Total of 19.25% off fuel top-up.
After that, I received a sms from Citibank and find out that this offer end at 30 Sept 2010.
Car Owner, so what are you waiting for?
Showing posts with label Saving. Show all posts
Showing posts with label Saving. Show all posts
Tuesday, September 28, 2010
Fuel Discount of 19.25% @ Esso.
I just went to Esso to top-up fuel and find out that I was given a 15% station discount and I will still enjoy a 5% off using my Citibank Dividend Credit Card.
Friday, September 24, 2010
Back to Basics
I am wondering does anyone know what does "Back to Basics" means. I come across a topic posted by Imsavvy on facebook with the above topic.
Its interesting to know that not all are aware of the importance of saving. That is the most basic things to do in personal financial. Without saving, you will not be able to make your money work for u, will not have money during emergency and will have to keep working hard for the money. Is that what u want in life?
If the answer is "NO", then start to save NOW.
The next question will be, how to save? If u have read my older post on "Saving", you will get the answer. But I will still say it here. Saving is money u put aside before your expenses. That means u need to put at least 10% to 20% of your salary aside as saving before you start to spend on your expenses. How to do this when my expenses is the same amount as my salary?
You need to go thru your expenses and cut those that is not a necessity. Eg. SCV, 2nd mobile line, 2nd internet line, going to restaurant for meal, turning on aircon to cool room 30 mins before sleep, turning on water heater 30mins before bathing, etc...
Plan your expenses so that u can save 10% to 20% every month, and NOT pay your expenses then the rest will be your saving.
Monday, January 5, 2009
Esso Mobil Smiles Member
Attention to all Esso Mobil Smiles Members and all car owners!!!
Esso Mobil is giving 9% discount on petrol to all the smiles members till 31 Jan 09!
If you have Citibank Dividend Credit Card, you will get additional 5% cash rebate and also additional 3% rebate from your monthly statement.
The total petrol discount will be around 16%.
Esso Mobil is giving 9% discount on petrol to all the smiles members till 31 Jan 09!
If you have Citibank Dividend Credit Card, you will get additional 5% cash rebate and also additional 3% rebate from your monthly statement.
The total petrol discount will be around 16%.
Tuesday, December 9, 2008
How to make your money grow in the shortest time frame?
I just received a comments saying this: "How can your $1 make into $10 and in the shortest time frame?"
In order to do that, you must invest in something that give u 1000% return or sell an $1 item for 1000% profit.
But so far the most powerful investment instrument I have ever come across is compound interest. That is using the principal amount to earn interest and after that both the principal amount and the interest amount will earn you interest.
Example:
$1000 x 5% = $50
$1050 x 5% = $1102.50 and so on...
on the 15 years, the amount will be $2079.
Using the rule of 72, you will need 14.4 years to double your principal amount.
Pls give comments if you have better ways to make your money work hard for you.
In order to do that, you must invest in something that give u 1000% return or sell an $1 item for 1000% profit.
But so far the most powerful investment instrument I have ever come across is compound interest. That is using the principal amount to earn interest and after that both the principal amount and the interest amount will earn you interest.
Example:
$1000 x 5% = $50
$1050 x 5% = $1102.50 and so on...
on the 15 years, the amount will be $2079.
Using the rule of 72, you will need 14.4 years to double your principal amount.
Pls give comments if you have better ways to make your money work hard for you.
Thursday, August 14, 2008
Saving for Marriage and House
I have a request from MSN chatter to include on this topic.
In Singapore, its not easy to get marry if you want to have a well done wedding and after that you want to have a house for the two of you.
Now, its even more important to have a saving account for marriage and house.
How much will you need?
That will have to depend on what kind of wedding you and your other half want, and what kind of house you want and the renovation and furniture.
For a normal wedding ceremony,
- you need an amount of money to give to the girl family (in chinese called "ping jing") that will depend on how much the girl's parents want, and they will ask for a num of table for their use (normally is 5 - 10 tables). This is the cost you got to pay with cash. So if the girl's family ask for $888 and 10 tables ($700 per table), you got to come out with $7888.
- you will have to spend around $3k to $5K on wedding custume and photos shooting. The more photos you want in your wedding album, the more you got to pay.
- you must have at least $15K in your saving in case you didn't manage to get back the money from "Ang Bao" given by friends and relative during the wedding dinner. You can ask for temporary increase on credit limits from the credit card company to pay off the bill and get reward points. Pay off the bill once you have received the "Ang Bao" money and don't owe the credit card as they will charge you 24% per annum.
That will added up to $888 + $5k + $15K = $20888 in saving for your wedding.
Purchasing a house:
- First hand unit: you need to pay for legal and stamp duty fee which I think is around $3000.
- Second hand unit: you need to pay for legal and stamp duty and the value above valuation. That mean if you buy $20000 above valuation then you got to pay in full on this $20k, and also a 5% of the loan from private bank as first loan payment. eg. the second hand unit valuation @ $300000, Owner want $330000. So you pay the bank $30000 + (300000 * 5%) = $45000.
- Renovation: a very basic renovation will cost you about $30000, that will include kitchen cabinet, wardrode, most of the wall and floor tiles, which is excluding electrical and kitchen/bathroom accessories. To add up all the cost to have a basic completed house done up will cost you around $40K - $50K.
Start to save as early as possible so that you can plan what you want in life earlier and not wait till its time to do certain things then you start to panic.
If you wait till last min then start to panic, that is when you need to borrow all the money from bank, which is your debt.
In Singapore, its not easy to get marry if you want to have a well done wedding and after that you want to have a house for the two of you.
Now, its even more important to have a saving account for marriage and house.
How much will you need?
That will have to depend on what kind of wedding you and your other half want, and what kind of house you want and the renovation and furniture.
For a normal wedding ceremony,
- you need an amount of money to give to the girl family (in chinese called "ping jing") that will depend on how much the girl's parents want, and they will ask for a num of table for their use (normally is 5 - 10 tables). This is the cost you got to pay with cash. So if the girl's family ask for $888 and 10 tables ($700 per table), you got to come out with $7888.
- you will have to spend around $3k to $5K on wedding custume and photos shooting. The more photos you want in your wedding album, the more you got to pay.
- you must have at least $15K in your saving in case you didn't manage to get back the money from "Ang Bao" given by friends and relative during the wedding dinner. You can ask for temporary increase on credit limits from the credit card company to pay off the bill and get reward points. Pay off the bill once you have received the "Ang Bao" money and don't owe the credit card as they will charge you 24% per annum.
That will added up to $888 + $5k + $15K = $20888 in saving for your wedding.
Purchasing a house:
- First hand unit: you need to pay for legal and stamp duty fee which I think is around $3000.
- Second hand unit: you need to pay for legal and stamp duty and the value above valuation. That mean if you buy $20000 above valuation then you got to pay in full on this $20k, and also a 5% of the loan from private bank as first loan payment. eg. the second hand unit valuation @ $300000, Owner want $330000. So you pay the bank $30000 + (300000 * 5%) = $45000.
- Renovation: a very basic renovation will cost you about $30000, that will include kitchen cabinet, wardrode, most of the wall and floor tiles, which is excluding electrical and kitchen/bathroom accessories. To add up all the cost to have a basic completed house done up will cost you around $40K - $50K.
Start to save as early as possible so that you can plan what you want in life earlier and not wait till its time to do certain things then you start to panic.
If you wait till last min then start to panic, that is when you need to borrow all the money from bank, which is your debt.
Wednesday, August 13, 2008
Compound interest
Compound interest means interests earned being added back to your principal amount for next interest earn.
Example:
In year 2006 you have $1000 in bank earning 1% per annual.
Your 2006 year end statement will show $1010, which is $10 interest earned.
Your 2007 year end statement will show $1020.1, provided you don't withdraw that $10 interest out and leave it in your account to compounded.
So what so great about compound interest? If you know the rule of 72, then you will know when your principal amount will double.
Example:
You have $10000 in your bank with interest rate of 3%. Your $10000 will double in 24 years. (72/3 = 24)
If you have $10000 with interest rate of 6%, then it will double in 12 years. (72/6 = 12)
This compound interest can be applied not only to saving but also to investment that have annual return.
That mean the earlier you start saving or investing with higher interest rate or return, the faster your amount will double.
Example:
In year 2006 you have $1000 in bank earning 1% per annual.
Your 2006 year end statement will show $1010, which is $10 interest earned.
Your 2007 year end statement will show $1020.1, provided you don't withdraw that $10 interest out and leave it in your account to compounded.
So what so great about compound interest? If you know the rule of 72, then you will know when your principal amount will double.
Example:
You have $10000 in your bank with interest rate of 3%. Your $10000 will double in 24 years. (72/3 = 24)
If you have $10000 with interest rate of 6%, then it will double in 12 years. (72/6 = 12)
This compound interest can be applied not only to saving but also to investment that have annual return.
That mean the earlier you start saving or investing with higher interest rate or return, the faster your amount will double.
Wednesday, July 30, 2008
Second Step to Financial Freedom
Have your clear your debt?
If the answer is yes, then great, you can proceed to the second step to financial freedom.
What do I need to do next? Once you have clear your debt, you now have the extra money for saving.
Save at least 6 months of expenses into a saving account. How to save? That will need lots of discipline. But I am sure you can do it because you have gone thru the pain of repaying your debt.
How do I calculate the amount I need to save? Take out all the past month bills and statement, calculate all the necessary payment eg, electrical bill, telephone bill, grocery purchase, daily product purchase etc.
Add all up this will to a monthly expenses. There will sure to have some extra expenses that you have overspend. Think about it, do you really need to spend that kind of money? eg starbuck coffee (S$6), neighbourhood coffee (S$0.80). So do you really need to drink starbuck coffee everyday? or can you do with the 80cents coffee?
So now you know how to calculate the amount of 6 months expenses. Remember don't restrict yourself to just 6 months expenses, the more the merrier. But 1 year will be more than enough.
So some people will say but I tend to spend all the monthly paycheck within the month because its all in the same account. How can I save?
Go and open up another account for saving, one for investment, one for spending, one for bill payment. With so many account, how can I know how much to put into each account. Ask yourself which one is more important. Below is the example:
Saving: 20% of paycheck (Stop the saving once you have reach 6 - 12 months of expenses)
Investment: 20% of paycheck
Spending: 30% of paycheck (based on the amount you spend on the necessity monthly)
Bill: 30% of paycheck (based on the amount you spend on the necessary services monthly)
You can organise it in a way that suit you best but you got to think what is your financial goal.
If the answer is yes, then great, you can proceed to the second step to financial freedom.
What do I need to do next? Once you have clear your debt, you now have the extra money for saving.
Save at least 6 months of expenses into a saving account. How to save? That will need lots of discipline. But I am sure you can do it because you have gone thru the pain of repaying your debt.
How do I calculate the amount I need to save? Take out all the past month bills and statement, calculate all the necessary payment eg, electrical bill, telephone bill, grocery purchase, daily product purchase etc.
Add all up this will to a monthly expenses. There will sure to have some extra expenses that you have overspend. Think about it, do you really need to spend that kind of money? eg starbuck coffee (S$6), neighbourhood coffee (S$0.80). So do you really need to drink starbuck coffee everyday? or can you do with the 80cents coffee?
So now you know how to calculate the amount of 6 months expenses. Remember don't restrict yourself to just 6 months expenses, the more the merrier. But 1 year will be more than enough.
So some people will say but I tend to spend all the monthly paycheck within the month because its all in the same account. How can I save?
Go and open up another account for saving, one for investment, one for spending, one for bill payment. With so many account, how can I know how much to put into each account. Ask yourself which one is more important. Below is the example:
Saving: 20% of paycheck (Stop the saving once you have reach 6 - 12 months of expenses)
Investment: 20% of paycheck
Spending: 30% of paycheck (based on the amount you spend on the necessity monthly)
Bill: 30% of paycheck (based on the amount you spend on the necessary services monthly)
You can organise it in a way that suit you best but you got to think what is your financial goal.
Tuesday, June 17, 2008
Saving money
Saving cash mean putting your money aside, either into your saving account or some high interest rate time-deposit account.
How much do I need to save? That will have to depend on your monthly expenses. The min. amount will be 6 months of your monthly expenses.
That mean if you spend $2500 per month for your bills and all the neccessity, then you shd have $2500 x 6 = $15000 in your saving account left untouch all the time till emergency.
If you are able to save more than it will be better. This cash will only be use in case of emergency and when you get your retenchment letter. The more you have, the longer it will last you.
You will be asking how to save when I have to pay my bill with all my paycheck? That is when you need to note down what you have been spending on.
Some of the unneccesary item that most people spend on:
1) Clothes
2) Shoes
3) Accessories
4) IT gadgets
5) Expensive Food
6) and so on.....
Many people like to buy new clothes even if they know they don't have space in their wardrobe.
That goes the same for shoes and accessories. One shirt will cost you ard $50 to $90.
As for IT Gadgets, companies (eg, Creative, Nokia, Apple, Sony Ericsson etc) will be having new items coming up every month but how much can we follow up on this new things? Don't be surprise to see that there are actually some individual who keep trading their Nokia mobile phone for a new one. After trading you will still got to pay for at least $200 for the Nokia phone that have inbuilt WIFI, camera and GPS.
There are also people who like to eat at places like foodcourt and restaurant but not our Singapore famous KOPITIAM that is around the neighbourhood. Eating at neighbourhood kopitiam will cost you ard $5, but eating at foodcourt will cost you ard $8, eating at restuarant will cost you more than $10.
If you are able to forgo the above, you will be able to save at least 5% of your monthly salary and that is excluding your bill. There are also some unnecessary bill that we can forgo the services. eg. cable TV services.
There are many other ways to saving money, and you can search for an online calculator to help you calculated the amount in the bank after 10 years.
How much do I need to save? That will have to depend on your monthly expenses. The min. amount will be 6 months of your monthly expenses.
That mean if you spend $2500 per month for your bills and all the neccessity, then you shd have $2500 x 6 = $15000 in your saving account left untouch all the time till emergency.
If you are able to save more than it will be better. This cash will only be use in case of emergency and when you get your retenchment letter. The more you have, the longer it will last you.
You will be asking how to save when I have to pay my bill with all my paycheck? That is when you need to note down what you have been spending on.
Some of the unneccesary item that most people spend on:
1) Clothes
2) Shoes
3) Accessories
4) IT gadgets
5) Expensive Food
6) and so on.....
Many people like to buy new clothes even if they know they don't have space in their wardrobe.
That goes the same for shoes and accessories. One shirt will cost you ard $50 to $90.
As for IT Gadgets, companies (eg, Creative, Nokia, Apple, Sony Ericsson etc) will be having new items coming up every month but how much can we follow up on this new things? Don't be surprise to see that there are actually some individual who keep trading their Nokia mobile phone for a new one. After trading you will still got to pay for at least $200 for the Nokia phone that have inbuilt WIFI, camera and GPS.
There are also people who like to eat at places like foodcourt and restaurant but not our Singapore famous KOPITIAM that is around the neighbourhood. Eating at neighbourhood kopitiam will cost you ard $5, but eating at foodcourt will cost you ard $8, eating at restuarant will cost you more than $10.
If you are able to forgo the above, you will be able to save at least 5% of your monthly salary and that is excluding your bill. There are also some unnecessary bill that we can forgo the services. eg. cable TV services.
There are many other ways to saving money, and you can search for an online calculator to help you calculated the amount in the bank after 10 years.
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