Central Pneumatic 93742 User Manual download pdf (Page 5)

Grocery Shopping

If you constantly buy imported meat or

branded household products, it all adds

up in the long run. Calculate how much

you can save a month just by switching

brands or supermarkets, then work out

your total savings for the year.

TOP TIP Go for no-frills where possible,

says Elizabeth Yeo, vice-president and

appointed representative with ipac

Financial Planning Singapore.

“When it comes to fresh produce,

you may ﬁ nd cheaper items at the wet

market as opposed to specialty stores

or supermarkets,” says Elizabeth. Also,

ﬁ nd out where your produce is from. For

example, 150g of pork spare ribs from

Malaysia is $3, while the same quantity

for Australian pork is $3.95.

YOU CAN GROW YOUR NEST EGG JUST BY

BECOMING SAVVIER ABOUT YOUR INSURANCE,

MORTGAGE PAYMENTS, CREDIT CARD AND

GROCERY BILLS. HERE’S WHAT TO DO.

MORTGAGE…

SHOPPING…

INSURANCE…

TREATS...

Into Your

Savings?

What’s Eating

Love Made Easy Money

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Personal Treats

Regular spa and hair treatments, a

designer bag, expensive shoes and

clothes... Work out the total you spend on

these indulgences over a year and you’ll be

stunned. And that’s not including treats for

the family, like fortnightly movie outings

and guilt-buying for the children.

TOP TIP There’s nothing wrong with

occasionally treating yourself or your

family, but do think of putting some of

your money towards your savings fund.

Trimming $300 a month from your

spending works out to $3,600 a year.

In 10 years, you’d have saved $36,000

and that’s excluding interest!

Insurance

Review your policies with your insurance

adviser. You could be forking out too much

for your premiums and not getting sufﬁ cient

coverage, says Esther Seo, associate

adviser with ipac Financial Planning

Singapore. The same applies if you are

buying a product that is not appropriate for

your needs in the ﬁ rst place.

When it comes to life insurance, the

general rule of thumb is to keep your

premium as a single-digit percentage of

your income.

TOP TIP A recent Life Insurance

Association (LIA) study showed that

most Singaporeans have $48,000 worth

of life insurance coverage when they

actually need $500,000. Insurance is

meant to meet the family’s daily expenses

if something were to happen to the

breadwinner. And $48,000 will not go far

in serving this purpose.

Besides getting the right amount of

coverage, you also need to make sure that

you pay the right premiums for the right

products, says Esther. It is also important

to ensure that you have appropriate

hospitalisation coverage that will take care

of medical bills; this is separate from your

company’s health insurance.

Mortgage

A high mortgage loan means you’re

paying more interest than you need to.

If you can make a substantial monthly

saving from the interest alone, imagine

how much money you can save by the

end of the year!

TOP TIP You may want to consider

reﬁ nancing your home loan, Elizabeth

says. Do your research to ﬁ nd out the

best interest rates available, talk to

ﬁ nance experts and then decide what

kind of loan is best for you.

Generally, most banks

in Singapore do not limit the number

of times that borrowers can reﬁ nance

their mortgage. However, if the

reﬁ nancing is done within the lock-

up period imposed by the lending

bank, borrowers will be subject to

a penalty of commitment fees. If the

reﬁ nancing is done from Bank A to

Bank B, you may also have to pay

legal fees to draw up a new agreement

with the new lending bank.

Credit Cards

Prioritise your debts. The interest you

pay on your credit cards can eat into

your savings. Once you’ve paid off

these debts, you’ll ﬁ nd you have more

to put towards your nest egg.

TOP TIP Pay off the highest-interest

debt ﬁ rst, advises Elizabeth. And always

pay your credit card bills in full. Don’t be

taken in by the minimum-payment option

on your statement as outstanding

balances can attract an annual

interest cost of up to 24 per cent.

If you can’t pay in full, pay off as

much as possible. If you have trouble

keeping track of all your credit cards,

consider reducing them.

Transport

Minimising taxi and car use could be one

simple way to save more.

TOP TIP Start keeping receipts so you

can work out how much you’re spending

every month on peak-hour charges, taxi-

booking fees, parking coupons, petrol

and so on. See where you can make

adjustments – for example, taking the train

to town on weekends instead of driving

– and see how much money you can save.

– ELIZABETH YEO, VICE-PRESIDENT AND APPOINTED

REPRESENTATIVE WITH IPAC FINANCIAL PLANNING SINGAPORE

Don’t be taken in by the minimum-payment

option...

outstanding balances

can attract an annual interest

cost of up to 24 per cent.

You’ll be better off if both

you and your spouse actively

manage your family’s ﬁ nances,

says Elizabeth.

• Make joint money

decisions. Discuss how

you want to split your shared

expenses, such as the

mortgage, groceries and the

children’s needs. This way,

you are both aware of whether

you’re on track with your shared

goals as a family.

It is also important in case

anything happens to one of

you. In a time of crisis, the last

thing you want to be worrying

about is where all your ﬁ nancial

statements are. Or worse, how

you are going to cope ﬁ nancially.

• Be honest about

money. There are couples

who go for years without

knowing how much the other

earns, and aren’t even aware

when the other is promoted

or gets a raise. Money does

not need to be a sensitive or

stressful subject, especially

when you’re planning to grow

it for your family’s needs.

Manage

your money

together

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