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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Keep Yourself Busy With These Brilliant Stay-At-Home Ideas

Not all establishments are opening during Phase 1. This means that many Singaporeans are still working from home. Staying mostly indoors for long periods of time can take a toll on anyone. One way to get rid of the unpleasant feelings you have been having is to keep yourself busy. Here are five stay-at-home ideas that you can explore to spice up your days!

#1: BOOST YOUR CHILD’S ACADEMIC PERFORMANCE

Increase your child’s grades by using technology to your advantage. Distance learning is no longer limited to schools as more enrichment and tuition centers have been opening their doors to modern possibilities. Companies such as 88tuition and ThinkersBox can help your child excel in various subjects.

The former provides video-based learning materials suitable for students from Primary 1 to Secondary 4 for subjects such as Mathematics, Mandarin, and English. The child will be able to take his or her own pace through reviewing and re-watching these videos. The latter provides enrichment classes for kids geared towards enhancing their brain development. ThinkersBox enables your child to concentrate well with its Brain Booster sessions focusing on developing concentration, stronger attention span, and other cognitive abilities. See these websites for yourself!

#2: SPARK JOY IN YOUR WARDROBE

Your routine may consist a cycle of: eat, sleep, and repeat. However, this does not mean that you have to forgo dressing up. You still need do occasional grocery and office runs. Do this in style by de-cluttering and mixing up your wardrobe. Start by cleaning up your closet and searching for items that you can donate or dispose. Get rid of these items. Lastly, you can purchase online to avoid coming in contact with the mall crowds.

Buying your new outfit online is so convenient these days. Virtual Boutiques such as Zalora and Love, Bonito have a wide array of selection. Take advantage of their seasonal promotions such as the previous Chinese New Year sale.

#3: EXPERIMENT IN THE KITCHEN

While following the CB period, my sister unleashed her talents in baking. She recently cooked the most delicious and chewy chocolate chip cookies. She had everyone involved and so can you! Make cooking a family affair or a friendly competition among parents. The two opposing dishes can be judged based on the taste, affordability, and presentation. Who says dining at home has to be boring?

Your family’s routine may have changed due to the pandemic, but you do not have to lead a bland life. Take this time to spend quality moments with your family such as when you cook together in the kitchen.

#4: RE-VISIT YOUR FINANCIAL GOALS

With time in your hands, take this opportunity to re-visit your financial goals. What were you aiming to achieve in the new decade? What were the financial steps that you put on hold, before the pandemic? Browse educational articles online to help you brush up on your financial knowledge or gain new money insights through in-depth research.

You can consider opening a trading account as you begin your investment journey. Or, you may educated your children about the basic concepts of money. It pays to integrate a sense of curiosity in them at an early age.

#5: DO MENTAL CHECK-INS

Mental health is as important as your physical health. Ask yourself, your friends, and family members a simple question. “How are you feeling today?” This question can unlock many underlying issues or problems faced due to the COVID-19 situation. Some people have a hard time sleeping at night. While, others cry due to their anxiety of not going back to work.

Image Credits: unsplash.com

Checking the emotional state of people close to you can show how much you care for them. Allow yourself to experience these complex emotions and know that you will not be in the same state forever.

Sources: 1 & 2

 

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Tuition is a long-term investment.

For decades, parents have found themselves weighing up the pros and cons of higher education. They have hesitated before encouraging their children to pursue a degree, questioning whether the value they might get out of a university education will ever actually outweigh the fees of attending that college – and whether it will justify life-long debt. But the reality is that tuition is unequivocally a long-term investment and when evaluating the return on investment into a higher education, there should be no doubt it will always generate far more value in a person’s life than it costs them. If you are still in the pre-liminary stages of whether higher ed is for you, here are a few reasons why you should go ahead and enroll:

It’s not what you know, but who you know (actually, it’s both)

Attending a college or University can provide students with valuable connections who may help them get a job later in life and that’s why you should strongly consider attending after high school because it will help you get your foot up in your career. Even if a student fails educationally while at college, one friendship or introduction could lead them to a career opportunity they wouldn’t otherwise have.

Better job prospects

On the same note, universities typically do all they can to make graduates employable by responding to changing workforce demands and customising university courses so that they help produce students perfectly suited to the markets’ needs. For example, accelerating digital change is one major global phenomenon that universities know will dictate the future of the workplace. In fact, the McKinsey Global Institute estimates half of current work activities could be automated using existing technology, and so universities are increasingly changing the way in which they teach to ensure students keep up with changing technologies. Universities also often embed work experience into the curriculum to prepare graduates for life after college. Given how competitive the workplace is today, especially in light of Covid-19, the more an applicant can demonstrate that they are perfectly suited to a job, the better.

Improved self confidence

There is much evidence to support the idea that attending a respectable university will lead to increased confidence in the students attending it, simply because it helps them to recognise they are a worthy and valuable member of society, with the world their oyster. As opposed to retreating into their own world and potentially becoming an antisocial recluse, students at university tend to relate better with their peers, and later on with the outside world. This in turn tends to translate into better jobs, since interpersonal skills are considered a key asset in recruitment today. Part of building this self-esteem, though, is about succeeding in one’s scholarly pursuits – and here is the catch. Sometimes, it is necessary to invest a little more in private tuition during one’s university years, to ensure that the educational experience is maximised.

However, long before you are able to attend college, you need to have the appropriate qualifications. For instance, if you are planning to study finance, marketing or other economy related courses, you might require economics tuition. It is very important to make sure you get the help you need so that you are able to realize your dreams of going to university. Furthermore, experts in their field are a choice investment in your children’s education. The value of their tuition is not merely that they help students secure high grades but also truly coaching them in thinking skills, and helping them to see the applicability of the economic concepts to making important life decisions as well as training them with a business or entrepreneurial mindset.

 

 

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8 Cheap Ways To Feng Shui Your Home

The Ancient practice of Feng Shui highlights the harmony between he individuals and their surroundings. It can help you create a happy home, a productive working space, and a beautiful garden. The usage of energy forces is within your hands!

Start improving your life while you are in quarantine by practicing these Feng Shui tips.

#1: TIDY UP

De-cluttering must be on top of your list as Feng Shui relies on free-flowing energy (chi). Let the chi flow smoothly without disruptions by clearing out the entryway of your home. Clean the dirt behind your front door so that you can open it all the way. Tidy up your space by getting rid of your dead plants, old newspapers, expired cosmetics, broken toys, and so on.

#2: FIX IT

Feng Shui focuses on well-functioning things around your house. Ensure that you fix the broken things inside your house to encourage good energy. Start checking your doors, windows, lights, floors, and furniture. Repair and revamp anything that needs to be tweaked.

Let us focus on your door. Tighten your doorknobs and fix your squeaks. Does your entry door squeak whenever you open or close it? It is helpful to put some oil into the door hinges to prevent this sound and to create more positive energy. Moreover, it reduces your frustrations upon coming in.

#3: COVER IT

Cover the television inside your bedroom to create a tranquil environment for sleeping. If you have trouble sleeping, it is a good idea to cover your television with a beautiful scarf or a patterned fabric. The active energy of your television may be disruptive to your sleep. Create a calming energy by reducing the electronic stimulation.

#4: SPICE UP

To spice up your love life, you may consider adding plants to your love nest. Create hope and cheer to your bedroom by addin three indoor plants. Moreover, you must position your beed in such a way that you can see whoever approaches your bedroom door. A bed in a “commanding position” attracts strength, love, safety, and calmness.

#5: ADD PLANTS

Indoor plants are known to bring positive health effects to people, while colorful flowers brighten up rooms. These home elements are believed to improve a home’s chi. One of the lucky charms that you may incorporate to your home is a bamboo. Beyond its Feng Shui effect, it adds character to your interiors. Bamboo is a stylish plant that works well at promoting peace and tranquility.

#6: ARRANGE IT

Arranging your pieces of furniture in a circular formation encourages the smooth flow of energy. You can attract positive energy in your bedroom by strategically placing your bed so that it stands diagonally from your bedroom door. Avoid letting your bed face away from the toilet.

#7: COUNTER IT

Flowing water is believed to drain the luck from your home according to Feng Shui. To counter this, you must introduce earth elements. Add accessories in warm tones such as yellow and gold accents. You may also put a fresh coat of paint in your walls or add yellow towels or gold rugs to lessen the elemental imbalance.

#8: BURN IT

Dollar stores have a wealth of incense in their counters. Cleanse your home by burning incense. Ideal types of incense for this purpose are sandalwood and rosemary. Not only will the smoke clear your space of the negativity, but your home will also smell heavenly. You will love how the incense will create a cozy ambiance, while inviting positive energy in!

Image Credits: unsplash.com

Sources: 1 & 2

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How To Stretch Your Dollar When Decorating Your Flat

With the rising real estate prices and fast-paced lifestyle, people opt to live in HDB flats or apartments. Individuals find it convenient to live in these types of residences given that these are easily accessible to workplaces and commercial areas, offers facilities and amenities, and provides better security. Despite all these advantages, living in a flat means having to deal with a limited space in comparison to house.

In my quest to find ways to maximize the functionality and design of my space, I tapped my Interior Designer friend. Here are some tips that Interior Designer Krishna L. generously shared to me.

#1: PLAN THE SPACE

Having a small space requires identifying the distribution of areas. It is important to recognize the functions and activities that take place in each zone. Adequate planning makes it easier to know what types of furnishings are needed within the space. This helps save time and money for the owners. Personally, I love watching Never Too Small on YouTube as this channel shows how to plan space sections within micro-apartments.

#2: REMEMBER – LESS IS MORE

Given the space available, it is necessary to make use of the space wisely. Having too many things going on in a small space makes it cramped and chaotic. Avoid overcrowding the space and know which items are essential in order to conserve more space.

#3: ELEVATE FURNISHINGS

One way of giving an illusion of spaciousness is keeping things off the floor. Make furniture pieces and fixtures “float” – opt for sofa and tables with exposed legs and mount shelves on wall – to achieve an illusion of a bigger space. Not only does this make the space larger but also provides a room for additional storage.

#4: INVEST IN MULTI-FUNCTIONAL PIECES

A limited space requires flexibility in terms of utility and functionality. Looking for furniture pieces that provide more than one function can save money and space.

#5: MAXIMIZE VERTICAL SPACE

Condominiums and apartments often less square footage than a traditional residential space. Thus, it is better to take advantage of the walls. Use floor-to-ceiling cabinets or shelves for storage and display, mount wall decors and art or add tall plants to make the room appear larger.

Image Credits: 3aces.ph

#6: ADD MIRRORS

It is a well-known fact that mirrors can make a small space appear grander. Mirrors not only give the illusion of a greater square footage but also reflects natural and artificial light, thereby creating an impression of a bigger space.

#7: CONSIDER THE LIGHTING

Natural lighting provides a healthier well-being but also helps open up a room. However, condominiums have limited access to natural light since there are less windows. It can be useful to have a variety of artificial lighting to achieve a great atmosphere and warm ambiance within a space. Lighting placement can either make or break a space, so it must be thoroughly planned.

#8: FIND THE RIGHT COLOR THEME

Colors can influence the way we view spaces – lighter colors reflect light and give an illusion of space, whereas darker colors absorb light and diminish a space. In order to make a room feel larger, it is good to have the right color palette for the floor, wall, and ceiling. This does not necessarily mean limiting your options with an all-white interior; rather, use a color scheme that create cohesion and unity. Choosing monochromatic or neutral colors, for instance, can make the space feel airy, open, and visually bigger. Applying dark or bold color or pattern sparingly to accent wall, furniture, or decors can create depth, contrast, and personality to the space.

#9: CHOOSE THE FLOORING WISELY

Like color schemes, flooring surfaces can greatly impact the size of a space. It is better to avoid using a contrasting color for the flooring. Choose hues for carpets, tiles, and wood flooring that would complement the walls and ceiling to achieve continuity. Light-colored wooden floor planks that are either wide or long can make a space look bigger.

#10: ADD GREENERY

Plants greatly benefits one’s health. Having indoor plants can make the space brighter and lively. Moreover, it gardening is a good hobby to dwell on as you work from home or obey the stay-at-home notice.

Image Credits: unsplash.com

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