Revised Grants and Benefits for SG Entrepreneurs

Revised Grants and Benefits SG Entrepreneurs Shouldn’t Miss

With the competitiveness of SMEs, the government provided revised grants and benefits for SG entrepreneurs. 

It has been proven that the government has a consistent commitment to business development in Singapore. It is evident, especially for SMEs. Mr Heng Swee Keat of the Ministry of Finance understands it. Also, he shared the importance of boosting small and medium enterprises on the island.

In addition, Mr Heng touched on creating new industrial opportunities. It helps to cluster companies while also supporting Trade Associations and Chambers.

SMEs can gain leverage in the ever-growing competitiveness in the industry. Furthermore, the financial support ranges from grants to tax rebates. Here is the gist of your expanded, revised grants and benefits from the budget 2016.

Latest Revised Grants and Benefits for SG Entrepreneurs

For years, the wide range of grants has been confusing business owners and directors. It asks for various requirements, eligibilities, and purposes. To save time, money and effort for grant processing, the government has announced the creation of the Business Grants Portal. It will be ready for use by the fourth quarter of 2016.

With this portal, SMEs and other thriving businesses can easily see the grant’s requirements. Moreover, they will know which one they are eligible to. Also, they get to know about the process. Plus, they can identify which stage their request is currently on. Therefore, they can track the grant they applied for.

revised grants and benefits in Singapore

Credit: https://www.taxassist.co.uk/resources/news/business-rate-relief-and-cash-grants-to-bolster-firms-during-covid-19-outbreak

SME Working Capital Loan

The SME Working Capital Loan will provide loans for startups. The SMEs can apply from participating financial institutions (PFIs) for $300,000. In addition, the government will be co-sharing the default risk at 50%.  The interest rate will be subject to the PFIs’ assessment. SMEs must be currently registered in Singapore with at least 30% local shareholding.

PIC Scheme

On the other hand, Productivity and Innovation Credit (PIC) Scheme have reduced the required expenditure. It came from 60% to 40% effective on or after 1 August 2016. However, the scheme will soon expire in 2018. The government looks forward to more targeted measures rather than broad-based support. Also, this is to push SMEs towards the direction of more thriving firms through performance improvements.

Capability Development Grant

SPRING introduces an Automation Support Package with four components. First, Capability Development Grant (CDG) expanded to back up businesses. It intends to scale up its automation projects. While the grant caps at $1 million, the grant only covers up to 50% of the qualifying cost.

Investment Allowance

Investment Allowance (IA) provides additional cash to the existing capital allowance. It is exclusive to plants and machinery. The capital for each project caps at $10 million. As for enhancing financial support via loans, the government can increase the risk share further. It is under PFIs through the SPRING’s Local Enterprise Finance Scheme (LEFS) equipment loan. It will cover about 70% of the qualifying projects for SMEs.

Meanwhile, only 50% risk-share with PFIs will be for non-SMEs. Furthermore, IE will collaborate with SPRING. It is to aid businesses that aim to access overseas markets.

SME Mezzanine Growth Fund

The government introduced SME Mezzanine Growth Fund (MGF) in 2014. It is part of the Co-Investment Programme (CIP) for the investee companies. This year the fund size increased to $150 million. The purpose is to match the private sector investments and cover smaller SMEs.

SMEs seeking to acquire other companies for growth can take advantage of their Mergers and Acquisitions (M&A). To encourage SMEs to widen their scope, the government increased the value of the qualifying deals by up to $40 million. As a result, it increases the M&A tax allowance from $5 million to $10 million.

Moreover, SMEs have a chance to have more cash at hand. The Corporate Income Tax rebate has increased from 30% to 50% of tax payable. In addition, the rebate caps at $20,000 for 2016 and 2017.

Business owners are actively encouraged to hire workers aged 55 and above. However, it comes with a monthly payment of $4,000 a month.

Special Employment Credit

The Special Employment Credit scheme has been extended for another 3 years. However, the government will be raising the re-employment age in 2017. As the businesses scale up, they will need the added manpower and experiences of the older workers who can still do the job. The entrepreneurs will even receive subsidies needed for further expanding the business.

Other Revised Grants and Benefits

Thriving SMEs are now eyeing the international markets. Also, the government extends support. Examples are the Global Company Partnership and Market Readiness Assistance programmes and the Double Tax Deduction for Internationalisation.

The former aims to help SMEs with the cost of expansion to the overseas markets. Meanwhile, the latter allows the claims to claim a 200% tax deduction on airfare and hotel accommodations. In addition, even the salaries of Singaporeans staying abroad for business development.

The previous Budget announcement gave more hope to both budding and thriving businesses. It offers more local support through revised grants and benefits, loans, and tax rebates. Thus, it helps to grow further and expand.

Furthermore, the government encourages SMEs to broaden their horizons and eye for the overseas markets. Therefore, SMEs should efficiently take advantage of the said benefits to innovate, automate, and grow internationally.

If you need more cash for your business, do not hesitate to check out licensed money lenders in Singapore. Or simply give Cash Mart a call.

The friendly staff will assist you with your small business loan process. Expect cash disbursement in 30 minutes upon walking through their office doors.

10 Reasons You Need a Financial Plan

10 Reasons You Need a Financial Plan

According to the 2016 MasterCard Index of Financial Literacy, Singapore tops the list of countries with high financial literacy in the Asia Pacific. Meaning Singaporeans are knowledgeable in basic money management, creating a financial plan, and investment matters.

Among these three core areas of financial literacy, you need to stabilise a financial plan. It allows you to build a framework for managing your finances. That way, you can tie together your short-term and long-term financial goals.

What is Financial Plan?

MoneySense defines financial planning as “taking charge and managing your finances to ensure your financial well-being.”

This includes monitoring your cash flow and spending habits, finding ways to settle your debt, building a budget plan, and more. Because it’s multi-faceted, you need a plan to tie all of this together.

Depending on your needs and goals, you can choose to build your own financial plan or ask for the help of a financial planner.

Regardless, here are ten reasons you need to plan your way to financial independence:

financial plan in Singapore

Credit: https://online.arbor.edu/news/what-does-a-financial-consultant-do

1. It Helps You Understand Your Financial Situation

When creating a financial plan, you need to know how much money you have, how much money you owe, and how much more money you need. It is not meant to make you feel devastated. Understanding your financial situation allows you to set realistic short-term and long-term financial goals.

2. It Helps You Understand Your Cash Flow

Your cash flow will be the foundation of your financial plans. It will determine whether you can start building the necessary funds to reach your goals or if it’s something you should work on. Thus, it’s important to consider your net salary and expenses when making a financial plan.

3. It Helps You Manage Your Income

Because you have realistic financial goals and you have a good understanding of your cash flow, it’ll be easier for you to manage your income. After all, you don’t really receive it in full. Following the tax and other salary deductions, a financial plan is a great reminder of how you should allocate your money.

4. It Helps You Find Ways to Build Capital

Financial planning allows you to manage your income. Meaning, it’ll be easier for you to allocate your money. And when you can allocate your money, it means you can stash a certain amount for your savings. Thus, you can slowly build your funds meant for investment.

5. It Helps You Find Ways to Make Your Money Grow

Financial planning allows you to give room for savings. What should you do with all the money you were able to save? There’s nothing wrong with spending some to reward yourself. However, it’s advisable that you use it as capital for investment. That way, you can see your money grow through time while you’re busy living your life.

6. It Helps You Build an Emergency Fund

Financial planning allows you to replicate successful processes you were able to build. If you could save enough money as investment capital, you can simply repeat the process to build your emergency funds. Why do you need an emergency fund? So you and your loved one can still survive in case of emergencies.

7. It Helps You Protect Your Loved Ones

Protecting your loved ones is part of financial planning. Other than building an emergency fund, now is also a great time for you to review the outcome of your financial plans. If all goes well, consider getting life insurance and health insurance.

8. It Helps You Understand Your Assets and Liabilities

Acquiring assets is desirable to have something you can liquidate in times of need. However, a lot of assets come with liabilities. Creating a financial plan helps you build assets that won’t become a burden in the future. After all, your net worth is a snapshot of your finances.

9. It Helps You Elevate Your Standard of Living

The wealth you were able to build because of careful financial planning could come in handy in times of need. When you have enough funds for various financial vehicles, it is easy to guarantee that your family is protected. In case you can no longer work and you’re the breadwinner of the family, they can still survive because you are insured.

10. It Helps You Achieve Better Financial Understanding

When you don’t know how to handle your finances, it can negatively impact almost every area of your life. The stress could then cloud your judgment. Well-planned and well-managed finances allow you to live a life free of worries.

Take the First Step to Financial Independence

Financial independence starts with identifying your short-term and long-term goals in life. Also, it hurdles you might face in the future.

With a financial plan, you become more confident with your decisions. That’s because you know you made the right choice on where to place your money. As a result, it reduces your stress and allows you to enjoy life more.

Financial planning is all about controlling your finance instead of the other way around.

Have you started creating a financial plan? Did you do it on your own, or did you seek professional help? 

Cash Mart is a legit money lending company in Singapore. It assists you in creating a financial plan with your short-term personal loan. Find out more about what it can offer. 

Are You Ready to Get Married?

Are You Ready to Get Married?

People always ask when you will be ready to get married. It seems like it is an easy task, but there are various things you have to consider.

In recent years, the number of singles has been increasing. However, there are quite some factors why young Singaporeans still opt to be single at age 20 and above.

Over 500 young Singaporeans, 18 years old and above, were asked about their view on marriage. Also, they voice out their concerns regarding weddings.

Why Do You Need to Be Ready to Get Married?

Marriage is a very serious matter. It means being with a partner at home and sharing their most intimate lives. Around 38% of correspondents say they are ready to get married. Yet, 62% say they are unsure about getting married. The number who haven’t made up their mind is almost double the number of those who are sure.

Around 46% shared they are ready to get married and admitted that they have found the one they want to marry. Sadly, 6% feel pressured by society. However, 16% are ready to start a family. Meanwhile, 32% are financially stable.

On the other hand, 3% don’t think there is a need to get married among those who are not yet ready to get married. Meanwhile, 12% are still young for marriage. The remaining 20% say they simply can’t afford it yet. At the same time, 65% are still yet to find their future spouse.

Aside from still looking for the love of their lives, the following main concern is the cost of the wedding. It is no secret that having a wedding in Singapore can be very expensive. So if you don’t plan it carefully, you’ll be in deep financial trouble.

The most important factor in their future husband should be a great personality for women. It is the same as for the ideal wives of men. While women consider having properties under their partner’s name necessary, men do not have the same expectations. This the properties nor the financial stability of their future wives are not too significant. On the other hand, women want their husbands to be stable financially, but they don’t think owning a car has the same significance. Both genders believe that good looks are just of minor importance.

Are you ready to get married

Credit: https://theasiacollective.com/unique-wedding-venues-singapore/

Wedding Costs

Almost all women who want to get married want to have a memorable wedding. However, weddings can be very expensive. Some even prefer to do shopping abroad rather than get everything on the island. Therefore, most Singaporean feels that they need at least $35,000 for the wedding.

Despite the importance of the wedding, most correspondents feel that the honeymoon is the most significant thing at the start of a marriage. When it comes to expenditure during the wedding ceremony, the wedding rings or engagement rings come as the highest valued item. Then, the wedding gown and suit follow. However, as high as 70% say banquet is not really important. After it is by 48% said videography and photography are not important.

How to Fund the Wedding

Are you one of those who are considering getting married, yet you think you simply can’t afford it? Then, you should know that there are various ways to get funded.

Most single Singaporeans think their parents can help them big time. Others decided to get a personal loan either from a bank or moneylenders. Some will be likely to use their credit cards. In contrast, the least will get the help of their friends.

On the other hand, there are different ways to get your wedding. But, first, you must know that the ROM or the ceremony itself is free. It is just that most want to push through with expensive stuff. Examples are gowns, suits, banquets and classy wedding bands.

Ask for Help

Talk to your siblings if they can pay for the cake. Ask your entourage to buy their own apparel. Request your parents to buy your gown and suits. Invite your friends to sing and MC at your banquet.

Sell your Stuff

If there are bags, shoes and other stuff you rarely use, it is time to let go of your preloved items. It helps you earn more cash for the big day.

Sponsored Wedding

Why will a company sponsor your wedding? If your fiancé is also up to it, upload your photos on various websites and share your love story. Startup businesses are looking for ways to get more clients and popularity. Show them that sponsoring your wedding is a win-win situation.

Ever heard of the wedding crashed by Ed Sheeran in 2015? A man shared his story and his desire to marry his girlfriend on the Australian radio station KIIS 1065. As a result, the radio station sponsored the whole wedding. It even secretly invited the world-famous ginger-haired singer to serenade the couple.

Ask for Cash Gift

Most of the visitors will be considering a wedding gift. You can apologetically tell them that you prefer cash instead.

Of the interviewed Singaporeans, more than half of them shared that they will not get financial assistance nor will they be taking any loans. However, almost half of the correspondents say that they will be taking loans. Personal Loans can be flexible. You can use it in any way you want. For added convenience, choose a Singapore moneylender which offers flexible loans and repayment schemes. Drop by Cash Mart to know how to get the most flexible loans in Singapore.

How to Support Your Retired Parents without Any Financial Worries

How to Support Your Retired Parents without Any Financial Worries

Despite being busy, Singaporeans worry about their elders. So if you wonder how to support your retired parents, continue reading. We’ll guide you through it without getting into money trouble.

According to the General Household Survey 2015, most Singaporeans aged 65 and above receive financial support from their children.

Singaporeans save up for their own financial security and retirements. However, they are still usually concerned with their parents’ own retirement.

Be Prepared to Support your Retired Parents

While your parents are still healthy, and it may seem awkward for some, you can start discussing their retirement plans. As our parents’ age, they get a higher risk of acquiring health problems. And it might be too late by then. Talk to them together with your siblings and discuss their plans. It needs a family effort. Therefore, everyone may have a part.

The key part of staying afloat financially is to save as early as possible. It will be helpful to get an endowment plan as it will grow over time. After around 10 years, your parents might be able to accumulate more savings to add to their CPF retirement funds.

Together with your family, you can build an emergency fund for your parents. It does not matter if you will pitch in $100 or $200 and more. Your goal is to have sufficient funds if your parents get into an emergency. If things go well, your parents can even choose to retire early.

As much as possible, help your parents be physically active and in shape. It prevents them from various health problems. Help them get a gym membership or enrol them in lifestyle programmes.

how to support your retired parents

Credit: https://www.aia.com.sg/en/life-matters/wellness/provide-for-parents-in-old-age.html

Get adequate insurance coverage.

As early as possible, buy a wide range of policies for your parents. Nobody can predict the future. The wider coverage will be better. When you are getting health insurance, consider three things:

Your parents’ age

Check the insurance policy on the latest age individuals can apply. For example, if the maximum entry age is 80 years old, you can’t apply for the insurance if your parents are already 81 or older. However, the policy will cover your parents for life. So it is regardless of which age they have acquired the policy.

Pre-existing health conditions

Most health insurances only accept the applications of those who have untarnished medical records. So, for example, if your parents have cancer in their medical history, it will be harder to find insurance for them. On the other hand, MediShield Life still applies to all Singaporeans and Permanent Residents. So it is regardless of their past health conditions.

Consider getting Critical Illness coverage. It will greatly help to cover the health expenses. It includes medication and treatments if they get hospitalised. Therefore, you are more ready to support your retired parents.

Sharing the Bill

If you are financially capable, it will be best to top up your parents’ CPF. Also, you can spread the financial obligation with your siblings. Then, gradually take responsibility for your parents’ bills. This way, they can save more for their retirement.

Discounts

As soon as your parents officially become senior citizens at the age of 60, remind them of their discounts. Examples are rides on buses, MRT and LRT rides. Also, they get 2% off the total bill at NTUC Fairprice on Tuesdays with their card.

In addition, by the age of 65, they can already qualify for the Silver Support Scheme. The scheme aims to give more support to the bottom 20 per cent of Singaporean elderlies.

Those who live in one and two-room HBD flats will get $750. Meanwhile, those in three rooms will get $600. So if your parents live in a 4 room HBD flat, they will get $450.

Pioneer Generation Package helps pioneers with their healthcare costs for life. Your parents will qualify if they have been born on or before 31 December 1949 or aged 65 and above in 2014. If they have migrated, they should have obtained citizenship on or before 31 December 1986. With this package, they can have four benefits:

Pioneer Generation Package to support your retired parents

Credit: https://www.moh.gov.sg/cost-financing/healthcare-schemes-subsidies/pioneer-generation-package

Outpatient Care

Your parents can receive additional subsidies on top of their existing subsidies. Therefore, it covers the medications and other medical services by participating GPs and dental clinics.

Medisave Top-ups

Your parents will receive top-ups in their Medisave Accounts annually. But, the best part is for the rest of their lives.

MediShield Life

Your parents can pay less for Medishield life premiums. Thus, you can easily support your retired parents. 

Disability Assistance

If your parents sustained moderate to severe functional disabilities, they could get cash amounting to $1,200 a year.

It pays to make your parents know about their discounts and other rights. It makes them more comfortable as they live their retirements.

If you need more cash to take care of and support your retired parents’ finances, you can rely on Cash Mart’s personal loan offers.

Call Cash Mart now.

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.

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. 

Why Singaporeans Overspend on Holidays Overseas?

Reasons Budget Travelling Singaporeans Overspend on Holidays Overseas

It is common for Singaporeans overspend on holidays, especially overseas. Find out the top reasons why it happens.

Over the years, while Singapore has been a hot spot for tourism for foreigners, the number of Singaporeans spending holidays overseas is constantly growing. Furthermore, it is even bound to rank as the fourth outbound city market until 2020.

It seems everyone will grab every opportunity to spend the long weekend in another country. Their reason is to escape the gruelling work life.  So, where have your neighbours and relatives been going? According to GfK’s Travelscan data, most Singaporeans headed to China, Thailand and Hong Kong. However, China gets 20% of the outbound Singaporean flight with the intent of leisure. As for Thailand, it gets 16% of the outbound flights. Bangkok, Phuket, and Chiang Mai are its most visited cities.

However, China is still at the highest rank. Although its flight bookings have decreased by 6%, many are now eyeing Japan. All because of the increasing strength of the Singaporean Dollar. It means you can buy more stuff in Japan now. Plus, you can enjoy more cherry blossoms.

budget travelling singaporeans overspends holidays overseas

Credit: https://www.travelandleisure.com/travel-tips/what-to-do-before-flight

Singaporeans Overspend on Holidays: Budget Travelling Mistakes

Avoiding other travellers

Do not avoid other backpackers. You are missing out on the fun of backpacking. In addition, a great chance to save up on your ride to your next destination. You will be ecstatic to know their willingness to offer you a shared ride. Some go to your next destination if you are luckily going in the same direction. Also, they may give you tips on where you can get the cheapest yet a good place to sleep and eat. It comes in handy instead of spending too much time walking around and figuring out transportation and accommodation on your own. Furthermore, fellow backpackers can teach you the route of intercity buses or perhaps how to haggle fare with tuk-tuks and songthaews.

Take hostel security lightly.

You can never be too sure about your safety when you sleep if you are stingy enough to sleep in shared accommodation. So always keep your valuables near you. You can even purchase a bicycle chain to lock your bag in the bedpost. It may sound silly. But, it might just save you from a lot of worries and unnecessary expenses if you lose your stuff.

Paying for not pre-booked luggage

Pre-booked luggage of 15kg can cost $20. Failure to pre-book may cause you $50 and more. So if you went to Thailand with just a backpack and now you have a couple of large colourful bags beside your bedpost, remember to book your luggage. If you have already booked your flight, do not hesitate to call your airline. Adjust your luggage booking as you need.

Singaporeans overspend on holidays due to unorganised backpack

There are times when you have stuff in your home yet do not mind packing it up. So when you need it on your trip, you end up buying the same item at a ridiculous price.

Here are the things you have to keep in your bag.

Water bottle

We have 7-11 in almost every street to grab a bottle of ice-cold water to quench your dried throat. However, it might not be the same in other countries. Are you not sure about the availability of convenience stores in your travel destination? It is better to have a water bottle you can refill in the water dispensers available in your accommodation. It is more practical than buying expensive bottled water while going on your adventure.

Snacks

We all know snacks are like gold in hot tourist spots. It is very expensive. Plus, it might not be too mouthwatering for your palate. However, you have no choice but to chomp it down because you are too hungry walking under the scorching heat.

Always carry a small bag of biscuits or crackers around. It replenishes your energy until you reach a restaurant more soothing to your taste and budget.

Insect repellant

Going to tropical countries where it is too humid? Expect swarms of mosquitoes to ruin your night escapades and sleep. Also, these mosquitoes are potential carriers of dengue and malaria virus. To protect yourself, you must carry your insect repellant. Unfortunately, some local repellants and bug sprays don’t work well. It is better to have your trusted insect repellant than regret sleepless nights during your holiday.

Smartphone

We all know the growing attachment Singaporeans have with Wi-Fi, yet this is not only for games such as Pokemon Go. Smartphones are now necessary to navigate places at ease. Also, it contacts your family to assure them of your safety. In addition, you can download offline maps if you are not sure of your constant connection with the web.

Power bank and charger

Of course, your smartphone will be useless without power. So always be sure to have your power bank and charger with you every time you go out. Also, have an outlet adapter if possible. Different countries have various kinds of electrical outlets. The last thing you want is an incompatible charger with the accommodation’s outlet. Or else your smartphone battery is already drained for hours.

Quick-dry towel

Since you are a budget traveller, you tend to sleep in hostels, cheap hotels and guesthouses. These charge fees for dry towels. To save up, bring a quick-dry towel that will be handy. It is usually lightweight and can be folded into a smaller size. Therefore, it saves up on space. In addition, it takes only a couple of hours to dry, unlike the regular towels.

Travel insurance

If you consider skipping travel insurance on your must-have list, you endanger your safety and finances. While there is a chance that you will not even use the insurance, there are moments when you will be thankful you have purchased one. Most travel insurance covers medical bills abroad. Others even cover lost luggage, delayed flights and missed the connection.

Using credit cards

Overall Singaporeans overspend on holidays might increase by 2.5% to 3%. It happens, especially if you keep swiping your credit card overseas. So make sure to get your SD converted into the correct currency of your travel destination. Examples are Baht, Yen, Pesos, and others.

Buying travel insurance offered by airlines

There is a lot of travel insurance shoved on your face if you look online. However, you have to make sure that you get the best one. So take time to shop around and remember that there could be better travel insurance than your airline offered.

Pre-existing medical conditions

Check if the travel insurance covers pre-existing medical conditions. For example, what if you collapse while chomping down on steak in the middle of the Bahamas sunset due to a pre-existing heart problem? Most airline travel insurance will not cover you.

Trip disruption

Most travel insurance will entice you with promising money claims if you experience disrupted flights due to unforeseen circumstances. However, be sure to read the fine prints. You will see that some insurers have a wider range of coverage than others. For example, you usually get a payout with cancelled, postponed, or delayed flights. Still, only a handful of insurance will pay for your extra plane ticket or accommodation. They consider it if your flight gets cancelled while you are overseas. Also, it covers illness, natural disasters and strikes or riots.

Missed connections

Long flight travels need connecting flights, and stories of missed connecting flights are not new to us. It is like a nightmare nobody wants to experience in real life. If you are on a budget flight, it is your responsibility to book your two separate flights at the most convenient time. Only a few travel insurance will pay for your missed connecting flight.

Overbooked flights and public transport

Overbooking results from oversold flights because airlines expect some no-show passengers. However, there are times when passengers get bumped. It means there are limited seats for too many passengers. If you get bumped, you might have to stay at the airport or find accommodation. Some airline travel insurance will only give you a $100 voucher as compensation. Choose travel insurance which will cover not only your overbooked flight ticket. But, also your accommodation and other overbooked transport such as trains and buses.

Kidnap and hostage

Singaporeans know that there is a slim chance of getting kidnapped and hostage. But won’t it be a bit relieving to know your travel insurance compensates you?

Personal liability

Some of us do stupid things when we get away from our own country and experience different environments. Others get too drunk and get into a bar fight. Some run over pets or even locals due to irresponsible driving. Unfortunately, only a handful of travel insurance will cover personal liabilities and will cover your legal fees.

In need of extra cash for your overseas holiday with your loved ones? Do not let this be the reason to miss out on the once in a lifetime chance. You can get a personal loan from Cash Mart in just 30 minutes. Drop by Cash Mart office today to start your smooth loan transaction. It saves Singaporeans overspend on holidays outside the country. 

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.

Secrets to Snag the Best Shopping Deals this Black Friday

Secrets to Snag the Best Shopping Deals this Black Friday

Black Friday is “Fri-Yay” for avid online shoppers. So it is when the most prominent online shops offer the best shopping deals this Black Friday.

What is Black Friday?

Black Friday is the first Friday after Thanksgiving Day. This tradition originated in America when merchants were thinking of a way to turn their losses into profits. Losses are marked as red, and their goal is to turn them into the black by putting unwanted stocks into outrageous sales. This year, it has been estimated that on 25th November 2016, the sales will amount to USD 60 Billion.

Though most merchants in malls of Singapore still haven’t gotten into this craze, online shops made it a day of sales bonanza and extended it up to Cyber Monday.

The best shopping deals this Black Friday

Credit: https://goltoninthegap.com.au/black-friday-sale-2019/

Tips to strike the best online shopping deals this Black Friday

Make a wish list

Since there will be too many items that will catch your interest, you have to focus on the items you need and the things you have been eyeing for some time now. So put first your priorities and then put the least wanted at the bottom. Finally, list down the current prices to have a reference.

Set your budget

Because you are bound to see many items, you might go on a shopping spree. Also, online shops have developed a technique to keep shoppers at the edge of their seats so they won’t be able to consider what they are buying. Some items are on sale for a limited time only. Buyers won’t be able to cross-check if the purchase is worth it. It is better not to shop under pressure. Also, prepare your wish list and budget in mind.

Compare prices and the real value of the items.

There are times when buyers do not know the actual value of the items they are buying. For example, let’s say that Amazon put Rubbermaid storage containers for $16. You might think that this is a good deal. However, when looking at the items’ previous prices, other shops sold them for $10 last month. Earlier this month, it was sold at $14. This way, you know that the deal is not as good as you first thought.

On the other hand, Zalora is selling Nike Free TR Flyknit Running Shoes at $135. Then you discover that the price has been at $209 since early this year. Therefore, it is a good deal to take.

Check bargain hunting websites.

Do not miss the items you have wanted to buy. Follow bargain hunting websites such as CUPONATION by setting up an alarm on its website. You can also sign up for the shopping websites’ newsletter.

Do not buy everything in just one shopping.

Take your time, do not be pressured to buy everything in one sitting because there is a high chance of better sales as the day progresses. Also, remember that though Black Friday is the big day, Cyber Monday is still on its way.

Do not be tempted with free gifts.

Online merchants include gifts in their items to tempt the buyers. For example, let’s say Samsung S7 Edge is at $1,088. You may not be considering it yet. But if there is a free battery pack coming with it, you might be tempted to have second thoughts.

Online Shopping Sites with the Best Black Friday Sales

  1. Zalora Black Friday Sale will be from 25 to 28 November with discounts of 80%. However, if you want an exclusive discount of 18%, you can register at zalora.sg as a new user.
  2. Lazada Online Revolution offers great deals now until 12 December. The event started on Single’s Day and runs for a month. So save your budget as the best sales are still coming. Watch out for the discount codes with partner merchants to get the most out of them.
  3. Amazon has a lot of offers but waits until the big day. So watch out for limited sales. In addition, Citi Rewards Visa Cardholders get 20 Reward Points or 8 miles for every $1 you spend on Amazon until 31 December.
  4. ASOS has exciting sales from Black Friday to Cyber Monday, with offers as low as 70% off. Take advantage of the free shipping if you spend more than S$20. It is via normal delivery, and it will take 7 days. However, if you spend more than $250, you get express delivery for only 2 to3 days.
  5. Shopback giveaways are $100 cashback credit through a referral programme. If it is your first time referring, you will get an extra S$30. Keep an eye on the yellow money bag icon, which means more cash back. Use your Visa credit card to get up to 6% rebates.

Buyer’s Tip

Consider the previous prices of the items to know if you are purchasing with a good deal. If the previously offered price is lower, it is a bad deal as the item can still get cheaper soon.

Do you prefer brick-and-mortar shopping, but you need more cash? Then, get a loan from Cash Mart.

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.