MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Should You Help Your In-Laws Financially?

“Ding!”, you just receive an SMS from a family member that’s asking for financial support during tough times. We’ve all been there! When this happens to me, I give only what I’m comfortable losing as I don’t want to ignite conflicts. For starters, I’ve seen friends sacrifice their own financial stability to help family members, leaving them unable to save for their own future. It’s a tricky balance, and the emotional weight can be very heavy.

Watching someone you love struggle financially can be heartbreaking. If you have the means, it’s natural to want to help. But before you do, take a moment to consider the potential consequences. As financial expert Dave Ramsey wisely says, “The borrower is slave to the lender.” The last thing you want is for a family member to feel indebted to you, or worse, to start viewing you as a financial safety net. This dynamic can quickly strain relationships, especially if they start reaching out to you only when they need help. On that note, consider these things when deciding to help:

#1: TAKE THINGS SLOW

When a family member asks for money, emotions can run high. You might feel that saying “yes” is the only way to maintain the relationship. But it’s important to take your time before making a decision.

Consider whether you can truly afford what’s being asked. If you’re uncertain, it might be wise to discuss it with your spouse.

#2: THINK OF THE MARITAL IMPACT

If you’re married, giving financial support to in-laws or your own parents adds another layer of complexity. The last thing you want is to create tension between you and your spouse. Money issues are one of the leading causes of divorce, so it’s crucial to ensure both partners are comfortable with the decision.

Image Credits: unsplash.com

If lending money might strain your finances or relationship, explore other ways to support your family members such as helping them apply for government grants.

#3: CONSIDER GIVING A MONETARY GIFT

If you’re financially secure and your spouse agrees, consider offering a financial gift instead of a loan.

If your in-laws are facing hardship due to job loss or health issues, a one-time gift can provide relief without the expectation of repayment, which can ease any potential tension.

#4: BE PREPARED TO SAY NO

If you decide that you can’t or shouldn’t provide financial help, it’s important to approach the conversation with honesty and empathy. For instance, it might be best to wait until your in-laws are more emotionally calm before having this discussion. Setting boundaries is important, but timing and sensitivity can make a big difference in how your decision is received.

Image Credits: unsplash.com

Helping family members in financial need is never an easy decision. By considering the potential impact on your relationships and financial health, you can make a choice that supports both your loved ones and yourself.

Sources: 1 & 2

Unlocking Financial Security: 5 Crucial Benefits of Choosing a Fixed Deposit

To get financial freedom you need to make wise investment decisions. While there are ample investment solutions available in the market, depending on any particular one becomes a tough decision to make.

However, stock trading, currency, commodities, and even crypto trading are becoming popular choices for modern investors. None of these can be considered a long-term investment solution.

However, fixed deposit is a long-term investment solution that comes with- Stability, and Security.

FDs are meant for investors who are willing to make decent money while being more protective than other investment solutions. However, to invest in FDs, you must know what is a fixed deposit account.

However, in the process of FDs, you need to invest a specific sum of amount in your FD account for a fixed period. This is called locking down your investment. In return, you will get a fixed interest rate, which is higher than standard savings account interest.

Also, you will get more benefits with FDs. Let’s find out!

Guaranteed Returns

One of the most compelling reasons to invest in a fixed deposit is the guarantee of returns. Unlike equities or mutual funds, where returns are subject to market fluctuations, fixed deposits offer a predetermined interest rate.

This means you know exactly how much you’ll earn over the investment period, making it a reliable way to grow your savings without worrying about market volatility.

Capital Protection

Fixed deposits are known for their capital protection. When you invest in an FD, your principal amount is secure and protected against market risks.

This feature makes fixed deposits an attractive option for conservative investors or those looking to preserve their capital while still earning a return.

Flexible Tenure Options

FDs come with a range of tenure options, from as short as a few months to as long as several years. This flexibility allows you to choose an investment period that aligns with your financial goals and liquidity needs.

Whether you are planning for a short-term expense or a long-term financial goal, there’s likely an FD term that fits your requirements.

Predictable Income Stream

Fixed deposits can be particularly beneficial for individuals seeking a predictable income stream. Most FDs offer periodic interest payouts, such as monthly, quarterly, or annually.

This can be especially useful for retirees or individuals looking to supplement their regular income. The fixed nature of these payouts ensures you can confidently plan your finances.

Tax Benefits and Special Schemes

In many countries, fixed deposits offer tax benefits under certain schemes. For instance, in India, certain fixed deposits with a tenure of five years or more qualify for tax benefits under Section 80C of the Income Tax Act.

Additionally, some banks and financial institutions offer special FD schemes with higher interest rates for senior citizens, making FDs a favorable choice for elderly investors seeking better returns.

Bag a Steady Income

Choosing the right investment solution is proportional to risk factors. With FDs, you not only bypass the risk factors but also engage in a steady investment solution.

While you are not the only person dealing with investments, making the right decisions is essential. You might be wondering about all investment solutions, especially in a competitive market where everyone is focusing on beating inflation.

Why would you consider FD instead of stocks and bonds?

Well, the answer is simple: You will get a steady return here, which is guaranteed.

Can you give us a particular amount you can assure of getting as a return on other investments? No! But with FDs, you can predict that even before you invest. So, if you want stability with a decent return, FDs are the prime source.

New measures to improve housing affordability and accessibility in Singapore

Missed Prime Minister Lawrence Wong’s first National Day Rally speech on new housing measures?

No worries for we’ve got you with this post.

Here are the highlights you need to know.

Good news for singles

With families in mind, singles will now have priority access to new homes.

Starting in mid-2025, singles looking to live near loved ones will receive priority when applying for Build-to-Order (BTO) flats.

This change was recently announced by PM Wong.

We all know that housing is one huge topic for many living in Singapore.

In his first National Day Rally speech, PM Wong reaffirmed the government’s commitment to affordable, accessible public housing.

Currently, only those 35 and above can purchase new two-room Flexi HDB units as singles.

Recognizing this limit, PM Wong asked how more could be done for singles.

The solution?

Grant them the same priority now given to married children who apply within 4 km of their parent’s home.

This means singles stand a better chance at balloting for a new build near family.

As PM Wong shared, many singles also wish to care for aging parents so this update ensures all children, whether married or not, can more easily live close by.

Lower-income couples received good news too

The Central Provident Fund (CPF) Housing Grant, assisting first-time buyers, will see its maximum amount increased.

This extra support helps more young Singaporeans purchase their first affordable home.

“This is my assurance to all young Singaporeans: Once you start work and wish to settle down, we will make sure that there is an HDB flat that is within your budget in every region,” PM Wong noted.

“We will always keep public housing in Singapore affordable for you.”

National Development Minister Desmond Lee will announce more details soon so stay tuned to the news.

Seniors, too, are not forgotten

Additional housing options have also been created for seniors.

For instance, the brand new Harmony Village @ Bukit Batok, ready to be moved in later this year, combines apartments and care services.

Image Credits: Facebook/Desmond Lee

More such developments are planned to help the older generation age gracefully.

Recovering from the pandemic

In addition, PM Wong acknowledged past housing woes stemmed from COVID-19 disruptions.

But steady progress has been made on new construction and all delayed projects should be completed by early 2025.

This will satisfy pent-up demand while stabilizing prices.

Meanwhile, the special focus remains on keeping HDB flats attainable long-term.

Upcoming policy refinements aim to shorten waiting periods for BTOs and make prime locations feasible for all.

The government is working on its public housing mission and helping citizens realize their home dreams.

6 Travel Hacks to Help You Save Money in Bangkok

Bangkok, a popular shopping destination among Singaporeans, offers a unique blend of culture, cuisine, and retail therapy.

Recently, I visited Bangkok with a few friends, eager for some much-needed R&R and a bit of a shopping spree. During my three-day stay, I met a Singaporean businessman who had once led a prominent entertainment hub in Singapore. He shared his fascination with Thai culture, particularly the practice of visiting various temples to pray for success in business. Another memorable stop was the Chang Siam 100 Baht Shop, which was packed with tourists. I even bumped into another Singaporean who was lamenting how crowded the shop was, and I echoed his sentiment.

Having last visited before the pandemic, I was also struck by the prevalence of cannabis stores. Neon weed signs are now a common sight in Bangkok’s tourist hotspots, with dispensaries on nearly every corner and vendors offering cannabis-infused drinks and food. You see, Thailand became the first country in Asia to decriminalize cannabis in 2022 for medical purposes. However, the market appears to be almost unregulated, raising public concerns about crime and misuse.

Despite these changes, Bangkok remains a worthwhile destination, especially if you’re looking to save money. On that note, here are some travel hacks I discovered during my trip:

#1: DOWNLOAD THE BOLT APP FOR PRIVATE TRANSPORT

Traffic in Bangkok can be chaotic, especially during peak hours. If you prefer the comfort of a private ride over crowded trains and buses, Bolt is a great option.

Image Credits: unsplash.com

I discovered this app thru a friend who shared that it was the cheapest private transportation option she experienced. True enough, the prices on Bolt were significantly cheaper than regular taxis and Grab. For example, a regular taxi quoted 300 Baht for the distance from Platinum Shopping Mall to My Hotel Pratunam, but on Bolt, it was only 66 Baht. Imagine what we can do with the huge difference!

#2: VISIT LOCAL NIGHT MARKETS

Not all markets in Bangkok are created equal. While popular spots like Chatuchak and Ratchada Train Markets are great for the experience, they often come with tourist price markups.

I recommend exploring less touristy markets where you can enjoy cheaper food and shopping. Some local favorites include Ram Inthra Expressway Market and Ramkhamhaeng Night Market.

#3: EAT LIKE A LOCAL

While indulging in high-end dining experiences is tempting, you can enjoy amazing meals anywhere in Thailand without breaking the bank. Try eating at roadside vendors or shopping mall food courts for a more budget-friendly option.

I had a delicious mango sticky rice for 100 Baht and a hearty Pad Thai for about 150 Baht. Just remember to bring antacid medicine if you have a sensitive stomach.

Image Credits: unsplash.com

#4: HIT UP THE HYPERMARKETS

No trip to Thailand is complete without stocking up on local snacks. In Bangkok, Big C and Lotus are must-visit hypermarkets.

They offer a vast selection of snacks, fresh produce, and local treats at reasonable prices compared to smaller convenience stores. It’s a foodie’s dream come true!

#5: WITHDRAW TO THE MAX AT ATMS

In the age of contactless payments, it’s easy to forget how much cash you might need. While many places accept digital payments, you’ll still need cash at local markets and smaller establishments.

To avoid extra bank fees, withdraw the maximum amount or more than you anticipate needing at ATMs. My husband and I compared the conversion rates between paying by card and withdrawing cash, and surprisingly, the ATM rates were cheaper. But, rates may vary depending on the bank, so it’s best to compare first.

#6: NEGOTIATE PRICES WHENEVER POSSIBLE

Singaporeans, like many budget travelers, appreciate getting good value for their money. Bangkok is the perfect place for that, as you can haggle with ticket vendors, taxi drivers, market sellers, and shop owners.

For instance, I saw that the famous Poy Sian inhalers were priced at 99 Baht for six pieces at the Chang Siam Thailand 100 Baht Shop, compared to 120-140 Baht at Pratunam Night Market and Platinum Mall. Shop around and haggle whenever possible.

Image Credits: unsplash.com

These travel hacks can help you make the most of your trip to Bangkok without overspending. May you have a great trip!

Sources: 1 & 2

Latest WFH internships posted from 12 to 15 August 2024

Looking for WFH internships in the areas of social media, graphic design, and more?

Look no further for we’ve got opportunities for you in this post.

Have a look!

#1: Elevan August Media – Social Media Intern

Website: elevanaugust.sg

Allowance / Remuneration: $700 – 900 monthly

Job Qualifications

Pursuing a Diploma/ Bachelor’s Degree in Mass Communications, Marketing, Business or a related field
Strong proficiency in English, with strong copy-vetting and writing skills
6 months of relevant experience in digital & social media marketing
Knowledge of Facebook, Instagram, TikTok trends & platform
Knowledge of content creation
Knowledge of Canva is a plus
Can work both independently and in teams
Proactive, with a positive and can-do attitude

Key Responsibilities

Creates social media campaigns, including content & ideation, and implementation schedules
Film & edit short videos for Instagram Reels, Facebook videos and TikTok
Research on trends for our platforms
Copywriting, proofreading, and editing support for different digital platforms and audiences, understanding audience profiles, and platform requirements
Manage replies and handle engagement, follower growth, etc
Execute & schedule post image and video-based content across social media channels, depending on the requirements of each channel
Monitoring the results of content delivered on major social media platforms including Facebook, Instagram
Create thumbnails using Canva
Assist in any marketing ad-hoc tasks

How to apply?

View the job post here and submit your resume to hello@elevanaugust.sg.

#2: Vitamin M Pte. Ltd. – Graphic Layout / Illustrator Intern

Website: vitaminm.sg

Allowance / Remuneration: $300 – 500 (project /contract based)

Job Qualifications

Knowledge of Adobe software – Photoshop, Illustrator
Have attention to details
Able to understand Chinese (dealing with Chinese text and hanyu pinyin)
A good attitude is a must

Key Responsibilities

To do graphic layout, generate files ready for printing
To draw assets for children’s products (added advantage if you can, for future projects)

How to apply?

View the job post in full here and write to Ying Sheng via this link. You may send any work sample to yingsheng@vitaminm.sg directly.

#3: Kūpaa – Social Media Intern

Website: kupaa.co

Allowance / Remuneration: $600 monthly

Job Qualifications

Currently enrolled in a local Polytechnic
A love and proficiency for storytelling, content creation, social media, photography/videography, graphic design and trends
An interest and passion for the brand and what kūpaa stands for
Experience with a camera and photo/video editing software is ideal
Ability to handle multiple projects and meet deadlines efficiently

Key Responsibilities

Master Content Creation: Capture and edit high-quality photos and videos for social media and website
Explore Trends: Research and create mood boards to generate new, fresh ideas ahead of trends and aligned with brand aesthetics
Create Impactful Content: Develop engaging content for Instagram, TikTok, and YouTube, enhancing visual communication skills
Design Like a Pro: Design compelling, on-brand graphics
Engage with Community: Assist in managing and growing the online community

How to apply?

View the job post in full here and write to Julia via this link.

#4: Good Pharma Dermatology Pte Ltd – Finance & Admin Intern

Website: suubalm.com

Allowance / Remuneration: $1,000 – 1,100 monthly

Job Qualifications

Currently pursuing a degree or diploma in Finance, Accounting, Business Administration, or a related field.
Strong attention to detail and excellent organizational skills.
Proficiency in Microsoft Office Excel.
Good communication skills and ability to work collaboratively in a team.
Ability to handle multiple tasks and meet deadlines.

Key Responsibilities

Finance and General Administration:

Support finance team – Handle administrative matters related to the SG Corporate Debit Card, including data entry, reconciliation, and intercompany billing.
Manage and organize financial documents, ensuring they are filed correctly and are easily accessible.

Event Support:

Support sales & marketing team – Assist with the administrative tasks and tabulation of sales after events.
Help out as a cashier and provide administrative support during company events (e.g. LTAH)

Ad Hoc Tasks:

Support the finance and sales & marketing team with any additional tasks or projects as needed.

How to apply?

View the job post in full here and send your updated CV to careers@suubalm.com.

#5: CognaLearn Pte Ltd – Founder’s Financial Analyst Intern

Website: cognalearn.com

Allowance / Remuneration: $800 – 1,000 monthly

Job Qualifications

Organization: Attention to detail across multiple items.
Efficiency: Process creation and improvement.
Versatility: Switch between different things and adapt to new things.
Results: Success and outcome orientation.
Communication. Effective written and oral communicator.

Key Responsibilities

Capital raising: Investor due diligence, meetings, and pitch decks
Investor relations: Monthly investor updates and metrics tracking
Financial modeling: Update financial models and metrics

How to apply?

View the job post in full here and send a cover letter and a one-page CV with the subject “Founder’s Financial Analyst Intern – [your name]” to careers@cognalearn.com.

Editor’s note: These positions are selected based on the “remote” tag, but some are hybrid ones and you may need to report physically to the office. For more deets, do contact the employer directly.