Confidence can be a massive word for those with low self-esteem. “I don’t think I can do it” is probably an incredibly evocative sentence that urges your mind and body to take flight.
However, as much as we choose not to admit it, it’s impossible to run away from our fears forever. This is why it’s essential to learn how to transit from fear to confidence. Constantly worrying about not being able to do a task right can cripple one’s true abilities at work. That’s the last thing you want to do if you’re building your career!
To accurately weigh the cons of an action, you have to sit yourself down and think through the threats. Ask yourself what you consider to be the worst-case scenario.
For example, you may be keen on running for a new project at work but lack the confidence to give a presentation. You’re concerned with the reactions of people since you don’t identify yourself as a star presenter. Yes, you may stutter and have some inconsiderate colleagues laugh at you. But hey, that first step forward is commendable!
In all honesty, even if you were to get rejected for your proposal, it’s not a big deal. Take the feedback positively and wait for the next opportunity to recommend something. Always remember that no one wins in life all the time. But when you fall, learn how to stand right back up. When life throws you lemons, use them to make sweet lemonade.
Celebrate small wins
Image Credits: medium.com
We’re sure most of us have played e-games before. Whether on an app or website, have you realised that the first few levels are always the easiest?
This strategy used by game designers is incredibly genius because it’s their way to get you hooked on the game. First, your confidence is boosted from level one since they are absurdly easy to get past. As you get used to the game tools, they slowly get a little harder to navigate.
Using the same methodology, start with small goals that are easy to succeed. If you do not know where to start, speak with a trusted colleague or leader to set little assignments for yourself. When you succeed in those tasks, celebrate! Every small win is praiseworthy, and most importantly, they help build your confidence surely.
Confront your fears like a boss
Do you know that you can reduce anxiety by engaging in stressful activities? To get over your unease, you’ve got to confront your fears like a boss.
That is to say, if you’re afraid of teaching, put yourself in a situation where you have to teach. By doing so, your motivational system will find out that there is actually nothing to fear, and your panic will subside over time.
And, of course, practice makes perfect. Not everyone is born with a natural gift of a particular talent. While some may be charismatically good at public speaking, most people have to devote hours of practice before giving a speech.
Just like how the Chinese saying goes, “台上一分钟, 台下十年功”. If you’ve prepared extensively for that one minute of glory on stage, your effort and confidence will shine through eventually.
Budgeting is not that easy, especially for those who are low-income earners. It can be frustrating when most of your salary goes to your bills. This is why it’s important to know how to be financially responsible. Managing your money is the best way for you to survive and even gain the opportunity to invest in things that will improve your overall quality of life.
This includes investing in our parents’ care options. Indeed, aging can be a complicated process. There are seniors who live with or suffer from medical conditions that require special attention, support, and assistance from equipped facilities. In that case, being the children or the family members that look after them, it’s crucial for us to be financially prepared to help them live more comfortably and happily.
In this blog post, we’ll be giving you tips on how to be financially ready for your elderly parents’ care needs.
Why do you need to invest in senior care?
Saving up for your parents’ care options is important due to many reasons.
For instance, you don’t have enough time to care for them. Maybe you have a family of your own who needs looking after or you have a full-time job to tend to. Or, let’s say you can take care of them personally. However, you do not have the right care facilities in your home or your living environment is not the place for them to get better.
All these factors and so much more are to be considered for investing in senior care services.
There are plenty of senior care options made available such as Nursing Homes, Assisted Living, Independent Living, Memory Care, Respite Care, and In-Home Care. All these are developments made to provide seniors with access to professional nursing care, assistance, and medical care.
How much does senior care cost?
Choosing the right care option for your aging parents can be overwhelming at the beginning. But the best thing you can do is to have them assessed to determine their level of need. Knowing which senior care is best for them will also help you figure out how much budget you will be needing.
To know how much, you need money you need to save up, you first need to know how much you are saving for. It’s important to be familiar with the costs of the various senior care options even when the possibility of availing them for your parents is still far away.
Remember, proper anticipation will lead to less frustration.
Here are the estimated costs of each senior care option:
Nursing homes: Nursing homes are clinic-like senior care facilities that provide professional nursing care 24/7. A higher level of assistance is needed by its care recipients. The rates of Nursing Homes may vary depending on whether your loved one needs only short-term or long-term care and if they’ll be staying in a shared room or private room.
General cost ranges from $1,200 to $3500 per month (if it’s a shared bedroom) and $4,000 to $6,500 per month (if it’s a private single-bedroom)
Assisted Living: Assisted Living facilities offer a wide range of services for the elderly who require less demanding care services. This includes assistance with activities of daily living (ADLs), transportation, daily meals, planned activities, and many more.
General cost ranges from $2,300 to $4,500 depending on the services and facilities availed by the care recipient.
Independent Living: This is the optimal choice for seniors who want to make the most out of their retirement years and require only assistance with more complex day-to-day tasks such as housekeeping, laundry, and others.
General cost ranges from $1,900 to $4,100 depending on the services and facilities availed by the care recipient.
Memory Care: This facility focuses on providing care, treatment, and support to seniors that are living with dementia or other forms of memory impairment. There are various programs instituted to help reduce the progression of their diseases such as therapy and planned activities.
General cost ranges from $2,500 to $5,000 depending on the needs and facilities availed by the care recipient.
Respite Care: This care service is provided to the elderly whose own caregivers decide to take a much-needed break. This was established to help caregivers give importance to their physical and mental health as well.
General cost ranges from $100 to $150 per day.
In-home Care: This is personal care and assistance provided to seniors who desire to remain in their respective homes. Although this sets a more comfortable and familiar environment for them, it does not have the complete set of senior care amenities and features that you would commonly find in actual facilities.
The nationwide cost for this is around $22 per hour.
How to budget finances for senior care costs?
Senior care services may seem to be heavy on the pocket. However, that is the reality. Besides, these care services are a worthy investment (still depending on the care service provider of course) because they will help your aging parents enjoy a more comfortable, secure, and happy life—the kind of life that doesn’t end in suffering or experience further problems.
Here are valuable tips that you can follow to be financially ready for your parents’ care needs:
Discuss budgeting with your parents
Some aging adults refuse to believe that they’ll be needing long-term care, even the ones living with chronic illnesses. Some of them may be skeptical or just do not like the idea of moving into a facility surrounded by strangers. However, you have to make them understand how important this is to them and to you.
Team up with them in terms of budgeting. Surely, some of their budgets will also go into their care needs so it’s extremely essential for all of you to be in the know. This is to discipline them as well and prevent any overspending on unnecessary things.
Be organized. Create a monthly expense sheet.
List your expenses every month. Knowing where your money is going will help you track down every penny better. You wouldn’t end up scratching your head and wondering where a huge amount of your salary flew off to. This will also help you see your budget from a larger viewpoint, making it easier for you to control yourself and the way you spend. Also, teach this to your parents.
Choose insurance policies and plans wisely
Having life and health insurance is very important for every individual. This ensures that you don’t have to worry about expenses if you accidentally pass away or get severely ill. The insurance companies and the money you have invested in them will help you pay for the costs. However, it’s important to choose the right plan that will not be too costly for you. Insurance premiums can be paid for through various installment plans such as monthly, quarterly, or even semi-annually. Assess your cash flow and choose the plan which resonates most with you.
Turn to government subsidies, financial assistance, and schemes
The great thing about this is you and your family alone. The government extends a reaching hand towards the senior community and has implemented various subsidies and financial support towards low-income earners. Furthermore, senior care facilities also have in-house financial assistance that can help lessen the load of your spending. Keep yourself familiar with these programs so that you can apply on behalf of your aging parents.
Set a financial system
Again, learn how to be organized. Manage the inflow and outflow of your funds. As you receive your salary, properly disseminate them in the various bills you have to pay and set aside some of it for your savings and other investments, including your parents’ care needs. This will help you save up a huge budget that you can use to pay for the best kind of care for your parents.
Financial literacy is the ability to understand and efficiently use various financial skills including financial management, investing, and budgeting. Financially literate consumers not only manage their money with confidence, but also have a better chance of handling the inevitable ups and downs of their financial lives.
It is the foundation of your relationship with money, which enables you to create a lifelong journey of learning. It will help you understand how to prevent and manage financial issues as they arise. The earlier you start, the better off you will be.
On that note, here are the advantages of financial literacy.
UNDERSTAND HOW MUCH YOU SPEND & EARN
When cultivating financial literacy, establishing a budget can give you a clear understanding of your expenses and income. Once you have a budget in place, you will be able to track your spending and revisit your spending plan regularly. With the variety of budgeting methods such as 50/30/20 plan, you can choose one that suits you best.
PAY OFF & AVOID DEBTS
Searching for the lowest interest rates when comparing loan terms can help you save a substantial amount of money over time. If you already have debt, financial literacy can help you select the best methods to eliminate your debt. You can pay off your credit card balances each month, so you do not get trapped by the interest charges. You can look for a credible expert such as a credit counselor if necessary.
WORK TOWARDS FINANCIAL SECURITY
Saving for retirement will enable you to secure your future. As you become more financially literate, you will be able to examine how much you need to save to obtain your retirement plan. You will be able to carve your action plan too.
WAYS TO BOOST YOUR FINANCIAL LITERACY
1. SET A BUDGET
Track your earnings and expenses each month by using an Excel Spreadsheet, a ledger, or a budgeting application. Your budget should include your incomes (e.g., investments and paychecks), fixed expenses (e.g., rent and utilities), variable expenses (e.g., shopping and travel), and your savings.
2. PAY YOUR BILLS ON TIME
Stay on top of your monthly bills by making sure that payments arrive on time. Consider taking advantage of automatic payments or signing-up for payment reminders (i.e., by email, SMS, or phone call).
Image Credits: unsplash.com
3. BUILD YOUR SAVINGS
Building your savings will help you reach your financial goals. Decide how much you want to contribute each month and stick to it.
4. CHECK YOUR CREDIT SCORE
You can request your credit report from Singapore’s credit bureaus. Companies assess your creditworthiness by looking at the credit score. Having a good credit score has its perks such as helping you obtain the best interest rates on loans and credit cards.
5. MANAGE YOUR DEBTS
Utilize your budget to manage your debt. You can devise a plan to reduce your monthly spending and increase your monthly repayment. Develop a debt-reduction plan such as paying for the loan with the highest interest rate first. If your debt is excessive and overwhelming, you can contact lenders to re-negotiate repayment or find a debt-counselling program.
Do you know that though CPF members’ total balance has increased from roughly S$125 billion in 2006 to S$474 billion in March 2021, only 63.6% of active CPF members who turned 55 could set aside their Full Retirement Sum (FRS) or Basic Retirement Sum last year?
Hence, to better understand Singaporeans’ attitudes towards retirement, Endowus has worked with YouGov Singapore to develop the Endowus Singapore Retirement Report 2021. The survey took place in May this year with a sample size of 1099 adults, reflecting our tiny red dot’s adult profile population.
Here are its findings.
39% of Singaporeans are worried about retirement inadequacy
The survey revealed that about 1 in 3 Singaporeans are worried about retirement inadequacy. However, the results varied between the genders. Twice as many men than women confidently agreed that they hold sufficient money for retirement.
Almost 50% of people have not started planning for retirement
While 53% of Singaporeans are planning to use or are currently using CPF to fund their retirement, almost 50% of people have not started retirement planning. This is especially true for the younger age group under 35.
Lower-incomers are less likely to plan for their retirement with CPF
Image Credits: The Jakarta Post
Another worrying factor is that those earning below S$3,000 are less likely to plan for their retirement with CPF when compared to those with incomes above S$6,000 per month. This thus also means that lower-incomers are not making full use of their CPF. It also lowers their chances of achieving the FRS for financial stability at retirement.
Only 25% are currently investing their CPF
The report also showed that close to 70% lack confidence in investing their own CPF monies. That is why only 25% are currently investing their CPF. However, most Singaporeans seek higher returns and ranked it as the most critical criteria for CPF investing.
30% are asking for tools on CPF investing knowledge
There seems to be a gap in using CPF around financial decisions; as such, a third of Singaporeans are requesting tools to help them understand the impact of their financial decisions around their CPF. Some are also appealing for resources to aid them in estimating retirement income from their CPF.
To that, Samuel Rhee, Chairman and Chief Investment Officer of Endowus, agrees. He said, “Considering these shifting time horizons and other uncertainties, more education may be needed to help Singaporeans make better use of their CPF, especially earlier in life, when savers have more time to take advantage of asset growth.”
E-commerce became a staple part of our lives due to the aftermath of the global pandemic. Personally, I only understood the Shopee craze in the recent months. Shopee is a Singaporean multinational technology company, which focuses on e-commerce.
For those who are not familiar with Shopee, it is an online marketplace that can be accessed through their website or their app. What separates it from the rest of the e-commerce websites is its interactive platform.
Save more money on your next Shopee shopping by following these tips.
#1: TAKE ADVANTAGE OF SHOPEEPAY
Sometimes, Shopee vouchers may require you to use its digital wallet called ShopeePay. ShopeePay often offers a higher percentage of cashback compared to non-ShopeePay vouchers.
If you are skeptical about using ShopeePay, you can simply transfer the exact amount you need for payment. ShopeePay lets you withdraw the leftover cash back into your bank account directly in case there are leftover funds.
#2: SHOP DURING EVENT SALES LIKE 8.8
For those who are not familiar with the event sales, online marketplaces have monthly sales on dates like 8.8 or 11.11. On top of the regular sales during occasions such as Christmas, you can enjoy discounted items with additional cashback in the form of exclusive Shopee vouchers.
Not to mention, Flash deals also occur during this period. It is up to you to make the best purchase for your family. The August sale is on 8.8, which is Shopee’s National Day sale.
#3: CHECK OUT THE SHOPEE MALL
If you want to invest on authentic products from your favorite brands such as Olay, adidas, or Samsung, you can go to the Shopee Mall. The Mall is a dedicated space that allows its users to request for a free return of product within its allowed period. It has a free shipping option too, which you can get if you meet the shop’s minimum spending requirements.
#4: DO NOT MISS THE FLASH DEALS
Look out for the Flash deals that happen throughout the day. These deals offer incredible discounts with products costing as low as S$0.50. As these are usually hourly sales, you can set reminders within the Shopee app.
Several stores (including big name brands) have constant deals too. Just click the dedicated deals section on the stores’ pages.
#5: APPLY VOUCHERS BEFORE CHECKING OUT
Vouchers replenish daily. Claim your vouchers to your heart’s content. Brands offer exclusive vouchers such as free delivery with a minimum amount of spending. You can follow these shops to get updated. Just remember to avail and apply the free delivery vouchers.
Best of all? Users are allowed to apply multiple vouchers upon check out. Enjoy more discounts when you apply the vouchers. You can claim as early as 12 AM.
#6: COMPARE THE TOTAL PRICES
As I was looking for an arts and crafts activity online, I was mesmerized with the colorful beads in the Diamond painting. Diamond painting is a new arts and crafts activity that fuses the dynamics of Paint By Numbers and Cross-stitch. It uses beads that correspond to numbers or symbols on the canvas. Since I am a beginner, I opt to search for affordable practice kits on Shopee. Two shops offer the cheapest prices. I decided to compare these two by clicking the “Add to Cart” button.
Image credits: pixabay.com
When you sort your results by price, the lower priced items will appear on top. Naturally, you will gravitate towards the cheapest ones. However, you must include the costs of shipping fee. The product price may be cheaper, but it could end up more expensive when you factor in the shipping fee. For instance, I can buy a cheaper Diamond painting kit in an overseas shop, but it will cost me more due to international shipping rates. Some merchants offer lower shipping fee or provide free shipping so, get the total cost of the purchase.
