What is day trading and what if I suspect my spouse is dealing with a day trading addiction?

man looking at stocks using his phone and laptop

Some people like to “gamble” with their money and they call it day trading.

If it’s your first time hearing the term, it simply means buying and selling stocks within a day to try to make quick money.

It can be likened to playing the stock market but on steroids. Something like trying to catch fish with your bare hands instead of a fishing rod because it’s too slow.

It’s no doubt high risk if you’re an absolute beginner, but also high reward when done right. But if your spouse starts to neglect their job, family, and friends, then something’s not quite right.

More about day trading

The people who do day trading like to buy and sell a lot, so they can make money from the market’s price changes in one day.

Sometimes they can make a lot of money in a short time, but sometimes they can also lose a lot.

Some folks like to do day trading because it’s very exciting, and they can work from anywhere and anytime they want.

But it’s easy to get addicted thinking it’s “easy money.”

Warning signs that signal your spouse may be addicted

If your spouse spends the whole day staring at the computer screen and forgets to keep up with personal hygiene and routines, this can be a warning sign.

He or she may also be paranoid and sensitive when talking about losing money.

If you suspect that your partner is dealing with an addiction, don’t accuse them of having an addiction right away.

How to speak to your spouse

Wait for the right time and find a quiet place. Then, use “I” statements to tell them how you feel and why you worry.

Don’t play the blame game. Take the time to listen to their side of the story—maybe they just want to earn more money for the family or they’re having a tough time at work recently.

Don’t just brush them off or start arguing. Both of you need to find a solution together, like maybe reducing trading hours or seeking professional help.

Encourage your spouse to explore alternative career options

In Singapore, we don’t have a lack of job opportunities and resources, think SkillsFuture and Workforce Singapore.

You can share it with your spouse and encourage him or her to attend some info sessions or courses to upskill.

Let your spouse know that they can (still) feed the thrill of trading better with a job that provides a steady income—with CPF and other benefits.

Seeking professional help

If your partner is already in deep waters, it’s good to see a financial counselor who can help put things into perspective.

It also doesn’t hurt to speak to a general therapist or counselor to see if deeper emotional issues are causing changes in your spouse’s behavior.

Concurrently, ask around for contacts of financial advisors that have a good reputation and reach out to them.

Make an appointment to see if they’ve got other investment schemes that are less risky, so your partner can still trade and put rice on the table.

Day trading is like a gamble where one can win big or lose big. But if you suspect that your spouse can’t seem to exercise self-control, then maybe it’s time to take action. Speak to your spouse first and then seek professional help. Better to talk to someone who knows what they doing than rely on yourself to try and fix everything. Don’t wait until it’s too late.

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How to Develop Trust in Your Financial Abilities

Managing money can be a daunting task, but it’s essential to build trust in your financial abilities. Even if you’ve faced financial struggles or made mistakes in the past, it doesn’t mean you’re destined for a lifetime of financial uncertainty.

By following these steps, you can start trusting yourself with money and pave the way for a brighter financial future.

Step 1: Set Small, Specific Goals

Breaking down your financial goals into manageable chunks increases your chances of success. By achieving these smaller milestones, you demonstrate to yourself that you’re capable of making sound financial decisions. Remember to be forgiving of any past mistakes you’ve made. Setting specific goals not only provides direction but also boosts your confidence as you see tangible progress.

Step 2: Regularly Evaluate Your Progress

Transforming your financial situation doesn’t happen overnight. It involves taking numerous steps along the way. Regular check-ins with yourself are vital to ensure you’re staying on track and to acknowledge your successes. Schedule monthly or quarterly evaluations to assess your progress and make any necessary adjustments. These check-ins are also an opportunity to celebrate your achievements, reinforcing your trust in your ability to manage your money effectively.

Step 3: Expand Your Financial Knowledge

Enhancing your financial literacy is an excellent way to improve your financial situation. There’s a wealth of resources available, such as books, websites, and podcasts, which can help you gain a better understanding of personal finance. If you need personalized support, consider seeking assistance from financial coaches or advisors. Ensure that you choose reputable sources and individuals whose advice aligns with your values and circumstances. By continuously expanding your knowledge, you empower yourself to make informed financial decisions and strengthen your trust in handling money matters.

Step 4: Celebrate Your Financial Accomplishments

It’s easy to get consumed by failures and overlook your successes. That’s why it’s crucial to keep a record of your accomplishments, no matter how small they may seem. At the end of each year, take the time to make a list of all your achievements. It doesn’t have to be solely financial accomplishments; include anything that makes you proud and excited. This activity can be enjoyable and motivating, reminding you of the progress you’ve made.

Image Credits: unsplash.com

By following these steps, you can develop a trusting relationship with your finances. Remember that building trust takes time, patience, and consistent effort. Believe in your capability to make positive financial choices and shape a brighter future for yourself.

Sources: 1 & 2

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How to reduce air-conditioning bills in Singapore?

a living room with an air-conditioner

As the tropical heat of Singapore continues to challenge our daily comfort, air-conditioning has become more of a necessity than a luxury.

However, the soaring energy bills that accompany constant usage can be a rude awakening. And that’s why I’m here to help you strike a balance between staying cool and keeping costs down. Or at least try to offer my two cents.

Let’s discuss some practical tips and smart habits that can significantly reduce air-conditioning bills, ensuring you enjoy a cool and comfortable living space without breaking the bank.

Maintain your air-conditioner

First up on our simple hacks list is the need to maintain your air-con properly and regularly.

Even if it’s a tedious process, it’s one that you should not siam.

Clean and replace filters where necessary (depending on usage), and service the unit via a professional to make sure it’s running smoothly.

This will ensure that you use less energy and cool down your room/home faster.

Opt for energy-efficient models

If you don’t know what I’m talking about, just remember—the more ticks, the better it is.

You should be able to find better energy-efficiency products with ease thanks to the tick rating system we have in Singapore.

In other words, if an appliance uses less energy to produce the same results as an appliance that uses more, it is said to be more energy efficient.

And that will have a direct impact on how much you pay for electricity at the end of the month.

It’s almost a no-brainer, right?

So don’t just be a cheapo and go for the lowest-priced one, be a smart shopper for longer-term gains.

Set the right temperature
a remote controller at 25 degrees

Image Credits: luceaircon.sg

There’s no need to make your room feel like it’s winter in Antarctica, yeah.

The sweet spot should be around 24 to 25°C. Any lower than that and your bill will skyrocket like… a rocket. Every degree lower can add up to 10% more energy consumption.

Use a fan

If you really cannot tahan the heat without lowering the temperature, try using a fan to supplement. Or even better, use a ceiling fan.

Turning on the fan and the air-con together can help you set the aircon temperature higher. The fan will help to circulate the cool air and make you feel much better.

You don’t need to worry too much about the electricity bill because a fan uses waaay much less energy than the aircon. So, you can enjoy the cool air and save money at the same time.

How awesome is that?

Use a timer

Next, set the timer to turn off after a few hours, especially at night when you’re in deep slumber.

Some people like to leave the aircon on an entire day, and then wear a jacket or wrap themselves in a thick blanket because it’s too cold.

Why?!

You’re just saboing yourself financially.

Insulate your home
blinds on a window

Image Credits: softhome.sg

You don’t need to hire someone to do it.

Just invest in some curtains, blinds, or window films. Block out the sun during the day, keep your home cooler, and reduce the need for air-conditioning at night.

And speaking of which, remember to also close your windows and doors. If your air-conditioner is turned on with an open window, you can’t blame anyone for those high bills.

Dress for the weather

People can die for fashion but I won’t sacrifice it for comfort.

I’m saying this because I used to have a friend who layers like he was going to the North Pole or what. He calls it the “layering fashion” and thinks it’s cool. Oh, well.

Anyhow, don’t be like him.

Choose lightweight items of clothing, like cotton or linen. They can help you stay cool and thus reduce the need to rely too much on your air-conditioning when you reach home from a warm day out.

Minimize heat-producing activities

When you cook or use appliances like an iron or a hair dryer, it makes your surrounding area hotter than your spouse’s temper.

The air-con works harder to cool down your house, so your bill goes up.

If feasible, turn on the air-conditioner after you’re done with all those appliances. It may sound like a “sis, you serious?!” moment but, hey, every little bit counts.

Install energy-efficient lighting

Those old-school bulbs are damn hot and can make your room feel even hotter than the weather outside.

But if you use LED bulbs, they generate less heat, and less power is needed also. Good, right?

Plus, LED bulbs can last longer, so you don’t need to keep changing them all the time.

Soaring air-con bills in Singapore really can make you want to pengsan. But don’t worry, follow the tips I’ve listed in this post to help you get by like a pro. To recap some points we’ve looked at: clean your aircon regularly. If there’s dust and dirt, the air-con must work harder to cool the room. Next, use a fan together with the air-conditioning. Not only will you be saving energy, but you will also instantly make the room feel cooler with the constant air circulation. Then, set the temperature to 25 degrees—no need to make the room feel like it’s winter. So there we have it, simple hacks for long-term gain 😉

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Should working adults give their parents monthly allowances?

50-dollar notes

A very sensitive topic, huh?

But one that should be discussed.

After all, the journey into adulthood is not a walk in the park.

As you make your way into the working world and start earning your keep, it makes you wonder if you should provide financially for those who brought you into the world.

In our little red dot, there’s an unspoken expectation that working adults must provide monthly allowances for their parents.

But really must meh? Is there a right or wrong answer? Let’s see.

Cultural expectations around filial piety

In Singapore, there’s a deep-rooted expectation of filial piety.

It’s almost an incontestable social value here—especially in the older generations where they think their children must provide for them.

However, we’re now seeing new expectations among younger generations when it comes to filial piety. And IMO, there’s really nothing wrong with it.

At the end of the day, whether you prefer buying gifts, taking your parents out for weekly meals, or giving them monthly allowances, you do what’s best for you.

The financial realities of many young working adults today

Do you know that a study done by the Citi Foundation-SMU Financial Literacy Programme for Young Adults 2 years ago has shown that 1 in 3 young adults in Singapore are not confident in managing debt?

Many people in their 20s don’t think about budgeting and managing their finances, let alone helping out their parents with an allowance.

This lack of financial understanding can be attributed to a few factors.

For one, education hasn’t provided sufficient preparation for handling money.

Another is that these young adults have not taken the time to research and understand the complexities of budgeting and money management when heading out into the workforce.

It’s easy to assume that if you’ve got your first full-time job, you should be able to start helping out your parents immediately.

But it’s important to remember just how difficult that can be if you don’t know a thing about money management.

Have an open conversation about expectations

That said, knowing what your parents expect from you and understanding what you can afford are important aspects to consider. It’s difficult, no doubt, but it’s essential to reach a compromise.

If your parents’ expectations are out of line with what you can afford, there are options for bridging their expectations and the reality of your financial situation.

For instance, maybe you could suggest splitting costs like utility bills and groceries?

woman shopping at NTUC

Image Credits: straitstimes.com.sg

Or you could explore other solutions, like sending money once every 2 months or providing help in other ways such as running errands or helping with chores around the house.

The idea is to meet halfway, somewhere.

Set a budget you can afford for monthly allowances

If you can afford a monthly allowance for your parents, good.

But first things first, allocate budget percentages based on your expenses, savings, and debt (I hope it’s just a student’s debt ya).

This will help you determine the limit of how much you can spend each month by calculating your “take-home” after CPF deductions.

If your expenses are greater than your income, start by cutting down unnecessary spending or look for ways to make extra money.

You can also let your parents know that you will increase their allowance as your income grows.

Make compromises to find a solution that works for your family

Every family’s budget is different so I can’t tell you what you should or should not do.

And while you may feel obligated to give your parents a monthly allowance, sometimes it’s just not practical based on your current financial status.

But don’t worry—you can still come to an agreement that satisfies both sides.

Here are some tips:

  • If you have siblings, discuss among yourselves to share the responsibility of monthly allowances for your parents.
  • If you’re all working adults, talk about how much each one of you can contribute towards the financial welfare of the family.
  • For only-child cases, see if there are any items or bills that you can chip in and take away from the burden of your parents first.
Alternative ways to show gratitude to your parents

It doesn’t always have to be about money.

More so if your parents are still in the workforce, have a hand in investing, and earning more than you do.

There are other ways to show them you’re thankful to them for bringing you up. For instance, spending time together.

Make time to chat with them regularly or visit them in person if you’ve already moved out.

Taking the initiative to remember important dates like birthdays and anniversaries can be a way to express your love too.

Or you can organize bi-weekly dine-out dates with the old folks. Zi-char style; anything goes!

zi char dishes

Image Credits: asiaone.com

The decision to give a monthly allowance to your parents is a personal one. No “outsider” has the right to tell you what’s “right or “wrong”. So take time to decide if you can afford to give your parents a monthly allowance, and if it’s something you feel comfortable doing in the long run. If you can, it’s worth considering, but if you can’t, speak to your parents about it and find alternative ways to “make up” for it.

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