MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Long-term financial security: 7 key steps to follow according to CNBC’s personal finance journalist

Has the pandemic led you to think more about how you manage your finances? If you’ve been recently thinking about long-term financial security, this article might help.

As advised by CNBC’s personal finance journalist, Carla Fried, here are seven key steps to focus on to help you to work your way towards long-term financial security:

Step 1: Set short-term and long-term goals

Think about what would make you feel great money-wise. Next, list down your goals before deciding whether they fit into the short- or long-term.

Short-term goals

This could fall under plans that you can reach in a few months or by next year. Consider putting in place an emergency fund that can cover at least three months of your current living expenses.

Long-term goals

Do you find your salary gone up in smoke after a few days from payday? Time to look into saving at least 10% of gross salary every year for your retirement.

Step 2: Create a budget

Set a budget and stick to it. A budget exists to lay everything out in front of you so you can see for yourself the ins and outs of your balance. If needed, make little changes to help you stay on track to meet your goals.

Step 3: Build an emergency fund

We briefly mentioned this in step one – it’s good to have at least three months’ worth of living expenses saved in your emergency fund. With that said, of course, the more the merrier. If you can afford three, see if you can save up for six months and beyond.

Step 4: Pay off costly credit card debt

This applies to you if you have credit card debts to pay off. You don’t want to let the interest rates roll by delaying repayment of what’s due.

Step 5: Save for retirement

Image Credits: MoneyOwl

As stated earlier in step one, it’s right that you start saving for retirement. If you’re the sort that rides on ‘YOLO’, think again.

The writer suggests these steps to take at different life stages:

IN YOUR 20s:

Start saving at least 10% of your gross salary ASAP.

IN YOUR 30s:

Aim to contribute 15% of your gross salary.

IN YOUR 40s:

Having at least two to three times your annual salary saved in retirement funds.

IN YOUR 50s:

By 50, you should have six times your salary saved. By age 55, have seven times your salary saved.

IN YOUR 60s:

By age 60, have eight times your salary saved. By age 67, have 10 times your salary saved.

Step 6: Invest for retirement with a long-term focus

Your body won’t be able to keep up with the work when you’re old. Investment is the way to go for a comfortable retirement. Time to look into stocks and/or bonds to reap the benefits 10 years down the road.

Step 7: Borrow smart

To borrow smart, you will need to identify your true needs from wants. Do you really need to get a loan to buy that new car? Or would it be better if you settle for a second-hand vehicle? Or do you even need one in the first place? Ponder over these things.

‘Thrive with Grab’: New financial products including the opportunity to invest on the Grab app

Last Tuesday (28 July), we wrote about how Grab might be implementing a 0.32 SGD platform fee on each ride to help cover its costs.

Today (4 August), Grab Financial Group, the financial services arm of the ride-hailing company has announced a few new financial products including a micro-investment scheme that would allow you to invest as you spend on the Grab app.

The new features are part of the ‘Thrive with Grab’ strategy which aims to tap into Southeast Asia’s mass-market financial services opportunity.

According to Grab Financial Group senior managing director Reuben Lai, the strategy will allow consumers to “build their wealth, manage their finances and protect what they value during this uncertain period”.

Here are the deets.

#1: New third-party consumer loan

You will soon be able to access personal loans offered by Grab’s licensed bank partners. The group is working with its bank partners to integrate their application programming interfaces (APIs) so you can securely apply for loans directly from the Grab app.

#2: Micro-investment scheme: AutoInvest

After Grab Financial Group’s acquisition of robo-advisory start-up Bento Invest, they have created AutoInvest. AutoInvest is a new micro-investment product that will allow the public to invest at least 1 SGD per transaction on the Grab app.

The good news? You will earn returns of about 1.8% per annum and the amount will be paid out to your GrabPay wallets.

“AutoInvest sets GrabPay apart from other e-wallets by allowing users to invest their wallet balance easily. The invested sum can then be withdrawn at any time, with no penalties, to spend on Grab services or at any merchant accepting the GrabPay Card,” said Grab in its news release.

And of course, nothing comes for free. When AutoInvest rolls out in early September, you will need to pay a fee to use the service.

#3: Expansion of “buy-now-pay-later” payment plans

Following the launch of AutoInvest in September, expansion plans for its “buy-now-pay-later” scheme will also come to play in October.

You can look forward to PayLater Instalments, giving you the ability to split your purchases into monthly instalments. In addition to that, there’s also PayLater Postpaid, where you can defer your payment to the following month. It will only be applicable to selected e-commerce stores in Singapore and Malaysia in October.

The news comes after a report yesterday (3 August) that Grab is raising 200 million USD (275 million SGD) from South Korean private equity firm, Stic Investments.

What are your thoughts on Grab’s new initiatives?

You can now buy Google’s ‘budget’ Pixel 4a phone at 499 SGD

So you want to buy a new phone but what’s out in the market is too expensive? Have been eyeing Google’s Pixel 4 but don’t quite have the budget to buy? Say hello to the affordable alternative of Pixel 4 – the Pixel 4a.

From today (4 August), you can place a pre-order online in the Just Black variant through the Google Store, Courts, and Challenger. From 10 September, Amazon Singapore will start its online sales. In-store purchases will only be available from mid-October.

Here’s what you need to know.

#1: A QUICK LOOK

For 499 SGD, you will get these phone features:

Powered by a Qualcomm Snapdragon 730G Mobile Platform
Storage space of 128GB
6GB of RAM
New re-designed hole punch front-camera that is embedded within the display
A 5.8-inch bezel-less OLED display screen
Protected with on-device security by the Titan M security module

#2: BONUS FREEBIES

The Pixel 4a will also come with these Google services:

Free YouTube Premium trial
Three-month Google One membership (100GB of storage) and Google Play Pass
Unlimited photo and video storage in high quality with Google Photos

T&Cs apply.

#3: CAMERA FEATURES

Compared to Pixel 4, the Pixel 4a does not have a telephoto lens so you wouldn’t be able to achieve an exceptionally high-quality optical zoom. However, with its single-lens camera, you would still be able to get your perfect night time shots.

What’s available:

Live HDR+
Dual exposure controls
Social share
Portrait mode
Pet mode
Super res zoom
Fused video stabilisation

#4: BATTERY LIFE

In short, the battery life is great. It can last up to 24 hours by limiting the background battery usage of apps we rarely use. In addition to that, the Pixel 4a will also look into your charging history and predict if you will run out of battery before the next plug-in.

#5: FINGERPRINT SCANNER

If you’re familiar with the Google phone series, you would have known that the fingerprint sensor which was found in Pixel 3 was removed in Pixel 4. Now, it’s back in the Pixel 4a! With that said, the Pixel 4a does not have face authentication or facial recognition mode. Which is fine… given that we’re donned in masks most of the time now.

#6: OTHER FEATURES

There are also other features worth mentioning, like the live caption support for calls. This means that you can now automatically caption your phone calls, video calls, and calls made through apps like Google Duo or Facebook Messenger.

But of course, for safety reasons, when one activates the feature, the other person will be notified that the Live Caption has been switched on. And if you’re worried, all captions are processed locally and never stored in the cloud. Neither will it leave your device.

To add on to that, it also has a pretty responsive Google Assistant. Therefore, you can ask questions, text, call, search for directions, and even set reminders using just your voice.

Pre-order the Pixel 4a from the Google Store today!

Images are taken from CNA Lifestyle.

6 Low-Maintenance Indoor Plants That Purifies Air

Many Singaporeans have dabbled into gardening in the recent months due to the limitations of the Circuit Breaker. One thing is for sure, bringing your first houseplant home can be exciting and intimidating.

With the endless varieties of indoor plants, you may not know where to start. Consider starting with these forgiving plants that will not easily die on your watch.

#1: SNAKE PLANT

Plant lovers all over Instagram have been posting their own pots of Snake plants. Snake plants are aesthetically pleasing and are easy to take care of. In fact, it was the first plant that my uncle requested for when he moved into his new home.

Image Credits: unsplash.com

They do not need to bask in a ton of light and they can weather different conditions such as drought. Its blade-like leaves come in varying colors and patterns that offer beauty and air-purifying benefits.

#2: SPIDER PLANT

Add architecture and personality to your indoor space by placing a Spider plant. A Spider plant has “spiderettes” or small plants, which dangle from its stems like spiders hanging from a web. These spiderettes can be planted into smaller posts as this plant loves to reproduce.

Image Credits: unsplash.com

Another benefit is its ability to remove harmful xylene, toluene, and formaldehyde from the air. It accomplishes this without harming your curious and beloved pets.

#3: ALOE VERA

Aloe vera is one of my favorite plants because of its multi-purpose applications in the beauty and skincare industry. Although Aloe vera is a desert plant, direct sunlight can create black spots on its leaves. So, keep it away from the sun’s rays. Find a place that can help you take take advantage of its air-purifying benefits such as your bedroom.

Image Credits: unsplash.com

This plant is believed to have similar effects to a combination of air purifiers. Besides being a skin balm, it can also remove microorganisms from our air. Not to mention, its plump leaves can provide a soothing gel for burns and cuts. Allow this succulent to dry completely in between watering. You may water as little as every two to three weeks.

#4: PEACE LILY

Ahhhh peace! Who does not want peace to enter their homes? Native to tropical rainforests, the Peace Lily delights in dim lighting. You can put it in a windowless office or an enclosed bathroom. This will add brightness to your space with its subtle white flowers. Moreover, it removes trichloroethylene gas and ammonia fumes from furniture and paint.

Image Credits: unsplash.com

When this indoor plant has had enough water, it will subtly droop its leaves. This is a sign to move it into a new pot for better drainage.

#5: BAMBOO

Like air plants, Bamboo can grown without soil. Simply place its stalks in a vase full of water with pebbles or marbles at the bottom. If your bamboo starts to grow beyond your first container, just upgrade to a new one without additional re-potting procedures.

Image Credits: unsplash.com

Aside from being low-maintenance, it is capable of providing a higher amount of oxygen in comparison to other types of plants.

#6: RUBBER PLANT

If you have pollen allergies and you cannot seem to hold your sneezes with certain outdoor plants then, you may opt for the Rubber plant. A rubber plant cleanses the air by removing formaldehyde, carbon dioxide, and carbon monoxide. Its flowers and fruits do not grow often when its kept indoors too. Thus, they are perfect for newly painted or renovated flats.

The rubber plant can withstand neglect as it thrives in drier soil. They can be watered only once a week.

Image Credits: unsplash.com

Spruce up your home and purify your air with these forgiving and low-maintenance indoor plants!

Sources: 1 & 2

Feeling down? Locally-designed colourful Freshly Pressed Socks to your rescue!

Do you need a little perk-me-up? Then you might need a collection of colourful socks to put on. This is because colours have psychological effects on us. Warm colours like red, orange, and yellow stir up feelings of warmth and comfort. While cool colours like blue, purple, and green induce calmness or even sadness.

With this in mind, we chanced upon a local socks company named Freshly Pressed Socks. We headed straight to their website to shop their range of quirky-designed socks and thought maybe you guys would be interested too.

Having been in the industry for 5.5 years, their brand has won a shout-out from Peter Linz, who performs Ernie on Sesame Street. Furthermore, they have had partnerships with other brands like Grab, UOB, Gamestart Asia, Sole Superior, and Mothercare over the years.

We also love how all of their socks are designed with details that reflect a character and story behind them. We will show you some right away!

#1: SINGAPORE SERIES

Since our nation’s birthday is coming right up in a few days, we shall give their Singapore Series the spotlight. There are 11 designs at the time of writing with all priced at 12 SGD for a pair.

MRT

Apparently, their MRT socks are one of the best-sellers among their wide offerings. Here’s how it looks like:

ICONS

There are also designs of Singapore’s iconic skyline and Supertrees highly raved by visitors.

FOODS

For the foodies, you might want to get your hands (or rather, feet!) on the kueh tutu, kueh lapis, or iced gem biscuits.

View the rest of the Singapore Series here.

#2: FAMILIAR CHARACTERS

We will show you three familiar characters that are all priced at 12 SGD too.

STRANGER THINGS

Fans of the Netflix science fiction horror series, Stranger Things, will adore this design inspired by Eleven. The design features a Demogorgon and the famous Christmas lights used by Joyce in the show.

TINTIN

Freshly Pressed Socks’ Tintin design features the iconic rocket ship that took Tintin on a mission to the Moon. Feeling down? Let Tintin save your day!

POPEYE

Popeye is our role model for healthier eating. If you need a reminder to eat your greens, get this pair that features nautical colours with icons of Popeye’s pipe, anchor tattoo, and spinach can.

#3: SALE SECTION

We also hopped on to their sale section to see if we can get a few pairs at a discounted price. And it turns out there are quite a few designs worth looking at.

CAROL (CAPTAIN MARVEL)

With exceptional superhuman strength, this fictional superhero is the epitome of girl power. The former officer in the United States Air Force will remind you not to ever give up!

Usual Price: 12 SGD

Sale Price: 10.20 SGD

BERT & ERNIE

Pay tribute to everyone’s favourite Sesame Street characters like Bert and Ernie with these no-show socks. They come in a set of two pairs (one pair each with the Bert design and the Ernie design so you can wear them individually or mix them up).

Usual Price: 14 SGD

Sale Price: 9.80 SGD

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A post shared by Freshly Pressed (@freshlypressedsocks) on Apr 6, 2020 at 6:46am PDT

JUSTICE SQUAD (BABY/KIDS)

Oh yes, Freshly Pressed Socks also has designs for babies and kids. If you think you’re not ready to don colourful socks at this stage, then buy it for the little ones. What’s more, there’s a sale ongoing for the justice squad series! It comes in a pack of four in two sizes.

Usual Price: 24 SGD

Sale Price: 16.80 SGD

Visit their website for more designs.

Images are taken from Freshly Pressed Socks.