Author: iMoney - Singapore

SMRT Taxis May Be Up For Grab: What Does It Mean For Your Taxi-hailing Days?

SMRT is apparently in talks to sell its taxi business to Grab, and if all goes through, it won’t be long before the familiar SMRT taxis vanish from our roads. What’s the Deal? Why is SMRT selling its taxi business anyway?  Well, it seems that Temasek, its holding company, wants SMRT to get its act together and focus on the rail business to make the MRT and LRT lines reliable, just like they have been… many, many years ago. Not only that, Transport Minister Khaw Boon Wan has also set a new reliability target, which will be a 72%...

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5 Money Mistakes Young Singaporeans Do & Ways to Avoid It

Money management is one of the sexiest things to think about when you’re young and… living on planet Mars. Not many people get a kick out of managing their money, but think about it this way – if you don’t learn to manage it, it’ll turn round to manage you. Here are some of the most common mistakes made by young Singaporeans and what you can do to get a little more savvy with your pennies. 1. Not Having a Budget, or Not Keeping to It Not having a budget can be very liberating, and the initial burst of...

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How Much Is The Real Cost To Hire a Maid in Singapore?

Hiring domestic help in Singapore is a fairly common practice.  In many dual-income families where both parents work long hours, domestic help is often employed to cope with household chores and with taking care of the kids and old folks. If your life circumstances have changed and you’re considering hiring a domestic helper for your home, one of the first concerns you may have is the financial cost. The helper’s salary is only one aspect of it, so read on to find out how much it really costs to hire a live-in domestic helper. 1. Helper’s Salary The helper’s...

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It’s Not Impossible To Build An Emergency Fund

  We all know that we need to save for that rainy day, and many Singaporeans have had cultivated some form of practice of saving money starting from their very first piggy bank. However, as more life options and commitments enter the picture, the concept of the emergency fund can start to get a little muddled. Just how much should we save, how do we go about it, and where can we best store that rainy day stash? Why Should You Have an Emergency Fund? Some like to spend till the last dollar, some don’t like categorising their savings,...

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What Does Socially Responsible Investing Really Mean?

Fair trade products and ethically responsible consumption are probably not strange terms to you.  Many heavyweight companies are increasingly making sure that they engage in socially responsible and fair business practices, including paying producers and their workers a fair and just amount or purchasing raw materials that are obtained from sustainable sources. Socially Responsible Investing (SRI) runs along a similar vein, and investors consciously put their money in companies that create a positive impact in society. [block type=”content”]In the past, this meant something as simple as not investing in tobacco or firearms companies.  These days, it could mean investing...

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What’s the True Cost of Car Ownership in Singapore? You Don’t Want to Know

Let it be said that buying a car in Singapore is about the worst possible investment decision you can make. Not only does it depreciate in value 10% each year, but also at the end of those 10 years, you have no choice but to take the Preferential Additional Registration Fee (PARF) rebate and register a new car – or scrap it! That’s unless you really love your car and want to spend another S$60,000 to S$100,000+ on renewing the Certificate of Entitlement (COE) for another 10 years. And that’s not even counting the 10% increase in road tax...

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Iskandar Malaysia is Only Going One Way – Down

Just like the California Gold Rush of 1849, investors, both local and foreign have been flocking in droves in the past three years to the region of Iskandar Malaysia to purchase property. Now, the party is over and the fat lady is clearing her throat. In the past three years, it seemed like nothing could stop the Iskandar train. Malaysia’s richest man Robert Kuok, Australian billionaire Lang Walker, Valencia’s adopted son Peter Lim, and a host of other big players had invested huge sums of money in the region. Kuok had purchased RM198.72 million worth of land last year...

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7 Proven Ways to Reduce Your Petrol Costs in 2015

According to the Land Transport Authority (LTA), the average Singaporean drives almost 19,000km a year. If the average car holds 60 litres of petrol and has a fuel economy of 15km per liter – petrol will end up costing about S$2,400 to S$3,000 a year, depending on the fuel grade (S$1.90 to S$2.30 per liter). Yes, petrol is an expensive operating cost for car owners. Fortunately, there are ways you can cut down on the annual cost of petrol by 25% or more simply by changing your driving habits. Here are 5 proven ways to reduce your petrol costs...

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Credit Cards With Awesome Sign-up Gifts & Bonuses You Shouldn’t Miss

What was the last sign-up gift or bonus you received when applying for  credit cards? If the only thing you got out of signing up for a new credit card was a stuffed animal, a cheap corporate gift (read: keychain and power bank) a S$20 voucher or nothing at all – you’ll definitely want keep to reading. Today, credit card issuers offer more than just cheap trinkets to entice you to sign up. Now, you can expect to receive plenty of awesome free gifts and bonuses including exclusive dining memberships, annual fee waivers, vouchers, electronics and luggage worth hundreds...

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How to Win the Social Battles You Face Living Frugally

There are two ways to live: how the society expects you to live and how you actually want to live. If you are fortunate, your idea of living will match that of the society. Unfortunately there are not a lot of people whose ideals match up with the ideals of the society. We have our own priorities and wants and needs, which include being frugal, but since we do not live in isolation; we end up succumbing to social pressures and start living the way we are expected to. While all else might just have a mental impact but...

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Credit Cards Every Singaporean Needs for Serious Dining Out

According to MasterCard’s latest survey on consumer dining habits, Singaporeans are the top spenders in the Asia-Pacific region when it comes to dining out – with spending of nearly S$250 a month at hawker centers, food courts and restaurants. Then again, who can blame you for wanting to spend that much every month? After all, Singapore has some of the best tasting food in the world. But before you pull out your dollar bills or worn out debit or credit card to pay for your next night out, you might want to check out some of the “dining” credit...

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Purchases You Should Never Make With Your Credit Card

Credit cards can be a financial lifesaver. They can help you build up your credit score faster, earn membership rewards/discounts and provide you with an emergency source of cash when you need it. Of course, credit cards can also land you in financial hell if you make the mistake of abusing them. And if there’s one credit card rule you should follow, it’s this – avoid purchasing big ticket items with your credit cards unless you have the financial means to pay them off right away. Here are some big-ticket purchases you should absolutely avoid making with your credit...

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What to Do When Your Spouse Wants to Retire Before You

There are a larger number of couples who have an age gap between them than the ones who are more or less of the same age. Even if a couple is of the same age, it is not necessary that they would retire at the same time, depending on the field of work that they are in. Age gap or no age gap, one can either plan to retire together or choose to retire whenever they think is right, individually and according to their line of career. A recent survey conducted by Manulife revealed that 71 per cent of...

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FHR vs SIBOR – Game-Changing Showdown Or Overrated Spectacle?

Every Singaporean knows that home ownership and debt independence are each other’s conceptual nemesis. Unless you have a multi-million dollar trust fund to bank on, you will be confronted with the justifiably intimidating challenge of buying a home and an unforgiving noose of debt around your neck you must fight out of before the bankers play hangman with you. Luckily, banks are also committed to financially empowering the financially motivated by giving them a plethora of products and offers to ease their journey. Today, we will give you an overview and in-depth analysis of one such product recently introduced...

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Dangerous Credit Card Mistakes That Are Guaranteed To Land You in Debt

Nothing boosts your spending power faster than having a few credit cards. It’s a matter of simple arithmetic – each credit card you possess right now has a credit limit that’s easily 3X to 4X your monthly income. And then there are credit cards like the American Express Platinum Credit Card that have no established spending limit. That’s a pretty scary realisation – to know that you have all of that “borrowed” financial power in your wallet. But what’s even scarier is what can happen if you misuse your credit cards and end up in debt. But you can...

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