Author: iMoney - Singapore

4 Factors That Can Cause Your Debt Consolidation Plan To Fail

If you are struggling to repay your debt, you may be considering a debt consolidation plan (DCP), or might have already signed up for one. A DCP helps you to combine all your debts into a single loan. This makes paying off your debts a simpler affair as you do not need to keep track of all the different loan types, interest rates and due dates. In addition, there could be savings on interest charges if your DCP offers lower interest rates than your existing debts. While a DCP can be an excellent tool to help you pay down...

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How Singaporeans Will Be Affected By The New Malaysian Government

Our neighbours across the causeway have had quite the month. Malaysia’s shock election results on May 10 ended the Barisan National coalition’s 61-year rule and paved the way for the new ruling party, Pakatan Harapan, to take the reins. The new government, led by sprightly nonagenarian Dr Mahathir Mohamad, has announced and already implemented a few changes that have caused ripples among the Malaysian public. Here’s how Singaporeans will be affected by the new Malaysian government: 1. Changes in prices of goods and services due to 0% GST Malaysia’s Goods and Services Tax (GST) went zero-rated on June 1,...

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Here’s What You Need To Know As An Expat In Singapore

Singapore may be the world’s most expensive city in the world for expats to live in, but it’s also the greatest. HSBC’s global expat survey has ranked Singapore the best expat destination for the third year running based on a range of economic, experience and family criteria. If you’re considering making the move to Singapore – or already in the midst of preparing –   here’s what you need to know about handling your finances. How do I open a bank account and make money transfers? It’s fairly straightforward to open a bank account, even as an expat. Many banks...

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Top 5 Mistakes You Don’t Want To Make With Your Savings

The act of saving might seem simple enough, but there are a few pitfalls you may face that can cause you to lose out on maximising your savings. Here are five mistakes you’ll want to avoid: Not saving at all The biggest savings mistake you can make is not saving at all, or not saving enough. Personal finance advice often harps on the importance of saving, and not without good reason – saving is critically important if you want to be able to afford financial wants or achieve financial stability: Financial wants. Whether it’s a vacation, a wedding, a...

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3 Common Stock Investment Mistakes You’ll Want To Avoid

If you’re new to stock investing, making mistakes along the way will invariably be part of your learning process. However, with a bit of know-how, you can avoid potentially costly blunders. Here are three common stock investment mistakes you may make as a beginner: 1. Investing without having first saved for an emergency fund It’s never a good idea to invest everything you have – otherwise, you’ll have to dip into your investments if unexpected expenses pop up. This is a bad idea for a couple of reasons: You may experience capital loss. Stock investing is an exercise in...

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6 Common Misconceptions About Debt Consolidation

Struggling with debt? You aren’t alone: an average of 4,000 Singaporeans every month hit unsecured debt levels 12 times their monthly income or more last year. If you’ve been searching for debt management solutions, you may have come across a scheme called Debt Consolidation Plan (DCP), whereby your existing debts are consolidated into a single loan. However, the misconceptions surrounding DCPs are numerous, and may dissuade you from considering what could be an effective tool for managing your debts. Here are the top misconceptions: Debt consolidation is the same as bankruptcy One of the biggest misconceptions about DCPs is...

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An En Bloc Sale Can Make You A Millionaire, But At What Cost?

There aren’t a lot of ways you can gain instant, substantial wealth. The usual methods (lottery, death of a wealthy relative, money laundering, etc.) are either highly subject to chance or highly illegal. Fortunately, if you happen to be in Singapore, you can add another money-making scheme to the list that requires less luck than winning the lottery, and won’t land you in jail upon a failed attempt: quite a few Singaporeans, especially in the past year, have turned into millionaires thanks to en bloc sales. There has been some media coverage about how these en bloc sales have...

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How To Cover Healthcare Expenses With Schemes, Subsidies And Insurance And Singapore

The Singaporean healthcare system is one of the best in the world – at least according to the Bloomberg 2014 Health-Care Efficiency Index. The index, which ranked 55 countries, placed Singapore at number 2, just after Hong Kong. More recently, the Bloomberg 2017 Global Health Index named Singapore the fourth healthiest country in the world out of 163 countries. However, efficient healthcare doesn’t always equate to affordable healthcare. Most of your healthcare costs may be financed out of pocket – and with a gross medical inflation of 10% in 2017, that amount is increasing year by year. So what...

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Best No-Fee Credit Cards In Singapore

For an island with a population of only 5.7 million, there are certainly a lot of credit cards in circulation. According to the Monetary Authority of Singapore (MAS), Singaporeans collectively owned a total of 7,662,808 credit cards as of January 2018. If you happen to be a card-owning Singaporean, you’re probably always looking out for ways to get the best of your credit card. If so, owning or transitioning to a no-fee credit card can be a great way for you to maximise benefits while minimising costs. Some credit cards in Singapore have no annual fees at all, while...

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How To File Your Personal Income Tax In Singapore

Tax season is upon us again. Whether it’s is your first time filing taxes, or you need a quick refresher, don’t worry – if you happen to be a tax resident in Singapore, it’s quite a straightforward process. Here’s what you need to know about filing your income tax return. What are the due dates to file your income tax? [table “135” not found /] How do you know if you have to file taxes? The filing process depends on your tax residency status. You are considered a tax resident if you stay or work in Singapore: For at...

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Meet Our Home Loan Team

At iMoney, we strive to deliver you the best experience when finding a home loan in Singapore – and we can’t do that without great people to make it happen. Meet the experienced, talented (and rather photogenic) individuals that make up our home loan team: Sean Lim is an established thought leader in the mortgage industry. A keen property investor himself, he owns several properties regionally. He is well-versed with the TDSR guidelines in Singapore, as well as bank guidelines for mortgages in Singapore, UK, Australia, Malaysia, Japan and USA. His opinions have been published in The Straits Times, The Business...

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How To Prepare For Rising Home Loan Interest Rates In Singapore

The Singapore Interbank Offered Rate (SIBOR) has risen sharply and then fallen back again in the past few months. While it’s nowhere as volatile as the meteoric rise and crashes of say, Bitcoin, it does signal that we should expect more movement in the coming months. In fact, SIBOR rates have been on the rise since 2015: What affects SIBOR rates? SIBOR rates are correlated to the federal funds rate in the United States. An increase in the federal funds rate would lead to an increase in SIBOR rates. The fall in interest rates in the past month can...

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Should You Buy Or Rent A Property In Singapore?

The home ownership rate in Singapore stands at 90.7% as of 2017, making it one of the highest in the world. However, with the large number of Permanent Residents and foreign workers living in the city (about 64% of the population as of 2017), as well as strict controls on who can buy HDB properties, the question of whether to buy or rent is increasingly salient. Buying vs renting: financial costs The choice between buying and renting depends on your financial situation and other life circumstances. But first, let’s compare the financial costs of each: The cost of buying...

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Here’s Why Your Credit Card Application Was Rejected

Rejection stings, no matter where it comes from. If a rejected credit card application has left you confused and disappointed, fret not – once you identify the reason(s) why your application has been rejected, you can start to turn things around. Here are the top reasons why a credit card application may be rejected: You don’t meet the minimum income requirements In Singapore, the minimum annual income requirement to apply for any credit card is S$30,000. However, each card has a specific income requirement you’ll have to meet, so make sure you fulfil the minimum income requirement being sending...

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Everything You Need To Know About Singapore Budget 2018

Finance Minister Heng Swee Keat has delivered the Budget statement on Monday, February 19. The total expenditure this year is expected to be S$80.0 billion, or 8.3% higher than in FY2017. As speculated, the goods and services tax (GST) will be raised from 7% to 9% some time between 2021 and 2025. The raise in GST will be implemented progressively so as not to place too much burden on Singaporeans. In addition, a new GST on imported digital services will also be introduced. Some Singaporeans also conjectured that there will be fees or taxes that would affect the wealthy....

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