5 Reasons Why Credit Card Shopping for Christmas Isn’t A Good Idea
Christmas is a time of giving and enjoying the company of loved ones, but it can also be a time of financial strain. Many people find themselves turning to credit in order to afford the gifts and expenses that come with the holiday season. While using credit can be a convenient way to manage your expenses, it’s important to be careful about how you use it. This is especially true when it comes to “credit shopping” – the practice of opening multiple credit accounts in order to take advantage of different offers and promotions. Here are a few reasons why credit shopping can be a dangerous practice, especially during the holiday season: In short, credit shopping can be a tempting way to finance your holiday spending, but it’s important to be careful. Instead of opening multiple accounts, consider using a single credit card that has a low interest rate and offers rewards or cash back. This can help you avoid excessive fees and interest charges, and can help you manage your debt more effectively. So this holiday season, resist the temptation to open multiple credit accounts. Instead, use your credit wisely and focus on enjoying the time with your loved ones. Happy holidays!
4 Reasons Why It’s Better To Take Personal Loans During The Festive Season!
Taking out a loan from a licensed moneylender can be a convenient way to finance your expenses, especially during the holiday season. When used responsibly, taking out a loan from a moneylender can offer several benefits, including the following: 1. Quick access to funds. We are known for providing quick access to funds, which can be especially helpful if you need money quickly to cover unexpected expenses. In many cases, you can complete the loan application process and receive the funds within a day. 2. Flexible repayment options. We offer flexible repayment options, which can make it easier to repay the loan on your own terms. This helps you align repayments with your income and expenses. 3. No collateral required. Many traditional lenders, such as banks, require collateral – such as a car or a home – in order to approve a loan. Moneylenders, on the other hand, often do not require collateral, which can make it easier for you to qualify for a loan. 4. Competitive interest rates. Moneylenders might offer lower interest rates than other types of lenders, such as credit card companies or payday lenders. Make an enquiry for a loan at https://abmcreditz.com.sg/apply-for-loan/ and compare with interest rates that are often fixed with other credit institutions. You might find that taking a personal loan with us is a more attractive option, helping you save money on interest charges and make it easier to repay the loan. In conclusion, borrowing money from a moneylender can be a convenient and affordable way to finance your expenses, especially during the holiday season. Just be sure to use the loan responsibly and stick to a payment schedule that works for you! To apply for a personal loan, visit us at https://abmcreditz.com.sg/apply-for-loan/ today!
Guide To Claiming and Using Your NS55 Credit!
HOW DO YOU CLAIM THE VOUCHERS? The credits, which will be valid for a year, will be disbursed digitally for convenience from July 1 to July 31. You can download the LifeSG mobile application on your mobile phone to redeem the credits. Here are four easy steps to do so: For some people, the LifeSG app might not reflect the S$100 credits yet. Some might not even be able to see the “Benefits and Support” section in the app. But fear not – the credits are issued on a rolling basis, so just be patient. Eventually, you should receive them by the end of July 2022. ‘LIFE HACK’ TO GET THE VOUCHERS IN CASH Some of you might wonder, why are the rewards in the form of credit vouchers and not cash? Perhaps it is to ensure recipients will spend the credits with Singapore-registered businesses via the LifeSG app. Disbursed cash might end up being spent outside Singapore – for instance, being used to pump petrol in Johor Bahru, which is a notorious favourite pastime of Singaporeans. However, it is understandable that having your S$100 being restricted to just a few businesses that accept PayNow transactions is inconvenient. As such, users have uncovered a way to ‘convert’ these credits to cash. Sheng Shiong ATMs apparently can be used to dispense cash from the PayNow option. However, due to a $0.20 convenience fee, users can only withdraw a maximum of $90 from the machine, as withdrawing $100 would require a $100.20 credit instead. The remaining $9.80 can be kept as credits in the LifeSG app for use at other merchants. CONCLUSION Indeed, celebrating fifty-five years of National Service is a momentous occasion. Not only does it mark a significant milestone in Singapore’s independence, but it also serves to commemorate fifty-five years of service and contributions from our national servicemen and women. With so many exciting new offers and promotions in store for you, what are you waiting for? Go ahead and download the LifeSG app to receive your vouchers! Hey, if you’re complaining that $100 is not enough extra moolah for your spending needs, we hear you! Why not consider applying for a quick and easy personal loan? Simply visit our application page at https://abmcreditz.com.sg/apply-for-loan/ and be approved in minutes for that extra spending cash you desire!
Best tips for buying a home in Singapore
Many of us love living in Singapore, so much so that investing in a property is a legitimate next step to take. Whether you’re looking to invest in a property for financial returns, or wanting to build a dream home for your family, here are five essential things you need to know about buying a house in Singapore. Unlike many other countries, owning a home in land-scarce Singapore is a bit of a luxury, and it is only when Singaporeans get married or turn 35 that they are eligible to buy their own home. A home is also a long term investment, and this is especially so for young couples who have only been working for 3-5 years. Whether you’re a Singaporean, a PR or an expat, however, there are common considerations you really need to take into account before you sign yourself up for a major mortgage … Location is key! Location location location! Even for highly accessible Singapore, location is a still an important factor. It really boils down to whether you want to live in a mature estate or a new one. Younger couples tend to go towards up and coming estates like Punggol as there are many BTOs [Build To Order projects] centered around these suburbs, and they want to be around people of similar age, so there is a sense of closeness because it is a fresh start for everyone. However, don’t disregard mature estates, which are those suburbs that are over 20 years old. They are very comfortable places to live as all the amenities are set in place, and families are already living there, so you don’t move into a ghost town. Have you seen the HDB Design Awards? Many HDB (Housing Development Board) buildings actually look like condominiums and executive condominiums these days, so you don’t have to pay extra for all the swimming pools, gyms and maintenance if you are just looking for something that looks a bit more architecturally interesting. A good location will also have an MRT station and a shopping mall nearby for convenience. If you are planning to have, or have young kids, then you should know that where you stay affects the chances of balloting (getting accepted for enrollment) for popular Singapore public primary schools nearby; the magic number is 1km, so if you live further than that from your preferred school, you may find it difficult to get your kids in. So, convenience is important, but you also have to weigh that up against the cost of housing with all those benefits. It goes without saying that the more convenient, the more expensive the property will be. Estimating the costs of a home After you’ve decided on your location, you need to get down to the nitty gritty: Affordability. Are you looking for a 3 room or a 5 room apartment or house? For starters, what’s the difference? In Singapore, a 3 room apartment is 2 bedroom flat (the living room is counted as the additional room); a 5 room apartment is 4 bedrooms and a living room. If you’re you’re young and don’t have family living with you, then it’s unlikely you’ll need a 5 room apartment. You can always upgrade later, so your original outlay will be more manageable for your first mortgage. Property is not cheap in Singapore. The average cost per square metre for a good quality apartment was SG$2,254 in 2017; meaning that an entry level HDB apartment costs about 5 times the median household income. If you decide to buy an older property, you also need to factor in renovation costs, which can average out (with no high-end super luxury items) to $40,000-50,000 for a HDB flat; and that doesn’t even include the price of furnishings and whitegoods. Fortunately, there are many financing home loan options available for you to apply for! Too many cooks spoil the broth When you tell your family, friends or colleagues that you are buying a property, everyone is suddenly an expert in what to do. Your loved ones will try to advise you based on their own different experiences because they don’t want you to make the same mistakes, or will want you to get items from a particular store or certain interior designer because it is ‘tried and tested’. Not that there is anything wrong with advice, but the best way to know if something is right for you is if you make that decision yourself. Do your own research and find out what will work for you and your family. A home is, after all, a long term investment and regrets due to decisions based on other people’s ideas will be too late after you’ve signed on the bottom line. Get a renovation loan for your home Did you know that renovation loans actually exist? No more forking out on personal loans for your dream home. Usually, a renovation loan has a 3 to 5% interest rate per annum, while a personal loan has a 6 to 9% interest rate per annum, making it a wise choice to take out a renovation loan. Sometimes, you might even get lucky with bank promotions, making your loan interest free (for about 6 months). In the unlikely event that your renovation loan won’t cover everything, you can always top up with a personal loan. It may seem a little leychey (inconvenient), but trust us, you’ll thank us later when the bills arrive. Just remember your budget that you decided on earlier, and make adjustments accordingly. Visit our website at https://abmcreditz.com.sg/ and chat with our friendly consultants to find the best renovation loan option for you! Focus on the things in your home that matter! When visiting properties with a aim to buy one, make sure you check for the things that matter: electricity points, cracked tiles, water leaks, missing items and so on. Make sure you ask your agent or buyer to address these checklists. Things like dirt should not be a priority, especially since you will be cleaning or renovating before
10 essential tips for starting a Business in Singapore
How to Start a Business in Singapore Being the boss of your own business is the dream of many, which explains why entrepreneurship is on the rise. However, starting a business always comes with a unique set of challenges. One thing you can do to overcome these inevitable risks is by preparing and planning. If you don’t know where to start, here are 10 simple steps on how to kickstart your business in Singapore. 1. Determine your business idea You are here because you have a business idea—that’s great! However, have you gone through your ideas thoroughly? These early stages are the best time to be critical of just how viable and feasible your business idea is. Here are a few things to consider: If you already have the answers to these questions, then you’re ready to move on to the second step. 2. Create a business plan You don’t need a business plan with hundreds of pages; a business plan should not be complicated but straight to the point. It should cover these important parts: Since your business is still in the planning stages, your business plan doesn’t have to be 100% accurate just yet. But it can act as a guide or reference that you can keep going back to as you get closer to achieving your goals. 3. Work out the financials Regardless of whether you’re comfortable managing numbers, working out the financials is an important aspect of running your business. To start, there are two types of costs that you need to prepare: Capital Cost and Fixed Cost. Capital costs are one-time amounts that you will need to launch your small business, including your materials and any funds needed to register your business or a website. On the other hand, fixed costs are the expenses you will need to pay regardless of whether you are gaining a profit. It is also important to know how to deal with emergencies and unexpected expenses. If you need capital to kickstart your business, be sure to apply for a flexible business loan with us and be on your way to start-up success! 4. Conceptualise the branding Here comes the fun part! First, pick a name for your business. Come up with a unique and memorable name that is easier for your future customers to remember. However, keep in mind that ACRA does not allow offensive business names, so steer clear of profanity or acronyms that could have derogatory meanings. On top of that, it helps to check whether your preferred business name is available for use. Sometimes, you may come across another company with the same name as you if the brand name is generic and common. Try coming up with a few ideas instead of just one in case your first choice is already taken or unavailable. To check if a specific business name is already in use, simply visit BizFile+ and key in the name in the search bar. Let’s hope they name you have in mind is available, fingers crossed! 5. Create a website for your business While most small businesses choose to start off with social media profiles, creating a website can be highly beneficial for your business in the long run. It acts as a centralised platform for your customers to get information on your services and product updates and also increases credibility among consumers, making the brand look more professional. Your website is also the perfect place to showcase any accolades your business has attained; featuring awards and professional certifications on your social media channels may not be the most appropriate medium. 6. Decide the business structure As for any business in Singapore, you will need to consider which business structure is best for you. There are 4 main types of business entities to choose from: When comparing the various types of entities, make sure to do your research and find the one that is most suitable for your business now and in the future. 7. Understand tax obligation matters It’s useful to educate yourself about Singapore’s tax obligations for your small business to prevent any legal problems in the future. Start with the basics of Singapore corporate income like how to file estimated chargeable income and important dates you should be aware of. If you are not confident in handling it by yourself, consider engaging with tax experts that can provide you with assistance in this area. 8. Register your office address Registering an office address is one of the requirements for incorporating your company in Singapore. If you own a small-scale business and conduct your operations from home, don’t worry—you can register your private residential property or HDB as your address. Click here to learn more about the different addresses you can register with ACRA. 9. Register your business It’s all finally coming together. At this stage, all that’s left is to incorporate your business. Entrepreneurs can easily do this on their own or seek help from a professional service provider. The process of company incorporation should not take too long. If your application does not need additional investigation, it may even be approved within a day. 10. Set up a digital presence Having a strong digital presence would be ideal for any business. In this day and age, online marketing is taking over traditional marketing practices and here to stay. It is also a cost-effective way to reach your target audience effectively as well. To start, you can start creating social media pages for your business and monitoring the progress and engagement rates regularly as you go. To apply for a loan from an accredited institution, visit us at https://abmcreditz.com.sg/ today!
Easy Ways To SAVE More Money in Singapore
These tiny lifestyle tweaks can add up to big savings. “How to save money?” is the million dollar question, especially in expensive Singapore – but it can be done. When it comes to your financial well-being, it’s not just how much you earn but also how much you spend that matters. Although Singapore is often considered one of the most expensive cities in the world, you can still save money here. It’s all about making small lifestyle tweaks so that you can achieve the financial future you desire. When it comes to saving money, small purchases can add up to big amounts. So people often tell you to cut back on takeaway cappuccinos and dinners out to save money. But if these indulgences bring you real pleasure, you’ll soon be tempted to spend again. So instead, here are some easy every day ways you can save – and still enjoy life. Practical ways to cut down on monthly expenses 1. Look at changing your electricity provider Singapore households are free to pick an electricity provider on the Open Electricity Market, rather than stick with government-owned provider SP Group. With 13 electricity vendors competing to attract customers, there are some great deals to be had. The transition is seamless and won’t interrupt your electricity supply. You can easily compare electricity plans for your size of home here. 2. Switch to a pure data mobile plan There’s a good chance you use mobile data to make calls and send messages when you’re away from a Wi-Fi connection. This means your mobile plan’s talk-time and SMS allowance will be under-utilised. So, there’s no reason not to switch to a data-only mobile plan to save money on services you don’t need. As a bonus, you’re almost certain to get more data, which helps you avoid paying excess charges or having to top up your data. 3. Quit paying fees to transfer money overseas If you are a foreigner based in Singapore, international money transfers are a fact of life. If you’re still paying to send money abroad, stop! Most Singapore banks offer free, same-day transfers to banks in a number of countries. Just one example: DBS Bank offers free transfers to Australia, Canada, the Eurozone, Hong Kong, India, Indonesia, Japan, South Korea, Mainland China, Malaysia, Myanmar, New Zealand, the Philippines and Thailand. 4. Share subscription services Spending a huge chunk of your life on Netflix or Spotify? So is everyone. Save money by sharing group accounts with family or friends. A Netflix group account costs $19.98 a month and can be shared by up to four users, while an individual account, for one person costs $11.98. Meanwhile, Spotify’s family plan costs $16.98 a month and can be shared by up to six people, which is way cheaper per person than its individual plan, which costs $9.90 a month. 5. Reassess your life insurance policies Paying life insurance premiums year after year without batting an eyelid? Next time, spend a bit of time going through your plan’s benefits, and ask yourself if it still adequately satisfies your needs, which might have changed over the years. Singapore’s insurance market is competitive, and you might be eligible for new benefits if you upgrade your plan or sign up for a new one. 6. Take loan interest rates down a notch If your loans never seem to disappear no matter how long you’ve been repaying them, it might be time to reduce your interest rates. One simple way to do this is to use a balance transfer to pay off your credit card debt once and for all. You could also take out a personal loan with a competitive interest rate to pay off your higher-interest debt. 7. Use discount codes and travel cards Discount codes are the coupons of the 21st century. When shopping online, always look out for promo codes before paying. Google “[brand] discount code [month/year]” to try your luck. Also smart: Receive cashback on your online purchases via Shopback.sg, which works with a diverse range of stores, including Qoo10, Lazada, Agoda, Microsoft, Cold Storage and FoodPanda. While we’re talking about discount cards, your travel card for MRT and buses is also valid for water taxi routes in Singapore. Fares cost $5 – so next time you have visitors, instead of paying “tourist price” to take them on a tour along the Singapore river, just flash your MRT pass. Singapore water taxis currently cover five stops: Robertson Quay, Clemenceau, Clarke Quay, Boat Quay, and the Esplanade. So they can take you to the major tourist spots like Asian Civilisations Museum, Raffles’ Landing Site, Merlion Park, Esplanade Theatre, Singapore Flyer and Clarke Quay. 8. Shop outlet and pre-loved stores IMM at Jurong East is home to factory outlet stores carrying designer, fashion and sportswear brands like Calvin Klein, Cotton On and Adidas. At Changi City Point, you’ll find discounted sportswear, casual wear and office wear brands like Lacoste, Fossil and G2000. You can also find eco-friendly pre-loved bargains on expat chatgroups on Facebook, and good-condition pre-loved furniture at Praisehaven Mega Family Store. This warehouse full of pre-loved furniture, toys and clothes is operated by the Salvation Army, and profits go to charity. Items are clean and well-organized and profits go to charity. The only down side is that you can’t guarantee what you will find. 9. Shop online with image search for price comparison! With so many retailers both online and off selling the same items, comparison shopping can save you a pretty penny, especially on big-ticket items. Don’t forget to factor in shipping costs. TIP: if you find an item you like you can search for similar images, and compare prices. You can often find the exact item, for cheaper. If you use Chrome or Firefox, here’s how you do it: