Renting, sharing and swopping, rather than buying

Collaborative consumption is the "rapid explosion in traditional sharing, bartering, lending, trading, renting, gifting and swopping reinvented through network technologies on a scale and in ways never possible", explains the book What's mine is yours, written by Rachel Botswan. Other resources with similar ideas on sharing include the book "The Mesh: Why the Future of Business is Sharing" by Lisa Gansky and the Shareable websites.


In the books What's Mine is Yours, the author describe three systems of Colloborative Consumption- Product Service Systems, Redistribution Markets and Collaborative Lifestyles.

Examples of collaborative consumption in Singapore include:

Product service systems: Consumers pay a small fees to enjoy the benefit of using something without owning it outright.

* Rent That Toy
(rent-that-toy.com): Rent children's toys
* The Baby Specialist
(thebababyspecialist.com.sg): Rent baby equipment
* Maternity Exchange
(maternityexchange.sg): Rent and buy maternity wear for mums-to-be
 * Clean Mobility
(clean-mobility.com.sg): Electric vehicle sharing and rental
* MyRideBuddy
(myridebuddy.com): Car and taxi pooling

Redistribution markets: The transfer of used or unwanted goods from where they are not needed to where they are:

*SG Freecycle
(sgfreecycle.org): Give away or get used items free
 *Barterfolks
(barterfolks.sg): Trade services or goods for other items

Collaborative lifestyles: Sharing skills, time, space and money with people of similar interests

*Cowork.SG
(cowork.sg): Share a workspace
*Learnemy
(learnemy.com): Teach anything or find a lesson
*HelloworldHQ
(helloworldhq.com): Explore or guide visitors around a sub-culture, such as the cycling scene or golf scene.
*Give Singapore
(Give.sg): Allow anyone to organise their own fundraising campaigns

Money Saving tips on transport

Do i have real need to own a Car?

One of the most expensive items in Singapore is the car. Before you decide to buy the car, ask yourself whether you real need for it. If you cannot fully utilise the car, it will be sitting idle and continue to depreciate away. In general, car prices had doubled over the last 2 years. The price of a Toyota Corolla 1.6 has rocketed from $55,000 two years back to about $110,000 today. The bigger Camry 2.0 has gone from $78,000 to $152,000. Economics aside, it is relatively painless time to give up buying a car because Singapore's MRT expansion programme is back on track. The Circle line is up and running, improving connectivity and convenience for thousands of households along its 33.3 kilometres alignment. And with one rail project scheduled for completion every single year till 2017, the need for car is no longer a dire need as before.

Avoid the surcharge when taking the cab.

Most of us is aware that surcharge is applicable if we take a cab during peak hours and midnight. During peak hours, the surcharge is 35% of metered fare while the midnight surcharge is 50% of metered fare. What it means is that if you make a trip from Seng Kang to Ang Mo Kio and the metered fare is $8, you will need to pay a surcharge of $2.80. Your fare for the trip will be $10.80. If you have make the same trip just after midnight, your fare will be $12. So the next time you intend to take the cab, do plan the trip to avoid the surcharge.

Peak Hour Surcharge
Monday - Friday : 7.00am to 9.30am	35% of metered fare	35% of metered fare
Monday - Saturday: 5.00pm to 8.00pm	35% of metered fare	35% of metered fare

Applicable at the time of boarding. Not applicable on Sundays and Public Holidays

Midnight Surcharge
Midnight - 5:59am	50% of metered fare

Enjoy early bird discount on SMRT

You are entitled to a 30 cents discount if you travel on SMRT's train lines before 7.45am. The discount applies to commuters who enter the train system from stations on the North-South, East-West lines and Bukit Panjang LRT lines, which is run by SMRT. The discount does not apply to SMRT's new circle line. To enjoy lower fares, commuters must also exit at nine city stations: City Hall, Lavender, Bugis, Raffles Place, Tanjong Pagar, Outram Park, Dhobby Ghuat, Somerset and Orchard, before 7.45am. Though the saving may not be significant, every penny counts.

Saving Money tips on income tax

Making the most out of your income tax relief, you can save yourself some money:

Top up your family members's CPF account

Central Provident Fund (CPF) allows members to top up their families' CPF account. If you decide to use cash to top up the CPF account of family members, who may include grandparents, parents, siblings, and your spouse, the CPF board will grant a tax relief of $7,000 per calendar year.
To qualify for the tax relief with cash top-ups for siblings/spouse, your sibling/spouse must not have income exceeding $4000 in the year preceding the year of the top-up. The sibling / spouse also qualifies without an income test if he is handicapped.

Top up your own CPF account

In addition to topping up your family CPF account, you can top up your own CPF account using cash as long as it is below the minimum sum. The CPF board will grant a tax relief of $7,000 per calendar year for this case. The minimum sum is currently $131,000.

Top up your SRS account

If you do not have a Supplementary Retirement Scheme (SRS) account, do consider opening one. SRS is a financial tool to help Singaporeans save more for their old age. Whereas CPF participation is compulsory, participation in SRS is not. SRS  offers attractive tax benefits. Money set aside in SRS are eligible for tax relief subject to a contribution cap. Only 50% of the money withdrawn from your SRS account is taxable if you withdraw your money after the retirement age. In addition, it is expected that at your retirement age, your income bracket is much lower than your prime career period, this it is possible that you achieve little or no tax when you withdraw your money. The revised annual SRS contribution cap is $12,750 for Singaporeans and Permanent Residents, and $29,750 for foreigner. However, it is important to note that if you withdraw your SRS money before the retirement age, the money withdraw will not enjoy tax concession of 50% and 100% tax will be imposed. Thus, please make sure the money you put in your SRS account is not something you need in the short term.