5cent, 10 cent, 20cent – The best place to deposit your coins

if you’re a lazy ass like me who just don’t want to deal with asking people to change with you.

I wanna bank in 228 coins (72 50cent, 36 20cents, 110 10cents, 10 5cents) = $65.5

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I have a small piggy bank

Currently, I have 5 Options to choose from:

  1. Posb/Dbs – Charges $0.012 per coin (Cost : $ 2.74)
  2. Singapore Mint – Charges $3.75 for every 1,000 coins (Cost : $3.75)
  3. OCBC – Charges $1.50 for every 100 coins (Cost : $4.5)
  4. Citibank – Charges $5 for total coin value below $200 (Cost: $5)
  5. Standard Chartered – Charges $5 for total coin value between $20-$100 (Cost: $5)
  6. UOB – Free for the first 199 piece/ Subsequent $1 for every 200 pieces (Waived for junior account holder) – Courtesy from Kj 🙂
  7. CIMB $5 for every 100 coins
  8. Maybank$2 for every 200 coins
  9. HSBC – First 50 coins are free, $5 for the next 1000 and $10 for the subsequent 1000 or part thereof
  10. Bank of China (BOC) $5 for every 1000 coins

As you can see the cheaper option for me now is to bank it in through Posb/Dbs [As I do not have a UOB account] with a total cost of $.274. Due to the small amount of coins I have, it makes no sense for me to be depositing through Singapore Mint (even though it is the cheapest) as I will be charged the full amount of 1,000 coins ($3.75).

I need to get a new piggy bank for the 1,000 coin:(

+1 knowledge point

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Learning about Tax Scheme – Making you rich faster

aiya its just small money…so lazy to read and understand

Currently, Singapore has 4  Tax Scheme;

  1. Area representative Scheme – If u work out of Singapore often & you’re hired by a foreigner that pays u remuneration to your foreign bank account.
  2. Non-Ordinary Resident (NOR) Scheme – Mainly for foreigners
  3. Supplementary Retirement Scheme (SRS) – for everyone earning above 30k/Yearly
  4. Angel Investor Tax Reduction Scheme (AITD) – for investors

SRS

It’s a voluntary retirement scheme initiated by the government that allows u to park your cash (a part of your salary) to reduce your chargeable income (reduce tax to be paid) yet at the same time allow u to invest without paying tax on your returns (In your SRS account)

Limitations:

  • The maximum amount that you can put inside is $15,300
  • In order to attain full tax exemption, you can only withdraw at retirement age 62
  • 5% penalty on total sum, if withdrawal is done before retirement age

Benefits:

  • Reduce your opportunity cost (refrain from paying smaller tax)

Eg: You’re earning $40k per anum (means you’re liable to $550 tax). Knowing SRS benefits, you choose to park $15.3k (Max per year) into the scheme. This will then bring your total income to $24.7k, hence putting you in a spot where you do not have to pay any tax on your total income. 10 years of that saves you $5.5k, 20 years would be $11k.

You can open an SRS account through most of the Banks in Singapore

 

In an SRS nutshell, this is a really good scheme that will definitely expedite my journey to financial independence but there are still some considerations to be considered, such as time value of money and other opportunity costs….. but I will soon be subscribing to the scheme:)

+1 Knowledge point

Income Stream – 3 Ways to earn more each month! (Comprehensive)

Cannot you MUST follow society, study hard get good grades and get a good job! Work only one job and focus all your energy on it and pray that one day u can be a millionaire

Have you been faced with this question HOW and WHAT can we do to earn extra $$$???

  1. Online Surveys

    1. CrashCrate – An average survey will give you about $1 which will require about 10-15mins of your time (You will earn minimum $1 a day ) – $30 USD a month 

      I have yet to withdraw money from this survey but i’m 14 surveys short to my first withdrawal! I’ll let you guys know 14 days from now! In the meanwhile, you can research on this survey website – It has a 10 year no payment fault history (Super reliable)! 

  2.  Freelance work

    1. Fiverr – Allows you to sell any services that you are able to give (Accounting/Designing/Admin Work)

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      Fiverr – I have attached my referral link to give you a free GiG (Means you can get a free service)

    2. Freelance – Something similar to Fiverr but you can get paid higher as this company is bigger, hence more job opportunities!
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      Sadly they do not have any referral programme on for normal hire


  3. Blogging (Detailed & Personal)

Blogging itself opens 3 sources of income :

  • Advertisements (Google AdSense/Sponsored Post)
  • Referrals (Airbnb/RedMart/ To many to be named)
  • Affiliated Marketing (Selling of books – Amazon, Etc)

With courtesy from Kevin at  Turtleinvestor!, – A very humble, helpful and inspirational guy to many and especially to me.

This picture depicts his income report from April – June 2016

 

As you can see on an average he earns about $170+/3 months (this is a conservative amount) -> $2,040 (annually) – $226.73(Hosting cost) = $1,813 (Net Annual income)

PERSONAL JOURNEY

Currently, I’m exploring into the 3rd alternative(Blogging) to earn additional income. This is how i fare so far….

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The numbers represent my blog MONTHLY viewership

I have yet to earn any money through blogging as I can’t place GOOGLE Adsense due to the lack of my own domain(wordpress.com) But things have finally changed!!!!!!!!!!

“Always give more than you can receive”

+1 knowledge point

Credit Card – It’s better than cash!

You must be shitting me….HOW CAN CREDIT CARD BE BETTER??

These are the Two best credit cards to consider for  an average Singaporean (who does a lot of grocery shopping, petrol pumping and dining outside)

HSBC Visa Platinum Card 

All you need is a $30k annual salary

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So let’s do the math together…. My family grocery (before the rebates and discount) will sum up to $400/Monthly, Petrol $320/Monthly, cable & bill payment would be at $150/monthly and dinning $200/monthly this means my family pays up to $870/Monthly. This means my family fulfills the second criteria!!

So let’s count how much we do save from all the Rebates & Discounts

Grocery – 5% of $400/Monthly = $20 

Petrol –  21% of $320/Monthly = $67.20

Cable & Bill payment – 5% of $150 = $7.50

Dinning – 2% of $200 = $4

Reward Points( The most interesting part) into dollars – $5.82 (Scroll to the image below to see how I have derived to this amount)

  • Grocery –  400 (Rebates are not discounts) 
  • Petrol – 268.8 (0.84% of 320 – Due to instant discount)
  • Cable & Bill payment – 150 reward points
  • Dinning – 200 reward points

TOTAL = $104.52

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Just for reference (You can look at more rewards in this link)

 

In order to calculate the AVERAGE worth of one reward point, I have picked a random voucher to use as a reference. In this reward $1 = 175 points, In other instances, you may find your points worth more or less than a dollar…Nonetheless its all free money

CITI CASHBACK 

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Under the same scenario:

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Compute your Cashback (I have gotten lazy)

 * I personally think the Citi reward card is lousier than the cash back card*

 

As you can clearly see this card caters more towards RETAIL spending.

In a “card” shell, you have to first identify your spending behavior (Where does your money go in a month) followed by how can you reduce your spending and if you can’t, what are the best outcome you can derive from spending that $xxx amount.

p.s you can’t get such a good rebate/discount using cash or debit cards

Disclaimer; As repressible individuals, we have to understand our own spending ability and behaviors to choose the best financial product that fits us.

 “+ 1 Knowledge point on my continuous Journey to Financial Independence “

Disclaimer; As repressible individuals, we have to understand our own spending ability and behaviors to choose the best financial product that fits us.