5 Thrifty Tips For Singaporean Online Business

5 Thrifty Tips to Create Your Singaporean Online Business

Do you want to create your Singaporean online business? It is an excellent move since it is prevalent in the country.

Online shopping has completely caught the hearts of Singaporeans. By 2015, it had penetrated the lives of Singaporeans at 57.31%. In addition, it is expected to reach 74.20% in 2020. E-commerce is indeed booming.

More than 50% of women shop online, while men catch up at 48%. Most shoppers are in the age group 45-54 years old. Meanwhile, the least number of shoppers by age are in their late teens and early 20s.

Singaporean online business seems to be a sound business strategy. However, if this is your first time venturing into e-commerce, you have to arm yourself with the knowledge to keep away from advantageous individuals.

Plan your Singaporean Online Business

Everything must start with a plan to know where you are heading. Before you get the funds, you must know what you want to sell online and who you will sell it. Despite the feeling that you have the best idea for an upcoming online shop, you still must do adequate research if the product you are going to offer really does stand out.

Will your product be a need everyone will look for or is it just one of those products in a highly saturated industry? Think clearly of the problem you are trying to solve with your product. Find out its advantages and how it can catch the consumers’ attention. Clearly define your niche. Furthermore, to whom will you sell, and how might they react. You are likely to discover interesting answers through research and analysis.

Finally, take your time to learn about your competition. For example, how are the other businesses with the same products fair? In addition, how they are attracting consumers? Moreover, what can you offer to stand out?

Singaporean Online Business

Credit: https://www.deskera.com/blog/start-online-business/

Estimate a Budget for Your New Website

Your website will be a powerful tool to get to your consumers. It has to be engaging and personalised.

List your specifications

Design

Decide the customisation you want, the colour scheme and the personal touches you think best describe your company. For example, would you want to include some photos? How many images do you want to put up? Do you like 3D designs, box types or flay layouts?

Content

How many pages would you want to be on your site? Would you like to keep a blog? Do you have the ability to write your content? Is it necessary to hire someone to write for you?

Functionality

What information do you want to offer? Do you need a customised order form? Are there various payment options? Do you want to keep a page for your clients’ feedback? Are you going to hire an SEO expert?

Get proposals either from one-stop web developers or freelancers.

Various web development agencies offer web services, from designs to SEO. For example, you can choose from these developers and their packages. Or you can hire individual freelancers. If you have a friend who can create your web design, you can create your own content and just hire a web developer as it will save you much.

Once you receive the proposals, do not be discouraged or be surprised if you see higher costs than expected. However, when you choose the service provider, see their portfolios. Ask about their experience and visit the site they have created or taken part in to understand how they will handle yours. Putting up a website can be more expensive the more unique you want it to be. On the other hand, generic-looking websites will be cheaper. It is your call.

Set up the Website for the Singaporean Online Business

  1. A domain name is used for a uniform resource locator (URL) to access your website. People usually buy this, though some web hosts include it in their offered packages.
  2. Web Hosting is a service that allows organisations and individuals to post a website or web page on the Internet. You will need Web Hosts such as SiteGround, InMotion Hosting, DreamHost, HostGator, Bluehost, Pagely, GreenGeeks, JustHost, Godaddy, and DreamPress. Also, you may choose a local web hosting companies such as SingHost, APC Hosting, Webvisions, QOXY, HostSG, and Signetique. The location of your web host does not matter as they can work anywhere on the globe.

Know the Consumer Protection Legislation

  • The amended Copyright Act in 1999 improved copyright protection in the digital environment. So while you are not the only one getting goods from your supplier, you have your own brand and website contents to protect from those trying to copy it.
  • On the other hand, as a booming industry, the government has strict policies to protect the welfare of consumers. The Unfair Contract Terms Act (UCTA) regulates the contracts’ terms, liabilities, and standards when people buy from e-commerce sites. Moreover, the Sale of Goods Act (SOGA) gives them the right to reject the goods if they are not satisfied with the quality. Furthermore, the Misrepresentation Act mandates retailers to be true to their advertisements. Their product quality must meet what is being promised on the sites.

UCTA for Singaporean Online Business

Getting the Goods

Choose the best way you can purchase your products:

Buying personally

If you get your products from another country, you can bring home your goods with the appropriate tax. In addition, you can personally oversee the handling of your goods.

Through shipments

If you need to buy a bigger quantity of your products or raw materials, you can choose to have it shipped instead of buying it yourself.

Payments methods:

Banks with a merchant account

Compare bank rates to know where to get the best and most flexible merchant account.

PayPal

You can use PayPal provided code on your website to add security.

Payment Gateway Account (third-party merchants)

Remittances

Choose your remittance agents carefully. Take time to compare agents and search for their client’s experiences. Know their partner remittance agents in other countries should you need to ship and receive payments abroad. The license does not guarantee performance.

If you need more cash to start your online shop, do not hesitate to get a small business loan from Cash Mart. Let Cash Mart help realise your dream business.

9 Reasons Investors are Not Funding your Startup

9 Shocking Reasons Investors are Not Funding your Startup

Are you tired of your boss and the entrepreneur in you thinking you have a brilliant idea enough to have a startup? Then, be your own boss. However, every business requires capital. So, unless you have enough money in the bank, you need investors in funding your startup to make your product and service idea a reality.

Whatever your startup’s level, you need cash to kick start and keep the operations going. You’ll need it until it grows into a thriving enterprise. Yet, nobody is calling back despite approaching a long list of investors for funding your startup. So what could you be doing wrong?

You lack market research.

You need to prove your startup can earn money, and the investments can grow. Despite a visionary idea, you must have evidence showing your target consumers will value your business. Investing is like betting. Investors have to play it safe as much as possible. Make them believe your product is worth it through market research which involves your target consumer’s opinions, reflected research, and a systemic interpretation. And how can you apply this to your business process and products? A good business strategy makes research an essential part.

There are a lot of research firms in Singapore. Here are the top 5 according to Focus Singapore.

Acorn Marketing and Research Consultants Pte Ltd

ACORN is an independent Asian-based research company operating since 1985 to help entrepreneurs understand their target consumers. The company specialises in insightful marketing statistics, brand and product positioning, tracing marketing efficacy, configuration and other related streams.

ACORN for funding your startup

Agility Research and Strategy

Agility Research and Strategy is a research and consulting company focusing on Affluent and Luxury Consumers. The company believes that Affluent consumers have the buying power. As a result, it can actually affect brands and demands in travel, healthcare, financial services, home and personal technology, and shopping.

AXANTEUS Research

AXANTEUS Research is a Singapore based information, data and research consultancy service provider in the global market.

Kadence International Ltd

Founded in 1992, Kadence International Ltd is an independent full-service market research company based in Singapore. In addition, it works with international marketing analytic organisations.

Asian Strategies Pvt Ltd

Asian Strategies has been in business since 1991, with its firm located in Singapore. Its board members have more than 60 years of experience in market research.

Asian Strategies for funding your startup

If you use trusted research firms in Singapore, your data will be more credible in the eyes of the investors. However, if you currently lack funds for research, you can do surveys yourself. But, it won’t be easy as it involves various research applications.

You have no pre-orders for funding your startup.

It is understandable if the investors are cynical. You must show them that you already have consumers interested in your products and services even before launching. It serves as proof that you are diligent with your business. But the real question is, how to get pre-orders?

Approach your friends and families. Tap into their other circles of friends. In addition, they can even vouch for you. However, do not overdo it. Or else, it will seem to be a mere fabrication. Instead, it is better to back up your list with marketing research. This way, investors won’t think twice about funding your startup. 

You can’t focus on a single product.

Even though you possibly have a lot of product ideas, it is better to keep track of just one. You are a startup. Therefore, you are still building your credibility that you can indeed sell to consumers. You can’t afford to be all over the place. You may not please everybody. But, it is more important to please the right target consumers.

No marketing strategy for funding your startup

It is essential to focus on developing your product or service as previously sighted. Yet, you should not lose sight of your marketing strategy. Why? It will be the key to bringing in a large number of consumers. Despite having a good product, you have no market if nobody knows it exists. Let the investors know how you will reach out to your consumers.

You are talking to the wrong investors.

Investors have different fields. Therefore, they are more likely to invest in the area of their expertise. In addition, investing involves financial risks. That’s why it is a must to lessen this. Usually, look for funding your startup with industries they are more familiar with.

Nobody refers you

The mails and e-mails you send to prospective investors will usually end in the trash. Sadly, it is true if they have no idea who you are. So instead, find someone who can refer you to potential investors.

You don’t flash your team’s credentials.

There is a reason you have handpicked a team to support your startup. They could have a track record of established reputation, a couple of known successes, awards or valuable skills. Find your team’s credentials and flaunt them to your investors. Instead, investors would fund exceptional talents with a still-developing idea rather than on a priceless idea backed by a team with questionable skills. If you don’t have any credentials yet to take pride in, you can use your partner’s.

Detailed presentation

The more you show to the investors, the more question they will have as they will see cracks through your business strategies and process. So give them what they need to know about your business. But never fabricate just to sound credible.

How to Present your Startup

Make it clear that you know what the investors exactly expect to acquire.

You should make your investors know that you understand what they want, which is earning from your business. Show your business strategies most simply. If they ask for the same product, then that is the only time you should show them a prototype.

Layout your expenditure to show how they will spend their money.

Show transparency when it comes to finances by showing your budget in detail. It is essential that the investors can see where their money is going. In addition, they check if you are a wise spender. Identify project milestones and outline the work schedules. Know that they scrutinise your specific action plan rather than the actual business idea.

Think ‘lean.’

Ask for the minimum amount of resources enough to cover the current phase of the action plan to get to the next one. Do not expect the investors to give you cash to cover the whole business operations. Just make sure that you keep the initiative to update them every phase you complete regularly.

After the presentation:

Get in touch with each investor and ask for feedback.

Show that you value your investors by personally asking them for any input. Be ready to accept criticism and show them how you reflect this to your business process.

Be patient. Give around a few weeks to think about your proposal.

Some investors spend a week to months before they say their decision. Be patient and remember that these investors are still watching your progress despite a negative answer. If they see positive results, they are more likely to invest the next time you approach them.

Unclear Exit Strategy

There will be a time when investors have to withdraw their investments together with interest. As early as possible, present your strategic plans to maximise your profits. Show the layout of your timetable. Also, demonstrate that you understand how much time you have to return the investment and how much they expect to get from you.

Getting investors takes time. If you want to jump-start your startup now, you need more capital. Cash Mart can help you by funding your startup business loans. Drop by Cash Mart’s office at Balestier Road and chat with the friendly staff.  Cash Mart, a reputable lender, guarantees to have a loan fit personally for your needs.

5 Steps to Make Catchy Resumes For A New Job

Need a Job? Here are 5 Steps to Make Catchy Resumes

Most of us make catchy resumes to land a job. But, of course, it may just be a page or two. However, creating an effective resume may be your ticket to your chosen career path.

How will you catch your employer’s attention with perhaps hundreds of applicants?

You might have heard that your resume gives your employer the first impression of you. It mirrors your work attitude. Therefore, you can’t just make a lame one out of a template.

Yes, employers are aware that countless templates are hanging around the website. After reading this article, you will learn:

  • How to make a unique resume headline
  • How to create resume profiles
  • Which is a must exclude information
  • And what technicalities must be avoided

Plan your framework and which information you have to include.

Steps to Make Catchy Resumes

Credit: https://www.thebalancecareers.com/how-to-write-a-resume-summary-statement-2061034

Start with a Resume Headline

Keep it short, direct and simple. There is no need for overused adjectives. Instead, a couple of words may be enough to highlight your value as an applicant.

Write your headline below your name and contact information. Then, your employer will only have a few minutes to read your resume. Time is valuable. Seeing your clear headline gives the reader an idea of who you are and what you can do.

3 Simple Tricks for Writing a Resume Headline

  • Keep it short by stating your value as an applicant in one short phrase. It is not even a sentence.
  • Use keywords to help your interviewer easily know if you are fit for the job. Before creating a resume, you should have conducted some research about the company and the specific job position you are applying for. It will help you choose the right keyword.
  • Personalise your headline for each job position in each company you are applying for if you have a few job interviews.

Examples:

  • Detail-Oriented Web Designer with Multiple Successful Campaigns
  • Results-Driven System Administrator with In-Depth Knowledge of Oracle DB and MySQL
  • Education Graduate with Experience in Tutoring Japanese Students
  • Bilingual Nurse with Five Years’ Experience in Intensive Care Unit

Resume Profiles

Your resume profile may come next after your headline. It is a summary of your qualification. While the resume headline is only a phrase, the resume profile may be in paragraph or bulleted form. Most people prefer the bulleted format. It is concise and on point.

Example:

Detail-Oriented Web Designer with Multiple Successful Campaigns

  • Transforms visual designs into completed HTML pages while strictly following the design specifications
  • Implements creative, technical and conceptual digital design solutions
  • Maximises the use of WordPress, making the web pages easily accessible

Professional Contact Information

Some employers prefer seeing the phone number, email and link to your LinkedIn page in just one line.

When it comes to email, make sure that it looks professional. For example, do not include your hobby or favourite band’s name.

  • Do not use emails such as shellyanimelover@gmail.com
  • You can use emails such as shellychen88@gmail.com

Employment History

List your employment status with the most recent first. There is no need to include irrelevant roles on the job training almost 10 years ago.

Include your employer’s name, the exact period you worked in each company and your job title. Make sure to write your job accomplishments instead of job responsibilities.

Instead of “responsible for answering customer inquiries,” you can write “Handled at least 100 customer calls per day.” In addition, you can include related job awards if you have some.

Education

You may include your college and post-graduate job. On the other hand, it is not practical to include your high school education unless you do not have a college degree.

Interpersonal Skills List

There are what you call soft skills. While these are technical skills, they are equally necessary to land the job. An employer values someone who can interact well with co-workers. Choose your words wisely and create an active sentence or phrase.

Instead of writing “When I was in my previous company,” you have to make it into “I have strong motivational skills to…”

It may be easy to create a long list, but make sure that it shows in your character when you meet your potential employer. For example, if you say you are always confident about beating the deadline, your confidence must be seen in your personality.

Example:

Nurse: empathic, caring, and passionate

Sales Manager: friendly, persuasive, convincing

Select a resume layout but not totally copy it.

Personalise it to make catchy resumes. Employers will know if your resume is only a downloaded template. It is obvious if you just filled in the blanks.

To make catchy resumes, use professional format text 

Your text must seem professional. Use Arial, Calibri, Times New Roman, or Verdana. Then, use bold and italics to highlight the details.

Save in various formats.

Save in Microsoft Word, PDF, and other formats. Furthermore, save in your PC, USB, or cloud for backups.

Proofread

  • Customise to make catchy resumes according to the job position you are applying for.
  • Make sure there are no spelling mistakes. Most employers get annoyed with this. However, it shows if you have an eye for details.
  • Make it concise and check for grammatical errors.
  • Read the employer’s job posting and match your resume to it.

Creating a resume may be challenging, but you really have to do it to put all the details you already have. So be genuine and highlight what you have to offer.

Be more ready with your job application with Cash Mart. It is a legal money lending company that approves a short-term loan. Use it in preparation for your journey of job hunting. 

Is Debt Consolidation Loans Right for Your Business? 8 Important Things You Should Know

Is Debt Consolidation Loans Right for Your Business? 8 Important Things You Should Know

Most businesses have an extremely daunting time managing the huge debt amount they have. However, the business owner faces constant stress and worry about the rising burden of the business debts. You have the freedom to opt for debt consolidation loans.

In fact, according to Forbes, 90% of business ventures fail due to cash-poor positions. Sometimes, there are not enough returns for clearing loans.

A debt consolidation program can drive the business towards an empowered and debt-free future. Debt consolidation loans are responsible for combining diverse balances. This way, you owe to the various creditors, in only one monthly payment and a single rate of interest. In addition, the debt consolidation procedure can help ease the burden of debt. Plus, it allows you to pay the debts in a more attainable manner.

Given below is a list of the facts about a debt consolidation loan. You should know and understand before you choose it for your business.

debt consolidation loans

Credit: https://www.deccanchronicle.com/in-focus/270122/what-is-debt-consolidation-loans-how-does-it-work.html

Debt consolidation loans cannot erase the business debt.

Debt consolidation is responsible for combining all the various business debts and balances into a single payment. Therefore, it is not only simple but also convenient. In addition, the loans are extremely effective in making the repayments of business debt attainable and manageable. Furthermore, the loans do not mean erasing the outstanding debts. Instead, it involves bundling the individual debt amounts into impressive new loans with single payments.

Two kinds of debt consolidation loans exist.

You have to have sound knowledge of the two different kinds of debt consolidation loans. The two types include secured and unsecured loans. You have to know that a secured loan is typically associated with your valuable assets. For example, your home, car, property, etc., become collateral. It applies, especially if your business defaults on the repayment of a loan.

On the other hand, unsecured loans have no relationship with your assets. An unsecured loan depends on the credit score and the credit history. It helps determine if you are considered a borrower of high risk. You need to take help from professional debt consolidation organisations or lending firms. They assist you in getting reliable and prompt solutions. Therefore, your business is capable of reaping the benefits.

Credit counselling and debt consolidation are not the same

Credit counselling and debt consolidation are not the same, but the businesses often entwine them. Also, a credit counselling agency employs certified and qualified people. First, they will be assisting you in creating a budget for your business. Then, they will further craft a fresh plan. This way, your business is capable of getting rid of the excess debt amounts.

A credit counselling agency normally tends to look at the broader picture. For example, it includes the overall structure of the finance of your business. Plus, it goes along with the debt amount that you have.

Debt consolidation can help to clear your loans.

Debt consolidation is responsible for merging all the business loans into only one loan or a single payment with a low-interest rate. It means that it will be easier for you to free your business from the tight clutch of the never-ending business loans. In addition, you now can pay the current business loans that you owe to the creditors. You use the monthly payments along with a low rate of interest.

Debt consolidation loans imply new lenders.

The third-party systems of payment are employed for debt consolidation loans. As soon as the debts have been consolidated, you only have to pay the intermediary. It is opposed to paying directly to the creditor. Once they have already completed all the negotiations with creditors,  you are responsible for paying from your side. Most debt consolidation agencies have a perfect rapport with the lenders. Also, they will be successful in coaxing out better terms and offering low rates of interest. Thus, it effectively helps you to clear the remaining debts that are present.

How can you consolidate your business debts?

It is also important that you have knowledge about how you can consolidate the business debts.

Below is the how-to list for preparing yourself to handle the business debts.

Figuring out the total amount

The first step you should take as a business owner is figuring out the total amount you owe to the individual creditors. You need to take a look at your outstanding debt and ensure that you are making a list of all the debt and the balances. Also, you will be interested in comparing the loans’ terms to observe the total time left for clearing the current loans. Moreover, you can go with Nationaldebtrelief.com to gain more information about a debt consolidation loan.

Calculating the blended rate of interest

Debt consolidation loans are responsible for taking all the loans at various interest rates and merging them into a single loan. It is crucial that you know the average rate of interest that you will be paying across the debts. Calculating the blended interest rate across all the debts and comparing that with the rate of interest on the business debt consolidation loan is significant. When you find out the blended rate, you will have the basis of comparison when comparing the interest rates for the new consolidation loan.

Having a clear purpose

Licensed moneylenders always require the perfect sense of how you are using the funds you are interested in borrowing. Therefore, it is crucial that you decide how to use the loan before borrowing money. When you have a perfect plan, it will help you communicate with your creditors properly. Ensure that you can explain how you are going to use the funds and the total money that you require.

Conclusion

Educating yourself about a business debt consolidation loan will help you understand if it is perfect for your business. In addition, you should opt for other debt-relief options. Ensure that you gather proper knowledge about the various factors associated with this loan.

10 Easy Steps to a Perfect Pitch For Investors

10 Easy Steps to a Perfect Pitch Investors Can’t Resist

Anxious about your business pitch? You have the right reasons to be. We prepared 10 easy steps to a perfect pitch. Find out how.

A pitch may just take a few minutes. But, it has the power to propel your business to the top. Or crash it into dust.

That is why you need an irresistible pitch that gets funded.

Open a golden opportunity.

Create a pitch that makes heads turn and lingers in the investors’ minds.

easy steps to a perfect pitch

Credit: https://blog.hypeinnovation.com/6-steps-to-pitching-your-startup

10 Easy Steps to a Perfect Pitch

1. Focus on a single product

 

2. Write a business plan

 

3. Show your figures

 

4. Keep your elevator speech short

 

5. Your presentation should not be longer than 15 minutes

 

6. A thought-out executive summary

 

7. Realistic exit strategy

 

8. Never ask for a Non-Disclosure Agreement

 

9. Work on your delivery

 

10. Be open-minded

Each investor has their own reasons for funding a business.

Some invest based on facts and experience, while others consider how they deliver the pitch. And your goal is for the investors to beg for a piece of your business.

It sounds impossible, isn’t it?

But don’t fret. It can be done. If you know what your investors want, learn how to tempt them. Therefore, create an irresistible pitch to entice and convince them. Take note of our helpful tips to achieve your goal.

However, what if you failed and didn’t win the additional funding you need for your business? Don’t worry. Also, you can reach out to trusted licensed money lenders for immediate cash.

Some reviewed moneylenders and credit companies such as Cash Mart offer business support. Through a small business loan in Singapore, it is possible to help you have a better cash flow for your business.

Escape Spiraling Debts and Prevent Being Broke: 4 Effective Ways

4 Effective Ways to Escape Spiraling Debts to Prevent Being Broke

Too many financial obligations can lead you to be broke. Prevent this from happening by applying these ways to escape spiraling debts.

It is widely accepted that loans are part of an average Singaporean’s life. However, while getting a housing loan to get a home is needed, getting into too much debt might put you into bankruptcy. Therefore, this will forever change your life.

Recent Facts:

  • The Monetary Authority of Singapore (MAS) has urged Singaporeans to be more prudent to service debt obligations. The government acknowledges the high number of households with loans. In 2015, the REPAYMENT ASSISTANCE SCHEME (RAS) was introduced to help earners of less than $120,000 per annum pay outstanding debts.

Monetary Authority of Singapore | Ways to Escape Spiraling Debts

  • In September 2015, 94,950 debtors missed payments on unsecured credit for two or more months. It is a noticeable increase from 80,390 in 2014. Therefore, it is no secret that more and more Singaporeans use loans. They apply to either get by through financial gaps or purchase things they have wanted or n. However, there is an increase in debtors missing their repayments. Remember that late repayments will pull down your credit score. Therefore, future lenders will evaluate your creditworthiness. Mainly, they consider your credit score.
  • Households Debt to GDP (Gross Domestic Product) in Singapore averaged 40.70 percent of GDP from 1991 until 2015. However, it reached an all-time high of 60.80 percent of GDP in the third quarter of 2015. The increasing household debt to GDP might not show its effect as of now. However, it might hinder the economic growth potential of Singapore in the long run. That is why the Monetary Authority of Singapore (MAS) continues to have strict lending restrictions.

5 Signs you Have to Escape Spiraling Debts

Your loan application keeps getting rejected.

Both banks and money lenders have been rejecting your loan application. The lenders are usually evaluating the risk of each potential client. If they think you are a risky customer, they will deny your loan application.  Another reason they might be rejecting you is that maybe they were your past lenders. Unfortunately, you did not diligently pay your loans. Also, your credit score may be at an all-time low. It often indicates a serious financial problem.

Your Debt to Wage Ratio is higher than 80%

To compute your debt to wage ratio, you have to add up all your repayment obligations in a month. Then, compare it with your monthly salary. For example, if you earn $4000, your accumulated repayment each month is $3,500. But, then, you only have $500 to spend on your monthly necessities and everyday needs.

If your debt to ratio reaches 100% and higher, this is a sign of seeking help from credit counseling services. Examples are Credit Counseling Singapore- a non-government-link organization.

You earn a median wage, but you are unable to repay loans on time

If you consistently have late repayments or haven’t paid your loans for more than three months, you are already in spiraling severe debt. The median wage in Singapore is $3,700. You should start backtracking if you earn above it yet can’t pay your monthly dues. Afterward, recreate a budget plan.

You cannot even pay the minimum repayment amount.

You are in a debt crisis if your duties exceed your salary. If you can only repay just the minimum repayment, it is time to restructure your debt.

You have to choose between paying loans and necessities

If you find yourself deciding whether to buy food or pay your loans, you are in a debt crisis. It is fine to give up your leisure. These are watching movies and buying a new pair of shoes. However, missing basic necessities such as food, water, electricity, and phone bills is a serious dilemma.

Now that you discovered your debts are out of control.

5 Situations that can make it worse

Yes, it can still get worse. But, unfortunately, it does happen.

Getting injured abroad

If you do not have extra savings at hand, you will have a problem when you get injured abroad. The Consulate or Embassy of the Republic of Singapore in the foreign country will only help you contact your significant others back home. But they will be unable to help you financially. Therefore, it is better to have travel insurance with wide coverage if you travel abroad.

Serious house repairs

Suddenly bursting pipes, flooded toilets, and a severe power failure need major house repair. If you have limited money or savings, how will you deal with a refrigerator full of food? These items will easily rot in such a tropical heat.

 

Suddenly being laid off.

You may have heard some rumors. However, you were not prepared when your company suddenly laid you off due to budget cuts. If you have spiraling debt and suddenly lose your only source of income, you are in trouble. Know the signs if you are about to lose your job.

Credit card fraud

You have heard stories of identity thief victims, and you might never know if you are the next prey. Be careful when putting your sensitive information online. Once a hacker uses your credit card and maxes it out, you will be in deeper debt. The good thing is, with the Monetary Authority of Singapore (MAS) guidelines, your maximum liability is only $100. It would apply to you unless there were negligence on your part. Always keep your card details secured if lost. If you think someone else has been using your cards without your permission, report it to the bank immediately.

Dental problem

It is found not to be able to watch TV due to a power outage. You can live with that for some time. However, if you got a toothache, consider it an emergency since the pain might be too much to handle. Hope you will not need a root canal or any major dental costs.

What to do to escape spiraling debts?

Pay off the bad debt first.

There can be two kinds of debts. Good Debts are loans that can help you with your asset or wealth, such as a housing loan. The bad debts are the ones you have already exhausted their use. Or you have to use it to buy something which depreciates after some time, such as car loans and payday loans.

Pay the bad debts first as they possibly have the highest interest rates. Then, after paying off the bad debts, you can focus more on the good debts. Remember that it will reflect late repayments on your credit scores.

Among the bad debt, prioritize the ones with the highest interest

Pay the highest interest rate first because as long as it gets unpaid, the more interest it will accumulate. Thus, the ballooning cost will blow up in your face. Sadly, a difficult time to escape spiraling debts. 

Create a debt repayment plan

List down all your loans and start a debt repayment plan. Put in their interest rates and the repayment schedule.

Arrange the list in such a fashion. The top should be the ones you need to pay off first.

Join a support group

You will learn responsible borrowing, your rights as a borrower, and your responsibilities. If you have loans from loan sharks by chance, these groups will likely help you find ways of solving this problem. The support groups will not entirely give you money to pay all your debts. However, they will surely give emotional support as having spiraling debt can be psychologically draining.

If you already feel that you will have problems with repayments, never hide from your lenders. Instead, communicate with them. Afterward, you will be surprised that lenders are willing to adjust repayments terms for their clients.

If you need affordable personal loans from a trusted moneylender, visit Cash Mart. Proving their service beyond customer expectations, the staff behind Cash Mart consider themselves their clients’ financial partners.

Moreover, they advise on how the clients get back on financial stability. Call Cash Mart now and learn why their clients are transformed into loyal consumers.

How to Use Pokémon GO to Instantly Boost your Sales

How to Use Pokémon GO to Instantly Boost your Sales

By the looks of the social media platforms, you will instantly see how Pokemon Go caught players all over the globe. With the combined existing fandom of hit anime series and Nintendo video games, Pokemon, and unique role-playing simulation game with augmented reality, Pokemon Go had made a grand hit. And it has landed here in Singapore.

To give you an idea of how much impact it brought to Singapore, you can see various organizations posting and using relevant hashtags to keep players within safety boundaries. For example, the Republic of Singapore Air Force, Singapore Police Force, and PUB reminded the Pokemon Go players to keep out of the restricted premises and be alert to their surroundings. With Poke-fever, now is your chance to lure more consumers.

use Pokémon GO

Credit: https://www.bbc.com/news/blogs-trending-37752730

Your Business Can be a Gym or PokeStop

You have to open the Pokemon Go app to check the map if your shop is a Pokemon Gym or a PokeStop. The Pokemon Gym is where players of one team coming from either team Mystic, Valor, or Instinct can challenge another team and gain leadership over the gym. A PokeStop is where players can get items, eggs, and pokeballs and see where other Pokemons could be hiding.

If your shop is not indicated as either a gym or a PokeStop, you can send a request.

Activate ‘Lure’ for just US$1

With a Lure Module, you can attract Pokemons for at least 30 minutes. Pokemons do not just pop up in many locations. Some players are voicing frustrations over social media as they can’t find any Pokemons in their places. Use this to your advantage.

To activate Lure, you must tap the Pokeball icon at the bottom. Next, choose ‘Shop,’ then tap the purple icon. You will have to pay at least US$1 for 30 minutes of luring effect. Once redirected to the app, tap the Pokeball Icon to choose ‘Items.’ You can finally activate the Lure. Pokemons will appear and spawn faster than in other areas.

Capitalize on your business near Pokemon Gyms

If you are lucky enough to be near a gym, then take advantage and use it as a marketing tool. Since gyms attract a lot of players, you can whip up various marketing strategies.

  • Give freebies to those who can show a screenshot of a high-level Pokemon caught. It could be a small item, but a freebie is still a freebie. If your shop is a café, you can offer free Pokemon latte design, in which the player can take a photo and post on Facebook and other social media.
  • Give discounts for the winning team: either team Mystic, Valor, or Instinct. In addition, you can keep a board on top of your counter to inform players which team the gym currently belongs to.
  • Expand your social existence by using relevant hashtags such as #pokemongo. You can post various catch praise with hashtags or even use photos of players in your store and screenshots of items and Pokemons near your brand or logo.

Take your business where Pokemon Go

Open the app Pokemon Go and activate Incense, then take a screenshot photo of a rare Pokemon that appeared in your shop. Post it on your social media accounts and website. Optimize your Facebook existence with tools such as AdEspresso to catch the attention of the locals specifically.

Put signage on your window offering charging stations with free Wi-Fi

Pokemon Go uses data or WiFi because it is an online line. It also uses GPS to track the players. While players are out catching Pokemons, it is very possible that they run out of battery juice. Attract the players by letting them charge up in your shop either for free or at a cheap price.

You can ask players to Check-In while they are in your shop.

Users can Check-In in on their social media apps. It will tell their friends and followers their current location. Imagine what this can potentially do with your shop. Facebook keeps tabs on the number of people who ‘check in’ in a particular spot. Also, it creates suggestions for their followers and friends. For example, you can offer a freebie in exchange for a check-in.

With permission, take a video of the players in your shop.

Have you seen various videos players put up on Facebook and Instagram? You can do the same in your shop. If you spot players taking their time catching Pokemons, ask their permission you can take a video. Sometimes Pokemon hunting makes people look ridiculous. Players must walk the distance and go to places just to get a rare Pokemon and special items. You can attract them by showing that your shop is the hub players usually hang out.

Take advantage of the Pokemon Go and the cheap advertising chances. If you need more cash to add to your working capital, do not hesitate to choose Cash Mart. While the Pokefrenzy may not last forever, these advertising tips are still ventures worth a try as this make be your chance to take your brand to the top. Get the best personal loan in Singapore only from Cash Mart to start luring your consumers today.

Do You Make Mistakes When Taking Personal Loans?

Are you Committing these Mistakes when Taking Personal Loans?

It’s common yet regretful to make mistakes when taking personal loans. Find out if you’re one of the people who fall into this trap.

People have different reasons why they apply for fast cash loans in Singapore. Unknowingly they make mistakes that may cost money and time. However, inevitable mistakes are easy to avoid. Read on to know and understand each, so you won’t make mistakes when taking personal loans like many others.

Top 13 Mistakes When Taking Personal Loans

1. Taking the First Offer

Take your time to do some research and shop around. You are the one who needs the money. So you need to shop around to avoid those who will take advantage of your needs. You might consider taking loans from a bank. But, it will take much longer since banks usually require a lot of paperwork. Instead, try a private legal moneylender that gives more choices with terms, interest and repayments.

The money lending business is a competitive market. Therefore, you will indeed find the best personal loan that will fit your need and ability to pay.

RELATED LINK: Where to Get the Best Instant Cash Loan in Singapore

2. Not Knowing the Credit Rating

You have the right to check your credit score because getting a loan considerably depends on it. So make sure that your credit score is accurate. Your lenders are the one who updates your credit history. So make sure they include the times when you repaid on time.

The credit score reflects your credit history. There are a lot of ways to keep it in good shape. These are avoiding too many loans, paying credits on time and not defaulting on a loan. With a good credit score standing, you may have your loans easily approved and get a lower interest rate.

3. Not going to Eligible Money Lending Company

There are a lot of lending companies floating on the web (see updated licensed moneylender list in Singapore), both illegal and legal. Therefore you have to be careful when choosing a licensed money lending company in Singapore. First, find out how long the company has been in the business. A tenured company means providing quality service enough to keep them in the industry.

Mistakes when taking personal loans in Singapore

Credit: https://moneyloans.com.sg/5-signs-youre-dealing-with-a-personal-loan-scammer-in-singapore/

4. Don’t Check the extra Cost

When it comes to personal loans, make sure that you add the additional fees and closing costs to the total price of what you need to pay. Look at the terms carefully and ask your licensed money lender if you don’t understand some parts.

5. Rushing through Fine Prints

There will be some terms that might add some costs if you are not careful. Avoid late payment penalties and prepayment penalties.

6. Getting Emotional

When borrowing money from a lender, think wisely and do not get carried away by your emotions. Do not get too excited. Get the loan that best fits your needs and financial status. If you borrow money to help a family member or a friend, that is not a good idea.

7. Fabricating Information

Never lie about your income and credit score. Your lender will have the means to counter check your info. You might be in deep trouble if you get caught by losing your loan and paying a large penalty.

8. Payback

Be realistic. Even though you have a steady income, you may think you can easily pay off a loan. Remember that there are still a lot of expenses, bills and needs to attend to. Budget the money well and pay your loans on time.

RELATED LINK: Best Instant Loan for Low-Income Earners in Singapore

9. Skimming the Terms and Conditions

Read the term and understand the words in them. Do not rush. Read the conditions and take note of certain specifics that might cause you to lose money and end up with bad credit.

mistakes when taking personal loans: skimming through terms and conditions

Credit: https://sg.finance.yahoo.com/news/bank-loans-vs-licensed-moneylender-050119888.html

10. Not Asking Questions

It is fine to talk to your lender about some vague terms. Ask away. It could save your time and money. Let them know your personal case because they are most likely able to offer you the best loan right for your needs. Each borrower is a unique case. If there is a problem, it is better to let your lender know. Do not be afraid when they try to contact you. They just want to help you pay off the loan the way you have agreed on.

11. Borrowing Too Much

Make sure that you borrow what you can pay off. If you cannot pay off the loan, you might end up defaulting. Once defaulted, the interest rates will dramatically increase, and you might lose your assets. Your bank accounts will be seized and might get closed.

RELATED LINK: Singapore Loan Shark Scams to Watch Out

12. Not Negotiating

Many do not negotiate with terms and just accept what the lenders present. Usually, borrowers can deal with terms to avoid being financially constrained. Therefore, you are getting a loan to help with your financial needs and not add to your debt problems.

13. Unnecessary Over Extending

Some lenders talk the borrowers into extending their loans. Do not be tempted to do so if you do not need it. In addition, it will only make your credit score look bad. Plus, you will end up paying much more than you had borrowed.

People apply for immediate money loans for various reasons.

They may be single moms who are stuck on a budget, want to pay off debt, buy a gadget, go on vacation, try the best steamboats in Singapore or pay a medical bill, but all need extra cash. It is tempting to have a lot of money. But, do not open a loan if you do not really need it. Be serious with the repayment schemes and never hide from your lender. Loans are supposed to help you not overuse them.

Top 4 Finance Trackers To Ease Money Problems

Top 4 Finance Trackers That Can Ease Your Money Problems

Do you want to ease your money problems? Then, get the best finance trackers in the country.

Most people can’t last the day without checking their smartphones. After all, checking emails, text messages, and chats is a part of our daily routine.

Smartphones are too smart. They let us shop and pay bills while on the go. But have you discovered that smartphones can also help you keep track of your finances?

Creating a budget, sticking with it, and even investing is easy with downloadable apps. Unfortunately, with all the finance tracker apps out there, it is frustrating to find the right fit for you.

There is a wide range of financial challenges people face each day. Financial troubles are hard to knock off because it involves the dreadful balancing of accounts. If your problems are not solved immediately, it could lead to a financial disaster.

You have to identify first the root of the problem and then how you can overcome it.

Where does your money go every paycheck? How can you have a holistic approach to money management? Can you break off from living paycheck to paycheck? How can you have extra savings with minimum effort?

finance trackers in Singapore

Credit: https://www.lifehack.org/890490/finance-apps

Best Personal Finance Trackers Apps in 2017

Wally: To track your expenses

Wally is an absolutely free personal finance app. It helps you see where your money goes, how you spend them, and when. You can also save photos of your receipts for the record’s sake.

Financial lives are complicated, and not many of us love accounting. But, with Wally, you can easily see what happens to your money. For example, you learn what goes out and what comes in. Also, you know what was saved and what needs to be tinkered within your budget.

Wally is user-friendly. It makes financial tracking convenient and straightforward. Every time you spend, simply whisk out your phone. The graphs will give you an insight into where your money goes. This way, you will understand your spending behaviour and how to save up.

Mint: To manage your money

The Mint app is a creation of Intuit Inc. It is the same company which created TurboTax (an American tax preparation software package) and QuickBooks (an accounting software package for small and medium-sized businesses).

The Mint App refreshes your finances just as the real mint gives you fresh breath. It is a free web-based financial tool which can tap into your bank, credit cards, investments, and other financial accounts. There is no need to log into different sites. You just need to open your Mint account.

Mint gives you a visual of where your money goes, how much you have in your bank accounts, which account needs funding, and if you are going delinquent with your budget. In addition, mint allows you to handle your finances way beyond the simple budgeting.

You Need a Budget (YNAB): To slowly get out of debt

Tired of living in a cycle of paycheck after paycheck? You Need a Budget is the finance trackers for you. It helps you define your spending behaviour, create a workable budget, pay the debt, and have extra cash for a sudden financial bump.

YNAB forces you to make a realistic budget, unlike the other apps where you can create a budget with the money you don’t have. If you get off track, YNAB will help you adjust your budget so you won’t wreck the whole budget.

The main goal is for you to have money to spend on the last month’s pay. It means you are free from the paycheck to paycheck cycle. You have money to pay debts and extra cash at hand.

Though users have to pay $50 a year, the services and support are worth it. Otherwise, it comes with a money-back guarantee.

Acorns: To make extra savings

Now your spare change can work for you. With Acorns, micro-investing can be a natural way to earn more on the side.

Every time you purchase with the card connected to the Acorns, the app will convert it to the next highest dollar. The difference between the charged amount and the estimated amount will be automatically invested in a low-cost exchange-traded funds (ETFs) portfolio at the end of the year.

Acorns provide a questionnaire to know your financial situation and goals. Then, the app will recommend a mix of ETFs you can invest in. You can manually set up one-time and recurring investments.

Acorns charges a monthly fee of $1 a month for accounts of less than $5,000. Accounts greater than $5,000 are charged 0.25% per month.

These apps can turn smartphones into your financial companion for better money management. Of course, you may use finance trackers apps for various financial reasons. But, their effectiveness will still depend on how you change your spending behaviour.

It takes time and discipline to reach your financial goals. However, there are times when you’ll get into a financial gap. Don’t panic. Get a personal loan from Cash Mart.

Cash Mart offers various loan products with flexible options just as you need them. Give Cash Mart a call at +65 6397 4111 or send an email to info@cashmart.sg for more information.

5 Reasons to Start Building Your Emergency Funds

5 Ultimate Reasons to Start Building Your Emergency Funds

Most individuals face one or more challenges due to unexpected expenses. Though you do not want to spend more money than what is necessary, certain situations can force you otherwise.

Whether you are employed or a business owner, it is significant that you keep your emergency fund ready. An emergency fund will help you immediately sort out your financial emergencies. Think of it as your shock absorber should you get through a rough patch.

We have provided a list of the crucial reasons you should start building your emergency funds.

building your emergency funds

Credit: https://www.phroogal.com/never-deplete-emergency-fund/

You have started budgeting.

When you do budgeting for the first time, the chances are that you will leave out a few expenses. The emergency fund that you have can cover these expenses, and later on, you can add the costs to the budget plan.

These can be the annual expenses like the taxes and other gift items for your business organisation. Emergency funds can go a long way in assisting you in adjusting your budget without overstretching your monthly income.

When you see unplanned expenses coming up, you have to write them on a piece of paper and adjust the budget accordingly. After all, you need to minimise unforeseen expenses. If you want to settle your debts while building the emergency fund, you can opt to go through the debt settlement reviews.

You have a single source of income.

Most people with a single income source have to build a substantial emergency fund. It can help bridge the financial gap should you suddenly lose your job or get an illness that prevents you from working.

So how much should you save up as your emergency fund? If you are single and living independently, you can save up to six months’ worth of expenses. However, if your whole family depends on you, you have to double up your emergency fund.

Since you are supporting your family, it is your duty to work towards building your emergency funds as fast as possible.

Start building your emergency funds even if you’re self-employed

If you are a contractual worker, self-employed or freelancer, you will need an emergency fund to keep things afloat should you suddenly get a lower income. It is also vital that you have multiple income streams because the quantity of work tends to fluctuate at times.

Moreover, if you are already aware that the contract will end extremely soon, it is your responsibility to start building up the emergency fund.

If you are an entrepreneur, it is good to plan for extra savings, especially for those months when your business is going slow. Try to keep track of the invoices and ensure that you are not missing payment collection to avoid using your emergency fund.

You own the house you live in

When you are the owner of the house you are living in, it is evident that you will have to pay money for the upkeep and the repairs. However, it is significant that you set up sinking funds to cover the repairing costs such as plumbing and roofing. There is no need to feel worried and anxious since an emergency fund can cover extra costs.

There is no denying that home repair tends to be extremely expensive. That is why you should set up your fund before any expense occurs. Add to that. You also need to set aside some funds for your housing tax each year.

You do not live close to your family.

If you do not live with your family because of your occupation, it is obvious that travelling home will take quite some cash. Also, the prices can go up if you are travelling at the last moment due to an emergency. Therefore, it is a good idea to have the emergency fund saved up to easily cover the expense of the tickets in case of medical emergencies or unexpected deaths back in your home.

The price of airline tickets is extremely high, and you have to save money for that. You cannot ignore the fact that booking at the last minute can be more expensive than what you are expecting.

Conclusion

Emergency funds have proved to be extremely helpful for individuals who have had financial crises. However, if you still do not have one, you must plan on building your emergency funds as soon as possible. And in case you meet financial difficulties without enough savings, get an instant loan from Singapore’s licensed lenders. In fact, you can apply for a loan even on Sundays through online loan applications.

Looking for the best borrowing experience? You can surely get it from Cash Mart – Singapore’s reputable licensed money lender since 1969. Feel free to send your enquiries today.