How To Save Money In Your 20s

You are in your twenties! You may be thinking that you have the rest of your life ahead of you. Well, you are right. Whether you just graduated from university or are on your way to finish your final term, you can start sending out your Curriculum Vitae.

Finally! You landed your first full-time job, before the Circuit Breaker period started. During your first two weeks, you learned the rules of the trade. You were able to find your rhythm and your work tribe along the way. Then, you received your first paycheck.

You hold your hard-earned money in your hands. Suddenly, you felt like a kid in a candy store. You want to buy whatever you see with this newfound wealth. Are you going to blow off your paycheck in one day? Or, are you going to save it for the rainy days?

It is good to treat yourself every once in a while, but it is better to set aside some money for future expenses. You do not know what the future holds! With our crumbling economy, many establishments such as Robinsons department store have taken the hit. Robinsons stated that they will close some of its branches. Do not let yourself fall into the trap of bankruptcy.

You can do more in your 20s. Start with these tips:

ELIMINATE THE TEMPTATIONS

Food establishments have been gaining more limelight these days. Delivery services such as GrabFood and food panda had been earning a significant amount of money as many Singaporeans are stuck in their own homes.

To get a taste of the outside world, establishments lure potential clients thru social media. A box of donuts sounds as tempting as a buy-one-take-one milk tea. However, you must limit your spending and sugar intake. Eliminate temptations by reducing your time spent on social media such as Facebook and Instagram. These are filled with display ads. YouTube is not safe either!

CREATE A BUDGET

Budgeting is a system that keeps track of your cash-flow and enables you to stay within your financial capacities. Categorize your expenses based on your priorities.

Set aside a portion of amount on fixed expenses first. These fixed expenses include utility bills, rental costs, and transportation costs. Your variable or non-essential expenses shall follow suit.

INVEST A LITTLE

Investing can be intimidating, especially when you have zero knowledge about it! Money Digest has a wealth of articles related to investments. Start reading these articles.

Nonetheless, consider investing small amounts of money and letting a professional handle your portfolio. I am referring to Mutual Funds. Seek help by using the right tools. You can even invest as little as S$100!

Related: Cheap Investment Opportunities In Singapore

Cheap Investment Opportunities In Singapore

KEEP THINGS IN THE CART

What do you say to online shopping promotions? Not today, sir! It is easy to be trapped in the attractive promotions found online. Do you really need another phone casing or a night stand?

Billionaire music mogul Jay-z was once quoted saying: “You cannot afford something unless you can buy it twice”. Can you really afford two sets of AirPods? If so, is that necessary? You may want to wait a day or two, before you decide to purchase something from the shopping cart.

ACT WITH THE FUTURE IN MIND

Since you are making a decent amount of money these days, set some financial goals for yourself. If you want to travel next year as most of the international travel restrictions will be lifted, then you may start saving now. If you want to live on your own by the end of the year, then you may start saving now.

Image Credits: unsplash.com

Always act with the future in mind. You hold the key!

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Stop Buying These “Essentials”!

I have to be honest! Since the Circuit Breaker (CB) period started, I have been purchasing essentials (such as sanitary napkin and coffee) and non-essentials (such as make-up and jade roller) online. Online shopping prevents me from being exposed to the possible dangers of the coronavirus. However, I felt that its convenience can trap me.

I had to become more aware of my spending patterns. I gave myself a maximum limit of twice a month to purchase my needs and wants online. This way, I will be able to track my parcels and spending more efficiently.

Two nights ago, Lazada had a Flash Sale on Apple Airpods. I had been eyeing this product for a long time and have been waiting for the perfect occasion to splurge on it. Despite its 20% drop, I decided to seek the advice of my partner. His opinion is of utmost importance to me. Thankfully, his voice of reason prevented me from purchasing the device that I will likely get tired of after several months. He helped me save S$200 that night.

There are many ways to save money. You can reduce your online shopping tendencies, expand your businesses, or invest in stocks. Every little bit counts when you are trying to save money during the CB period. If you have not realized it yet, here are some “essential” things that you should stop buying.

#1: AIR FRESHENER PLUG-INS

Ahhh air fresheners! Air freshener plug-ins have been all the rage in the 1990s. Those pine-shaped air fresheners may be doing more harm than good. According to the environmental testing company called IndoorDoctor, many air fresheners contain a type of chemical known as phthalates as well as formaldehyde. Phthalates are known to interfere with the body’s production of testosterone and have been associated to reproductive abnormalities, says the nonprofit National Resources Defense Council.

For Singaporeans who have pets, the use of air fresheners may feel essential. You need to find an alternative to keep your household fresh. Try creating scented candles by using natural essential oils. Start with this tutorial.

#2: BOTTLED WATER

Singapore’s tap water is generally safe for drinking. On some instances, you may encounter a poor-tasting water due to the chlorination or discolored water. Chlorination is necessary to keep the water safe from pathogens (i.e., bacteria and viruses).

Not only does plastic bottled water add up to the plastic waste, but it also adds up to your costs. Save more by refilling your tumbler or jug from the tap. Ensure that you bring this tumbler or jug while you are out of the house too.

#3: PLASTIC UTENSILS

Yes! Disposable utensils enable you to lessen the time spent on dish washing. However, this cheap and convenient item may add pollution to our environment. Help the future generation by reducing the plastic waste.

Use metal utensils and straws wherever you go. There is a metal utensils and straws set in Lazada, which will cost you about S$7.99.

#4: DISCOUNTED ITEMS

Just because an item is on sale does not mean that you really need it. I know how attractive a Flash Sale can be. In fact, I saved a lot of money from buying my Christmas gifts through Flash Sales. However, problem may start when you purchase several on-sale items without planning to do so.

Image Credits: unsplash.com

If you do not need and want the item, skip it. Are you willing to pay for it in full price? If so, then it highlights your essential need for it. Keep these in mind!

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Phoon Huat shows us how to make the popular Basque Burnt Cheesecake the easy way

Here’s Phoon Huat’s version of the famous Basque Burnt Cheesecake that has taken the world by storm. Super simple, great for beginners!

Find all ingredients on RedManShop.com.

Find recipe here: https://www.redmanshop.com/dims/basque-burnt-cheesecake

Ingredients:

  • Royal Victoria Cream Cheese 450 gm (Product Code: 67061)
  • RedMan Caster Sugar 120 gm (Product Code: 1417)
  • RedMan Eggs 3 eggs (Product Code: 12088)
  • RedMan Vanilla Essence 2 tsp (Product Code: 67722)
  • RedMan Corn Flour 7 gm (Product Code:1201)
  • Grand Fermage Whipping Cream 220 gm. (Product Code: 58611)
  • Round Cake tin with removable base 1 pc (Product Code: 50010)

Steps:

  1. Whisk cream cheese and sugar until creamy.
  2. Add eggs one by one followed by the vanilla essence. Whisk till creamy.
  3. Add the sieved corn flour and mix well.
  4. Add the whipping cream and mix till combined.
  5. Line the 6″ cake tin with a removable base with baking paper on the bottom and sides.
  6. Bake in a pre-heated oven at 200 degrees Celsius for 40-45mins.
  7. Once baked, let cool at room temperature completely before setting in fridge for at least 2 hours.
  8. When time to serve, remove from cake tin and enjoy!

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Useful Tips To Pass Your IELTS Test

Singaporeans who are applying for a job overseas or are keen on taking on an opportunity to study in United Kingdom or Australia will have to pass the IELTS exam. IELTS stands for International English Language Testing System. It is one of the top examinations used to measure one’s English language proficiency. To be considered competent in the English language, the applicant must earn a score of 6 or above in each component.

The International English Language Testing System or IELTS is an international standardized examination that measures one’s English language proficiency, especially for non-native English speakers. Its results are accepted by numerous organizations and institutions worldwide. Institutions include universities, immigration departments, government agencies, and so on. Kick-start your career by taking this test.

While you are in the Circuit Breaker period, you may use the luxury of time to study for your IELTS exam. Here are some practical tips that you may start with.

#1: PRACTICE READING EFFICIENTLY

The reading assessment component typically lasts for 60 minutes. The more you read, the faster you become. To reach this point, you must practice diligently. Moreover, you must not forget the comprehension aspect of reading. Reading fast does not mean that you will be able to digest everything you read. Start with a small chunk of material at a given amount of time. Then, shorten that time-frame.

Allot time for both academic reading and leisure reading. You do not need to focus on IELTS review notes entirely. You may opt to read materials that are heavy by day and light by night. Do not overwork your brain.

#2: READ THE SUBTITLES

Practice reading fast and efficiently by activating the subtitles of the Korean dramas or the movies that you watch. According to a 2010 research entitled “The Cognitive Effectiveness of Subtitle Processing”, subtitles can enhance a child’s reading and literacy skills. Read the subtitles on Netflix as you binge watch. You get to indulge in your favorite pastime too!

#3: LEARN TO SKIM AND SCAN

Skimming is the manner of quickly moving your eyes over the material. This will give you a general overview of the entire content. Scanning, on the other hand, lets you go over a specific material to locate data. This will enable you to scan for the answers in an essay. Both reading techniques will help you save time.

#4: SPOT PARALLEL PHRASES

Many IELTS questions will assess your ability to match similar phrases or parallel phrases. These phrases have the same meaning, but are worded differently. A phrase such as “love to cook” and “cooking is my hobby” are parallel phrases.

#5: GROUND YOUR EXPECTATIONS

Gain confidence by knowing what to expect. This way, you will be able to take the exam without getting caught by surprise. For instance, you will have to take the oral component too whereby you have to speak out loud. Learn the exam’s format by searching free resources online or by purchasing practice materials from the bookstore.

#6: MANAGE YOUR TIME

Take practice tests before your IELTS exam. You need to pace yourself. To mimic the nature of the exam, you must be strict when it comes to the instructions and the time. Allow yourself to finish the reading practice tests in an hour, as officially stated.

Image Credits: unsplash.com

During the examination, you may skip the difficult questions first and move on to the easy ones. Tackle the gaps before proceeding to the next component or the next part of the exam. Good luck!

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Get covered for accidents and COVID-19 for less than $0.30/day

Get covered for COVID-19 and personal accidents for less than $0.30/day

Protect yourself and your family members from the impact of the novel coronavirus. The ongoing pandemic has means uncertainty for a lot of people. To cope with the health and financial challenges, SingSaver has launched a personal accident insurance policy with FWD to extend coverage for COVID-19.

The new and exclusive insurance product will cover infectious disease including COVID-19, Dengue, Zika and more at only $98/year — one of the cheapest in the market.

One of the highest limit/coverage for COVID-19

The policy offers coverage for the highest number of Infectious Diseases in the market. It also has the highest Death Benefits of $50,000; plus Guardian Angel Benefits and Funeral Expenses Benefits at $50,000 and $2,500 respectively.

That is not all. You will be covered with a $1,000 limit for inpatient and outpatient expenses and $25/day in hospital income for up to 365 days! ($50/day if you are admitted to ICU) Yes, you see it right. Insurance coverage for the entire year. (Most insurer has a higher daily hospital cash payout but has a cap of around 14 – 30 days)

With unlimited medical evacuation, you enjoy a peace of mind if you contract an infectious disease or met with a accident overseas.

No occupation loading

Working in an environment that carries more risk? Most insurers in the market impose occupation loading which increases the price by as much as 80%! You’d be glad to know that FWD does not impose occupation loading. (Yay, for frontline healthcare workers)

The plan also covers all personal accidents

The personal accident plan also covers all accidents. In the unfortunate event that there is an accident i.e. your Grab ride gets into a collision or a GrabFood rider on e-scooter knocks into you, you are well covered with this policy.

Frequently Asked Questions

  1. For hospitalisation due to accidents and COVID, cost of ward stay is excluded right? (i.e. I’ll need to have medical insurance for that instead)
    Covid19 – SG govt covers the hospitalisation ward stay, so the $1K medical expenses is additional $ for you. For other infectious diseases and Accidents, your ward stay can be reimbursed via medishield life/ integrated shield plan (the $1K medical expenses is additional $ for you).
  2. The plan covers me for 1 year. Anything to note if I want to renew?
    Usually renewal or buying a PA policy will ask some questions like Age below 65, never excluded from any PA insurance
    applications previously, etc.
  3. Does it cover accidents arising from car accidents? i.e. my Grab ride gets into a collision, or a GrabFood rider on e-scooter knocks into me
    Yes, it covers ALL ACCIDENTS – as long as it is an accident.

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