Author: Singapore's Budget Babe

Sure Or Not? Singapore Minister Claims Younger Workers Can Save Enough to Retire

“The retirement picture for younger Singaporeans is relatively healthy,” said Manpower Minister Tan Chuan-Jin. “Most Singaporeans who work regularly, and make prudent housing options, should have no worries building up a comfortable retirement nest egg within the CPF system.”  I don’t know about you, but I spotted at least 3 assumptions here: Assumption 1: The cost of living will not rise.  However, given inflation rates, this is unlikely to happen. 40 years ago, you could get a plate of chicken rice for just 50 cents. That amount has risen by at least 400% today. Who’s to say the price...

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Should You Buy the New Travel Concession Pass?

I’ve been lamenting the demise of my student concession card ever since I graduated from university a few years ago. Gone are the days when I could pay just $45 a month for public transport! But concession prices for adults are much more expensive at $120 each month, so I wanted to take a closer look at whether this would make financial sense or not. For the past 2 years, my average monthly fares is about $120, so the concession didn’t make any sense to me. Since paying through ez-link top-ups entitled me to both buses and trains, this...

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What Should the Starting Pay for a Fresh Graduate Be? $4000?

This morning I read the news on how 1 in 5 graduates expect a starting pay of $4,000. It took me by surprise, because hidden in the middle of the article is the fact that 70% believe they should be paid up to $4,000. It took me by surprise, because my starting pay was only $2,500 when I graduated a few years ago. After CPF deductions, my take-home pay was only $1,999 back then. I read on to see what these graduates had to say in order to justify their expected remuneration, and these were some of their defenses: Yu...

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Why We Need An Emergency Fund

As a young 20-something, many of us often think we’re invincible. Emergencies? Disasters? Nah, won’t happen to us. Even I am guilty of this. But today I feel the need to inform people the crucial importance of having an emergency fund, even if you don’t think you’ll encounter any “emergencies” anytime soon in the next few years. Why you should have an emergency fund starting NOW 1. You might lose your job / or want to quit!  Simply speaking, you’ll never know what might happen next. For our age range, the most likely possibility would be losing our job....

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More Younger Customers Finding Instant Cash the New Way

Earlier this week, a friend of mine wrote about younger customers heading to pawnshops for quick cash, and just yesterday, I read about a 31-year-old’s failed plan to rob a bank in order to pay off his loans. My personal mantra is to (i) stay out of debt (ii) clear off debts as fast as I can (iii) have enough cash savings so that I never have to resort to taking a loan. But recently, I’ve been looking at some loans for my sister to take, as we hope to pay off her tuition fee loan as quickly as possible in...

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A Guide for the Fresh Graduates Turned Working Adults

I remember feeling lost when I first graduated and took my first step into the working world. While it was exciting to start a new job and start earning a regular paycheck, I was also clueless and lost when it came to what I needed to do and what mistakes to avoid. There was no one to guide me, as my parents are not really savvy in this area and I’m the eldest child. I wished there was a blog that would help make my transition from being a student into the corporate life more seamless, but there was...

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You CAN Afford to Invest on the Singapore Stock Market!

Most people are scared to death of investing. I’m not surprised. Last week I spoke to one of my dance instructors and casually mentioned that I needed to save money because I wanted to invest and start buying stocks. At my words, she had a shocked look on her face, and advised me not to get involved as I could lose money. Natural reaction. Most of my friends who don’t know better react the same way when I tell them about my investing plans. In fact, I can share with you a few good reasons why you SHOULD invest...

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Money Posts

On Saving: How I Saved $20,000 in a Year How to Save $20,000 in 2015 Areas to Save Money in Singapore Why You Need An Emergency Fund I’m Only in My 20s! Why Do I Need to Start Saving So Early? Why Women Find It Harder to Save Guys: How to Save While Dating 14 Cheap Dating Ideas How to Save Money on Groceries How to Live A Rewarding Life While Saving On Investing: How to Get Started On Investing Why You Should Invest Investing Is Not Really That Scary Investing in the Stock Market (2-part series) How to...

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What Do We Really Need?

What are real needs? If you look at Maslow’s hierarchy of needs, we really don’t need that much to survive and lead a decent life. In fact, distilling this to Singapore’s context, our real needs can be categorized into: House: a roof over our head Food: for sustenance Clothing: comfy and to keep us warm Hygiene: to refresh and keep dirt away Today, however, our “needs” have transformed into the following: House: A comfortable apartment with lots of space. Or a condo. Or a bungalow. Nicely renovated. Fitted with the latest electronics and flat-screen TV. Swanky laptop. Wide array...

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How To Get Started on Investing

Getting started on investing can be a pretty complicated process. As many of you regular readers would know, I started taking interest on how to make my money work better for me after I saved up $20,000 last year. After all, simply keeping your money in the bank is a foolish thing to do because your money decreases in value over time, due to inflation and rising costs of living. As your parents would tell you, $100k in the past could buy you so much more than $100k today. I’ve to confess that SGX has made it a lot harder for...

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