Health - Very Very Important Tips
Answer the phone by LEFT ear.
Do not drink coffee TWICE a day.
Do not take pills with COOL water.
Do not have HUGE meals after 5pm.
Reduce the amount of OILY food you consume.
Drink more WATER in the morning, less at night.
Keep your distance from hand phone CHARGERS.
Do not use headphones/earphone for LONG period of time.
Best sleeping time is from 10pm at night to 6am in the morning.
Do not lie down immediately after taking medicine before sleeping.
When battery is down to the LAST grid/bar, do not answer the phone as the radiation
is 1000 times.
Monday, November 3, 2008
Tuesday, October 7, 2008
NTUC Income's Financial Position
NTUC Income would like to assure our policyholders and partners that the recent financial turmoil in the US and our exposure to Lehman Brothers, Merrill Lynch and AIG have not impacted our financial strength. NTUC Income's continued AA credit rating by Standard & Poor's makes us one of the strongest insurance companies in the region.
Our exposure to the three affected companies in our Insurance Funds (excluding investment-linked policies) amounts to less than 0.3%. For our investment-linked funds, our exposure to these companies is limited to 3 funds out of 15, and ranges from 0.1% to 0.6% of the funds. Our exposure to the whole financial sector in the US is a modest 3.6% of our Insurance Funds. This exposure is insignificant and has little impact on our financial standing and our ability to meet all our financial obligations.
NTUC Income takes a long term view with respect to our investment strategy as we believe that this will provide the best returns to our policyholders. Our investment strategy has and will continue to be anchored on prudence, and our portfolio is well diversified. We are pleased that our investment strategy has thus far delivered attractive yields to our policyholders.
Our exposure to the three affected companies in our Insurance Funds (excluding investment-linked policies) amounts to less than 0.3%. For our investment-linked funds, our exposure to these companies is limited to 3 funds out of 15, and ranges from 0.1% to 0.6% of the funds. Our exposure to the whole financial sector in the US is a modest 3.6% of our Insurance Funds. This exposure is insignificant and has little impact on our financial standing and our ability to meet all our financial obligations.
NTUC Income takes a long term view with respect to our investment strategy as we believe that this will provide the best returns to our policyholders. Our investment strategy has and will continue to be anchored on prudence, and our portfolio is well diversified. We are pleased that our investment strategy has thus far delivered attractive yields to our policyholders.
Friday, October 3, 2008
I'm Representing my Company
I'm very excited Tonight as i'm just realise that i'm been choosen to represent my company in recuitment!!!
Check this out~
http://www.jobsdb.com.sg/Singapore/
http://www.jobsdb.com.sg/Singapore/campus/jobseeker_gavin.htm
it's my passion to help out friends and people who are really keen in securing their assets for their families... Insurance can be seen as a safety financial net.
Monday, September 22, 2008
NTUC Income's Financial Position
NTUC Income wishes to assure all our customers that the company remains in a financially sound position, despite the recent turmoil in the financial markets. Our Standard & Poor's rating remains at AA, the strongest in the region, and we comply with MAS regulations in having sufficient assets to meet all our obligations to policyholders.
To date, our sales have remained consistent and positive. Our professional standards and Customer Promise require us to act in the best interests of our customers, each and every time. Hence, we do not encourage them to terminate their policies hastily, regardless of who they are insured with currently.
We would like to take the opportunity to remind customers that life insurance policies are for their long term protection, with penalties for early termination. Policyholders should hold on to them for the duration and consult their financial advisers on their needs. They should also ensure that the specifications of the product are suitable for their needs.
Policyholders who choose to do otherwise may end up suffering a loss for early surrender, losing essential coverage or purchasing an unsuitable product.
To date, our sales have remained consistent and positive. Our professional standards and Customer Promise require us to act in the best interests of our customers, each and every time. Hence, we do not encourage them to terminate their policies hastily, regardless of who they are insured with currently.
We would like to take the opportunity to remind customers that life insurance policies are for their long term protection, with penalties for early termination. Policyholders should hold on to them for the duration and consult their financial advisers on their needs. They should also ensure that the specifications of the product are suitable for their needs.
Policyholders who choose to do otherwise may end up suffering a loss for early surrender, losing essential coverage or purchasing an unsuitable product.
Is S'pore safe from crisis?
SINGAPORE: Singapore’s financial institutions are well capitalised and regulated by the Monetary Authority of Singapore (MAS), says Finance Minister Tharman Shanmugaratnam.
He was speaking to reporters on Sunday at a community event where he joined Muslims to break fast.
Mr Tharman said: "We are glad that overall, if you look at what is happening in Singapore compared to other financial centres, confidence in the market has been retained."
But Mr Tharman said a technical recession — defined by two consecutive quarters of economic contraction — is possible in Singapore.
Nonetheless, he cautioned that it is important for Singapore not to have any knee—jerk reactions, and to continue to monitor the global financial situation closely before announcing any plans.
Singapore’s non—oil domestic exports in August fell 13.8 per cent from the same month in 2007, the largest drop in the last year.
And with the current financial crisis, economists expect this figure to fall even further as global demand slows.
After all, the United States is Singapore’s second largest export market after the European Union.
So will MAS adjust the value of the Sing dollar to boost exports?
Mr Tharman said: "The MAS has a time frame for announcing its exchange rate policy. Our next statement will be made in October. We try not to make statements in between. But I would emphasise that we tend to focus on the medium term rather than on having knee—jerk reactions to
short—term developments."
Mr Tharman also said that the US and Europe economies have stabilised following the actions taken by their governments but problems remain and Singapore will have to watch the situation closely.
— CNA/ir
He was speaking to reporters on Sunday at a community event where he joined Muslims to break fast.
Mr Tharman said: "We are glad that overall, if you look at what is happening in Singapore compared to other financial centres, confidence in the market has been retained."
But Mr Tharman said a technical recession — defined by two consecutive quarters of economic contraction — is possible in Singapore.
Nonetheless, he cautioned that it is important for Singapore not to have any knee—jerk reactions, and to continue to monitor the global financial situation closely before announcing any plans.
Singapore’s non—oil domestic exports in August fell 13.8 per cent from the same month in 2007, the largest drop in the last year.
And with the current financial crisis, economists expect this figure to fall even further as global demand slows.
After all, the United States is Singapore’s second largest export market after the European Union.
So will MAS adjust the value of the Sing dollar to boost exports?
Mr Tharman said: "The MAS has a time frame for announcing its exchange rate policy. Our next statement will be made in October. We try not to make statements in between. But I would emphasise that we tend to focus on the medium term rather than on having knee—jerk reactions to
short—term developments."
Mr Tharman also said that the US and Europe economies have stabilised following the actions taken by their governments but problems remain and Singapore will have to watch the situation closely.
— CNA/ir
Monday, April 7, 2008
Difference between Margarine and Butter
Difference between Margarine and Butter Margarine was originally manufactured to fatten turkeys. When it killed the turkeys, the people who had put all the money into the research wanted a payback so they put their heads together to figure out what to do with this product to get their money back. It was a white substance with no food appeal so they added the yellow coloring and sold it to people to use in place of butter. How do you like it?
They have come out with some clever new flavorings. DO YOU KNOW.. the difference between margarine and butter?
Read on to the end…gets very interesting! Both have the same amount of calories.
Butter is slightly higher in saturated fats at 8 grams compared to 5 grams.
Eating margarine can increase heart disease in women by 53% over eating the same amount of butter, according to a recent Harvard Medical Study. Eating butter ncreases the absorption of many other nutrients in other foods.
Butter has many nutritional benefits where margarine has a few only because they are added!
Butter tastes much better than margarine and it can enhance the flavors of other foods.
Butter has been around for centuries where margarine has been around for less than 100 years .
And now, for Margarine…
Very high in trans fatty acids .
Triple risk of coronary heart disease .
Increases total cholesterol and LDL (this is the bad cholesterol) and
lowers HDL cholesterol, (the good cholesterol)
Increases the risk of cancers up to five fold.
Lowers quality of breast milk.
Decreases immune response.
Decreases insulin response.
And here’s the most disturbing fact….
HERE IS THE PART THAT IS VERY INTERESTING!
Margarine is but ONE MOLECULE away from being PLASTIC..
This fact alone was enough to have me avoiding margarine for life and anything else that is hydrogenated (this means hydrogen is added, changing the molecular structure of the substance).
You can try this yourself:
Purchase a tub of margarine and leave it in your garage or shaded area.Within a couple of days you will note a couple of things:
* no flies, not even those pesky fruit flies will go near it (that should tell you something)
* it does not rot or smell differently because it has no nutritional value ; nothing will grow on it. Even those teeny weeny microorganisms will not a find a home to grow. Why? Because it is nearly plastic .
Would you melt your Tupperware and spread that on your toast?
They have come out with some clever new flavorings. DO YOU KNOW.. the difference between margarine and butter?
Read on to the end…gets very interesting! Both have the same amount of calories.
Butter is slightly higher in saturated fats at 8 grams compared to 5 grams.
Eating margarine can increase heart disease in women by 53% over eating the same amount of butter, according to a recent Harvard Medical Study. Eating butter ncreases the absorption of many other nutrients in other foods.
Butter has many nutritional benefits where margarine has a few only because they are added!
Butter tastes much better than margarine and it can enhance the flavors of other foods.
Butter has been around for centuries where margarine has been around for less than 100 years .
And now, for Margarine…
Very high in trans fatty acids .
Triple risk of coronary heart disease .
Increases total cholesterol and LDL (this is the bad cholesterol) and
lowers HDL cholesterol, (the good cholesterol)
Increases the risk of cancers up to five fold.
Lowers quality of breast milk.
Decreases immune response.
Decreases insulin response.
And here’s the most disturbing fact….
HERE IS THE PART THAT IS VERY INTERESTING!
Margarine is but ONE MOLECULE away from being PLASTIC..
This fact alone was enough to have me avoiding margarine for life and anything else that is hydrogenated (this means hydrogen is added, changing the molecular structure of the substance).
You can try this yourself:
Purchase a tub of margarine and leave it in your garage or shaded area.Within a couple of days you will note a couple of things:
* no flies, not even those pesky fruit flies will go near it (that should tell you something)
* it does not rot or smell differently because it has no nutritional value ; nothing will grow on it. Even those teeny weeny microorganisms will not a find a home to grow. Why? Because it is nearly plastic .
Would you melt your Tupperware and spread that on your toast?
Saturday, April 5, 2008
Tuesday, March 25, 2008
Inflation
Inflation hit 5% this year. Is this accurate?
Everywhere prices increased by 10%, some increase 50 cents, some up by $1.
What is CPI?
Consumer Price Index (CPI)
A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.
Inflation represents one the greatest threats to long-term investors, as it erodes the value of future dollars. Inflation can stifle economic growth.
As inflation rises, purchasing power decreases, fixed-asset values are affected, companies adjust their pricing of goods and services, financial markets react and there is an impact on the composition of investment portfolios.
How to reduce or beat the Inflation?
One thing is clear: investors need to maintain a blend of equity and fixed-income investments with adequate real returns to address inflationary issues.
Everywhere prices increased by 10%, some increase 50 cents, some up by $1.
What is CPI?
Consumer Price Index (CPI)
A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.
Inflation represents one the greatest threats to long-term investors, as it erodes the value of future dollars. Inflation can stifle economic growth.
As inflation rises, purchasing power decreases, fixed-asset values are affected, companies adjust their pricing of goods and services, financial markets react and there is an impact on the composition of investment portfolios.
How to reduce or beat the Inflation?
One thing is clear: investors need to maintain a blend of equity and fixed-income investments with adequate real returns to address inflationary issues.
Friday, March 14, 2008
Life Insurance
Hi, today i will be sharing with everyone the concept of insurance...
Firstly, Insurance have many types but the most commonly people have is...
1. Life Insurance
2.Medical Insurance
3.Savings Insurance
Life insurance can provide protection against life’s unforeseen events such as physical disability, critical illness or untimely death. When such unfortunate events occur, an insurance company will pay out benefits to the beneficiaries in accordance with your insurance policy.
The benefits are intended to cover financial needs of family members – most often parents, spouse and children – who are dependent on you for these needs.
With insurance coverage, you can be assured that your family’s financial needs are taken care of.
we will touch on with what is life insurance about. the purpose why we need a life insurance which cover Death,Total Permenant Disability and lastly 30 major illness.
Life insurance pay out a lump sum of money if any of these event occurs. What does these money do for a family?it helps to ease a financial burden of a family especially if something happen to the sole breadwinner.
There is always a confusion on life insurance and saving insurance. for life insurance can be break up to two types. Term and Whole life.
Term
You can choose to have protection for a set period of time with term insurance. If you were to die or become totally and permanently disabled (if the benefit is provided) during that period, your dependants will be paid a death benefit.
Whole Life Insurance
With whole life insurance, you are guaranteed lifelong protection as long as your premiums are paid, either for life or for a limited period.
Whole life insurance pays out a death benefit so you can be assured that your family is protected against financial loss that can happen after your death.
In addition, most whole life policies accumulate a cash value over time. As such, it encourages long-term savings as your insurance company can invest on your behalf. The cash value can be withdrawn as a policy loan in case of an emergency.
We will continue more on the next posting...enjoy the weekend!
Firstly, Insurance have many types but the most commonly people have is...
1. Life Insurance
2.Medical Insurance
3.Savings Insurance
Life insurance can provide protection against life’s unforeseen events such as physical disability, critical illness or untimely death. When such unfortunate events occur, an insurance company will pay out benefits to the beneficiaries in accordance with your insurance policy.
The benefits are intended to cover financial needs of family members – most often parents, spouse and children – who are dependent on you for these needs.
With insurance coverage, you can be assured that your family’s financial needs are taken care of.
we will touch on with what is life insurance about. the purpose why we need a life insurance which cover Death,Total Permenant Disability and lastly 30 major illness.
Life insurance pay out a lump sum of money if any of these event occurs. What does these money do for a family?it helps to ease a financial burden of a family especially if something happen to the sole breadwinner.
There is always a confusion on life insurance and saving insurance. for life insurance can be break up to two types. Term and Whole life.
Term
You can choose to have protection for a set period of time with term insurance. If you were to die or become totally and permanently disabled (if the benefit is provided) during that period, your dependants will be paid a death benefit.
Whole Life Insurance
With whole life insurance, you are guaranteed lifelong protection as long as your premiums are paid, either for life or for a limited period.
Whole life insurance pays out a death benefit so you can be assured that your family is protected against financial loss that can happen after your death.
In addition, most whole life policies accumulate a cash value over time. As such, it encourages long-term savings as your insurance company can invest on your behalf. The cash value can be withdrawn as a policy loan in case of an emergency.
We will continue more on the next posting...enjoy the weekend!
Thursday, March 13, 2008
Hospitalisation /Medishield?
In 2005, our Health Minister in Singapore outsourced the medishield plus A and B to NTUC INCOME. Following that, we launched our ENHANCED INCOMESHIELD plan which can covers the hospitalization plans fully, including the DEDUCTIBLE and COINSURANCE by the rider (The only 100% fully covered plan in Singapore)
Certain qns to ask with rgds to my client’s response to yesterday newspaper on our incomeshield and living policy. I had immediately checked with our underwriters:
——————————————————————————————
1) if the incomeshield also covers hospital stay in community hospitals ?
Yes, the request must be done from referred by any govt/private hospitals prior before hand.
>> Medical treatment at community hospitals for rehabilitation is covered by the policy.
>> Nursing home charges is excluded by the policy.
2) what is NTUC’s clause and interpretation on pre-existing illness for enhanced incomeshield and living policy?
If the client has disclosed this existing medical condition to us and we have accepted the case, the claims will be paid.
Pre-existing Illness are conditions declared at the point of upgrading or application. Normally for Incomeshield, we do not cover pre-existing illness as the risk factor to cover the condition is higher. If Basic Medishield states a coverage, the claim will fall under Basic Medishield Claim and not the Incomeshield Policy Claim. We have attached the Pre-Existing Conditions Practice Notes for your reference.
3) for those who changed from Incomeshield Plan A to enhanced Plan Advantage, was there any change to the clause on “pre-existing illness” during the conversion?
Lateral upgrade is covered from Plan A to enhanced Advantage Plan.
Generally during lateral enhancement, we will base on the existing coverage. Should there be an existing exclusion, the enhanced policy will still enforce the exclusion. For upgrading to a higher policy and a pre-existing illness is declared, it depends on our underwriters to exclude the particular condition.
If the current policy does not consist of exclusion of the particular condition but upon upgrading, is declared. Normally the condition is not covered under the enhanced incomeshield policy but it will still be covered based on the previous policy.
E.G IncomeShield Plan B(ISBB) - No Exclusion
Upgrade to Enhanced IncomeShield Basic(ISEB) - High Blood Pressure Excluded
Any claims on high blood pressure will not be covered by ISEB but will be covered under ISBB.
4) Does a Life Insurance covers for stage 2 and 3 of cancer ?
As for Living policy, if the doctor confirmed ph’s condition as cancer which is malginant and invasive. It is covered under the DD coverage. Normally cancer stage 2 or 3 is already invasive. For Stage 1, mostly treatments can be done at hospitals and this covers falls under our enhanced incomeshield
——————————————————————————————
Hence it is always very important to cover both:
1) enhanced incomeshield plan for full hospitalization coverage
2) Living Policy for critical illness coverage (as newspaper articles we had shown to some of the clients, a cancer patient can usually use up as high as $200,000 of expenses.
Below are some of the plans we do cover for such conditions:
A) Our Lady plus covers 10 common lady illness coverage including, Breast Cancer and complications arising from preganancy
B) Enhanced Incomeshield (fully covered hospitalisation):
http://www.income.coop/insurance/enhancedshield/
C) 20 yrs payment for whole life coverage against 30
illness/PTD/Death (NEW and most reasonable priced in Singapore!):
http://www.income.coop/insurance/LPliving/
D) Personal Accident Infectious Disease
http://www.income.coop/insurance/PAID/:
For more details from Singaporean, may feel free to drop us a mail at gavingz@income.com.sg or HP 8128 2803.
Certain qns to ask with rgds to my client’s response to yesterday newspaper on our incomeshield and living policy. I had immediately checked with our underwriters:
——————————————————————————————
1) if the incomeshield also covers hospital stay in community hospitals ?
Yes, the request must be done from referred by any govt/private hospitals prior before hand.
>> Medical treatment at community hospitals for rehabilitation is covered by the policy.
>> Nursing home charges is excluded by the policy.
2) what is NTUC’s clause and interpretation on pre-existing illness for enhanced incomeshield and living policy?
If the client has disclosed this existing medical condition to us and we have accepted the case, the claims will be paid.
Pre-existing Illness are conditions declared at the point of upgrading or application. Normally for Incomeshield, we do not cover pre-existing illness as the risk factor to cover the condition is higher. If Basic Medishield states a coverage, the claim will fall under Basic Medishield Claim and not the Incomeshield Policy Claim. We have attached the Pre-Existing Conditions Practice Notes for your reference.
3) for those who changed from Incomeshield Plan A to enhanced Plan Advantage, was there any change to the clause on “pre-existing illness” during the conversion?
Lateral upgrade is covered from Plan A to enhanced Advantage Plan.
Generally during lateral enhancement, we will base on the existing coverage. Should there be an existing exclusion, the enhanced policy will still enforce the exclusion. For upgrading to a higher policy and a pre-existing illness is declared, it depends on our underwriters to exclude the particular condition.
If the current policy does not consist of exclusion of the particular condition but upon upgrading, is declared. Normally the condition is not covered under the enhanced incomeshield policy but it will still be covered based on the previous policy.
E.G IncomeShield Plan B(ISBB) - No Exclusion
Upgrade to Enhanced IncomeShield Basic(ISEB) - High Blood Pressure Excluded
Any claims on high blood pressure will not be covered by ISEB but will be covered under ISBB.
4) Does a Life Insurance covers for stage 2 and 3 of cancer ?
As for Living policy, if the doctor confirmed ph’s condition as cancer which is malginant and invasive. It is covered under the DD coverage. Normally cancer stage 2 or 3 is already invasive. For Stage 1, mostly treatments can be done at hospitals and this covers falls under our enhanced incomeshield
——————————————————————————————
Hence it is always very important to cover both:
1) enhanced incomeshield plan for full hospitalization coverage
2) Living Policy for critical illness coverage (as newspaper articles we had shown to some of the clients, a cancer patient can usually use up as high as $200,000 of expenses.
Below are some of the plans we do cover for such conditions:
A) Our Lady plus covers 10 common lady illness coverage including, Breast Cancer and complications arising from preganancy
B) Enhanced Incomeshield (fully covered hospitalisation):
http://www.income.coop/insurance/enhancedshield/
C) 20 yrs payment for whole life coverage against 30
illness/PTD/Death (NEW and most reasonable priced in Singapore!):
http://www.income.coop/insurance/LPliving/
D) Personal Accident Infectious Disease
http://www.income.coop/insurance/PAID/:
For more details from Singaporean, may feel free to drop us a mail at gavingz@income.com.sg or HP 8128 2803.
Steady Income for LIFE
Few years ago, I met a senior at Chinatown Hawker Centre.., I remebered mentioning this... "Now we own the roof over our head, later, this roof will not be ours." This has come to pass...
--------
IN a bid to help low-income elderly Singaporeans unlock their flats' values, the Minister for National Development Mah Bow Tan unveiled more details about the HDB Lease BuyBack Scheme (LBS) during Budget 2008 yesterday.
Some 25,000 households, or 70 per cent of two-and three-room flat owners will benefit from it. Under this scheme, HDB will purchase the tail-end of the flat's lease from the home-owner. The value will depend on market conditions.
The flat will then be left with a 30-year lease, which the home-owner will continue to live in. For example, if you live in a three-room flat (with a 70-year lease) valued at $200,000, you will get $97,000.
This sum will include $87,000 for 40 years of your flat's lease and a $10,000 government subsidy.Of this, $92,000 will go to the purchase of the CPF Life Plan and $5,000 will be paid out to you in cash.
The CPF Life Plan will pay you about $490 a month for the rest of your life.
The LBS is not the only way you can unlock the value of your flat.
There's also the NTUC Income's reverse mortgage plan, which allows you to borrow against the value of your flat and receive a cash advance from them, either in a lump sum or a series of regular payouts.
The loan is repayable when the property is sold, usually upon the death of the borrower or expiry of the mortgage tenure.
AT LEAST 62 YEARS OLD
To qualify for the LBS, you must be at least 62, live in a three-room or smaller flat, and earn less than $3,000 a month.
While some we spoke to liked this option, others thought the estimated payout was too little to keep up with rising living costs.
This article was first published by The New Paper on Feb 29, 2008.
--------
IN a bid to help low-income elderly Singaporeans unlock their flats' values, the Minister for National Development Mah Bow Tan unveiled more details about the HDB Lease BuyBack Scheme (LBS) during Budget 2008 yesterday.
Some 25,000 households, or 70 per cent of two-and three-room flat owners will benefit from it. Under this scheme, HDB will purchase the tail-end of the flat's lease from the home-owner. The value will depend on market conditions.
The flat will then be left with a 30-year lease, which the home-owner will continue to live in. For example, if you live in a three-room flat (with a 70-year lease) valued at $200,000, you will get $97,000.
This sum will include $87,000 for 40 years of your flat's lease and a $10,000 government subsidy.Of this, $92,000 will go to the purchase of the CPF Life Plan and $5,000 will be paid out to you in cash.
The CPF Life Plan will pay you about $490 a month for the rest of your life.
The LBS is not the only way you can unlock the value of your flat.
There's also the NTUC Income's reverse mortgage plan, which allows you to borrow against the value of your flat and receive a cash advance from them, either in a lump sum or a series of regular payouts.
The loan is repayable when the property is sold, usually upon the death of the borrower or expiry of the mortgage tenure.
AT LEAST 62 YEARS OLD
To qualify for the LBS, you must be at least 62, live in a three-room or smaller flat, and earn less than $3,000 a month.
While some we spoke to liked this option, others thought the estimated payout was too little to keep up with rising living costs.
This article was first published by The New Paper on Feb 29, 2008.
Tuesday, March 11, 2008
Tips on Savings
IT MAY not hurt your pocket to pay $6.50 for an ice-blended mocca. But do this every day and you will spend $2,372 in a year and a staggering $23,720 in a decade. Wake up and smell the coffee because if you invest this hefty sum, the results will get your blood pumping more than a caffeine hit.Being prudent with your finances does not mean doing away with every indulgence.
In most cases, it is a matter of working out your priorities. With proper planning and budgeting, you may be able to still drink good coffee and grin at your financial position.
Here are some tips on saving:
1.Pay yourself first
2.Draw up a budget and stick to it
3.Use credit cards sparingly
4.Live below your means
5.Find cheaper groceries
6.Save fancy meals for special occasions
7.Avoid paying penalty fees
8.Arrange for automatic deductions of your pay
9.Save your extra income
10.Saving via savings plans
11.Make use of schemes that force you to save regularly.
These include insurance plans like whole life, endowment and investment-linked policies, as well as non-insurance related plans that feed into investment portfolios.
Inflation Erodes Away Bank Savings
Cash Is King? -------
Cash-rich Singaporeans averse to risky alternatives are in an unhappy spot of having their savings eroded by inflation. Not only is inflation clearly on the rise - it hit a 26-year high of 6.6 per cent in January - banks are further cutting their already miserable deposit rates. Last week, DBS Bank slashed its fixed deposit (FD) rate again to 0.9 per cent for a 12-month deposit of $1 million. The latest revision is less than half of the 2.02 per cent it offered on Jan 2.OCBC Bank's 12-month FD rate has been lowered to 1.2 per cent from 1.4-1.8 per cent last year. This is for amounts between $500,000 and $1 million.
Interestingly, bankers said that generally, people with excess cash don't seem to be using it to pay down loans such as mortgages. Some of the more gung ho are venturing into foreign currency products. Stanchart said that since August last year, the bank has sold more than $400 million of deposit-type products, principal protected and capital guaranteed. Dual Currency product, sales have grown three to five times since September last year, he said.
Friday, March 7, 2008
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