Anna Agoncillo, Author at MoneyDigest.sg

5 Fashion Trends That Are Worth Investing On

EXUDE THE FESTIVAL VIBES

Sunglasses, fedora hats, and loose fabrics can be found at music festivals. One of its key fashion elements is the “off-the-shoulder” top. This is the chicest way to show some skin as shoulders almost always look good. People who are close to me know how much I am obsessed with this trend.

This trend started in the mid-1800s when Couturier Charles Frederick Worth designed elaborate dresses which featured off-the-shoulder sleeves. In 1960s, French actress Brigitte Bardot put her own spin by wearing off-the-shoulder tops with pants and skirts. Nowadays, you can wear this look from day to night. Best of all? Off-the-shoulder tops and dresses are suited for the Singapore weather.

BUY THE WARDROBE STAPLE

From a runway flair to a corporate queen, you can transform a white button-down shirt a variety of ways. It is worth paying for a decent white button-down shirt as it beautifully complements all skin tones. So, feel free to play around with this trend by exploring different textures. Fabrics such as linen and cotton make for the most comfortable Singapore-weather clothing.

Image Credits: pixabay.com

INTRODUCING THE MILLENNIAL PINK

Pale Dogwood (or Millennial Pink) is the Pantone color of 2017. It is a shade of pink that signifies purity and innocence. This muted hue was used by many celebrities to signal women empowerment.

Join the bandwagon by adding subtle touches of pink to your attire. Wear a sheer pink blouse with a bolder jacket or pair your outfit with a pink handbag. There are number of ways to follow this trend without having to look bold!

SLIP INTO THE SULTRY LOOK

Slip dresses have been the rage since late 2016. You cannot go wrong with this trend, because you can layer it up. Add a plain tee underneath your silk slip for a sexy outfit without being too uncomfortable. For a sultry look, you can accessorize a slip dress with a neck scarf. This simple article of clothing brings together a seamless attire.

MIX THE ELEMENTS

The rules of fashion have been in favor of matching your shoes with your belt. It forces you to buy a colored belt just to match your flashy sneakers. Thankfully, the contemporary style arena embraces mixing and matching.

Image Credits: pixabay.com

Bust out your favorite multi-patterned ensemble to create a mesmerizing combination. You may even pair your checkered blouse with your neutral shoes!

Sources: 1, 2, 3, & 4

How To Spoil Your Wealth As A Singaporean Millennial

Prove how wrong the older generations are! Being relatively young does not necessarily equate to ignorance and carelessness. Exude financial readiness by avoiding these scenarios:

BY BEING TOO CONSERVATIVE

Millennials have a distinct currency that many people cannot afford to lose – time. The more time you have, the more powerful the compound interest is. The only problem is that many Millennials are too risk averse. Why is this so?

Well, they had experienced at least two financial crises in the course of their life. Recall the great recession of 2008. The downfall of the economy in United States contributed to the ripple effects that stressed the Singapore economy. It was the first East Asian country to succumb into recession.

Image Credits: pixabay.com

Despite these events, it is important to focus on your long-term plan before you retire. Consider investing in stocks and take advantage of it over time. Failing to invest may cause you to have an insufficient fund during your golden years.

BY COLLECTING PASSPORT STAMPS

It is no secret that many Singaporean Millennials are globetrotters. Collecting passport stamps is not a cheap hobby! This is why some of them take up part-time jobs in order to finance their passion for travelling.

The places to explore in our humble island may be limited, but there is no shortage of things to spend on. Some Millennials waste their money on the frequent trips to the themed restaurants or hippie cafes. While, others spend their paycheck on bargain hunting. Notice the flashy “sale” signs in Orchard Road. These are very tempting, if you ask me. It is only later that they realize the essence of cutting back.

BY FAILING TO PLAN FOR THE FUTURE

Knowing the facts on young Singaporeans and retirement may trigger anxiety. It is alarming how many people hold their retirement plans due to fulfilling short-term goals such as purchasing a nice car or creating a fantastic wedding. Not to mention, there are numerous reports that highlight how poor the retirement readiness of Singaporeans are. A 2016 survey showed that 1 in 3 working citizens were not planning for retirement at all!

Just because you are young does not mean that you can put off your plans for the future. Do not solely rely on your CPF account to cushion your foreseen expenses. Start your retirement fund as early as your first paycheck.

Image Credits: pixabay.com

The bottom line is to keep your finances simple by focusing on saving your excess money and earning more cash. Planning for a comfortable lifestyle is crucial too!

Sources: 1 & 2

Answering Five Awkward Questions About Money

How often do you have a chance encounter with a person who is innately savvy with money? Not so often, right?

Personal finance is not exactly a part of the school’s curriculum. This is why you must be open to discussing about proper money management. No matter how embarrassed you may feel, here are some questions that many Singaporeans are eager to know.

#1: HOW CAN I MAXIMIZE MY SAVINGS DESPITE LIVING FROM PAYCHECK TO PAYCHECK?

Tackling the overwhelming bills and loans can make you unenthusiastic about saving money. You see, it is difficult to save money if you are barely living from paycheck to paycheck. The solution could be found in the way you spend.

Notice how you allocate your monthly budget and look for ways to downsize your purchases. You may focus on entertainment costs such as limiting your restaurant dining. Strategically planning your spending habits will help you to increase your savings.

#2: WHICH FUND SHOULD YOU SET FIRST: RETIREMENT OR EMERGENCY?

Financial security places a heavy weight on both the emergency and the retirement fund. The former aims to protect you against unexpected events in the immediate future. While, the latter will cover your expenses in the golden years. Stop choosing between these two! Cultivate varying amounts in your emergency and retirement fund simultaneously.

Once you are done with setting up a sufficient emergency fund, you can start stretching out your contribution for your CPF OA.

#3: WHY WAS MY PLASTIC CARD DECLINED?

There is nothing worse than having a sales clerk or a waiter tell you that your credit or debit card has been declined. I can only imagine the horror on the client’s face as this happened to me before. Several years ago, I was working as an administrative officer at a fitness studio. A rising Hollywood celebrity came to pay but her credit cards got declined. She was furious at me and gave her debit card instead. Thankfully, the transaction was successful. I must highlight that she is using plastic cards from international institutions.

Image Credits: pixabay.com

Why did this happen to the rising starlet? Well, it may be due to the bank’s security measures. Purchases made far from your home may seem like red flags to your issuer. So, call your bank or issuer right away and authorize the transactions. Handle this situation better by keeping your cool. Talk to the personnel privately and arrange an alternative form of payment such as going to the nearest Automated Teller Machine (ATM) to withdraw cash.

#4: HOW DO I TELL MY PARTNER ABOUT MY OUTSTANDING DEBT?

Telling your partner or future spouse about your outstanding debt fuels anxiety, but you must simply do it. Schedule an open discussion with your beloved. Explain the gravity of the situation and the events that led up to it. Highlight what you learned from your past mistakes and show how you can conquer your debt.

Do not forget to include your partner in the planning process.

#5: WHEN SHALL I STOP ADDING INTO MY SAVINGS ACCOUNT?

As a conservative adult, you had exhausted all your contributions for your future. Congratulations on meeting your short-term financial goals too! Now, you may wonder if you are putting too much on your savings account.

Limiting yourself to a savings account makes you miss the opportunities of growing your wealth to its fullest potential. Consider opening an investment account once your emergency fund, retirement fund, and living expenses are in order. You may even schedule a consultation from a financial expert.

Image Credits: pixabay.com

It is rare to encounter a person who is innately financially savvy. So, serve as a good example to other Singaporeans by raising important money discussions.

Sources: 1 & 2

How Much Cash Should You Keep In The Bank?

You are a responsible adult living in the most expensive city in the world. With this in mind, how much money should you have in your savings account? This may sound like a basic financial query, but it is hard to extract a straight answer from it. Make things simple by aligning your goals with the volume of your savings.

Here are just some goals that you may tap with:

GOAL #1: BUILDING A SAFE NEST FOR THE GOLDEN YEARS

To shed a light to the path of many Singaporean retirees, a social security savings plan has been put into place. This savings plan is none other than the comprehensive Central Provident Fund (CPF). You can use your CPF Ordinary Savings account for important purposes such as purchasing an HDB flat or financing your retirement years.

Image Credits: pixabay.com

The amount of your retirement fund must be based on your estimated future spending or your predicted lifestyle. This is why it is challenging to quantify a singular retirement fund. It is best to save on a regular basis with the knowledge that all will add up as you age. For instance, many financial experts recommend to save at least “10% to 15% of your income for retirement as early as your 20s“.

GOAL #2: ESTABLISHING A REALISTIC EMERGENCY CUSHION

As the name suggests, an emergency fund is established to cushion unforeseen events. There are many ways to arrive at a specific amount for an emergency fund. First, you may follow the advice of the renowned Personal Finance Adviser Suze Orman. She suggests to have eight months’ worth of your salary because it is the average period before a person finds a job.

Image Credits: pixabay.com

Second, you may save up a five-figure emergency fund in an investment account with relatively safe allocations in order for it to grow. Doing so will allow you to save more money than by leaving your cash in a savings account.

Lastly, you may save up based on your living expenses. Add up the cost of all your current essentials (i.e., rent, grocery, and utilities) and work from there. For example, you need S$2,000 per month to survive. Prioritize getting about S$6,000 in your emergency fund.

GOAL #3: CONQUERING SHORT-TERM VICTORIES

In a list of financial priorities, chances are, your specific goals reside at the bottom. Specific goals include purchasing a car, backpacking around Europe, and buying a new phone. Do not limit your savings just to suit your specific goals.

Image Credits: pixabay.com

Remember that starting your savings is the initial step and that you must plan to raise it over time.

Sources: 1 & 2

Should You Spend Your Hard-Earned Money On Fitness Accessories?

At a young age, my parents instilled the importance of cultivating a healthy lifestyle. Our collective hobbies consist of cycling at East Coast Park and swimming in the nearby community pool. I do not mean to brag! You see, my mother works in the field of fitness. On the other hand, my father has prior experience in making workout programs for diverse body types.

My parents taught me that staying fit is not an easy task. This is why many Singaporeans seek motivation by hiring a professional trainer or by purchasing a fitness accessory. Fitness accessories include trackers, watches, bands, and so on. The goal of these accessories is to make your routine more exciting and more effective. During my exposure to these products, it made me wonder if investing one’s hard-earned money on fitness accessories is worth it.

To make a solid decision, you will have to consider various factors that interact in this situation. Start by determining what you need. When it comes to fitness accessories, a particular size does not fit all! Health-conscious individuals gravitate to either the smartphone apps and the wearable tech. Some wearable fitness accessories are created to capture the intricate details such as the heart rate, foot-ground contact time, and runner’s cadence. These details may not be accurately captured by a smartphone app alone. If you are placing more value on the functions then, you may consider purchasing a wearable tech.

Second, you must determine what you can realistically afford. A nice trick is to visualize the act of replacing your accessory every month or two. As you visualize this, think of an amount that you can easily work with if you are going through the constant replacement. Please do not spend more money than you can afford in a short-term basis.

Shelling out hundreds of dollars on wearable fitness accessories do not necessarily mean that you will get the best results. In a study published recently in the Journal of American Medical Association, researchers found that “smartphone apps could prove to be a more widely accessible and affordable way of tracking health behaviors”.

Image Credits: pixabay.com

I suggest that you test the waters first! Commit to a quality (yet free) smartphone app such as Moves, before you purchase an expensive activity tracker or a fitness band.

Sources: 1 & 2

Search the site