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Payments

Digital Payments: Trends, Challenges & It's Future

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Organised by NUS Enterprise under the Kopi Chat Series! Please leave your questions below. To find the latest questions, simply click on the 'Unanswered' tab. We'll get the speakers to reply you personally here, as well post-event!

Date: 14 Nov 2019, Thursday

Location: NUS HANGAR

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Resale HDB

CPF

Payments

Property

Ernest Yeam Wee Leong
Ernest Yeam Wee Leong
Level 6. Master
Answered 2h ago
Irregardless of how the buyers pay whether is it using CPF or Cash, you will be receiving it back in the amount based on what you used. If you pay full cash, you get it back full cash. If you pay with CPF and cash, you will get the remaining cash after minus the CPF principal and accrued interest due to it. I write cool stuff about personal finance and money-saving hacks here.

Lifestyle

Savings

Payments

Hi JY, I do good old excel, with data running back 10 years that I can analyze. But that's because I started doing this before the widespread age of smartphones. But if you're searching for an app, try the ones in the link here: https://www.shopback.sg/blog/best-expense-tracker-app

CPF

Loans

Payments

Property

Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/ Next, we have to determine your plans for the future. For instance, do you intend to stay in this place for as long as you can? How is your current cashflow like? Once we have a detailed understanding on your future, we will create a plan that works. For example, if you intend to sell your house some time later, then you may wish to minimise the potential interest payment to CPF. As a result, it may be wise to use cash as part of the repayment. In order to do so, we will need to create a budget. The best way to do this is via automation and this is how I do mine: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/ While there is neither a right nor wrong answer to this, the only way that makes sense is by understanding your situation. Then we can decide the best solution. Here is everything about me and what I do best.

Investments

Savings

Bank Account

Payments

Lifestyle

DBS Multiplier

SCB Jumpstart

SW
Shaun Wq Lim
Level 6. Master
Answered 1d ago
Please be aware that there are some changes to the DBS Multiplier account from 1 Feb 2020. Salary and dividend credit will be grouped under income category. And cap of $25000 for salary + 1 other category interest rate. Something you may want to think about after the 12 months recognition for the investment RSP ends.

Payments

Property

HDB BTO

No, the ratio of payment does not necessarily equate to the shares of the home. In order to get the most accurate answer, you may check the title deed. Otherwise, you may recall on how your spouse and you chose to distribute the shares when signing agreement for lease. Here is everything about me and what I do best.

Credit Card

Insurance

Payments

Yes, it is possible to charge your premium to your card but I'm not sure if Aviva allows it for recurring payment. Anyway, here is the form: https://www.aviva.com.sg/content/dam/aviva-public/sg/documents/aviva-life/life-and-health-savings-retirement-forms/individual-life-policies/credit-card-authorisation-form.pdf Here is everything about me and what I do best.

Lifestyle

Savings

Bank Account

Payments

Hi anon, You can get new or 'almost new' notes from most banks. It's probably the queue that turns most people off. I believe that is really the only way of assuring yourself of a new or almost new note. Short of that, try the ATMs. I just drew some cash and it came out with the crisp feeling of a brand new note. I was surprised, and certainly not expecting it. Note that you should just withdraw cash as part of a need to, and not go around testing ATMs till you find one loaded with new notes!

Credit Card

Payments

Family

MileLion

SG Budget Babe

Aik Kai
Aik Kai
Level 7. Grand Master
Answered 3d ago
In theory, this is fine and okay. But in reality, a move that will raise lots of questions. If you let another person use your credit card, even though you know fully that he/she is using it, when shit happens, banks and maybe the police will suspect fraud and the whole process of explaining is not worth the effort. The best is just sign up a supplementary card for him/her. Save the trouble.

Payments

Lifestyle

Travel

Wilson Nid A Break
Wilson Nid A Break
Level 8. Wizard
Answered 4d ago
Klook been fine, just look at the reveiws for each individual listing and made a decision

Loans

CPF

Payments

EK
Eileen Khoo
Level 3. Wonderkid
Updated 5d ago
Https://www.dbs.com.sg/personal/calculators/homeloans-calculators-repayment-schedule.page The above is an example of a loan repayment calculator obtained online via the dbs website. With the variables 1) loan amount 2) tenure 3) interest rate (hdb 2.6%) One can use this to calculate the monthly instalment figure; and generate a monthly repayment schedule. Using the Original figures, original full loan amount and full term will generate a repayment schedule that should give you your current situation. (This whole paragraph is a bit side tracked; Notice that the schedule uses a monthly reducing balance interest estimate; as in It uses the Opening monthly outstanding balance X interest rate (2.6%/12; interest rate chargeable per month) Then it adds this interests to the opening outstanding and minuses off whatever payment that one makes for the month (lump sum or partial principal or monthly instalment etc) to arrive at the closing outstanding balance. This closing outstanding balance then acts as the new opening outstanding and goes through the same process until the loan is settled. I will come to this “monthly reducing balance” later.) #I believe you also know that the are TWO ways in which one can reprice the current outstanding; which are 1) shortening the tenure (you are asking this) ; this means maintaining the same monthly instalment amount and paying in shorter time 2) reducing the monthly instalment amount. (Maintaining the tenure and reducing the amount paid monthly) There are a few ways to find out how many years will be shortened, one simply takes a look at the original repayment schedule (from the website for example), to see which part of the schedule one is currently at; by matching the “current outstanding of the actual loan to the current outstanding in the schedule” This means, find out 1) current outstanding amount with hdb 2) look into the repayment schedule to see where the outstanding amount is. This would be somewhere into the 10th year to follow that you have paid up 10 years. Find out which particular month (or between two months) the outstanding balance matches. Mark this spot-let’s just say “A”. Then take this current outstanding loan and minus the amount of lump sum you are looking to pay off to get a new lower current outstanding balance. Let’s just say this is “B” Now look for where “B” is in the repayment schedule. The period between A and B is the period you have managed to cut off the repayment schedule (in months) and the balance of tenure is the period from B to the end of the tenure ( ) That’s about it. There are other ways to calculate, using excel etc. Some prefer to go by looking at the “principal” column; one can see how much principal is being used to knock off the outstanding balance each month. I.e. Outstanding $100,000 Monthly installment $1779.15 Interest paid $216.67 “Principal paid $1562.48” If one pays$1779.15 and knocks off $1562.48 in principal from the outstanding, in this example, one knocks off one month period ( ) Just add up the principals monthly to reach the amount of lump sum you are looking to pay off and match that with the number of months shortened. If for example one intends to pay off $50,000; From the matching current outstanding, just take the $50,000 and minus the next month’s principal paid back amount and the next’s and the next’s and next’s until the $50,000 finishes. Etc. On actually “how much lump sum to pay”, the minimum allowed is SGD5000 and from then onwards increases in multiples off $1000. So, do add the sums to match the interests saved or the periods you want to save to get an idea. Hope this helps. P/s not involving the questions posed; I) Are you opting to keep sgd20k in the CPF OA due to the extra 1% given (totalling 3.5% or “an extra 0.6% over the loan”)? I am assuming this. The other option could to transfer the funds to the Special Account to attract the 4%. Point- CPF could be better if this is available. II) On the monthly reducing balance mentioned; the effective rate would be lesser than 2.6% a year and the difference increases more if the outstanding reduces more (more principal is being paid). Take the total interests to be paid for the year and divide it by the outstanding balance at the beginning of the year to get the effective rate. Point- Chances are that these last 5 years could get much lower effective rates (and therefore cost less than the 3.5% to be gained from the first $20k in the CPF OA or the 4% if the same is transferred into the Special Account). III) the term is shorter towards the end of the loan, so the lump sum paid (say $50k) will have a “shorter” tenure to be effective. So the Lump sum used would only be used for saving interest for term of the tenure (5 years max) n none thereafter. Left in CPF this same sums would generate 2.5%?3.5%? 4%? Etc. compounded yearly, until taken out (with many scenarios allowing for this to be more than 5 years) Point- Leaving it in CPF May be an option to consider. Comparison is made on interest rate and tenure and not on other factors like availability of funds etc. What these means is that there could be very little to be saved if this is done after 2/3s of the loan being paid as both the effective rates and tenure have reduced. I could be wrong but do consider looking at the numbers. These are the main reasons why there are people using Other People’s Money (loans, credit card etc) to pay off home during the first 30%-60% of the home loan. And stretch the home loan once the effective rates are Low- aka to prolong settling the loan after clearing 70% of principal outstanding for example. The money used to settle the loan could be used to generate a better rate of income than the actual savings from settling the loan. (Stress issues aside) Cheers.
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