April 29, 2020

Lobang: https://www.moneydigest.sg/open-these-3-bank-accounts-if-you-have-a-family/

What is wrong with having one bank account for the entire family? Nothing! However, financial stability may be reaped through spreading your eggs in several baskets. Setting aside enough cash to maintain one account is already a tough task, especially if you are barely making ends meet.

If you can afford to keep your money in separate accounts, the management of your finances will be better. Firstly, you will be able to track expenses related to your specific financial goal. Secondly, you will get a clearer picture of how much you actually have. Lastly, separate accounts enable you to stay within a certain budget.

ACCOUNT #1: HOUSEHOLD FUND

The purpose of the “household checking account” is to satisfy your monthly bills as well as your daily and weekly expenses. A checking account enables you to have an ATM or Debit Card, which you can easily use when you are making a transaction. Put at least 20% of your income in this fund. Do not go beyond that allotted range. It is your job to ensure that your weekly meal plans or expenses are within your budget.

You may use this fund for your weekly trips to the grocery or for an evening birthday celebration in a restaurant nearby. You can charge your utility bills and phone bills to this account too.

ACCOUNT #2: EMERGENCY FUND

People see the value of setting up an emergency account now more than ever. Large, unforeseen events such as this pandemic can take a toll on your wallet. Hospitalization costs can cost you a huge chunk of money. How can you survive without having access to emergency fund? Is debt a viable option?

An emergency fund is recommended to last you for about 6 months. Fill this up before any other savings account because you do not want to be caught unprepared in an event of crisis. It is a good idea to set an automated scheme where a portion of your income will automatically go there. You may also employ another banking institution for this.

ACCOUNT #3: RETIREMENT FUND

Apart from your CPF, you may put some of your savings to your retirement fund. A golden rule of thumb is having a fund that is eight times your current annual income. To get here, you will allot money in the course of several years. Do not touch this account until you retire.

Unlike the emergency fund, growth takes precedence over easy access here. Feel free to explore other options apart from having a regular savings account. You may try growing your retirement fund in the stock market or long-term time deposits. The goal is to have enough dividends to last you during retirement.

Consider opening one or more of these bank accounts. It is better to scatter your money to secure your finances. If one of your ATM or debit cards has been stolen or skimmed, you have other accounts to back you up. Separate accounts will cushion the blow of unfortunate events such as being scammed or being unemployed.

Source: 1

The post Open These 3 Bank Accounts If You Have A Family appeared first on MoneyDigest.sg.

Lobang: https://singpromos.com/department-stores/qoo10-grab-free-6-cart-coupons-usable-with-min-spend-40-valid-till-29-april-2020-237286/

Qoo10 is running a promotion featuring free cart coupons worth $6….read more @SINGPROMOS.COM

Lobang: https://singpromos.com/dining-restaurants-food/dominos-pizza-introduces-tasty-twosome-combos-offering-two-sides-for-just-10-237290/

Offering two sides for just $10, the new Tasty Twosomes come at great value as well as sweet and savoury options to suit any occasion….read more @SINGPROMOS.COM

Lobang: https://www.moneydigest.sg/haidilao-spore-launches-ready-to-eat-dishes-for-takeaway-including-mapo-tofu-%E6%BB%B7%E8%82%89-kungpao-shrimp-%E9%85%B8%E8%8F%9C%E9%B1%BC-more/

Can’t wait to try

Haidilao Singapore has announced in a Facebook post today (29 Apr) that they have launched a series of convenience food for customers to takeaway to enjoy at the comfort of one’s home.

The ready-to-eat food includes:

1. Mapo Tofu
2. Pickled Vegetable Fish
3. Chopped Chili Basa Fish
4. KungPao Shrimp
5. Beef Stew With Ketchup
6. Braised Pork Meat
7. Pumpkin Red Dates White Fungus Soup

They will be available for takeaway at 313@somerset, IMM, Bedok Mall, Novena, The Seletar Mall & Sun Plaza branches.

Here are the mouth-watering dishes:

Note that these are not applicable for the takeaway 35% discount promotion.

The post Haidilao S’pore launches ready-to-eat dishes for takeaway including Mapo Tofu, 滷肉, Kungpao Shrimp, 酸菜鱼 & more appeared first on MoneyDigest.sg.

Lobang: https://www.moneydigest.sg/expenses-you-must-never-swipe-on-your-credit-card/

I have to admit! Credit cards are convenient, especially at this time. However, swiping your plastic card often costs you more money than other payment options. Regular charges from interest rates and annual fees are coupled by hidden surcharges. The latter are transaction-based fees that can add up!

You must maximize your savings and use your debit card as much as possible. On that note, here are the expenses that you must avoid charging into your credit cards.

#1: EDUCATION EXPENSES

Most schools and universities accept credit cards as a form of payment nowadays. Some even offer attractive interest rates. Just because it is available does not mean you have to use it. During my time, a diploma course in a private institution costs S$10,000 a year. Imagine paying a 3.5% interest per month? This will accumulate to about 51.11% interest in an annum. This is too much, if you ask me.

#2: GAMBLING EXPENSES

Gambling addiction is inside the Psychological manual of Psychologists and therapists. Gambling is there for a reason! It poses an uncontrollable damage on one’s finances and relationships. If you are thinking of using your credit card to cover your gambling-related costs, you are in deep trouble. Go home!

Contemplate on the monthly interest rates you will have to pay on the top of hidden fees. The interest rate will shoot up continuously until you pay your balance in full amount.

#3: MEDICAL EXPENSES

Many experts agree that you must use your Government medical allowance, non-retirement savings, and available cash to pay for medical expenses. If the COVID-19 situation is tough for you, you may get a low-cost loan option too. Medical expenses can immediately put you in a mountain of debt. You cannot simply turn to your credit card to pay for your entire hospital bill!

As you take in all the above information, it is important to know how to avoid surcharges. Follow these tips.

a. Use a debit card to pay for your retail expense as it directly deducts from your bank account. Another electronic service that rarely incurs fees is NETS.
b. Book your flights using travel points. Use your travel points or air miles when you book for a flight overseas.
c. Use vouchers when institutions do not accept credit card points or rewards.
d. Link your credit card to PayPal. PayPal allows you to link your bank accounts in one place. This way, you will be able to pay the merchant free of extra fees.
e. Search for other businesses that offer zero interest rates on credit card transactions.

May these tips help you shop around!

Sources: 1 & 2

The post Expenses You Must Never Swipe On Your Credit Card appeared first on MoneyDigest.sg.