Many of us who have just started joining the workforce have the notion that that saving for retirement can start in later years and the main priority is to focus on current needs and wants such as upgrading to a nicer home, getting a new car and travelling once a month.
The hard truth, however, will eventually catch up with us when we are in our 40s and 50s when we realised that our retirement savings is hardly enough to provide for our long term needs.
There is never a “good” time to start planning for our retirement. But there are advantages to starting early. If you start early, you will have a longer time horizon and that means more time to grow your savings. If you have made investments, a long term horizon will also help to ride out short-term price fluctuations on your investments.
But, if you start late, you will have to work harder at growing your retirement savings. If you cannot afford to lose money, you should avoid investments that come with higher risks. You may even need to think of delaying retirement provided you remain employable. – MoneySense.gov.sg
Unsure of how to plan for your retirement? Visit the upcoming roadshows organised by The Central Provident Fund Board (CPFB) to pick up insightful tips.
Hear from celebrity and entrepreneur Irene Ang and financial expert Christopher Tan, CEO of a financial advisory firm as they discuss retirement planning. Win prizes at various game booths when you test your financial knowledge too!
Money gives people, of all ages, the decision-making opportunities they need. Unfortunately for elderly parents, research has shown that financial decision-making ability declines after age 53. This maybe attributed to the 2013 survey done by National Endowment for Financial Education which found that 7 out of 10 adults have difficulty discussing to their families about who will make the financial decisions on behalf of their elderly family member.
Talking about the aging parents’ finances is a good idea but that does not mean people actually do it. Some people avoid the subject because it raises uneasy situations (e.g., quarreling over the estates or feeling “extra” sensitive toward the elderly). Resolving this negative mindset will help your aging parents to organize their financial life. And, that is the most important thing right now.
So, here are 5 Helpful Steps To Talk To Your Elderly Parents About Money…
1. DO YOUR RESEARCH
You have one goal – to organize your elderly parents’ financial life. Know what issues or topics to discuss that will aid this goal. Due to the declines in someone’s body as they age, topping the list is healthcare. Also, you must consider their life insurance, medical insurance, or long-term care coverage policies. Then, talk about estate and other assets. Having a last will and testament ready is a crucial thing.
2. GATHER DATA
After researching the topics to discuss, you must prepare the documents needed. These documents are the banking statements, credit card bills, tax records, insurance policies, and so on. Put these documents in one safe place such as a relatively small safe deposit box at home. Grant access only to the people who are really trusted (e.g., the lawyer or immediate family member).
3. CONVERSE TO THEM STRATEGICALLY
Before talking to your parents, build a strategy that will work for your family dynamics. For instance, some families are more comfortable with having everyone around while other feel that they are being ganged up by their children. Another tip is to talk to them as if you are talking to your adult peers with objectivity and compassion. Do not make them feel that you are treating them as young children.
4. START THE DISCUSSION
All your homework led you to this moment. Emphasize on the benefits of the talk and speak with love. Delaying the talk will only be more expensive because as health declines, premium prices increase. Ease the flow of the conversation by adding real-life experiences as examples.
Image Credits: pixabay.com (License: CC0 Public Domain)
5. LEARN FROM THE EXPERIENCE
Traditional financial advisors suggest that parents save for their own retirement first before saving for tertiary education. This is because you only have one shot at retirement while there are many ways to get student loans. With this experience, you must realize that it is necessary to save as much as you can for retirement during your peak years (i.e., aged 20-35) in order to age gracefully.
In Psychology, the color green signifies harmony, balance, and growth. It has been the fixed color of important objects such as money and the Earth itself. In fact, the green lifestyle has been encouraged all over the world but, one of the longest running eco-friendly campaigns is found in our country. The Clean & Green Singapore launched the Clean and Green Week campaign in 1990 and since then, Singaporeans were inspired to protect the environment.
That said, here are the top 7 green things every Singaporean must try:
FOOD
1. VIETNAMESE FOOD
Serving meals that are mostly low in fat, gluten-free, MSG-free, and rich in vitamins and minerals…Vietnamese food proved to be a healthy cuisine above the rest. In the heart of the city center, you will find a store called Wrap & Roll. The first to serve freshly made steamed rice paper rolls; Wrap & Roll offers casual yet genuine Vietnamese dining experience. They serve morning tea to start your relaxing day. You shall expect tasty dishes at the affordable price range of S$7-20. Call 6694 4111 for reservations and enquiries.
Image Credits: facebook.com/wrap.roll.sg
2. PICKLED GREEN CHILI
How do I begin to tell you how much chilies are adorned here? Let me start by saying that it complements most of the flavors of Singaporean and Malaysian noodles very well especially with Wanton noodles. You can make your own pickled green chilies by following the simple steps here.
3. ORGANIC GROCERY SHOPPING
Looking for an organic grocery that is within your budget? Look no further as local groceries such as Green Circle Eco Farm and Quan Fa Organic Farm have you covered.
A place with luscious greenery and farm animals, Green Circle Eco Farm not only welcomes educational tours for the public and schools but it also sells food without artificial chemicals and pesticides. These produce are mostly locally grown. There is a minimum amount of S$30 for home deliveries of products listed on their vegetables, fruit, herbs, and condiments tabs. Delivery fee of S$5 is one of the lowest delivery service among other organic groceries in Singapore. Visit Green Circle Eco Farm at 41 Neo Tiew Road Singapore 719028 or at greencircle.com.sg.
While, Quan Fa Organic Farm abstains from the use of pesticides and harmful fertilizers. They offer about 40 varieties of hard vegetables, herbs, leafy greens, and fruits that are from our local roots. Aside from Asian produce, they also sell imported organic produce from Malaysia, Australia, and Thailand. Their products are at available at Sheng Siong outlets. Visit Quan Fa Organic Farm at 35 Murai Farmway Singapore 709145 or at quanfaorganic.com.sg.
DECORATIONS
4. POT OF GREENS
Instead of purchasing the S$299 branded air purifier, go natural and grow your own succulents. Plants are more than just decorations as it can improve the air quality in your home by absorbing dangerous toxins. Go for the inexpensive and easy to maintain plants such as ferns, green spider plants, English Ivy and dracaenas. If you do not have a backyard or an apartment balcony there are community gardens for you to plant your own seed. My personal picks for affordable plants are from Far East Flora and Chye Heng Orchid Garden.
5. GREEN ORGANIZER
GLES box from IKEA Singapore is the perfect organizer for your food, gardening tools, sports equipments, school books, laundry, and other accessories. We have one at home and it has been useful for over 4 years. What is shocking is that it is priced at S$1.90 a piece.
ATTRACTIONS
6. SINGAPORE BOTANIC GARDENS
Whether you are on a date with a special someone or yourself, nothing beats a refreshing day at the Singapore Botanic Gardens (SBG). Sandwiched between the busy vicinities of Bukit Timah Road and Holland Road, the SBG is opened from 5 am all year round. Feel the chirping of the birds, the sound of the crickets, and the hush of the trees as you enter the garden – for free!
7. FIVE GARDENS AT CHANGI AIRPORT
Aside from the SBG, every “Type A” individuals on the go can relax at the five indoor gardens located at the Changi Airport. These are namely: Cactus Garden (T1), Orchid Garden (T2), Fern Garden (T2), Sunflower Garden (T2), and the Butterfly Gardens (T3). While you are in there, enjoy the breath of fresh air, may your kids count the species of succulents and take colorful selfies that you can upload right away because of the Free WiFi!
Debt is the amount of money borrowers by an individual or a corporation used to make huge purchases that they cannot afford under the normal circumstances. Pay this debt in a later date and you would get fined with interest! As of June 2015, the total card billings in Singapore amount to S$3,980,000.40 million! If you do not owe anybody now then, good job! You can start browsing our other articles and enjoy your debtless life. For the rest of you, there is an easy way to check if your debt is not healthy and it is called: the debt check.
DEBT CHECK
The debt check gives you 4 warning signs that you are heading to a troubled path. Awareness of this will come a long way later on. Check if these apply to you:
1. You do not know exactly how much you owe. This shows that you are not in control over your debts.
2. You are usually paying late for bills and sometimes, you go over your credit limit. This could only pile up the debt even more.
Image Credits: pixabay.com (License: CC0 Public Domain)
3. You use your credit card as you would use a debit card just to get by. You can be charged with a higher rate of interest.
4. You are borrowing money to pay your debts. In a sense, you are currently borrowing money to pay the money that you previously borrowed. This vicious cycle is how most people get into trouble.
MAKING YOUR DEBTS HEALTHIER
If all or any of the warning signs apply to you then, you need to take action – now! Take control of your debt and live a happier life by:
1. GATHER DATA
The first step is to gather date of where you are financially. It is important that you are aware of your current debt situation by knowing: how much you owe, to whom you owe these to, how often do you need to repay the amounts, and what interest rates are attached to these.
2. PRIORITIZE DEBTS
The consequences of not paying off some debts are more serious than others so, you must divide your debts into categories. The categories are priority and non-priority debts. Priority debts include mortgage, rent, government tax, loans, utility bills, and child maintenance (if applicable). These are priority debts because you do not want to lose your home, to be bankrupt, to have your electricity cut off, and to be summoned in court. The rest of the debts are non-priority debts.
3. ESTABLISH A BUDGET
Establish a budget to track your spending and savings. Keep track by having an online or physical journal where you log your cash flow every month. By doing so, you will get a fuller picture of where you spend too much and where to cut down costs. You can get out of debt faster if you prioritize paying it.
4. STICK TO YOUR BUDGET
Here are some helpful tips to ensure that you stick to your budget:
Whenever we go for first dates or job interviews, us women prefer to put our “best foot forward”. Aside from making a great impression, we take this idiomatic expression literally by preening the nails on our foot or hand to perfection!
With all the specialized nail salons sprouting over Singapore, it has been difficult for us to choose the best ones. But in totality, we look for a nail salon that has friendly staff, hygienic practices (e.g., uses clean tools), and value for money. That said, here are the 4 nails salons that suit your needs…
1. MANICURIOUS
Located at 41 Beach Road, Manicurious may just be a woman’s paradise. It is a unique store that combines a nail salon with a cafe corner and a retail section offering shoes, accessories, and handbags. The interior of the store is relaxing, vintage, and neat. You will surely feel cozy in their armchairs while you choose from an array of polish colors. Their reasonable service prices (e.g., express manicure or nail shaping) start at S$6 while add-ons (e.g., hand scrub or quick dry) prices start at S$3.
What’s more? They have 20% off nail services from Monday to Thursday at 11 am-4 pm (T&C apply).
Gelish manicures may stay for the longest time but they can get very pricey even amounting to over S$60! Thankfully, you can go to Lily Nails Salon for an unbelievably affordable express gelish manicure costing about S$16. You can avail this whether you are working or you are studying. Aside from this, they have interesting designs with an assortment of polish and gelish colors. The express manicure is priced at S$8 while the classic manicure is priced at S$9.
Aside from pampering the nails of some celebrity brides, Nail Queen Beauty Services is known for its premium nail art service. Located at Far East Plaza, this nail salon is great place for fashionistas to soothe their nails after a long day of shopping. Their express service ranges from S$12-15 while classic service ranges from S$25-35. And, their express gelish costs S$30-35. What you will love about this salon is the vintage interior and the amiable staff.
Since 2003, Fingerwork has been renowned for its gel nail extension and nail art services. Located near Raffles MRT, working ladies in the area can enjoy personalized manicures or pedicures are reasonable prices. Also, students can enjoy discounts from time to time. The prices for the manicure range from S$6-46 while the prices for pedicure range from S$9-56. For instance the express manicure is about S$12 while the express pedicure is about S$17. Aside from this, you can indulge on their nail enhancements including nail repair, gel infill, and temporary tips.
