MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Coastal PlayGrove: Say Hello to the Newest Playground in East Coast

Looking for a recreational space where you can spend a day of endless fun? Search no further than the newest addition at East Coast Park! National Parks Board recently opened the family friendly Coastal PlayGrove. It is located at the Area B of the East Coast Park.

This recreational space may induce nostalgic memories as it was the former Big Splash site. The iconic Big Splash was redeveloped into the Coastal PlayGrove after it ceased its operations in 2016. Nowadays, we will be able to enjoy a 4.5-hectare recreation space with a Play Tower, a water play area, an outdoor classroom, as well as retail and dining offerings.

Let us breakdown Coastal PlayGrove’s interesting features. One of its main attractions is the 16m-high Play Tower. This impressive structure is hard to miss due to its massive size and its vibrant design. At its center is the Vertical Challenge. The Vertical Challenge is made up of climbing nets, which ascend from the base to the top of the building. Its dynamic design is a tribute to the coastal heritage of East Coast Park. Moreover, its vibrant colors are the same as the previous water slides. The Vertical Challenge is open from Tuesday to Sunday between 8am to 8pm. The slides are open daily, from 8am to 12pm and 4pm to 8pm.

Image Credits: facebook.com/nparksbuzz

Next to the tower is a water play area. If your kids are looking for ways to cool down on a hot day, try playing at the water play area. This area consists of wading pools, which are connected by a stream with numerous water jets. What is more? These water jets vividly light up at night!

Here are some friendly reminders when playing in this area. It is suitable for children aged 5 to 12 years old. A toilet is located nearby to allow visitors to dry up and change out. Lastly, it follows the same schedule as the Vertical Challenge.

As you stroll further in the Coastal PlayGrove, you will be delighted with the Nature Playgarden. This playgarden allows guests to be immersed with the beauty of nature. It is divided into several themed sections to introduce kids to the different habitats. In all these sections, natural materials such as wood and sand were used. For instance, the first section lets the children explore the bamboo tunnel trail. The last section consists of a trail leading to a sand pit with planted native shrubs. You will be able to spot various fruits and flowers as well as animals such as butterflies and birds. Its biodiversity aims to ignite the curiosity of its guests.

Image Credits: facebook.com/nparksbuzz

Next to the Nature Playgarden is an Outdoor Classroom made for the preschoolers. It is equipped with chalkboard and log stools. Indulge in the coastal views as you learn with your child.

Aside from these interactive features, the Coastal PlayGrove has its own Event Lawn. Large events may not be permitted now, but this spacious Event Lawn can accommodate a whopping 5,000 people once the pandemic is over. Nonetheless, you can use this space by having a seaside picnic, a relaxing kite-flying session, or an exhilarating round of frisbee with your loved ones.

When visiting the Coastal PlayGrove, it is important to follow the COVID-19 guidelines and other safety protocols. With this newest addition to the East Coast Park, guests will be able to bask in the sun, immerse in nature’s beauty, and have a quality time with the whole family.

Address: East Coast Park, 902 E Coast Park Service Rd, Area B, Singapore 449874
Contact: www.nparks.gov.sg
Arrive by riding the bus (31, 36, 43, 47, 48, 134, 135, 196, 197, 401, 853M) or by driving your vehicle. There is a spacious car park with current charges of $0.60 per half hour. Bicycle bays are also available.

Sources: 1 & 2

A brief look at debt settlement options in Singapore

Do you know that the average household debt in Singapore is about S$55,000 per capita?

With a value that high, there’s no doubt that it’s about time to learn how to manage your debt and minimise it as much as you can. Financial freedom is within reach if you’re able to settle your debt in time the right way.

Here’s a brief look at various debt settlement options available on our sunny island.

#1: Self-Administration

One of the easiest ways to manage your debt is to directly discuss with your creditors to see if you can potentially negotiate or appeal for a cheaper instalment repayment plan.

However, you need to approach them with some research done beforehand. In your written appeal, fully flesh out your financial situation and suggest a repayment amount that’s okay for you.

Don’t forget to include documental proof like income and CPF statements whenever applicable to bolster your appeal.

#2: Discounted Lump Sum Settlement

Image Credits: business-standard.com

Once you’ve accumulated enough financial capital, you can ask your creditors about repaying your debt in a discounted lump sum.

A quick way to build up your lump sum is to consider selling off several assets or taking a low-interest personal loan from a reputable company or financial institution. Then, pull out those negotiating skills to seek a discount.

#3: Debt Consolidation Plan (DCP)

Under this refinancing program, you’re able to pool together all your unsecured debts using one financial organisation.

You should note that some unsecured debts are not allowed, such as medical loans, joint account debts, and more. Unless you don’t fit the DCP criteria, you’re eligible to apply directly at your participating financial institution.

Once your application passes, your unsecured credit facilities will close, and a revolving credit facility will open to aid you in payments.

#4: Debt Management Program (DMP)

Image Credits: incharge.org

Whenever heavy financial stress hits and you’re unable to pay your debt back, not all hope is lost.

The Credit Counseling Singapore (CCS) runs a DMP that provides financial counselling sessions to examine your payback ability and ideally settle your debts in one decade.

The CCS will help create a repayment plan with lower interest rates and more extended repayment periods to enable you to pay back those debts. Among other benefits, the program is perfect for you only if you qualify.

#5: Bankruptcy

As an individual or a business, you can file for bankruptcy with the High Court if you’re unable to repay a debt. This is commonly the last resort because you will face some strict consequences if you pursue this option.

You will be assigned a Private Trustee-in-Bankruptcy (PTIB) or Official Assignee (OA) who can help assess your situation and figure out a target contribution on your behalf to repay your creditors.

#6: Debt Repayment Scheme (DRS)

Image Credits: myfrugalhome.com

As we come to a close, there is a way to avoid bankruptcy – your OA can lead you through a DRS.

But because you’re not allowed to apply for this option directly, only your OA can approve you after previewing your bankruptcy application. Upon fulfilling the necessary criteria, you will not be labelled as bankrupt.

However, you must commit to a repayment plan that spans at least five years. For more information on DRS, you may head to the Ministry of Law Insolvency Office’s webpage.

Final thoughts

Debt settlement can be scary if you do not possess sufficient knowledge on the topic. Why not speak to a trained professional if you need help resolving your debt problems?

Folks who need 1-to-1 financial counselling can book an appointment with the CCS. Do note that there’s a one-time fee of S$30, but no further fees required for subsequent meetings (if necessary).

Nothing is impossible to solve. Take heart!

WFH tips to help you stay motivated

Working from home can be wonderful, and that’s why some professionals are hoping it won’t end. If you’re one of the lucky ones who don’t need to return to the workplace from 5 April, we’re glad for you!

While it can be difficult for parents with children, the comforts of being in one’s safe space can sometimes make it easier to focus. Who doesn’t love having the power to turn on their favourite tunes and adjust the air-conditioner to one’s desired temperature?

However, there are ugly truths to it. You would probably agree that your work-life balance has gone haywire and might make you even lazier than before. Not needing to be up early, dress up, or having eyeballs watching you surf the net mindlessly can make it easier to become demotivated.

If so, how can we enjoy the benefits of working from home while staying motivated enough to be productive? Here are some tips to help you stay motivated.

#1: Set a schedule

When working from home, it is easy to develop lousy scheduling habits.

The temptation to turn on your work laptop in bed or check your email from the couch after 6pm can be hard to resist. Thus, it is crucial to set boundaries around your work life and ensure that you work during specific hours and rest when it’s time.

Setting a regular schedule will also improve your sleep pattern and your health in general.

#2: Get dressed before 9am

Image Credits: The Western Journal

Suppose that you start work at 9am, then dress up as you would if you were heading to the office.

Putting on a corporate outfit may help us refocus our mindset that it’s time to get the workday started. It’s almost the same theory as when you change to workout clothes before hitting the gym.

Treat this form of fashion as a boundary for yourself. When we have “work clothes” and “casual clothes” on, it can aid us to distinguish the kind of behaviour we should be engaging in.

#3: Separate your workspace

It is comfortable to work from our nice beds or comfy couches. However, humans are creatures of habit.

Associating our sleep areas with our work can interfere with sleep patterns. Similarly, working in a space we associate with relaxation can be a challenge for getting jobs done.

If you’ve been doing that, maybe it’s time you set up a dedicated, separate workspace to help you stay focus on completing your daily tasks.

#4: Work in chunks

a woman working at home with a table filled with documents

Image Credits: HRM Asia

Chunking is a strategy to take if you are often assigned large tasks. By breaking it down into smaller chunks, it is made more approachable and less discouraging.

For example, reading a lengthy report is hard, but reading one section can be a cinch. Instead of worrying that there is a detailed report to write this week, focus on completing a small unit within a stipulated time frame.

That is a much more achievable and far less daunting goal.

#5: Use the 30-minute technique

Speaking of breaking up big tasks into smaller ones, the 30-minute technique might go hand-in-hand.

We’re often faced with tasks that we find boring. Or perhaps you would rather prefer to be doing something else. Whatever the case may be, make yourself a deal when you find it hard to get started.

Tell yourself that you will work for 30 minutes and then take a short break. Most of the time, you might find that once you build a little momentum on a task, it’s easier to bring it to completion. Even if you don’t, working for 30 minutes is better than idling without getting anything done.

#6: Take a short walk before dabao-ing lunch

Image Credits: The Straits Times

Our brains need breaks. One of the best things to do on a one-hour lunch break is to go outside.

Instead of ordering in using GrabFood, foodpanda, or your go-to food delivery service, why not take a short walk before you go dabao your lunch?

Heading outdoors exposes us to sunlight and fresh air, which your body will thank you for. Plus, the change of scenery and pace is an excellent way to refresh your eyes and brain. Who knows, you might even gain new inspiration for an idea or project you’re stuck at?

#7: Give yourself a reward

Deciding to treat yourself to your favourite snack for dinner if you draw up that PowerPoint presentation for your boss can help push you to get started.

Or maybe you’ve been wanting to watch that latest launch on Netflix but haven’t started yet. If so, why not settle your job’s administrative work first and then tune in as soon as the clock strikes 6pm?

A little incentive as a nudge can go a long way to keep you moving.

Final thoughts

Image Credits: MSIG Singapore

Working at home can be an enriching and desirable lifestyle. But that lifestyle does bring unique challenges if we allow it to rule our lives.

If you need some motivation, try following some of the abovementioned tips to establish boundaries between your work and home life. This could help you manage your workload during the day and officially “knock-off” from work when you should.

Decoding 8 Common Dreams About Money & Success

Weird, hilarious, senseless, or symbolic are just some of the words that you can use to describe your dreams. It should not really make sense at first because dreams are encrypted messages from our unconscious mind. This is the reason why some dreams are worth interpreting.

Different theories surround dream interpretation. For instance, Sigmund Freud (Austrian neurologist and the founder of psychoanalysis) argued that dreams are disguised fulfillments of repressed wishes and motivations. Carl Jung, on the other hand, saw dreams as prospective and universal. He believed that our dreams have universal meanings across cultures. Their works paved way for the creation of dream dictionaries.

Decoding our dreams may bring awareness to our conscious mind. All you need is to identify the central symbols or themes and look at it as a whole. You can come up with two more or more interpretations for a specific dream sequence. All these interpretations can fit your life.

Now, let us focus on the dreams surrounding money. Dreams about money can represent concepts such as love, responsibility, time, energy, friendship, and more.

WASTING MONEY

If you dreamt about spending a lot of cash in a dream, what could this mean? Well, spending a lot of money in your sleeping state can be a sign that you are carelessly spending in real life. Take cues from your unconscious mind and consider being more intentional when it comes to your purchases.

In its latent form, wasting money in a dream can be associated with how you obtain your goals. If you feel like you are wasting your money in a dream, this can mean that you are wasting your energy on something in real life. You may reprioritize some categories in your budget to stay closer to your goals.

LOSING MONEY

Losing money in a dream may be a sign that your actual financial state is unstable. It can represent a general worry that things are beyond your control or an unpleasant feeling that your finances are out of control.

Focusing on what you can control takes discipline. It is a practice that takes conscious effort and energy. You may start by assessing your cash flow.

WINNING THE LOTTERY

Many people fantasize of winning the lottery. In fact, the next TOTO draw is today at 9:30 pm. Its estimated jackpot is at $8,000,000 (as of April 1, 2021). Who would not want to win that? In dreams, winning the lottery can be seen as a life-changing stroke of luck.

Dreaming about winning the lottery can be associated with freedom, responsibility, and happiness. It is not just about monetary gain. You may interpret it as gaining recognition or friendship. Alternatively, you may interpret it as not taking responsibility for your own actions or decisions.

OWNING A LUXURY CAR

A friend of mine once shared about his dream of driving a car. In his dream, he was driving a red luxury car while going around town. According to dream dictionaries, driving a car can mean many things. For starters, a car can represent one’s ability to efficiently make decisions in each situation. When a car is being driven fast, it can be an indication that you are currently feeling stressed out.

Let us go back to my friend’s dream. Driving an expensive vehicle in a dream may mean that you feel like you have an effective strategy in place. Moreover, driving a red car is seen as a symbol of love. His dream may be interpreted as his journey towards finding someone special.

STEALING MONEY

Stealing money in your dream may be a sign that you are willing to do whatever it takes to get what you want. How you feel about acquiring the money can also be an indication of how you feel about going through extreme measure to accomplish something in real life.

Are you willing to exhaust all your efforts to reach what you want in life? This is worth pondering about!

HUNTING FOR A JOB

The act of searching for a job in a dream can mean that you are seeking for a new challenge or personal improvement. It may also indicate that you are having a hard time with your current position and you are looking for a new one.

LENDING SOMEONE MONEY

Lending someone money in a dream supposedly means that you are letting people borrow your time, energy, or attention. Who are you lending the money to? This may indicate that you are worried about a friend who is going through a rough time or a family member who has been making some questionable decisions in their career.

Nonetheless, it can be your unconscious mind’s way of telling you that you need to pay attention to these people.

CLIMBING THE STAIRS

For the past few weeks, I noticed a recurring symbol in my dream. I often dreamt about climbing the stairs. Its frequent occurrence ignited my curiosity in interpreting my dream. Dream dictionaries often associate stairs with progress in certain areas of your life. It can represent feelings of success, failure, fear, and improvement. These feelings depend on whether you ascend or descend a staircase.

If you are happily ascending the flight of stairs, it may mean that you are confident in the face of promotion or moving forward. It can also mean that you are undergoing growth in your experience. In contrast, going down the staircase can mean that you are feeling overlooked for a promotion or you feel like you are descending from a personal stature. It can indicate feelings of failure.

Image Credits: pixabay.com

DISCLAIMER: The meanings behind the dreams are subjective. While others believe that dreams have symbols attached to it, some may see it as mere electrical brain impulses. It is up to you to interpret your dream symbols and how they apply to your personal life. Ultimately, dreams can help you alter your direction and show your innermost emotions.

Sources: 1, 2, 3, & 4

Peer-to-Peer or more commonly known as P2P lending started in the US and UK in 2005, and has since taken the world by storm. Back home in Singapore, P2P lending contributed to approximately USD 207 million in financing offered to businesses here in 2020. Investors on P2P lending platforms can participate in these financing and earn returns in the form of interests.

Take for example Funding Societies, a popular P2P investment platform amongst Singaporean investors. It is currently licensed in Singapore and has operations in 3 other SEA countries. Backed by Sequoia India, Softbank Ventures Asia, SGInnovate amongst many others, the platform has grown at a rapid pace since launching in Singapore 6 years ago. Here are some things to note when investing with Funding Societies:

Low barrier to entry: Investors can invest as low as $20 per loan
Short tenor: Investment tenors are quite short ranging from 1 to 12 months
Returns on Investment for each Product Type: Interest rates usually range between
- 3% – 5% per annum for a Guaranteed Investment product;
- 6% – 8% per annum for a Property-backed investment product;
- 8% – 18% per annum for Invoice financing and Working capital related investments products

Risks and Returns of P2P lending in Singapore

Investors are able to invest by crowdfunding the business financing available on the platforms and potentially earn returns in the form of interests typically ranging in the mid to high single digits. The investment amount starts as low as $20 at Funding Societies, which investors can leverage on for their portfolio diversification. Depending on the loan product, payouts can be done monthly so investors get their investments and returns in a shorter time frame. Compounding returns, as well as a rather short learning curve, are also attractive incentives as well.

That said, repayments can be delayed or go completely unpaid. This is why it is imperative for the P2P lending platform to first do a preliminary round of due diligence and present the facts comprehensively to investors, before allowing investors to decide whether or not to proceed. There is also a risk of the P2P lending platform shutting down if it is not financially stable on its own. To mitigate this risk, P2P platforms regulated by MAS can engage an independent escrow agent to handle all investor funds separate from its business account, such that the escrow agent will hold the funds even if the platform goes under. Funding Societies does just that to provide peace of mind to investors. As such, there is a need to do your due diligence and ensure such investments match your risk appetite.

Get a S$20 cashback when you sign up on Funding Societies with the exclusive promo code “MONEY21” and make a total investment of S$200 by 30th April 2021.

How can Diversification help to minimise risks in P2P lending?

One of the largest risks in investing in a P2P lending platform like Funding Societies is the risk of a SME defaulting. Portfolio diversification by means of investing into a good mix of notes and industries on the platform is one way to mitigate concentration and default risks and optimize your portfolio returns in the long run.

Taking the above scenario as an example, we see that Andy invested S$800 into a single deal and this single investment makes up 50% of his overall portfolio. Whereas in the other scenario, Emma invested S$50 uniformly across 100 deals, making a single investment just 1% of her overall portfolio. In the event that Deal A defaults, Emma’s potential loss will only be 1% of her overall portfolio whereas Andy might face a potential loss of half of his overall portfolio.

Conclusion

Although P2P lending is still a fairly young industry within Singapore, the demand is ever increasing. Given that 99% of businesses in Singapore are SMEs and that the returns on investments typically range in the mid to high single digits interest rate per annum, P2P lending in Singapore serves both the needs of SMEs and investors. With all that said, it is important for investors to do their own due diligence and measure the risks involved against their own risk appetite.

Get a S$20 cashback when you sign up on Funding Societies with the exclusive promo code “MONEY21” and make a total investment of S$200 by 30th April 2021.

Terms and Conditions apply

Investors must sign up with the aforementioned promo code and make a total investment of at least S$200 by 30th Apr 2021 to be eligible for the $20 cashback. Cashback will be credited into the eligible investors’ accounts by the end of May 2021. Funding Societies’ investor T&Cs apply.

Funding Societies is the largest SME digital financing platform in Southeast Asia. It is available in Singapore, Indonesia, Malaysia and Thailand, and backed by Sequoia India, Softbank Ventures Asia Corp and SGInnovate amongst many others. It provides business financing to small and medium-sized enterprises (SMEs), which is crowdfunded by individual and institutional investors. Investors can invest from as low as S$20 with a tenor of no more than 12 months.

Disclaimers:

This article is contributed by Funding Societies.

It should not be construed that Moneydigest is endorsing this article or any of the products and services provided by Funding Societies.

The content and materials made available are for informational purposes only and should not be relied on without obtaining the necessary independent financial or other advice in connection therewith before making an investment or other decision as may be appropriate.

Actual returns may be lower than the expected rates of return, and historical rates of returns may not reflect future returns. The Product type interest rates indicated in the article are derived from historical rates of returns and are exclusive of service fees.

All information in this article is accurate as of 29th March 2021

#1: Self-Administration

#2: Discounted Lump Sum Settlement

#3: Debt Consolidation Plan (DCP)

#4: Debt Management Program (DMP)

#5: Bankruptcy

#6: Debt Repayment Scheme (DRS)

Final thoughts

#1: Set a schedule

#2: Get dressed before 9am

#3: Separate your workspace

#4: Work in chunks

#5: Use the 30-minute technique

#6: Take a short walk before dabao-ing lunch

#7: Give yourself a reward

Final thoughts

Risks and Returns of P2P lending in Singapore

How can Diversification help to minimise risks in P2P lending?

Conclusion

Search the site