How much should I have in my Piggy Bank?

Human life is full of unexpected events. You never know when your car can just break down, water heater replacement, roof repair or an injury come on your way. In those occasions you are in look out of ready cash to cover you up. That’s why we all want to save for that rainy day and recently it has been seen that many Singaporeans have developed this practice of saving.

With more options and individual commitments there is a lot to explore the concept of emergency fund. It is usually defined as three to six months of income which is left untouched and should be kept at easy reach to access in emergencies.

Most of the time emergency fund is kept in simple savings account, as a fixed deposit will not let you liquidate the cash before a certain time line. Though its always best to consult your financial advisor.

How do I get started ?

Planning your emergency fund requires lot of attention, discipline and analysis. Set goals or targets that are achievable and be genuine as there isn’t going to be any reward unlike other financial goals like making a down payment for your car.

But the best part about the emergency fund is – once you reach the goal, you don’t have to invest or set aside more money into it unless there are life changing events which account for additional members to be accounted such as new born.

Savings for beginners can be done with following guidelines:

1. Priority to savings just after monthly expenses and debt payments

If you are already loaded with debt that’s your priority and your day to day expenses like food, transport, loan payments, education fees are all to be paid before you take the chunk out for savings. You can either set aside all the money left after covering all your expenses or set a percentage every month. There isn’t an exact answer or figure to quote for savings. Bottom line your emergency fund should be an amount that makes you feel secured.

2. Automate the Saving Process

Setting up an automated process such as GIRO or ACH (automatic withdrawal) will help fund x% to your savings account regularly. This covers you for any lack of discipline. If you are one of those who is unlikely to save regularly then setting up the automated deposit feature should help.

3. Direct bonuses towards Emergency fund

If saving is difficult from your monthly income, then set aside all your bonuses into the emergency fund instead spending it. Its difficult but remember once you have achieved the target, you can blow your future bonuses towards luxury expenditures.

4. Use Blitz Approach

If you can really handle a year living without partying, you can build your emergency fund in no time. Opting a blitz life style – which means living on just lesser (approx. 50%) of your income can actually get you to the target and then you are relaxed with your saving goals.

5. Limit unnecessary expenses – Less you spend, you save more. Some of your expenses could be unavoidable such as uber taxi rides, too many party or get together, unnecessary shopping. Go for smaller getaways, as moment you reach your goal you can spend as you like.

6. Consider using Singapore Saving Bonds

You can consider Singaporean saving bonds which can help you save and also earn interest of 2.6 per annum. Although this is not a very lucrative rate but at least your money will not stagnate and can grow over a period. SSB is comparably better than fixed interest deposit as you can redeem your bonds anytime without any penalty for exiting before maturity. This bond works with a flexibility of easy cash at disposal should there be any emergency.

7. Save in Dollars

Open a multi currency account which enables you to save different denominations ( RM 5000, USD$700 etc. ) and Citibank International Personal bank has one of those options. With money being in different currency, you cannot just walk up to an ATM and splurge on new pair of jeans. You can also be benefited occasonallly from exchange rates when Singaporean dollar value reduces compared to US dollar.

Start saving , its never too late. Initial days could be daunting but its financially wise to plan for the worst. You may not know what emergency situation could crop up but building emergency fund will make those circumstances less stressful. However, should such scenerio arise, speak with us at Credithub and see how we can help you.

Family vacations are an essential part of family bonding. With busy schedules to maintain in day-to-day life, there is far too little time for families to spend together enjoying nothing but each other’s company. Vacations allow families to experience new things together. In tough economic times be it for family holidays or honeymoon, they are harder to afford now, it’s important to get the most out your family vacation budget.

There are endless opportunities and destinations for perfect for the Year-End Holidays in all different price ranges, but the most important thing is to choose an experience well-suited for the entire family. The following are some of the best family vacation destinations where entertainment, exploration and educational opportunities abound.

Orlando, Florida

Orlando makes the list of top family vacation destinations because it is centrally located in Florida and home to some of the best family attractions in the state. Boasting Walt Disney World, a long-standing family tradition, as well as Universal Studios which is now home to their newest attraction, The Wizarding World of Harry Potter, and SeaWorld. All three of these major attractions are as family-friendly as it gets and plays host to some beloved family favorites.
Before departing, check out the number of deals available for week-long stays at Disney World resorts and other hotels nearest to each attraction. Multi-day passes and multi-park passes are available at both Walt Disney World and Universal Studios that will enable you to make the most of your time and money.

Hershey, Pennsylvania

Hershey is a name known to most every kid, but Hershey is also a fun, family-friendly destination. Located near Harrisburg, Hershey is home to Hersheypark, an amusement park complete with thrill rides, kiddie rides, and water rides. It is also adjacent to ZooAmerica, an 11-acre zoo. Admission to the zoo is included with admission to Hersheypark. While in Hershey, families can also visit Hershey’s Chocolate World where kids can make their chocolate bar from scratch, using factory equipment and ingredients.
For families with kids under the age of 12, a visit to Dutch Wonderland may be in order. A miniature-sized amusement park atmosphere with amusement rides, water rides, miniature golf and other entertainment suitable for young children, Dutch Wonderland, is just the right pace for little ones.

Yellow Stone National Park

Families who prefer to avoid the commercialism and tourism of some of the more popular family destinations can enjoy the quiet of nature with a trip to Yellow Stone National Park. Naturally, visiting Old Faithful is a must-do, and Old Faithful the geyser will erupt every 90 minutes or so. Camping expeditions, park ranger tours, and educational programs are ideal for families with a love of nature and a desire to explore the great outdoors. Enjoy fishing, hiking, horseback riding and llama packing while you’re there. An unforgettable outdoor adventure, Yellow Stone National Park is an affordable vacation and best-suited for families with school-aged or older children.

Chicago, Illinois

Between the Magnificent Mile, Lincoln Park Zoo, and the American Girl Store, virtually any family can find fun things to do in Chicago. There are numerous family-friendly attractions ranging from museums and amusement parks to shopping. Being situated on the shores of Lake Michigan, there’s plenty of water fun to be had as well. Chicago is a great family value as there’s there something for all ages and Lincoln Park Zoo is the only admission-free zoo you’ll find. There are many great travel deals and packages for Chicago so do a bit of research, and you’ll have a family vacation planned in no time.

All-Inclusive Family Vacations and Cruises

If you’re looking for the simplest way to plan a vacation and travel, then an all-inclusive family vacation to any one of these or other great family destinations, such as Washington D.C., New York City, or the Bahamas, may be your best bet. Also, keep in mind many of the kid-friendly themed cruises like Disney and Nickelodeon. When the itinerary for your trip is planned for you, it can make traveling with kids much easier, especially if there’s always something to do.

When planning a family vacation, especially with young children, be sure to request accommodations like cribs, strollers, and other necessities from your hotel before you book. Several great packages are available for families, especially those with young children and may include kids staying free, eating free, or free admission to nearby attractions. Whatever destination you choose, a family vacation will prove a rewarding and memorable experience for everyone.

Businesses cannot remain stagnant but must continue to grow in order to maintain their position in the market industry. What are some of the considerations that small business must consider as they gaze ahead to the future? It is essential so that you use your valuable time to increase business strategies for navigating your company, setting clear goals and objectives, and achieving your desired results. Marketing is a way of managing SMEs so that each critical business decision is made with full knowledge of the impact it will have on the customer. Internet marketing is the best to increase your company growth. You have a lot to take into consideration when deciding on how to spend less in your marketing campaign, but there are a few things to keep in the front of your mind:

Advertise your business online: Your aim is to let everyone know what you are offering, and why those offerings are better to what your competitors may be offering. If you are not advertising your small business online, you can guarantee at least one of your competitors is miles ahead of you. Millions of SMEs are already advertising online in some respect, and those businesses come from every imaginable market.

Make a connection to local businesses: If you want to find out where people from your local area hang out and can be found, stay connected with them. It is also reasonably common for consumers to make connections with local businesses through the Internet. If someone down the street were looking online for products you can provide, would they be likely to find you efficiently and determine that you are their best option?

Email Marketing: After creating your product and building your website, the next thing you should do on priority is to start building a mailing list. These are the people who visit your website and then sign up for your newsletter. You can then build a relationship with them by sending useful content in your emails and then generate revenue too by occasionally promoting some relevant product in your mail.

Not spending too much money And make strong small business strategies: You don’t have to give up a lot of money to gain a rewarding online presence today. You need to prepare strong small business strategies in terms of growth. If you are willing to sacrifice a bit of time or have an employee dedicate some time, you can establish an online presence without sacrificing a large portion of your marketing budget. Social marketing is a good place to start.

Search Engine Optimization: By ranking highly in the search engines, your site can attract hundreds of visitors on a daily basis all without costing a red cent. Of course, there is work involved in adding quality content to your site and building links to it, but that’s a small price to pay in return for a consistent stream of targeted visitors that turn into buyers.

By focusing on the needs of your current customers instead of trying to find new customers, you can grow your business much quicker. Develop a referral portfolio for your customers to give them many different vehicles to promote your business.

Repackage your products or services in bundles that promote an entire solution for the customer. Instead of shopping around for different pieces to the solution, you’re handing your customer a time-saving bundle. Not only does this make for a happier customer, but it makes for more revenue for you, without any additional work.

Go back to your previous customers and customers that have been dormant for awhile. Many people forget to do business with you because of a change in habits and they need a reminder from you that you’re still there to serve them.

Make referrals a condition of doing business with you. If your customers want your services, tell them that they need to provide you with the names of three other like-minded people.
Once you focus on your current customers, improving their condition and working on their needs, you can grow your enterprise quickly without spending any additional capital acquiring new customers through advertising.

Take a reminder of this strategy pays special attention to how they each tie specifically to a customer need or want. If you’re thinking like your customers, you’re more likely to be successful at each and every one of these elements.

There are always different ways your company can market and scale. To do all that your business might require some funding. You can consider applying for a business loan from trusted money lenders which allow quicker access to cash compared to banks.

many other cheap ways to market your company, but it is still better to hire an expert marketing team to do the job. If you are short of cash, you can easily apply for a business loan from trusted moneylenders. Applying is easier compared to banks, and can be quickly approved. It won’t hurt your pockets, and you can get your business brand out there.