Here's a simple yet efficient way to save. It takes a lot of discipline but you'll surely be able to see more money in a short period. Here's what I read
A sum like $12,000 doesn't usually make the news, but one Boston Globe reporter has managed to trick herself into saving that amount by adopting a creative way to save.
With two daughters in college and a mortgage to pay, Marie Franklin and her husband didn't have any extra money to put into savings. While perusing online, she came across a saving trick that suggested saving every five she acquired and depositing them into a separate savings account.
Once she's collected ten fives in her wallet, Marie deposits the $50 into her designated savings account, and once that account has $2,000 she purchases a CD to earn higher interest. After three years of saving all of her fives, she has accumulated $12,000 in savings. Marie acknowledges that this method of saving requires discipline, but her unconventional habit has obviously worked for her.
(source : http://www.savvysugar.com/1802540)
If we just start somewhere, with discipline, won't we be able to see a savings soon? I have tried emptying my pocket of loose change at the end of each day, and manage to accumulate tens every month. It's a method that doesn't take too much effort, yet the returns are measurable.
For me, I don't take conscious effort to save now. I don't spend as I wish, thus I don't get tempted to spend just because I have some extra cash. In turn, I accumulate enough money and invest it each time.
Wednesday, July 23, 2008
Thursday, July 17, 2008
Singapore's non-oil domestic exports fall 10.5% in June
Recent spate of unimpressive financial news will leave people more worried. The last few days were ladden with more bad news on US financial crisis, which lead to a frenzy in the stock market and oil prices.
Coming back to Singapore, this is not the first bad news on Exports. The turmoil affected our exports, which were made worst with all time high inflation rates. The fear is, if the US goes into a deep recession, and many other economies being affected, will it lead to a deeper and more prolong global downturn?
SINGAPORE: Singapore's key non-oil domestic exports (NODX) fell an annual 10.5 per cent in June, pulled down by weaker shipments to the US market as well as to China and Europe, the government said Thursday.
The drop, compared with the same month a year earlier, was steeper than the 1.8 per cent fall tipped in a poll of economists by Dow Jones Newswires.
June's figure was unchanged from the 10.5 per cent decline seen in May, the trade promotion agency International Enterprise Singapore (IE Singapore) said in its monthly report.
"The largest contributors to the NODX contraction were the US, EU 27 and China," it said.
On a month-on-month seasonally adjusted basis, the key exports grew 4.2 per cent last month after a 9.8 per cent fall in May, the agency said.
Total trade in June grew 14.4 per cent to S$82.3 billion, while NODX was worth S$12.79 billion, the trade agency said.
IE Singapore said poorer shipments of both electronics and non-electronics goods were behind last month's export decline.
Electronics exports, which have been dropping since February last year, contracted 14.6 per cent to S$4.8 billion in June while non-electronic shipments eased 7.9 per cent to S$7.95 billion, IE Singapore said.
NODX to the US in June recorded the largest decline of 24.3 per cent, to S$1.5 billion, a deterioration from the 22.3 per cent decline posted the previous month, it said.
To the European Union economies, NODX fell 16.1 per cent to S$2 billion, while shipments to China fell 11.7 per cent to S$1.3 billion, IE Singapore said.
Exports to Singapore's other top markets also contracted, with the exception of Malaysia, South Korea and Hong Kong, it said.
The monthly figures are a closely watched barometer of Singapore's export-led economy in which gross domestic product was valued at S$243.17 billion last year.
As of 2007, US was our No 2 export partner at 10.2%, while the decline of export to US is 24.3%. With decline in exports to a few other countries, Singapore's economy seems to be facing a worst situation than expected.
Coming back to Singapore, this is not the first bad news on Exports. The turmoil affected our exports, which were made worst with all time high inflation rates. The fear is, if the US goes into a deep recession, and many other economies being affected, will it lead to a deeper and more prolong global downturn?
SINGAPORE: Singapore's key non-oil domestic exports (NODX) fell an annual 10.5 per cent in June, pulled down by weaker shipments to the US market as well as to China and Europe, the government said Thursday.
The drop, compared with the same month a year earlier, was steeper than the 1.8 per cent fall tipped in a poll of economists by Dow Jones Newswires.
June's figure was unchanged from the 10.5 per cent decline seen in May, the trade promotion agency International Enterprise Singapore (IE Singapore) said in its monthly report.
"The largest contributors to the NODX contraction were the US, EU 27 and China," it said.
On a month-on-month seasonally adjusted basis, the key exports grew 4.2 per cent last month after a 9.8 per cent fall in May, the agency said.
Total trade in June grew 14.4 per cent to S$82.3 billion, while NODX was worth S$12.79 billion, the trade agency said.
IE Singapore said poorer shipments of both electronics and non-electronics goods were behind last month's export decline.
Electronics exports, which have been dropping since February last year, contracted 14.6 per cent to S$4.8 billion in June while non-electronic shipments eased 7.9 per cent to S$7.95 billion, IE Singapore said.
NODX to the US in June recorded the largest decline of 24.3 per cent, to S$1.5 billion, a deterioration from the 22.3 per cent decline posted the previous month, it said.
To the European Union economies, NODX fell 16.1 per cent to S$2 billion, while shipments to China fell 11.7 per cent to S$1.3 billion, IE Singapore said.
Exports to Singapore's other top markets also contracted, with the exception of Malaysia, South Korea and Hong Kong, it said.
The monthly figures are a closely watched barometer of Singapore's export-led economy in which gross domestic product was valued at S$243.17 billion last year.
As of 2007, US was our No 2 export partner at 10.2%, while the decline of export to US is 24.3%. With decline in exports to a few other countries, Singapore's economy seems to be facing a worst situation than expected.
Wednesday, July 2, 2008
US automakers face tough road as June sales plummet
Was reading this article that stated:
"Automakers hit more bumps in the road in June as US sales fell precipitously, and manufacturers failed to adapt to a shift in demand to more fuel-efficient cars, company reports showed Tuesday.
Overall sales were down 13 percent year-to-year, according to market research firm Autodata.
"The four-dollar (per gallon) gasoline, the recession in housing and a collapse in consumer confidence has kept people sitting on their hands," said David Healy, analyst at Burnham Securities."
With the current Credit Crunch, credit approval is stricter, people's spending power has decline, inflation is at all time high, cost of pump is all time high, etc. With the same amount of money, we can now get lesser. This will in turn, affect the overall economy.
With the onset of potential global economy slowdown, most countries and their economy are facing the same situation as the U.S. Credit is getting tighter, inflation is high, spending power is lower, cost of living is tougher.
This will create a domino effect and may cause the economy to depress further.
"Automakers hit more bumps in the road in June as US sales fell precipitously, and manufacturers failed to adapt to a shift in demand to more fuel-efficient cars, company reports showed Tuesday.
Overall sales were down 13 percent year-to-year, according to market research firm Autodata.
"The four-dollar (per gallon) gasoline, the recession in housing and a collapse in consumer confidence has kept people sitting on their hands," said David Healy, analyst at Burnham Securities."
With the current Credit Crunch, credit approval is stricter, people's spending power has decline, inflation is at all time high, cost of pump is all time high, etc. With the same amount of money, we can now get lesser. This will in turn, affect the overall economy.
With the onset of potential global economy slowdown, most countries and their economy are facing the same situation as the U.S. Credit is getting tighter, inflation is high, spending power is lower, cost of living is tougher.
This will create a domino effect and may cause the economy to depress further.
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