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Payments

Savings

General

Fresh Graduates

Best way to make payments in USD and to minimize FX conversion fees/losses?
Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Jun)

Level 9. God of Wisdom
Answered 1d ago
TransferWise
👍 0

General

Insurance

Car Insurance

Lifestyle

Family

What do you look out for when choosing car insurance?
If you have a trusted workshop which happens to be an authorised workshop (that works with an insurer), then it is a bonus. Otherwise, preferred workshop is usually one of the first criteria for me. Thereafter, transport allowance and replacement car are usually mutually exclusive. In any case, this depends on the type and model of car that you are driving. Luxury sports model tend to have higher allowance; but the car workshop may not be able to provide an equivalent CC. Depending on extent of damage, generally I tend to skew towards transport allowance. Finally, excess and NCD has a direct impact on premium. For excess, there exists a need to balance what you are willing to pay in terms of excess vs premium. Other than that, it is usually beneficial to work with an experienced agent. This is because some consumers won't read the contractual terms etc. In times of need, it is usually more helpful to seek advice and opinion from the agent first. I share quality content on estate planning and financial planning here.
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Lifestyle

General

Is it harder to sell a used car if the COE is low?
Zen Ang
Zen Ang
Level 4. Prodigy
Answered 3d ago
No ah idts. anyway if u have not sold ur car, COE is 8 years low. so maybe u can consider selling ur car. heres the link wrt coe https://www.motorist.sg/article/653/july-2020-coe-results
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Family

General

Lifestyle

Does anyone have any updates on the COE price status?
Zen Ang
Zen Ang
Level 4. Prodigy
Answered 3d ago
This is the latest update for COE as of july. here's the link if u need https://www.motorist.sg/article/653/july-2020-coe-results
👍 0

General

My car is reaching the end of its COE this end month. I am thinking of renewing it for 5 years or getting a new car. Which one should I do?
Zen Ang
Zen Ang
Level 4. Prodigy
Answered 4d ago
I think it depends on personal preference and have much money you have to work with comfortably. i will say if you have extra cash can consider getting a new car. personally i got a new used car recently from https://www.motorist.sg/used-cars. if you need can consider checking them up
👍 0

General

What's the best way to sell a car that's used for around 2 years? Any platforms or tips to recommend?
Zen Ang
Zen Ang
Level 4. Prodigy
Answered 4d ago
My bro uses https://www.motorist.sg/sell-car. initally he went to them was to check the value only bc free. but i think the price was good so he sold it to them in the end haha.
👍 0

Savings

General

What is your secret to saving money?
Junus Eu
Junus Eu
Level 9. God of Wisdom
Answered on 25 Nov 2019
For extreme saving, cut out everything except for bare essentials. Even for food, sometimes seeing the deals on Fave (or current Shopback 1 for 1) could get your food at similar prices to food courts! IMO, food courts aren't really that cheap these days.
👍 1

General

What to consider when deciding between buying a brand new or second-hand car?
HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 9. God of Wisdom
Answered on 08 Oct 2018
Beside the costing / loan concern, the most issue with 2nd hand car is: 1) if is too long, say 10 years, not advisable. My friend last time bought a 10 year toyota, repainted. Look ok engine ok. First month all alright. 2nd months onwards, everything started falling apart, one by one engine parts spoil, so he end up just sell the whole car again at a lost, of course this is by pure bad luck but worth noting it. 2) The next round, he got a 2 year old Lancer, so quite alright and use it for another 8 years. The only grip he has is at the end don't get back much $. No chocie cos this is SG and COE scheme issue. A total liabliities if you were to ask me. 3) Finally, if you wish to get a 2nd hand car, if you have mechanic friends, or pay somene to go check the car with you after you're ok with the 2nd hand car, to see the engine and parts. Engine part is the most costly to repair, 5 years Toyota car may have gearbox issue that may cost 10k to replace the gearbox (beacause cannot repair). if you cost savings for 2nd hard car is much more, then get one between 2 to 3 years should be the safest bet. Take into considerations that you'll have to change more parts than a brand new car since it's already 3 years old, but usually not gonna cost much. Can google more 3 year car maintenace cost, parts costing etc
👍 2

General

How do you determine how much you set aside per month for savings? My girlfriend loves to shop, and I don't have much savings myself. How do I know how much is "enough"?
Siti Putri
Siti Putri
Level 5. Genius
Updated on 07 Jun 2019
Do you think this GF is someone you want a long term relationship and eventually getting married to? Surely besides her spending habits, she might have other good qualities? If this is going to be a long term relationship, talk things out with her. Sometimes some people need to know the "why" not just by "telling her to save". Regardless your GF, the important thing is you think and plan for ownself first. Create small goals like save $10k by 2019, or save $100 a month or 20% a month or save 6 months worth of expenses etc. If it is hard to save, then automate it. Set up automatic transfer to another account to be set aside as savings on your salary pay date so that you don't get tempted. Besides savings, track your monthly expenses to know what you are spending on and where to cut down. You can advice your GF to do the same thing. Supposing if one day you decide to marry your GF, some money is needed for the wedding, home, renovation..so at least if you have started with your savings first will be good. If you already talked maturely to your GF, and she still not heeding your advice despite giving her time to think through, suggest to change GF. Sorry, I am not trying to be wet blanket but having similar values is important in a marriage. Top cause for divorce is 'money', so spare yourself the suffering if both cannot see eye to eye on the concept of money.
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