Anna Agoncillo, Author at MoneyDigest.sg

Is Your Life Insurance Enough to Support Your Family?

Life in Singapore moves quickly, and with it comes the responsibility of safeguarding the people who depend on you. Life insurance protects your loved ones when you are no longer able to do so yourself. Still, many people wonder if the coverage they have today would truly be enough.

Whole life insurance has gained popularity among Singaporeans because it provides lifelong coverage and combines protection with the opportunity to build cash value over time. A portion of the premiums you pay goes into investments, allowing the policy to grow in value and be used later. This value may include guaranteed benefits and in some cases non guaranteed bonuses, depending on the type of whole life plan. If necessary, the cash value can be accessed during emergencies or used to pay future premiums. However, loans taken from the policy must be repaid with interest, and failing to do so may slow future growth and reduce the amount available.

Participating whole life plans share in the profits of the insurer’s participating fund. These profits are distributed to policyholders as dividends or bonuses. While they offer the potential for attractive growth, these bonuses are not guaranteed and depend on the performance of investments in the fund. In contrast, non participating policies focus on stability and offer guaranteed benefits without bonuses. Choosing between the two depends on your risk appetite and expectations for long term returns.

Term life insurance provides a simpler alternative. It offers coverage for a set period and is typically more affordable since it does not invest part of the premium. Many families select term insurance to cover key life stages, such as raising children until they become financially independent or supporting elderly parents. Because it does not build cash value, term insurance works well for those who only want pure protection without an investment component.

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The amount of protection you need depends on the sum assured, which is the payout your family would receive if you pass away or suffer total and permanent disability. If you are the primary income provider, you may require a higher sum assured to ensure your family can continue living comfortably. If your household has multiple income sources and relies less on yours, a lower amount may be sufficient. Coverage can remain fixed for the policy’s duration or decrease gradually, such as in mortgage reducing plans that are designed to cover home loan balances until they are fully paid.

To determine the right level of coverage, start by looking at your family’s lifestyle and financial commitments. Consider the monthly expenses needed to maintain their standard of living. Think about potential medical or care costs that may arise. Add unpaid liabilities such as home loans or personal debts. Then assess the assets already available, including savings, investments, and government support schemes.

Singapore provides several programs to help families in difficult times. The Dependants’ Protection Scheme automatically covers Singaporeans and Permanent Residents who have made their first CPF working contribution and offers a payout of up to $46,000 in the event of death, terminal illness, or total and permanent disability. Home buyers who use CPF to finance their Housing and Development Board loan may be protected under the Home Protection Scheme, which covers outstanding housing loan instalments until the loan is fully paid.

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Protecting your family remains one of the most meaningful financial decisions you can make. Whether you select a lifetime policy that grows with you or a term plan that offers straightforward coverage, the key is choosing a solution that fits your family’s needs and allows them to continue life with dignity should the unexpected happen.

Sources: 1 & 2

Korea’s Underground Shopping Malls That Locals Love

For many Singaporean travelers, Korea’s headline shopping districts are enough to fill a suitcase. Yet some of the country’s most fascinating retail experiences are not above ground. They sit quietly beneath the city, where small businesses thrive, and treasures hide behind modest storefronts. These underground malls are more than shopping conveniences. They are economic ecosystems shaped by foot traffic and the purchasing power of a generation that prioritizes value and discovery.

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Beneath the busy arteries of Myeongdong lies an underground complex that feels almost like a parallel world. Here, beauty products, streetwear, accessories, and home goods come together in a maze of bright stalls. The pricing is competitive, the inventory changes quickly, and the atmosphere feels both youthful and relentless. We even managed to buy a brand-new watch for under S$9 and some K-Pop Super Junior stickers for S$2 each.

Further along the city’s retail undercurrents sits Hoehyeon Underground Shopping Center, a favorite among collectors and long time hobbyists. Tucked between Namdaemun Market and Myeongdong, this labyrinth reveals a quieter world of antiques, stamps, vinyl records, currency notes, and artworks. For Singaporean buyers interested in vintage markets and alternative assets, the center offers a window into Korea’s thriving collector culture.

Across the river, GOTO Mall stretches beneath the express bus terminal like a city of its own. Rows of boutiques sell everything from apparel to beauty products to tech accessories. Some stalls specialize in bedding and homeware, drawing homeowners who appreciate well made goods at competitive prices. Others cater to students and young professionals building their wardrobes on a budget. In between, tarot readers add a touch of mystique to the steady flow of commerce. It is a place where practicality and impulse buying exist side by side.

To complete the underground journey, Dongdaemun’s subterranean shopping center offers a vivid mix of fashion wholesale culture and late night gastronomy. Built under the landmark Dongdaemun Design Plaza, the complex carries clothing, accessories, home items, and cosmetics at prices that reward bulk buying. It functions as a hidden extension of the city’s fashion engine, where trends are born, copied, reinvented, and sold before sunrise. As the evening deepens, the surroundings come alive with night snacks that keep both tourists and traders fueled. Don’t forget to haggle for better prices!

Across all these destinations, one rule remains constant. Cash is king! Most vendors accept only Korean won and many operate with thin margins that favor quick transactions. Visitors should come prepared with comfortable shoes as these centers sprawl across long corridors and can become crowded during peak hours. A weekday visit outside of the lunch rush offers the best chance of moving at your own pace.

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Underground shopping in Korea is more than an inexpensive alternative to its glossy malls. For the budget-conscious traveler, these spaces blend affordability and discovery into the beating heart of the Korean consumer economy.

Sources: 1 & 2

Taiwan Shopping Guide You’ll Actually Use

Taipei has a way of turning even casual visitors into devoted shoppers. My husband and I went for the food, but we quickly discovered how enjoyable it is to shop in the city, especially with the kindness of the people you meet at every turn. At the time of writing, one New Taiwan Dollar is roughly equivalent to 0.042 Singapore Dollar, which makes Taipei’s wide range of shopping choices friendly to all budgets. The city is more than a retail destination. It is a lively blend of culture, warmth, and irresistible finds.

One of the most charming ways to experience Taiwan is through its souvenirs and snacks. Pineapple cakes remain the country’s most iconic gift, and visiting specialty bakeries such as Chia Te Bakery or Taipei LeeChi feels like walking into a gallery of beautifully crafted pastries. Their pineapple and winter melon varieties are packaged elegantly, making them perfect to bring home. Tea lovers can enjoy the refined selections at Jing Sheng Yu on Yongkang Street, while Jiufen Old Street offers tea experiences in a setting that feels lifted from the world of Spirited Away. Its lantern-lined alleys and traditional structures create an atmosphere that is both nostalgic and cinematic.

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For anyone who loves characters and collectibles, Taipei feels like one big playground. Donguri Republic at Shin Kong Mitsukoshi in Xinyi brings Studio Ghibli favorites to life with shelves filled with Totoro and other well loved figures. Pokémon Center Taipei adds another layer of excitement with plush toys, trading cards, and exclusive items. The city is also famous for gashapon machines. Ximending alone features more than 500 of them, offering everything from anime figurines to cute and calming collectibles. Shilin Night Market has its own growing collection, while the malls in Xinyi scatter machines across several floors, turning an ordinary shopping trip into a series of small surprises.

Blind box collectors often gravitate toward Ximending, although some resellers charge two or three times the original price. Pop Mart Ximen is a better choice if you want to go straight to the source. The four storey space includes exhibition areas, a VIP lounge, and larger than life displays of Molly and other popular characters. Crowds tend to build during weekends, yet the experience is worth every moment. Nearby, the Wan Nian Building offers an entire structure dedicated to anime lovers. We found shops selling everything from Voltes V and Dragon Ball to Sakamoto Days and Spy x Family. The Taipei Animate Store is also in the area, with its own entrance tucked below street level and a nearby café that adds to the fun.

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Taipei’s markets reveal a different side of the city. Nanmen Market near the Chiang Kai Shek Memorial Hall focuses on traditional ingredients such as dried goods and fresh local produce. The Taipei Expo Farmer’s Market at Yuanshan MRT brightens weekends with honey, tea, fruits, vegetables, and small batch artisanal items. Red House Craft Market in Ximending highlights the creativity of local artists. The prices can be higher compared to other markets, but the atmosphere is enjoyable and supports independent makers.

Beauty and fashion are part of the city’s everyday charm. Pharmacy chains like Watsons and Cosmed carry cosmetics and skincare that suit a wide range of preferences, and Watsons often offers attractive discounts. For affordable fashion, Wufenpu near Raohe Night Market is a reliable stop. Its narrow lanes are filled with shops carrying clothes, sunglasses, accessories, and children’s items. Trendy and mid range boutiques are scattered throughout Ximending, Yongkang, Shida, and Gongguan, while NET provides a local version of GAP style basics. For a premium experience, Taipei 101 offers luxury brands and an observatory that makes the visit feel even more memorable.

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Shopping in Taipei never feels like a simple transaction. It feels like an invitation to explore the city’s creativity, history, and personality through the things you bring home. Whether it is tea from Jiufen, a blind box from Ximending, or a handmade craft from Red House, every purchase becomes part of your travel story.

Sources: 1 & 2

Micro-investing: Small Money Big Momentum

Micro-investing has emerged as one of the most accessible ways for Singaporeans to enter the financial markets without the stress of committing large sums. The idea is straightforward. You invest small amounts at regular intervals, often through mobile apps that automate everything from deposits to portfolio allocation. With fractional shares and exchange traded funds available for as little as S$1, even the smallest contributions begin to take shape as a genuine portfolio over time.

Its appeal lies in simplicity and confidence building. Micro-investing eliminates the belief that serious investing requires substantial capital. User friendly apps guide beginners at their own pace and budget, making the learning curve far less intimidating. The automated nature of these platforms also encourages discipline. When contributions occur quietly in the background, saving becomes habitual rather than aspirational. Over time, these habits compound and can meaningfully influence long term financial health. Even with limited funds, investors can achieve diversification by spreading small amounts across sectors, markets, and asset classes.

However, micro-investing is not without its drawbacks, particularly when it comes to cost. Round up apps may be convenient, but they often charge a flat fee regardless of account size. Some popular platforms start at about S$4 per month, which translates to roughly S$37 per year. This may not seem significant, but if you are investing only S$7 to S$13 a month, the fees can quickly outweigh your early returns. Many platforms operate on similar fixed fee structures, which can erode gains until the portfolio grows large enough to absorb these charges. Growth potential also remains modest unless contributions increase steadily. Small amounts will yield small results in the early years, which means micro-investing alone might not support major long term goals such as retirement or home purchases. Volatile markets can also feel more discouraging when account values are still small, as fluctuations appear more pronounced.

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Despite these limitations, the true value of micro-investing lies in habit formation and long term discipline. Small recurring contributions serve as early training for future investment behavior. They introduce new investors to market movements while reinforcing consistency. A simple projection illustrates the impact. Investing S$27 per month at a ten percent annual return grows to about S$339 after one year from S$324 in contributions. After ten years, it becomes roughly S$5,531. After thirty years, it surpasses S$61,033 from just S$9,720 in total contributions. These figures show how time and compound interest can turn modest amounts into meaningful progress. Micro-investing may start small, but it builds momentum. As contributions rise alongside income and confidence, it can become the gateway to a stronger, more resilient investment journey.

Sources: 1 & 2

Spending Less and Living More in Singapore

I once stumbled upon a small shop that sold pre-loved books and a title caught my eye. It read “Live More, Spend Less”, and it made me reflect on how people in Singapore can stretch every dollar without giving up comfort or joy. In a city where the cost of living can feel overwhelming, it becomes even more important to be conscious of how we live and what we value. Living well does not need to mean spending freely. Sometimes it means being intentional with daily choices.

One of the most practical ways to save is by rethinking everyday habits. Cooking at home can make a big difference. If you have access to a kitchen, preparing meals in advance can cut food expenses dramatically while also giving you control over what goes into your meals. Even something as simple as drinking water from a reusable bottle can save money that often gets spent on beverages throughout the day. And of course, we are blessed with its famous hawker culture. For less than S$10, you can enjoy hearty meals and local favorites. If you want a more comfortable setting, food courts offer air conditioned spaces, although they come at a slightly higher cost.

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Living better also means spending with awareness. Tracking expenses through a simple app or spreadsheet helps reveal patterns that are easy to miss. Paying yourself first by setting aside savings before spending anything else builds financial discipline. But saving money should not mean giving up the things that make life meaningful. A thoughtful splurge on an experience with loved ones or a purchase that enhances your life is more rewarding than spending without thinking. Planning ahead also goes a long way. Booking tickets for activities through platforms like Klook or Agoda often comes with discounts that free up more room in the budget.

Furthermore, the beauty of Singapore is that you do not always need to spend to enjoy it. The city offers many free attractions that showcase what makes it unique. Walking trails at the Singapore Botanic Gardens are a refreshing escape in the middle of the city, while neighborhoods such as Little India and Chinatown offer vibrant streets filled with culture and food. A hike up Mount Faber rewards you with a sweeping view of the skyline and sea. Visit at sunset and you will be treated to one of the most beautiful sights in the city. From there, the cable car to Sentosa awaits if you choose to continue the adventure.

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Living more while spending less is not about deprivation. It is about being mindful, embracing resourcefulness, and finding joy in what already exists around us. Sometimes we just need to pause long enough to see them.

Sources: 1 & 2

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