It’s the start of a brand new year, so why not get out and explore all the exciting new happenings in Singapore? The popular Light to Night Singapore festival returns, as well as Artbox, with its shopping, food and live entertainment options galore. And of course, no more excuses to not start your fitness journey with special promotions from EnergyOne gym, and the newest climbing wall at SAFRA Choa Chu Kang!

Happy New Year to one and all!

Things To Do

Climb Central Singapore @ SAFRA Choa Chu Kang

Whether you’re a beginner or a pro, challenge yourself to new heights at Singapore’s biggest Climb Central outlet! Located at SAFRA Choa Chu Kang, it houses the first indoor and air-conditioned 15m-tall international standard speed climbing wall, as well as something for every climber with 1,000 sq m of climbing wall space. Explore 40 climbing lanes with top-rope and lead climbing options, as well as bouldering areas.

Children aged five and above are welcome, although children from five to 12 years old will need adult supervision. Each adult can supervise up to two children. Entry rates apply. 

SAFRA members enjoy 10% off. For more info, visit safra.sg/climb-central-singapore-indoor-rock-climbing-gym

Unleashing the Future – The Lifelong Learning Advantage

Looking for a job or for a career switch? You’ll want to attend this session, where speakers Aslam Sardar, CEO of the Institute for Human Resource Professionals and Christina Lu Maxwell, head of HR at Neste’s Asia Pacific (APAC) office, dive into the latest trends and skills required in today’s job market. Bonus: Find out how you can score an education sponsorship with SAFRA while you’re at the session!

Admission is free. The first 100 attendees to sign up for this talk will receive a free goodie bag and a $10 GrabGifts voucher code.

1pm to 3pm on 13 January 2024 at SAFRA Toa Payoh. For more info, visit safra.sg/unleashing-the-future-the-lifelong-learning-advantage

EnergyOne Gym Promotion

If you want to get in shape, now is the time to kick-start the new year with EnergyOne! As a two-time winner of the Gym of the Year award, EnergyOne offers its members easy access to seven gyms islandwide and usage of its extensive facilities, with membership fees starting from just $2 a day!

From now till 31 March 2024, all new sign-ups of Main/Spouse/Term memberships can get an additional two months free by extending the membership immediately for another 12 months.

For more info, visit safra.sg/energyone-gym/promotions

Artbox 2024

Back in Singapore for the fourth time, there is something for avid art, food, music and fashion lovers at this year’s Artbox. Co-organised by the creative folk from Invade and SGAG, make sure you come with your stomachs and wallets ready for the 300 booths that are ready and waiting to welcome you. We hear there will be over 100 food and beverage booths around the hall featuring delightful eats from Thailand, Taiwan, South Korea and more! 

Artbox 2024 is hosted over two weekends, from 26 to 28 January 2024 and from 2 to 4 February 2024. Tickets start from $4.25.

For more info, visit artbox.sg

Light to Night Singapore 2024

From 19 January to 8 February 2024, Singapore’s civic district will transform into a dazzling spectacle once the sun sets over its iconic skyline. Returning for its 15th edition with the theme Reimagine, more than 60 brilliant artworks and programmes will be lined up along the district. Presented by the National Gallery Singapore, don’t miss the installations, tours and activities there, as well as at the Asian Civilisations Museum, Esplanade, The Arts House and Victoria Theatre and Concert Hall.

Admission is free.

For more info, visit instagram.com/lighttonightsg

Shopping

Sunglasses from Sunglass Hut

New year, new you! If you’re up for a new look, sunglasses are a surefire way to elevate your style game and add an instant touch of glam. From classic aviators to bold acetate frames, your eventual choice will speak volumes about your personality and taste.

Available at all Sunglass Hut stores across Singapore

Freitag bags at Stitches

If you’re looking to stand out while minimising your carbon footprint, Freitag bags come with the best of both worlds. The Zurich-based brand is known for its eye-catching bags and accessories that are crafted from upcycled truck tarpaulins, bicycle inner tubes and used car seat belts. Plus, the brand’s bags are built to withstand your daily activities with their durable and water-resistant qualities.

Available at Stitches at 73 Arab Street, Singapore 199770

Dining

Keng Eng Kee Seafood @ SAFRA Punggol

Relive the good old days with Keng Eng Kee Seafood’s mouthwatering wok-fried dishes and its décor inspired by Singapore’s iconic landscape. The restaurant’s third outlet, to open this month at SAFRA Punggol, began as a hawker stall at Old Havelock Road in the 1970s before moving to Alexandra Village when the hawker centre at Old Havelock Road was demolished. 

Must-tries include its Chilli & Black Pepper Crabs, Coffee Pork Ribs and Signature Moonlight Horfun. Don’t miss the outlet-exclusive dishes such as Grilled Assorted Seafood with KEK Homemade Sauce and Otah Charcoal Fried Dough Fritters with Salad as well. Stay tuned to the SAFRA Punggol Facebook page for opening details.

SAFRA members enjoy 10% off at this outlet. For more info, visit safra.sg/amenities-offerings/kek-seafood

SG Hawker

Singapore is often referred to as a food paradise thanks to its rich and diverse culinary scene. The newly-opened SG Hawker food court in Clarke Quay celebrates that status and more. Located within the CQ @ Clarke Quay lifestyle and entertainment complex, the modern kopitiam, which is operated by the Fei Siong Group, offers classic favourites such as chicken rice, char kway teow, laksa, and much, much more.

SG Hawker is located at 3 River Valley Road, #01-08 Clarke Quay Block E, Singapore 179020

Brewerkz Seletar Aerospace Park

If you’re looking to escape from the hustle and bustle of the city, make a day of it and head to the latest Brewerkz venture that’s tucked within the confines of the tranquil Seletar Aerospace Park. Beyond its tranquil surroundings, familiar favourites such as Brewerkz’s Southern Fried Chicken, Spiced Beef Pot Pie and its variety of beers and spirits await.

Brewerkz Seletar Aerospace Park is located at 9, The Oval, Singapore 797867

Save more with SAFRA! Enjoy special deals and discounts on dining, entertainment, travel, fitness and more from over 1,500 merchant outlets islandwide. Sign up or renew your SAFRA membership for one year at $43.60 inclusive of GST) and get two years FREE! Plus, get your spouse and children on board to enjoy the same privileges too at $5.45/year. Visit safra.sg/savemore for more details.

Want more articles like this, and other lifestyle content right in your inbox? Download the new SAFRA mobile app and opt in for the eNSman Newsletter – you don’t need to be a SAFRA member to subscribe – and never miss another story!

The post What’s New In January 2024 appeared first on eNSMAN.

With the 11:11 and Black Friday sales coming up, you’ll want to take advantage of the best grooming, fashion, health, tech and home shopping deals out there. Whether you want to update your look, invest in new lifestyle products, spruce up your home or office, or start checking items off your Christmas gift list, you’re bound to score some amazing bargains this month. Here are seven from our SAFRA partner merchants that are worth checking out. 

1. In the bag

If you’re planning a year-end getaway or need something stylish and durable to carry to work or school, you can’t beat the bags and backpacks from Herschel Supply Co. Founded in 2009 by two brothers and named after the town their family grew up in, Herschel Supply Co prides itself on its timeless, design-driven, high-quality products. The range spans backpacks, duffle bags, hip packs, crossbody bags, tote bags, travel luggage, wallets, and even laptop sleeves. 

Here’s the deal: Until 31 December 2023, enjoy 20% off storewide (regular-priced items) and get an additional 5% off sale items. Simply present a valid SAFRA card or e-Card in person upon purchase. For store locations visit herschel.sg. Click on safra.sg/promotions/herschel for promotion terms and conditions.

2. It’s a shoe-in

TOMS is known for its versatile and fashionable canvas slip-ons, boots and sandals, all boasting high-quality materials and top-notch craftsmanship. If you’re on your feet all day, love strolling around the city or walk a lot when you travel, you’ll notice how durable and comfortable TOMS shoes are. The company also lets consumers make a positive difference with its “One for One” initiative – for every pair of shoes purchased, TOMS donates a pair to a person in need.

Here’s the deal: Until 31 December 2023, show your valid SAFRA card or e-Card to enjoy 20% off storewide (regular-priced items) and to get an additional 5% off sale items. Available at TOMS at Funan Mall. For more information and promotion terms and conditions, go to safra.sg/promotions/toms.  

Get tips on choosing the right footwear to keep your feet healthy.

3. Here’s to your health

Looking to supplement your nutrient intake and improve your wellbeing? LAC (Leader in Antioxidative Control) offers a range of health and wellness supplements that can help you strengthen your immunity, fight dangerous free radicals, strengthen your bones, boost your brainpower, combat ageing caused by oxidative stress, and more. Since its founding, LAC has embarked on a pioneering journey to develop scientifically based formulas, harnessing the best of eastern wisdom and western technology to help you look, feel and function at your best.

Here’s the deal: SAFRA members enjoy 15% off regular-priced items, while servicemen (11B) can enjoy 10% off regular-priced items. Just present your valid SAFRA card or e-Card via the SAFRA mobile app or 11B in person upon ordering and payment. Visit lac.sg to view the product range and for store locations. Go to safra.sg/promotions/LAC-nutrition-for-life for more details and promotion terms and conditions. 

Find out more about what supplements to take and their benefits here.

4. On your watch

Wearing a watch is one of the easiest ways to express your personal style. Pick up a new timepiece from brands like BCBG, Fila, Superdry, Ingersoll, Maserati and more, at H2 Hub, a leading retailer of over 70 international watch brands. A homegrown company, H2 Hub also offers watch repair, movement refurbishing and polishing services.  

Here’s the deal: SAFRA members and servicemen (11B) enjoy 12% off participating brands at retail stores or online (use the promo code SAFRA12). Check out the range or locate your nearest store at h2hubwatches.com. Visit safra.sg/promotions/H2Hub for promotion terms and conditions. 

5. Now hear this

Whether you’re a musician, audio engineer, podcaster, lecturer, broadcaster, IT manager, sound contractor, YouTuber, or simply a music lover, Shure has an innovative audio product to exceed your expectations. From microphones and headphones to conferencing gear, Shure makes products that help you define your sound. Shure takes equipment issues out of the audio equation, so you can concentrate on your message or performance with confidence.

Here’s the deal: Until 31 December 2024, get 10% off storewide using the promo code SAFRA10. Check out the product range at shop.shure.com.sg/ and click on safra.sg/promotions/shure23 for more information and promotion terms and conditions. 

6. No place like home

Elevate the look of your living or dining space, bedroom or outdoor area with a beautifully designed piece of furniture from etch&bolts. This proudly Singaporean furniture studio was founded upon two tenets: design and customisation. Through its personalised design process, etch&bolts strives to create the best furniture pieces to suit their customers’ needs. 

Here’s the deal: Until 31 December 2023, get 10% off original retail prices (applicable for all non-discounted sofas and dining tables and chairs). You can also enjoy a free upgrade to premium seating comfort for every sofa purchased (worth $220); a free upgrade to any existing Italian table top for every dining table purchased (worth $500); and free delivery for all furniture (worth $90). For more information about this promotion, go to safra.sg/promotions/etch-bolts. View the furniture range at etchandbolts.com/.

7. Branded style

Zalora is your one-stop shop for all things fashion, beauty and lifestyle. From popular brands like Nike, Mango and Under Armour to Aveda, Marciano and Cos, this leading retail platform is a haven for anyone who takes style and grooming seriously. See what’s new and trending or pick out something classic to refresh your look. 

Here’s the deal: SAFRA members and servicemen (11B) get 12% off with a minimum spend of $100 (capped at $50) with the promo code SAFRAZAL12. Visit the online store at zalora.com. For promotion terms and conditions go to safra.sg/promotions/Zalora23.

Want more articles like this, and other lifestyle content right in your inbox? Download the new SAFRA mobile app and opt in for the eNSman Newsletter – you don’t need to be a SAFRA member to subscribe – and never miss another story!

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Ever heard of the adage, “The only two certainties in life are death and taxes”? 

Well, it’s not exactly correct. Because there’s another thing in life that qualifies as a certainty – we simply cannot resist a good bargain.

I’m sure you know what I mean. Nearly a year has gone by in the blink of an eye and we’re now in November, which you would probably agree is the best time of the year for retail therapy because of Singles’ Day and Black Friday.

Contrary to popular belief, we Singaporeans aren’t more obsessed with sniffing out good bargains compared to the rest of the world because we are kiasu. According to research, everyone loves a good bargain. It’s just how we’re wired. 

In fact, studies have shown that our brains get so excited by a bargain that we cannot think straight. And this is one of the reasons why we almost always end up buying things we don’t need. 

I’m sure all you guys out there would find this inability to think straight somewhat familiar. Remember those times in NS when the platoon sergeant would scream “OEI RECRUIT! SHAG CANNOT THINK IS IT?”

To non-Singaporeans who do not understand what this means, “shag” is actually Singaporean lingo for “extremely exhausted” and should not be confused with the British colloquial definition of, ahem, “bedroom action”.

I reckon it’s safe to say that most guys also won’t be able to think straight while performing the latter.

Anyways, back to the topic at hand. There’s this description of a bargain I found online that I find to be very true – “a bargain is something you don’t need at a price you can’t resist.”

Just think about it. Most people don’t wait around for a sale to happen before buying something that is a need. I mean, can you imagine buying toothpaste only during Black Friday? What are you trying to do? Turn the occasion into White Friday?

That being said, it does seem wise to stock up on daily essentials during shopping festivals.  I have a friend who bought not one but FIVE cartons of tampons during Singles’ Day last year. 

You should’ve seen the sight of all those boxes stacked up in the storeroom.

It looked like a scene straight out of a period drama.

So, looking for the best way to save money during the sales frenzy this month? I’ll let you in on the secret – don’t bother scouring high and low for the best bargains. 

Just don’t buy anything. 

I know, I know. It’s hard to resist an amazing offer. It doesn’t help that the voice of unreason always pops up and tries to convince you that you should get the item you covet. 

I recently discovered that there are even terms for this so-called voice of unreason – “girl math” and “boy math”. 

To be clear, these “math concepts” are simply nonsensical means of self-justification. How do they work? Imagine a new TV that costs $365. According to this theory, the TV would cost you just $1 a day should you use it every day for a year. 

As such, the TV is practically free after a year.

If you think this makes sense, I reckon you might’ve been a platoon sergeant during your NSF days. Or maybe in your past life.

Because I swear platoon sergeants have their own mathematical theories.

Here’s one example from my NS days. 

(Context: we had just spent the past three hours doing rifle-cleaning)

Platoon sergeant: Pack up now, send arms and go to bed. Fall in at 7am for breakfast.

Trainee: Huh? But it’s already 3am! We need seven hours of uninterrupted sleep!

Platoon sergeant: Okay. Enlighten me. What is 3am plus seven hours?

Trainee: It means we should wake up at 10am.

Platoon sergeant: Wrong. The answer is two.

Trainee: Two? What do you mean?

Platoon sergeant: WHAT I MEAN IS YOU GO AND SIGN 2 EXTRAS LAH YOU CHAO TURTLE!

LOL Mondays is an ongoing series of slice-of-life stories from freelance writer and NSman Alywin Chew. Look out for the humorous tales which will be posted every first Monday of the month, to help you drive away your Monday blues!

Want more fun articles like this, and other lifestyle content right in your inbox? Download the new SAFRA mobile app and opt in for the eNSman Newsletter – you don’t need to be a SAFRA member to subscribe – and never miss another story!

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The dreaded increase in GST from 7% to 8% has descended upon us, leaving everyone feeling the pinch from rising cost of living. All is not lost as we will just have to get creative with our purchases. Having a well thought out plan will help alleviate this predicament, while not having to sacrifice on your needs. Here are seven tips to save on what matters most.

Stick to a credit card that offers cashback

Who said paying for things can’t earn you money? Be financially savvy with your spending habits by utilising credit cards that can help save on your expenses through cash rebates and other benefits. What’s more, maximise your cashback when you link your preferred card with cashback platforms like ShopBack or Fave to earn even more savings!

Sign up for the SAFRA DBS card and get up to 3% cashback and a host of other benefits along with existing SAFRA membership privileges (SAFRA Membership Fees apply). More info here: safra.sg/dbs

Have more home cooked meals

Rising inflation and the GST increase has made eating at your favourite food spots a tad more expensive. Choosing to eat-in more often can help to offset those food costs. Cutting down on the visits to your favourite restaurant might put a sad face on your tummy, but your wallet would definitely thank you later. Limiting your frequency of eating out and preparing your own meals at home is one of the biggest ways that you can cut down on food expenses. Plan your meals in advance and make a grocery list – this will allow you to shrink your grocery bill even more when you only buy the items needed to cook up healthy meals for yourself and your family

Save more on your groceries with FairPrice Online. SAFRA members who sign up for an FairPrice online account enjoy $10 off with a min. $59 spend. More info here: safra.sg/promotions/fponline. Terms & conditions apply.

Delay your purchases

Eyeing that new video game or new pair of sneakers? Already at the check-out page? Hold your horses and take time to consider if those must-haves are really a need. Put off those purchases for a few days and take time to cool off from the excitement. After those few days, if they are still lingering on your mind, you can proceed with the purchase. If you have forgotten about them, it’s probably more of a want than a need – save up those dollars for something that you will probably need!

Bonus tip: For purchases like apparels, consider the product life-cycle and whether you would see yourself wearing it two to three years down the road. If it’s a no, then you might want to remove it from your cart.

Do your homework

Did you know that the same fast food meal can cost differently at various locations? Similarly, your everyday essentials like fresh produce sold at the same supermarket can be priced differently at different outlets. Moral of the story? To get the best bang for your buck, take time to make comparisons on the items you wish to get and make your purchase from a source that best satisfies your need and wallet.

Here are other shopping hacks to shop smarter.

Always Clear Cache

Ever searched for the price of a flight or hotel, only to find the price has increased hours later? This is due to the tracking cookies used by travel sites to track your searches and preferences. To overcome this, simply clear your cache before every new search or use your web browser’s incognito mode to switch to a private browsing setting that will prevent your search history from being saved and deletes records of the pages or websites you visit. Don’t fall prey to these dynamic pricing strategies and save more!

Simple is more

Enjoying time together with family and friends doesn’t have to come with a hefty price tag. Bask in the lush greenery that Singapore’s abundant nature parks have to offer. Leave the concrete jungle behind and have an epic day out hiking and indulging in an inexpensive picnic filled with some home-made sandwiches at the Botanical Gardens or have a laid-back time enjoying the sea breeze and catching the wind beneath your kite at Marina Barrage. Fancy a more luxurious setting? Head down to Changi Airport, where you can enjoy the magnificent views of planes landing and departing, watch free movies, free wifi, a play area for your kids, and budget food options like the staff canteens that wouldn’t burn a hole in your wallet.

Here are some ideas for nature spots.

Review your life insurance policies

They say health is wealth, which is why having sufficient coverage in your insurance policies is essential. It is important to regularly review your life insurance policies to review the benefits that you’re eligible for, evaluate if your life insurance needs have changed, and check if you need additional or new coverage. By doing your due diligence, you might be able to save a large sum in the long run – all while being sufficiently covered and protected against the uncertainties of life.

With the recent surge in dengue cases, get protected with an insurance plan that covers you for such situations. SAFRA members enjoy a free 12 month Dengue Aid Insurance Plan until 30 December 2023. More info here: safra.sg/promotions/Singlife 

For even more deals, don’t forget to activate your complimentary 1-year SAFRA membership for members-only deals!

Want more articles like this, and other lifestyle content right in your inbox? Download the new SAFRA mobile app and opt in for the eNSman Newsletter – you don’t need to be a SAFRA member to subscribe – and never miss another story!

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Singaporean artisan brands are giving many big international names a run for their money today. Besides quality, they reflect the personalities of their talented founders, and reference beloved places such as Chinatown and Little India, as well as shared experiences such as Peranakan culture and Musang King durians. These gifts convey a message, create an experience, make an impression and capture the essence of gifting.

Bonus benefit: Supporting local businesses helps our economy stay resilient during the pandemic. And since February is Total Defence month, and Economic Defence is an integral part of that, why not show some love to Singapore during the month of love?

Just add coffee

If the two of you are coffee aficionados and love to bond over cafe hopping, why not surprise your partner with a coffee subscription? PPP Coffee is a small-batch specialty roaster offering curated beans from places such as Suke Quto, Ethiopia and Thippanahalli, India. Gourmands will pick up notes like dark chocolate, macadamia, peach and spice in their brew. With a three-month Surprise Box subscription ($72), you can be sure you will be the first thing on your partner’s mind each morning.

More info at pppcoffee.com

Another made-in-Singapore coffee brand, Hook Coffee sources their beans from the world’s best farms, roasts them with state-of-the-art roasters, and delivers freshly roasted coffees direct to their customers. Choose from convenient drip bags with quirky names like Gold Digger and SpecuLose Your Mind, ground or whole beans, or capsules. Sign up for a subscription and you’ll never have to do a day without coffee again.

SAFRA members enjoy 50% off their first subscription (from $10) with promo code SAFRA50 or 10% off storewide with promo code SAFRA10.

More info at www.safra.sg/promotions/HookCoffee

Bling sexy back

Run-of-the-mill platinum, gold or silver jewellery is unlikely to stand out among her collection. So why not add a touch of colour, vivacity and character with EDEN + ELIE’s Modern Peranakan or Celestia collections? A former architect, artist and product designer, mumtrepreneur Stephanie Choo creates stunning heritage-inspired pieces from premium Japanese glass delica beads and semi-precious stones such as jade, blue lapis and rose quartz. She is also known to work with local organisations to help those with autism learn the craft, so be sure to share this cool titbit with your partner.

Prices start from $118.60 for the Striped Medallion Earrings; more info at edenandelie.com

Don’t miss the fine print

If your partner loves interesting prints, Onlewo is the brand for him or her. The brainchild of Mike Tay, one of Singapore Tatler Homes’ top 50 Influential Singapore Designers 2016, this brand brings heritage to life with bright colours and contemporary designs. Bags, scarves, notebooks and men’s shirts feature quirky motifs inspired by the Singapore Orchid, Peranakan culture, Little India and even Nonya kueh. They are bound to score you style points.

Prices start from $20 for a reusable face mask; more info at onlewo.com/shop

Up the luxe quotient

Sign your lady – or why not yourself – up for half a day of pampering before your big date. Founded by mother-and-daughter duo Jenny Teng and Pauline Ng, Porcelain is highly raved about by the media, makeup artists and beautyphiles. Book her an Arctic Tone facial ($425.85 for 90 minutes), which renews skin at temperatures of -15°C, or a Beespoke Honey Facial ($425.85 for 90 minutes), which combines cold therapy with a Shiatsu face massage and bee propolis extract for glowing moisture-kissed skin.

More info at porcelainskin.com

For the love of leather

Minimalists will love leather atelier Senkoubou. Founder Chin Shiying is a fashion design graduate from the Nanyang Academy of Fine Arts who honed her craft under a master craftsman in Kyoto. Products such as the Capsule Collection TWIG Wallet ($168) and Sprout Coin Case ($39) are 100 per cent handstitched. Chin uses sustainable leather derived from rawhide discarded by the food industry and processed via non-toxic traditional vegetable tanning in Tuscany, Italy. She also custom-makes products if you are looking for something truly unique.

More info at senkoubou.co

Shop for hops

A present that doubles up as a date, The 1925 Brewing Co.’s 4 Pack ($25), and craft beers (from $6.50) are perfect for foodies. Co-founder Chef Ivan Yeo was named Asian Cuisine Chef by the World Gourmet Summit 2020. His brews are designed to pair perfectly with Asian food, especially Teochew inspired cuisine. The bottles also come with cool designs and quirky names such as Musang King Ale, Lychee Pale Lager and Where’s The Monkey? Bonus Tip: You could even invite your partner for a Brewery Tour ($40 per person) at Mandai Foodlink for your next date.

More info at the1925store.com

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The post Artisanal Made-In-Singapore Gifts For Valentine’s Day appeared first on eNSMAN.

They’re an attractive and easy way to shop – you get to purchase something immediately and pay for it in instalments over a period of time. But, is there a catch? Chartered accountant Prempal Hundal has the lowdown on BNPL arrangements, including how to avoid debt traps.

Q: What is Buy Now, Pay Later (BNPL) and how does it work?

Prempal: As the name suggests, they allow you to delay payment for a product while getting the product right away. It’s a form of micro financing that’s gaining more traction in Singapore, with companies like Rely, Hoolah, Atome and, more recently, Grab, offering the service.

Whereas in the past we would have saved money for big-ticket items, we now have the option to pay for something over a period that suits us.

Q: How does BNPL differ from paying with a credit card?

Prempal: With a credit card, you have to pay annual fees and settle your bill in full each month before the next billing cycle, or you’ll be charged interest. With BNPL, you have to pay the instalments when they are due, and that can be anywhere between three and 12 months depending on the provider or the arrangement you have with them. BNPL payments also have zero interest.

BNPL arrangements also don’t affect your credit limit on your credit card. This may result in consumers preferring BNPL arrangements over credit cards and leaving their credit cards for emergency purchases or items that are budgeted and essential which may earn them loyalty points.

Q: Whom do BNPL services appeal to the most?

Prempal: They tend to suit the millennial culture more – the instant gratification generation. They want things right away rather than have to wait for them.

They might also appeal to anyone who would otherwise squirrel money away to purchase an item – buying something and being able to spread the payments over a period of time with zero interest might sound attractive to a lot of people.

Q: Are there any risks or dangers associated with BNPL services?

Prempal: Shopping addicts and people with credit problems may struggle to control their spending with BNPL arrangements, because credit is within easy reach and the “high” they get from shopping may be hard to come down from. Being able to buy an item right away – simply because one can – may result in a dopamine hit, which may lead to repeated purchases and possibly debt.

Q: How do we avoid the debt trap associated with BNPL arrangements?

Prempal: I think BNPL is more of a want than a need. It’s a good idea to make a list of all your purchases and reflect on their affordability before making another purchase. Because so many transactions today are done electronically, it can be difficult keeping track of our expenses.

Remember that not paying your BNPL instalments when you’re supposed to will result in exorbitant late payment fees and possible suspension of your account. Financial discipline is important. Monitor your spending closely.

Q: Are some items, like big-ticket ones for example, worth getting into a BNPL arrangement for?

Prempal: That’s up to you to decide. If you’re considering buying a fancy coffee machine for, say, $2,000, and you know you’re going to get full use out of it, you may want to pay for it using a BNPL arrangement and pay monthly instalments over several months rather than buying it upfront. The coffee machine will probably last you a few years anyway, so it makes sense in this context.

Before deciding if something is worth purchasing using a BNPL arrangement, it’s good to do the math and to ask yourself if you would still pay for the item in full if you had the cash or if you ought to put off buying it until you can afford it.

Do you have questions about BNPL services? Send them to magnsman@sph.com.sg!

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