Planning to get married? Here’s how much it costs in 5 years time

According to a study conducted by ValueChampion in 2019, the average cost of getting married in Singapore  is consistently increasing over the years. The average cost of a wedding banquet skyrocketed from S$923 in 2011 to S$1,392 in 2019. That’s an increase of 51% in just over 8 years, far outstripping MAS core inflation rate of 14% during the same period. There is little to suggest that this upward price trend will not continue once things stabilize post Covid-19.

Cost of a Dream Wedding in 2025

Based on past wedding inflation rate of 32% over a 5-year period, the estimated total cost to hold a dream wedding in Year 2025 would be $100,000.

While Year 2025 may seem too far away to start planning for your dream wedding, the figures have shown how frightening wedding inflation rates have been and will continue to be. $100,000 is an intimidating amount for any young couple to cough up. Therefore, it is important to start planning and saving up for your dream wedding early. For a start, angbaos from family, friends and guests received will definitely help to reduce the total size of the bill. Here are some ways you can mitigate the costs of your dream wedding.

Negotiate with Wedding Vendors

While this may sound obvious, many customers hardly negotiate as they are afraid of embarrassing themselves for fear of appearing “too cheap”. Sometimes, negotiations need not always come in the form of price reductions. For instance, one can ask for freebies such as flower bouquets or floral lapels from the vendor before committing to a bridal package. Wedding banquet providers may also be willing to sponsor wedding favours and waive corkage charges.

DIY For a Personal Touch

Not all of the items need to be procured from wedding vendors. Couples can borrow certain items from friends or simply just do-it-yourselves (‘DIY’). For instance, there is no need to hire a professional company to dress up the reception table. There are plenty of images on Pinterest and Instagram that serve as easy references for couples to do-it-themselves. Furthermore, DIY adds an element of personal touch that will leave a lasting memory for your guests.

Choose the Right Financing Option

The most significant part in mitigating the cost of your wedding is choosing the right financing option. A Personal Loan should definitely be considered if a one-off borrowing is required. A personal loan is a more financially prudent option compared to credit card debt. For example, OCBC is levying 0% interest rate and only a one-time processing fee of 4.5% (Effective Interest Rate 5.20%) for its Balance Transfer Loan. This is significantly lower than a typical credit card interest charge of 25% for roll over amounts. For a $50,000 loan, the savings in interest payments is easily over 5-figures over a 12-month period! Hence, a personal loan can be more a financially prudent alternative to a credit card debt.

To access Balance Transfer Loan, simply borrow from your unused credit limit from other banks to enjoy 0% interest rate. Alternatively, one may turn any unused OCBC credit card limit into cash via the OCBC Cash-On-Instalments with no need for additional income documents. Repay with fixed instalments over 12 to 60 months and pay effective interest rates as low as 9.06%. Such smart cash flow management would net you tremendous savings since interest on credit card debt is easily a staggering 25%!

Finally, even if one does not have any existing unused credit card limit, do not worry as one can still tap the OCBC ExtraCash Loan or EasiCredit. The loan amount disbursed will be dependent on your annual income. Inclusive of the one-time processing fee, the effective interest rate for ExtraCash Loan could be as low as 10.96% with fixed repayments over 12 to 60 months. On the other hand, EasiCredit offers greater flexibility as you withdraw what you need at 1.74% interest rate per month.

Application for personal loans from OCBC Bank can be performed conveniently via MyInfo. This minimises the waiting required which can help to lessen any wedding jitters! A host of convenient repayment options exists to ensure that you never miss your monthly bill!

Conclusion

Holding a dream wedding in front of your loved ones is the aspiration of many lovebirds. When planning for your dream wedding, consider the suite of Personal Loans from OCBC since this is a superior financing option over credit card debt. Proper financial planning ahead can go a long way to ease the financial burden of holding a dream wedding in Singapore.

Visit OCBC for a comprehensive suite of personal loans that grant you easy access to cash without having to wait for an eternity:

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Up your stay-home experience with activity kits like making kueh lapis

madebyyou.sg

Are you still staying home for the most part of the weekend? Running out of things to do? Up your stay-home experience with activity kits from madebyyou.sg! The platform is an extension of Style Theory, a clothes rental subscription platform.

There are kits in the category of craft, cook, and kid-friendly activities. At the time of writing, the kits are going from 16.90 SGD. We took a browse through their website and found some interesting kits like making kueh lapis. Upon your purchase, you can immediately access the recipes or tutorials online. You will receive your physical kit in seven days!

#1: KUEH LAPIS SAGU KIT
Kueh Lapis

Image Credits: madebyyou.sg

Some of us identify kueh lapis by its Chinese name, 九层糕, which literally translates to nine-layer cake. This multi-layered sweet treat actually originates from Indonesia and is a type of Peranakan food.

Instead of buying ready-made ones for snacks, how about doing it yourself? This is a kid-friendly activity so if you’re thinking of keeping the little ones occupied at home, here’s one solution.

What’s in the kit?

  • Easy-to-follow pictorial instructions
  • Fresh ingredients
  • A measuring cup
  • Foil tray

Kueh Lapis Sagu Kit‘s price: 32 SGD

#2: BRUSH CALLIGRAPHY KIT / MODERN CALLIGRAPHY KIT
Modern Calligraphy Kit

Image Credits: madebyyou.sg

I’ve personally attended a brush calligraphy class before and thoroughly enjoyed the experience. Thanks to The Letter J Supply, you can now pick-up a new skill at the comfort of home.

The Letter J Supply has two types of kits you can choose from – the brush calligraphy and modern calligraphy. Both activity kits are suitable for teenagers aged 12 and above. It really requires patience as you attempt to master the basic strokes. But once you look at the finished product, you will be oh-so-proud of yourself!

What’s in the kit? (brush calligraphy)

  • A brush calligraphy booklet
  • Palette and brush pen
  • Two bottles of ecoline ink
  • Three sheets of watercolour paper

What’s in the kit? (modern calligraphy)

  • A modern calligraphy booklet
  • Pen holder and pointed nibs
  • A bottle of sumi ink

Brush Calligraphy Kit‘s price: 68 SGD

Modern Calligraphy Kit‘s price: 68 SGD

#3: STANDARD BEGINNER COFFEE KIT
Drip Coffee

Image Credits: madebyyou.sg

Hook Coffee will help you start your day right with its beginner’s coffee kit. If you have a slight coffee intolerance like I do (but still love coffee the same), this kit would be a life-saver. This is because it comes with a bag of Sweet Bundchen.

Sweet Bundchen is one of Hook Coffee’s best sellers and it’s not hard to understand why. With a little milk added, it might remind you of Kinder Buenos. You will get a taste combination of rich milk chocolates and nutty hazelnuts. How can we say no?

What’s in the kit?

  • A V60 dripper
  • Filter paper
  • A bag of Sweet Bundchen coffee (200g)

Standard Beginner Coffee Kit‘s price: $32.20

For more activity kits, shop via this link. Have a good time!

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Great Eastern’s GREAT Comprehensive Care insurance for freelancers

Freelancers, rejoice! Great Eastern has rolled out an insurance just for you. Coined as the ‘GREAT Comprehensive Care‘, it allows you to enjoy the healthcare support you need for lower than a dollar a day. Now, you can continue the flexibility you’ve always fancied without worrying about coverage.

The insurance is a policy in partnership with Doctor Anywhere. Doctor Anywhere is one of the telemedicine providers we’ve previously covered in one of our articles. Carry on reading if you’re keen to know more about the key benefits and more information about the insurance plan.

#1: KEY BENEFITS

There are three main benefits of the GREAT Comprehensive Care insurance. They are convenient outpatient care, personal accident coverage, and daily hospital cash.

Convenient outpatient care

This refers to the online video consultations with a doctor. You can benefit from up to 12 consultations via Doctor Anywhere. Say goodbye to physical queues and hello to convenience from the comfort of home, wherever that might be.

Personal accident coverage

Get the protection you need against death and Total and Permanent Disability (TPD) in the case of an accident. First up, for deaths and TPD due to an accident, you will get 100% of the sum assured as stated in your Certificate of Insurance. Next, for deaths in Singapore due to COVID-19, you will be assured 10,000 SGD.

Daily hospital cash

In short, you will receive a daily hospital allowance if required to stay in a hospital in Singapore. This only applies if you’re warded for at least 12 hours with the reason being an illness or accident that has happened within 36 hours. There’s also additional daily cash allowance if you’re admitted to the Intensive Care Unit (ICU).

Exclusions may apply.

#2: BASIC AND DELUXE PLANS

There are two plans to choose from – basic and deluxe. The key difference is in the maximum payout amount should you submit a claim. Thus, do expect to pay a different price under each plan.

Price

The basic plan starts from $264 per year while the deluxe plan from $446 per year.

Outpatient care

The basic plan allows up to six video consultations. The deluxe plan at twice the amount, at 12 video consultations. This benefit is transferable to your friends and family members. You can do so via the UPGREAT mobile app.

Hospital and surgical benefits

Under the basic plan, you will obtain a daily hospital cash amount of 100 SGD. In addition to that, if warded in the ICU, you will receive another 100 SGD per day. While for the deluxe plan, both amounts are at 150 SGD respectively.

Personal accident benefits

For deaths and TPD due to an accident under the basic plan, you will get a lump sum payout of 100,000 SGD. As for the deluxe plan, you will secure 150,000 SGD instead. Both plans provide a payout of 10,000 SGD if the death is caused by COVID-19.

#3: SCENARIO

Great Eastern has done a great job with this infographic. Take a look at the scenario created to have a better idea of how the GREAT Comprehensive Care insurance works.

GREAT Comprehensive Care insurance

Image Credits: greateasternlife.com

Check out the FAQs here. If you have more questions, contact their customer service via 6248 2112. You may also email them at [email protected].

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Need Help Looking for a Job? Get Your Job Search & Career Related Questions Answered for Free!

Looking for a job after graduation?

Feeling like you’re fighting a losing battle against this bad job market?

DON’T!

The job market is a very different one now from when it was pre-COVID…

So maybe what you need is actionable advice and someone to answer your job search and career-related questions.

If that sounds like a good idea, then this latest SeedlyTV episode will help you better prepare yourself as a job seeker and increase your chance of securing a job.

Just tune in on Tuesday, 30 June 2020, at 8pm to find out more about:

  • What do job seekers need to know about the current job market?
  • Why is it dangerous if job seekers stay unemployed for too long?
  • What can we do to leave an impression during an interview since virtual job interviews are becoming more common?
  • Will a low starting salary affect your career, especially for fresh grads embarking on their first job?

And many many more.

If you’ve got questions of your own, you can also start ask your questions now and tune in later to have them answered LIVE!

Not sure why you should watch this episode of SeedlyTV?

Well, here’s why.

The Seedly team has brought on thought leaders and career professionals who can resonate with your job-search problems and offer real career advice and help.

Here’s a snapshot of who they are.

The Thought Collective

The Thought Collective is a group of social enterprises which aim to create a new generation of socially-minded Singaporeans.

For this SeedlyTV episode, you’ll get to interact with Tong Yee (Co-founder, The Thought Collective) who is a sought after public speaker, trainer, and thought leader who shares his insights with various national level committees.

He will be speaking about what fresh graduates need to know about the current job market, how it is changing, and what to watch out for.

If you’re looking to score a job, he’ll also be sharing about how you can stand out amongst the numerous candidates.

And give valuable tips like how to leave an impression during a virtual job interview.

Glints

Glints is a career discovery and development platform which has helped over a million young professionals discover their dream careers.

Goh Duo Geng (Special Projects Lead, Glints) will be sharing the macro trends in the APAC and Singapore job market and how does that apply to you in your job search.

(Hint hint: you might have a better shot if you know which industries or businesses are actively looking to hire)

And if you’re a fresh graduate or a mid-career job seeker looking for a job or a job switch right now.

He’ll share more about what you can do to improve your chances during your job search.

Jeraldine Phneah (Seedly Community Member)

Jeraldine is a Seedly Community member who contributes actively on the Seedly platform.

She has voiced her opinions on topics like how to build rewarding careers and how to navigate difficult times like this COVID-19 pandemic.

On her personal blog, she has shared job search tips like what are the best job portals in Singapore for millennials and how to optimise your LinkedIn profile.

Discussed sensitive topics like whether it is disadvantageous to graduate from a private university in Singapore.

And how effective is MyCareersFuture — a government initiative to help Singaporeans find jobs smarter — as a job search portal.

Look out for her during the SeedlyTV episode as she’ll be sharing her personal experiences and lessons!

Special Bonus: Receive a Super Exclusive Seedly Career Assistance Package

To give you as much help as you can get.

The Seedly team also wants to send YOU a super-exclusive Seedly Career Assistance Package!

All you have to do is sign up for a FREE Seedly account and look out for it in your email.

Source: SpongeBob SquarePants | Giphy

Whether you’re a fresh grad, a mid-career jobseeker, or would like to explore your options in the job market (read: because your job sucks).

The package includes the best career and job search-related content and resources from local personal finance sites and platforms like SG Budget Babe and The Woke Salaryman!

To help you with your job search and to get your career on track!

Sounds good?

Source: SpongeBob SquarePants | Giphy

Just remember to sign up for a FREE Seedly account.

And the Seedly team will send it to you!

If you already have a Seedly account, just make sure you sign in to your Seedly account between 30 June 2020 to 12 July 2020!

You can ask or answer questions or leave a review.

Or catch the SeedlyTV episode later if you missed the live screening.

Just be active on the Seedly platform and they’ll send the package your way!

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Dash EasyEarn: The easiest way to save for a rainy day

We’re in the middle of a global pandemic, and with the economy swinging up and down, protecting and growing your money is a common concern. Some people may find it easier to save now that they’re home more often, but putting your paycheck in the bank isn’t making the most of your hard-earned savings, especially with banks reducing interest rates across the board.

In these uncertain times, it is definitely prudent to consider safe and flexible options to save smarter and grow your hard-earned savings. There are many financial tools available in the market that offer this, and you should choose one that gives you the best peace of mind, without compromising on your returns.

With that said, you might be excited to find out about the latest addition to the all-in-one mobile wallet Singtel Dash: Dash EasyEarn, a unique insurance savings plan underwritten by Etiqa Insurance, which will help you save better for a rainy day. This insurance savings plan offers an astounding 2% p.a. returns for your first year* with a minimum starting amount of S$2,000.

The best part? You can sign up directly through Dash on your mobile phone, with just a few clicks. Read on to find out more!

Enjoy attractive returns with capital guaranteed

Dash EasyEarn is capital guaranteed AND offers a very competitive 2% p.a. returns for your first year*, regardless of market movements. So if you’re risk-averse, especially in these uncertain times, you can rest assured that your savings will be safe – even if you have to withdraw it in times of need. Dash EasyEarn also has no lock-in requirements – which brings us to the next point on its flexibility.

NB: With effect from 25 September 2020, Dash EasyEarn will be revising its bonus rate to 0.3%, bringing the rate to 1.8%^ p.a. for the first policy year**.

Existing Dash EasyEarn users will continue to enjoy 2% p.a. (guaranteed 1.5% p.a. + 0.5% p.a. bonus) for the first year starting from their policy start date, including subsequent top-ups.

In addition, Etiqa Insurance will be extending an additional Financial Assistance Benefit for COVID-19 to all new and existing Dash EasyEarn policy holders. For more information on the benefits and other terms of this Financial Assistance Benefit, please visit https://www.tiq.com.sg/covid19/.

Ultimate flexibility with no lock-in period  

Image credits: Singtel Dash

Another great thing about this product is how flexible it is. After you’ve transferred your initial minimum premium of S$2,000, you can always make additional top-ups^ when you want, or withdraw what you need with no penalties.

There is no lock-in period, so if an emergency should arise, you’ll be able to access your funds immediately by withdrawing directly into your bank account or Dash wallet to tide you over.

^Maximum account value is S$20,000. Each top up must be a minimum of S$500. Minimum account value of S$2,000 must be maintained to be eligible for returns.

Open to everyone

Whether you’re a student, young professional or already savvy at saving, anyone can download Dash and sign up for Dash EasyEarn – all you need is S$2,000 to start growing your savings. As an insurance savings plan, Dash EasyEarn also comes with a layer of insurance coverage of up to 105% of account value in case of death.

Can’t wait to get started? Simply download the free Dash app today to sign up for Dash EasyEarn, and watch your savings grow.

It only takes 3 simple steps to start your savings journey with Dash EasyEarn.

  1. Sign up for Dash EasyEarn through the app
  2. Top up your Dash EasyEarn plan with your bank account
  3. Watch your savings grow!

Image credits: Singtel Dash

For more information, please visit www.dash.com.sg/easyearn.

Disclaimers

  • The information is meant purely for informational purposes and should not be relied upon as financial advice.
  • This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC. As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is accurate as at 29 June 2020.

  • *Effective for sign-ups up to 24 September 2020 (date inclusive): Guaranteed at 1.5% p.a. + 0.5% bonus for the first policy year.

  • **Effective for new sign ups from 25 September 2020: Guaranteed at 1.5% p.a. + 0.3% p.a. bonus for the first policy year, available on a first come, first served basis.

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