August 30, 2020

Renovating your BTO flat: Interior designers share some tips on budgeting, styles, and more

Lobang: https://www.moneydigest.sg/renovating-your-bto-flat-interior-designers-share-some-tips-on-budgeting-styles-and-more/

After getting over the excitement of purchasing your build-to-order (BTO) flat, it’s time to think about renovations. If you know not where to start, take it from the interior designers themselves as they share with you tips on budgeting, styles to go for, and more.

Set a budget
Set-aside-money-for-home-renovation

Image Credits: 99.co

As with most things, setting a budget will get you started on the right track. According to a spokesman for Qanvast, the data collected shows that homeowners of new apartments spend between S$30,000 and S$60,000 on renovations while renovation costs for resale units start at S$65,000.

However, he advises homeowners to budget for an excess of 10 to 20 per cent more. “It’s common for homeowners to spend more than their budget – upgrading to better tiles, adding carpentry work, or dealing with unexpected hiccups.”

Also, while you might be attracted to some low-cost packages, it’s good to do a background check before signing any contract. Mr Morris Teo, managing director of HomeRenoGuru, a renovation website, says: “Homeowners should be mindful when signing packages that appear very affordable. Reputable interior designers would usually include the entire renovation works in the initial contract.”

Also, make sure you are getting good quality materials for the price paid. As Ms Amy Picanco, a director at Aym Design and a council member of the Interior Design Confederation Singapore, rightly points out: “While it can be difficult, try to think long term – do you want a renovation that lasts for five or 10 years? This will affect the quality of the materials you use and may push prices up. However, it could save you a lot of time and money in the long run as it will be a lasting investment.”

The styles to go for
home-design

Image Credits: Houzz

Interior designer and founder of Wee Studio, Mr Yeo See Wee, comments, “If you have 10,000 pictures of every style, that makes it very difficult for you and your interior designer to decide what style to go with.” A lookbook with a few images representing the concept you like will do.

Architecturally trained interior designer Vanessa Ong suggests homeowners limit the colour and texture tones to up to five options. “Take time to observe spaces, objects, textures that inspire you or places you’ve visited. Your home should tell a story of who you are,” she adds.

Seek approval before hacking
HDB wall hacking

Image Credits: blogspot.com

“Homeowners should think about how long they’ll be staying in the flat and what their plans for the future are so that the flat can provide for their future needs. Erecting a wall in the future will be an unnecessary, time-consuming, and costly endeavour,” said the spokesman for Qanvast.

However, if you’re sure about knocking down walls to create an open-concept living space, be sure to seek approval from the Housing and Development Board (HDB) first. You can read all about demolition and erection of walls here.

Maximizing the space you have
floor-to-ceiling shelves

Image Credits: Qanvast

HomeRenoGuru’s Mr Teo says that new homeowners often misjudge the storage space they need. Planning with the future in mind is important. With that said, Ms Gwen Tan of Formwerkz Architects recommends homeowners to plan for more storage for future possessions.

Interior designers propose having built-in storage. For example, floor-to-ceiling shelves will help to maximize wall space and beds with storage beneath them will allow you extra space to store your stuff.

 

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Award-winning business coach reveals 3 money management tips to fuel business growth

Lobang: https://www.moneydigest.sg/award-winning-business-coach-reveals-3-money-management-tips-to-fuel-business-growth/

Are you an entrepreneur, business owner, or individual planning to launch your own brand in the near future? Are these questions on your radar:

  • How healthy is our cash flow?
  • Are we taking on too much debt?
  • How long can we cover our expenses if business slows down?
  • Do we have enough capital to invest in growth?

If you find it tough to understand how money flows in and out or are currently stuck trying to stay afloat instead of increasing revenue, you will probably need to start making a few changes. For example, change your mindset and start taking control of managing your money the right way.

According to Peter Boolkah, an award-winning business coach, here are three steps to create a growth-focused approach to money management.

#1: Change your mindset
change your mindset

Image Credits: Kaplan Genesis

What thoughts do you have when it comes to money? Which of these ideas or feelings are holding you back? Can you reconsider and change them?

Those who identify money with fear may find themselves paying attention to getting out of debt or in a more extreme case – avoid looking at the company’s finances altogether. If that is you, see if you can change that mindset. Instead of fear, embrace your finances with an open attitude and you may probably find more opportunities for learning, wealth building, and growth.

Mr Boolkah believes that our business will grow to meet our level of desire and need. If you’re constantly in a rat race trying to get by, your business is going to reflect that mindset. While thinking about your business and personal goals, you should be able to answer these questions clearly:

  • Why do you want to succeed?
  • What kind of life do you want to create?
  • What greater purpose motivates you? 

It’s also essential to dream big and surround yourself with people who share the same mindset. If you can’t find them in your immediate network, search for other entrepreneurs you admire and learn from them. If it helps, invite them to connect on LinkedIn.

#2: Make a plan
make a plan

Image Credits: Call Centre Helper

Many business owners do not detail budgets and monitor the financial health of their businesses. To know how much money you have now and make accurate predictions about the future, you will need a plan and be disciplined with your money.

Some questions to ponder over:

  • Does your business have a budget? If so, how closely do you stick to it?
  • What are your short-term and long-term priorities and goals?
  • Where should you be spending? Where should you be saving?
  • When you get off track or circumstances change, where should you take corrective action?

If you’re not so savvy when it comes to financial planning, consider hiring the right person to aid you in this segment. Bringing in an accountant can help your company in creating a budget, managing expenses, and making well-informed financial decisions.

#3: Add more value
add more value

Image Credits: JBarrows

If there’s one thing you need to take away from this section, it’s to make your business indispensable to your customers. Instead of demanding more money from your customers for the same amount of work, give some thought about how you can add more value to them. 

Questions to think about include:

  • How can you increase your skills or services to deliver better results?
  • How can you solve a problem and make their lives easier?

When your service becomes absolutely necessary, that’s when you can charge what you deserve.

 

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Get Free Samsung Galaxy Buds Live (worth S$288)

Lobang: https://www.moneydigest.sg/get-free-samsung-galaxy-buds-live-worth-s288/

Get free Samsung Galaxy Buds Live worth $288

Apply for any of the Citibank credit cards below to get a free Samsung Galaxy Buds Live (Black) worth $288. The all-new earbuds is designed to tune in to every moment. With an iconic shape and ergonomic design, the adaptive fit lets in desired sounds from your natural surroundings, and a dynamic speaker system optimised for a better experience. This is sound made just for your ears.

It is compatible with most Bluetooth-enabled devices including your laptops and iPhones!

* Update: SingSaver has informed that they are removing the 1000 sets limit for this promotion and hence all new-to-bank customers who applied for the cards below will get a free set of Samsung Galaxy Buds Live!

Promotion valid till 31 August 2020.

* IMPORTANT: Click on the Apply Now button. Only the links in this page will qualify. 

Citi Rewards Card

The Citi Rewards Card is a must-have card for those who always shop online using credit cards. Imagine earning 10X Rewards^ (4 Miles) for every S$1 spent online each time you shop.

  • Enjoy 10X Rewards^ (4 Miles) on online and retail purchases at Lazada, Qoo10, TANGS and more.
  • Earn 10X Rewards* (4 Miles) on rides with Grab, ComfortDelGro, Gojek and more
  • Earn 10X Rewards^ (4 Miles) on online food delivery
  • Earn 10X Rewards^ (4 Miles) on online groceries

Earn 1X Reward on all other spend.

What’s more, you stand to receive up to 30,000 Citi ThankYou Points as welcome gift when you spend S$3,000 in the first 3 months. Citi ThankYou Points can be used to redeem for cash rebate, shopping vouchers, and rewards points. You can convert points from Citi ThankYou Points to Singapore KrisFlyer at a 5:2 ratio – which means you get about 12,000 miles free!

Citi Cash Back Card

Keep this card in your wallet. The Citi Cash Back Card is one of the best cash back card in the market, offering a whopping 8% cash back on your Dining, Groceries and Petrol daily, worldwide. Subject to cash back cap of S$25 per category per statement month with a min. spend of S$888 per statement month.

Imagine this: every $1,000 spends get you $80 cash back in a month. That works out to be almost a thousand dollar of cash savings in a year!

Citi Cash Back+ Mastercard® 

Not to be confused with the Cash Back Card, the Citi Cash Back+ Mastercard® is a new product launched by Citibank this year which offers a competitive 1.6% cashback on all spend categories with no cap and no minimum spend. In other words, you can accumulate as much cashback as you want each time you swipe you card. It does not expires and you can redeem it instantly on-the-go with Citi Pay with Points or for cash rebate via SMS.

Citi PremierMiles Card

Earn your miles faster with one of the best cards for your travel needs. The Citi PremierMiles Card lets you redeem from the widest range of airlines, where 1 Citi Mile = 1 Mile, with KrisFlyer, Asia Miles, Qantas, Qatar, Flying Blue, and more.  With no caps on miles earned, redeem your miles for flights, hotels and merchandises. You can also receive up to 37,300 bonus miles as welcome gift when you choose to pay the annual fees.

  1. Earn 1.2 miles for every S$1 spent on all your eligible purchases with your Card
  2. Earn 2 miles for every S$1 equivalent in foreign currency spent overseas on eligible purchases
  3. Complimentary access to over 600 airport VIP lounges twice per calendar year with Personalised Priority Pass membership card. Priority Pass membership is on application basis and reserved for Principal cardholders only.

Citi Prestige Card

Citi Prestige Card is a premium credit card that offers benefits such as travel, dining and lifestyle privileges. Being a Citi Prestige Cardmember means you get access to offers handpicked for you to ensure you get the most unforgettable experiences.

  • Earn 3.25 Citi Dollars (or 1.3 miles) per S$1 local spend and 5 Citi Dollars (or 2 miles) per $1 overseas spend.
  • Enjoy unlimited complimentary access to over hundreds of VIP airport lounges for primary cardmembers and one accompanying guest. One complimentary night at any hotel of your choice with a booking of at least 4 consecutive night stay.
  • Enjoy 2 complimentary airport limousine transfers per quarter with a minimum spend of S$20,000 within the same quarter. Terms and Conditions apply.

Receive a Welcome Gift of 62,500 Citi ThankYou Points (or 25,000 Citi Miles) when you apply for the card, subject to annual fee payment.


Important information on APR/Fees

Fees
Annual fee for all cards: S$192.60 (First Year Waiver)

*Note: The Citi Prestige Card has an annual fee of S$535.00 which cannot be waived.

Foreign Currency Transaction Fee: 3.25%

Repayment
Minimum Payment: 1% of current a/c balance plus 1% outstanding amount plus late charges or S$50, whichever is higher.
Late payment charge: S$100 if Minimum Payment Due is not received on or before the Payment Due Date.
Interest On Purchases: 26.9%
Interest On Cash Advance: 28.0%
Interest Free Repayment Period: 25 Days

 

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