line when the head chef is not around. He or she is the one you can count on when you need the extra help in the kitchen. Also, he makes sure that the qualities of the ingredients are maintained.

The sous chef position exists within a hierarchy that is divided into three levels namely: executive sous chef, senior sous chef, and junior sous chef. The average salaries per month respectively are S$3,600, S$3,200, and S$2,500.

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1, 2, 3, & 4

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