How To Save & Get pleasure from Extra on Common Issues You’re Already Paying For –
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How To Save & Get pleasure from Extra on Common Issues You’re Already Paying For
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How To Save & Get pleasure from Extra on Common Issues You’re Already Paying For 

This publish was written in collaboration with Senoko Vitality. Whereas we’re financially compensated by them, we nonetheless attempt to keep up our editorial integrity and evaluation merchandise with the identical goal lens. We’re dedicated to offering one of the best suggestions and recommendation so as so that you can make private monetary choices with confidence. You may view our Editorial Tips right here.

Throughout my mother and father’ time, if a model was recognized to be dependable and had a protracted historical past, they might stick with it until the top of time.

That’s true to a sure extent. Attributable to their expertise available in the market and availability of sources at their disposal, conventional manufacturers have a tendency to supply cheaper costs as they will leverage economies of scale, and high quality by way of analysis and growth capabilities.

Nonetheless, occasions have modified.

We’re more and more seeing the disruption of conventional enterprise fashions by “new children on the block” that by way of innovation, are in a position to hasten current providers, introduce new customer-centric options, and even carry extra perks to the desk by considering otherwise. We’re speaking the likes of Seize rides versus conventional taxis, Netflix & HBO GO versus cable TV, and telehealth versus clinic session.

Generally, it may be less expensive to go together with the newcomers for a similar/related services or products. That is good for us clients too, as extra competitors available in the market retains conventional manufacturers on their toes and high quality excessive.

Let’s check out a few of these “newcomers” versus their extra conventional counterparts:


Open Electrical energy Market retailers versus SP Group

When you’re nonetheless late to the sport, OEM doesn’t simply stand for authentic gear producer — it additionally stands for Open Electrical energy Market, an initiative led by the Vitality Market Authority of Singapore to liberalise the electrical energy market in order that residential customers like us pays much less for electrical energy. Whoohoo!

Earlier than November 2018, most households needed to get electrical energy by way of SP Group, which meant that we needed to pay fastened costs pegged to the prevailing regulated tariff. After making the swap, I’ve been paying 30% lower than that for my electrical energy. Yay to cheaper family payments!

With the introduction of those electrical energy retailers, the elevated competitors additionally means we profit from promotions/rebates/bundle offers and revel in costs manner under tariff charges.

Right here’s a fast comparability desk to indicate what different retailers are providing in the meanwhile:

Costs of fastened fee plan (24 months), inclusive of GST
Geneco — 17.98cents/kWh iSwitch — 17.98cents/kWh
Keppel Electrical — 18.35cents/kWh Ohm Vitality — 18.95 cents/kWh
PacificLight — 17.98cents/kWh Sembcorp Energy — 18.10cents/kWh
Senoko Vitality — 17.66cents/kWh Tuas Energy — 17.98cents/kWh

(The prevailing regulated tariff stands at 24.63cents/kWh for Q2 2020)


From the desk above, Senoko Vitality at present gives one of many least expensive electrical energy plans — its LifePower24 plan goes at a promo fee of 17.66cents/kWh for twenty-four months.

Senoko Vitality has truly been producing electrical energy since 1977 and powers roughly 20% of the nation’s vitality wants. This energy goes into our nationwide energy grid, and likewise provides companies which are massive customers of electrical energy.

Right here’s additionally a fast take a look at how a lot it can save you in case you “lock in” at this worth:

Kind of housing Senoko Vitality’s Fastened 24-month plan @ 17.66cents/kWh SP Group’s Q2 2020 Regulated tariff @ 24.63cents/kWh
3-room HDB @ ~261.9kWh/month* $46.25/month $64.51/month
4-room HDB @ ~353.9kWh/month* $62.50/month $87.17/month
5-room HDB/Govt @ ~430.1kWh/month* $75.96/month $105.93/month

*Common electrical energy consumption statistics by way of EMA


Senoko Vitality additionally has different perks to make this deal even sweeter.

  • Solely for MoneySmart readers: Join any Senoko Vitality plan with the promo code SENOKOMS30 to obtain a $30 invoice rebate off your electrical energy invoice. Restricted to the primary 100 sign-ups.
  • Get pleasure from an additional $20 referral rebate when you’ve got an current buyer refer you.
  • There are additionally different financial institution promotions to take pleasure in reminiscent of:
    – $100 invoice rebate with Customary Chartered Financial institution
    – As much as 5% rebate with UOB One card
    – 3% month-to-month rebate with OCBC 365 card
    – Earn as much as 3.3 KrisFlyer miles for each $1 spent with American Categorical

As a buyer, it’s also possible to entry Senoko Vitality’s good rewards programme to take pleasure in way of life reductions and giveaways.

Word: Even in case you’re on one other plan proper now however due for renewal quickly, you may nonetheless join and select to start out your contract with Senoko Vitality later (inside 90 days of signing up).


Experience-hailing apps versus conventional taxis

Beforehand, we needed to flag down taxis from the roadside, queue up at taxi stands, name/SMS and look ahead to one, or try to make use of their archaic reserving apps. On wet days, or when drivers normally “modified shift”, it was usually subsequent to unimaginable to find a cab.

However with the looks of ride-hailing apps, getting a cab was abruptly a lot simpler and I now not wanted to fret whether or not I may even get a journey to my vacation spot. 

Travelling in neighbouring nations that had ride-hailing providers additionally grew to become a lot safer (location monitoring) and cheaper (particularly locations the place drivers don’t use the meter).

Even the drivers themselves profit. They don’t must go spherical in circles and may depend on the app to get their subsequent buyer. For purchasers, the success of ride-hailing apps have pushed conventional taxi firms to enhance their digital capabilities and app interface.

This has even reworked the gig financial system, as many individuals drive Seize to complement their revenue, with no need to lease a taxi from the standard gamers on the market.


On-line grocers versus supermarkets

In 2015, amid the giants of grocery store manufacturers, a tiny on-line grocer launched in Singapore. What’s a RedMart? How may it examine to gargantuan shops that additionally supplied supply providers? And will this idea actually survive?

5 years on, even after its acquisition by Lazada in 2016, this e-grocer has withstood the take a look at of time the place rivals like HonestBee have since shuttered. Its costs stay on par with supermarkets as properly.

There’s a plethora of hard-to-find objects on the web grocer (it shares over 173,000 merchandise), together with my favorite atas jams from Britain and costly French butter, in addition to housebrand objects that bear the RedMart model.

RedMart’s detailed cataloguing has spurred different brick-and-mortar grocery store manufacturers — the standard mannequin — to enhance their foray into the web area. As well as, the comfort of having the ability to choose particular supply slots has been pushing supermarkets to enhance supply providers.

Though growth has been fast for the newcomer, social accountability stays a giant pillar for the enterprise. The e-grocer shares snacks from rising native startups which have but to make a reputation for themselves, and likewise ensures its housebrand objects are each sustainable and wholesome (paper merchandise are absolutely licensed by the Forestry Stewardship Council; and meals merchandise are freed from MSG and preservatives, with no synthetic colors or flavouring).

Even its fleet of vans are non-refrigerated (to preserve vitality) however well-insulated to keep up freshness.


Telemedicine versus ready at a clinic

Up to now couple of years, we’ve seen the rise of telemedicine apps like Physician World, Physician Wherever, WhiteCoat and so forth…

By means of these telehealth providers, you may seek the advice of an actual physician both by way of video name or a message-based chat as an alternative of trudging to the clinic when infectious or motionless. Similar to a conventional clinic, you’ll bear session and prognosis, with the meds and MC delivered to your own home. Some even provide consultations with specialists and even aesthetic docs.

Truthfully, I haven’t tried this service but. However my associates who’ve, inform me that it may be cheaper than bodily going to your GP. Costs begin from $18. Though it’s a bit dearer than polyclinics, who needs to attend in line when they’re unwell when they are often mendacity on their mattress? Additionally, with the Covid-19 outbreak proper now, I’d slightly keep at house.

Many of those telemedicine providers have tie-ups with respected names, reminiscent of Raffles Medical, Sata Commonwealth, AIA Singapore, and extra. And telemedicine can be recognised and controlled by the Ministry of Well being. 


On-demand leisure versus cable TV

When cable TV reached our households in 1992, we abruptly had entry to tons of reveals and channels, not like free-to-air tv. Nonetheless, viewers have been largely restricted by the present schedules.

On-demand tv was nonetheless a really new idea within the early 2000s, with some native suppliers providing Web TV. Video streaming platforms like YouTube have been additionally nonetheless of their infancy.

In the meantime, Netflix began its on-line streaming service in 2007, in the US. This didn’t actually take off till the corporate determined to transcend past being only a distributor to that of a producer. Its first authentic collection was Home of Playing cards, which actually took off due to its star-studded forged and crew.

Realizing that viewers are inclined to binge-watch, the complete season was launched directly. The gang went wild, and extra authentic TV collection have been made. Quickly, these in Singapore have been attempting to get an account on Netflix earlier than the service was formally launched right here in Jan 2016. 

One other supplier, HBO, was one of many paid-TV channels accessible on cable TV. It began producing authentic reveals since 1997, most of us know what might be its most well-known TV collection, Sport of Thrones, which premiered in 2011.

As of late, lots of our cable and pay-TV operators have since made their content material accessible on-line and on-the-go — to not point out extra reasonably priced.


What are another newcomers that you’ve switched to from conventional manufacturers? Have you ever made the swap to an electrical energy retailer but? Tell us within the feedback under!


Associated Articles

Prime 5 FAQs About Switching From SP Group – Why Can’t SP Cost Under The Electrical energy Tariff?

Open Electrical energy Market (OEM) Singapore – 10 Essential Issues to Know (Oct 2020 replace)

5 Key Causes Why Singaporeans Are Hesitant To Swap To An Electrical energy Retailer

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