Author: Seedly

Answering Singaporean’s Question: How much can you save, holding your wedding at a coffeeshop?

The median cost of holding a wedding is S$39,500. This is with the assumption that 60% of the banquet cost is covered by the red packets. Should all your friends and family members decide to not give you Ang Bao, the cost will increase exponentially to S$62,500 While everyone assumes that a wedding involves a standard procedure of bridal package, expensive banquet and wedding photography, should you break the tradition and have your wedding at a coffee shop, here’s how much you can save! P.S. This is provided that your partner and parents of both parties agree to it. TL;DR – Save S$31,359.26...

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The Real Reasons Why Personal Finance Is Not Taught In Singapore Schools

A personal confession “I did not feel financially ready when I graduated from Business School” That was how I felt as a working graduate personally after 25 years growing up in the Singaporean education system.  I realised this trend only as I was working on financial articles daily and interacting with my peers around me. I was curious that as a first-world developed nation, financial literacy seemed to be lacking at many levels. And even more worrying, if a finance graduate did not fully understand the various money potholes that lay ahead… how much worse would it be for...

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How Much Savings Should An Average Singaporean Have Accumulated By A Certain Age?

Put aside all the “propaganda” you see online today on investing, trading and fanciful financial products. The first step towards financial freedom should always start with savings. If you are someone with a great level discipline to save, great! Kick off your savings routine today! If you are someone who lacks the discipline to save, set up your own system to set aside a portion of your money before it reaches the “leaky bucket”. How much savings should I have accumulated? To answer this question, I probably have to blatantly visualise your life in front of you. Instead of...

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How To Know: The Right Path To Financial Success Before 30

You have finally entered the working world, you start looking at your savings and you are wondering if you’re ready for the big hurdles in life like marriage, buying a house or if you’re even capable to pay off your student loans but how do you know if you are on the right track? This checklist helps you gauge your financial stability or help you get started on being financially stable. 1. Financial Independence- Stop Depending On Your Parents The first thing to check if you’re financially sound is to be financially independent, being in your mid-20s, you do...

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The Average Singaporean Household Income: Where Do You Stand?

We wrote about what is a good pay in Singapore, where a typical Singaporean worker’s median monthly salary stands at S$3,500 (excluding employer CPF). While it is good to know where you stand when it comes to your individual salary, a better number to look at will be your household income. The average monthly household income measures the combined incomes of all the people living under the same roof. It includes every form of income such as salaries, employer’s CPF wage contributions and investment returns. Key Takeaways: The average Singaporean household income is S$8,846  Household income is the sum...

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Top 6 Ways You’re Spending Way Too Much On Your Car

Are you spending more on your car than you need to be? Or are you looking for ways to cut down on your car-related expenses? We’ve compiled a list of the top mistakes car-owners in Singapore are making that cost them real dollars every day. 1. Paying high-interest rates on your car loan Because cars are so expensive in Singapore, most prospective car owners finance their car purchase by getting a car loan, and then face the prospect of paying off that debt, plus interest, for the better part of the next 10 years. But did you know that you could...

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Cheat Sheet: Best Savings Accounts With No Conditions 2017

So you want to save without conditions? Previously, we wrote an article for best saving accounts for working adults, but most of the time, the interest tiers come with many conditions like Salary crediting, Paying bills and Credit Card spending. Now, what if you wanted something simple and easy to understand? This is the article for you. Who is this article for? Self-employed, Freelancers Property agents or Financial Planners Couple Joint Accounts (JA) People with extra cash who may want to park somewhere (sizeable emergency or opportunity fund) Key Considerations: Simple, better interest rates which beat the normal 0.05%...

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Pay Off Your Debts: Schemes That Help You Get Out Of Debt

In an article some time ago, we talked about how you can clear your debts effectively, we covered questions such as “do I clear my debts starting from the smallest or largest debt” by providing a step by step process as well as identifying the pros and cons of each method but before you do that, how do you know if your debt is good or bad? Good Debt vs Bad Debt If you are just starting out your financial journey or your first time learning about debt, you may be surprised that not all debt is bad but how...

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What Are The Best Products For Short, Medium and Long-Term Investors?

If you are not a crazy shopaholic, there should be a point where you accumulate a good amount of savings with no idea of what to do. TL;DR- “Given X years to invest, what is the best investment product?” Splitting up the investment horizon into 5 years, 10 years and more than 10 years, here are some of the investment product one can look at. Further Reading: Pros And Cons Of Each Product Point to note: Taking inflation to be 1.9%, we aim to have our investment returns exceed that percentage. Investment products for 5 years or less:  Short-term Endowment Plan Pros...

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Losing Weight : How Much Does It Cost To Eat Healthy?

We all have our moments when we are either shopping for food at the grocery store or buying our lunch when we start thinking we should go for a healthier option but one look at the price and all thoughts of having a healthy meal goes down the drain. With prices of healthy food being double the price of regular meals, there’s no wonder Singaporeans are hesitant to switch up their meals. Common Misconception – Healthy Meals Are Very Expensive Having tried the clean eating diet, I would have agreed with everyone that said eating healthy is challenging not...

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What Are Robo-Advisors? We Answer 5 Common Questions!

Short answer: An easier way to invest with lower fees! In the past, mutual fund managers basically pulled together funds and charged a hefty 2-3% management fee for trying to beat the market. The fees usually eat into returns in the long run and thus the ones who benefited ultimately were the fund managers. Robo-Advisors aim to change that. Long answer: Low-cost Diversified Passive Investing Low Cost: Usually 0.5% to 1% fees are charged for total amount managed (because they are run by models and algorithms behind instead of fund managers, hence the word ‘Robo’) Diversified: Usually put into...

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Top 5 Tips For Planning Your Dream Wedding Without Compromising Your Budget

It’s no secret that weddings are becoming rapidly more expensive by the day in Singapore. However, there’s no easy way of cutting down on your costs without compromising on the ceremony of your dreams. Sure, it might be cheaper to book your ceremony not on a Saturday, but that can really sacrifice the availability of your honored guests. Luckily, there are financial tools and tips that can help you save a meaningful amount of money while still holding up the quality of your wedding. Here, we discuss some of the best recommendations compiled by our team at ValuePenguin. Use Credit Cards...

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Financial Blogs That Singaporeans Should Be Reading

“Nobody reads the newspaper anymore.” There is a mind-boggling amount of information made available online, where we spend most of our time obtaining information from. Being constantly fed with “propaganda filled” advertisements which may not be acting in our best interests Singaporeans turn to financial blogs to get an alternative (and hopefully unbiased) view. source: Cartoon Stock Seedly team shares our favourite past time reads which we believe Singaporeans should be reading and things to look out for when getting your personal finance content online. TL;DR – Different blogs for different interest Financial blog for the ladies SG Budget...

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3 Tips For Kiasu Singaporeans To Get Cheap Flights

With the holiday season fast approaching, it’s that time again to start looking for cheap airline tickets. In fact, in our Seedly personal finance community, many fellow Singaporeans were discussing what were the best times and days to book the tickets. For the kiasu travelers out there, this article is for you! Cheapest days – Tuesday, Thursday and Friday Airlines such as Jetstar, Scoot and Tiger Airways may be cheaper than their non-budget counterparts but did you know there are days that their already cheap tickets get even cheaper? Airline Day Scoot Tuesday Tiger Airways Thursday Jetstar Friday The reason for...

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Working Adults: What Are The Best Ways To Pay Bills In Singapore?

A typical working adult scenario – Paying bills In our Seedly personal finance community, we asked our members which were the best way to pay their bills in our #SavingsSaturdays discussion. Here’s what we uncovered: Nearly 100 respondents chose to pay via credit cards. We found out more strategies which we will share below.   This seems to be a recurring topic most working adults consider on a monthly basis. Especially since we take on the responsibility of paying our bills such as Utilities, Telco, TV, Entertainment, Spotify, Netflix etc. TL;DR: It’s best to Pay Bills using card to earn...

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