What’s Your Financial Personality?

Understanding your financial personality can help you make better money decisions. Here are four common types and some tips for each:


You’re excited about managing your finances and likely a long-term thinker and planner. You prefer traditional strategies like having a retirement savings plan and planning future investments. However, you might struggle with seeking a second opinion, moving too quickly, or overanalyzing options.

Questions to ask yourself:
1. Do I regularly review and update my financial plans?
2. How comfortable am I making investment decisions on my own?
3. Do I have a detailed retirement savings plan?
4. How often do I seek advice on financial decisions?


You’re a careful planner who does thorough research, often taking your time to make well-informed decisions. Flexible and adaptable, you focus on short-term goals rather than long-term ones like retirement. As a strategist, you might miss opportunities by over-evaluating options. Creating timelines or automating finances can help.

Questions to ask yourself:
1. How often do I adjust my budget based on changing situations?
2. Am I more focused on immediate needs than long-term goals?
3. Am I comfortable researching before making financial decisions?
4. How frequently do I automate my savings?


You’re future-oriented, charitable, and make financial decisions based on your values. You prioritize donating to charities but may neglect your own daily finances. Consider working with a financial advisor to stay on top of your finances.

Questions to ask yourself:
1. How often do I prioritize charitable donations in my financial planning?
2. Do my financial goals align with my values?
3. Am I proactive about supporting causes that matter to me?
4. How regularly do I review my daily finances?


You have a relaxed approach to money, prioritizing living your life and intuition over strict budgeting. You keep an eye on your money but may not be up-to-date. Financial planners and advisors can help. It’s important to stay informed and set future goals. Budgeting apps for beginners can make this easier.

Questions to ask yourself:
1. How comfortable am I without a strict budget?
2. Do I rely more on intuition than planning?
3. How often do I review my overall financial status?
4. Am I open to using budgeting apps to track my finances?

Image Credits: unsplash.com


If you find these categories complex, consider these simplified types by Dean Deutz, a private wealth consultant at RBC Wealth Management:

A. Savers: Prioritize saving now to enjoy financial security later, often paying off debts like mortgages early. They should balance caution with potential high-return investments, seeking diversified portfolios that align with their long-term goals.

B. Spenders: Enjoy their money presently, often borrowing and saving less. Spenders benefit from reducing discretionary spending to increase savings and build emergency funds for future financial stability.

C. Sharers: Enjoy sharing money with family, friends, charities, or their community. They should manage their generosity wisely, setting clear boundaries and budgets to sustain their giving while ensuring their own financial health.

Understanding your financial personality can clarify your decisions, reveal patterns in your financial habits, and highlight areas for improvement to achieve greater financial well-being over time.

Sources: 1 & 2


Find Out How 1.5M Singaporeans Will Receive up to $700 in August

In August 2023, the Singapore government will implement an enhanced Goods and Services Tax Voucher (GSTV) – Cash scheme to assist approximately 1.5 million Singaporeans with their living expenses. This initiative, announced by Deputy Prime Minister Lawrence Wong during the Budget speech earlier this year, aims to alleviate financial burdens by offering cash aid of up to $700. Let’s explore the details of this program and how eligible individuals can benefit from it.

Under the GSTV – Cash scheme, eligible citizens will receive a one-time cash payment in August 2023. Compared to the previous year, the enhanced scheme will provide up to $300 more, with a total potential payout of $700. This initiative is part of the government’s ongoing efforts to support lower-income and elderly Singaporeans by assisting them with their GST expenses and cost of living.

Streamlined Payment Process

To simplify the payment process, the Ministry of Finance (MOF) will replace cheques with GovCash for individuals who have not provided their bank account information or linked their NRICs to PayNow. GovCash recipients will receive a payment reference number at the end of August, which they can use to withdraw their GSTV – Cash and GSTV – Cash Special Payment at OCBC ATMs across the island. Importantly, recipients do not need an OCBC bank account to withdraw the funds at these ATMs.

Furthermore, GovCash recipients can utilize the LifeSG app for payments to merchants by scanning PayNow or NETS QR codes. They can also transfer funds to their bank accounts through PayNow if they subsequently register for PayNow-NRIC. These measures aim to provide convenient and accessible options for individuals to manage their funds effectively.

MediSave Top-ups

In addition to the GSTV – Cash scheme, eligible Singaporean adults aged 65 and above in 2023 will receive MediSave top-ups through the GSTV – MediSave program. Approximately 624,000 individuals will receive up to $450 credited to their CPF MediSave Accounts. This top-up is part of the 5-Year annual MediSave Top-up initiative announced during Budget 2019 and represents the fifth year of contributions. Eligible Singaporeans born on or before December 31, 1969, who do not receive Pioneer Generation or Merdeka Generation benefits will benefit from this scheme.

Future Support

The Ministry of Finance has assured Singaporeans that additional support will be provided throughout the second half of 2023. This includes top-ups to the Child Development Account, U-Save and S&CC rebates, and the Assurance Package Cash.

Checking Eligibility and Payments

Singaporeans who have previously signed up for government disbursement schemes and are eligible for the GSTV scheme can check their allocated GSTV – Cash and MediSave amounts by logging into the official GSTV website using their Singpass. Individuals who have not registered previously will receive notifications via the Singpass app, SMS, or hardcopy letters sent to their NRIC address by the end of August 2023.

To ensure timely payments, individuals should sign up for the GSTV scheme by July 10, 2023, to receive their payment in August. Those who sign up between July 11 and August will receive their payment in September 2023. Individuals who sign up after September will receive their payments by the end of the following month. The deadline for signing up for the 2023 GSTV scheme is April 30, 2024.

Preventing Scams

To safeguard individuals against scams, the SMS notifications sent by “GSTV” will solely provide information about their benefits. Recipients will not be required to reply to the SMS, click on any links, or provide any personal information. It is important to note that no messages regarding GSTV will be sent through WhatsApp or other mobile app messaging platforms.

Image Credits: unsplash.com


The enhanced GSTV – Cash scheme introduced by the Singapore government aims to alleviate financial pressures and provide essential support to 1.5 million Singaporeans. By providing cash aid of up to $700, the government strives to assist lower- to middle-income individuals in covering their living expenses. With simplified payment methods and future support planned, Singaporeans can access the financial relief they need during these challenging times.

Sources: 1, 2, & 3


Reasons Why Couples Argue About Money

Money issues are some of the main reasons why people end up in divorce court. Money is a touching subject that plays a vital role in any household. If you have enough money, you will be able to meet your basic needs and have some measure of happiness.

There are many reasons why couples have trouble communicating about money. Here are some of them:


Some Singaporeans have opportunities to learn money management skills growing up; many did not. Money is tight for some, so as adults, people may take steps to avoid the consequences of not having enough money.

How money matters were discussed and handled in previous relationships will affect how people handle their money in their current relationship. Learning how to make wise choices is important.


There are different communication styles that people typically use. While some are passive, others are aggressive. Passive communicators avoid expressing their thoughts and feelings about money. They often feel resentful, anxious, or even hopeless. Aggressive communicators overly express themselves in a powerful manner. These people dominate money conversations.

Lastly, assertive communicators share their thoughts and feelings respectfully. These people know how to listen and reflect on what they are hearing from the other person. Aim for this type of communication style.


When it comes to finances, we tend to spend money on things we value. For instance, a person who values security spends his money on insurance. If someone values freedom, he may throw caution to the wind with their money and spend impulsively.

We decide what our values are through experience, which means they could change throughout our lives. Some factors that influence our values include our educational background, culture, age, gender, socio-economic conditions, marital status, and other expectations.


If you are in a relationship where both people want to be the head of finances, problems can ensue. Different ideas of how control looks like affects how we see our financial futures. Some of us have more controlling personalities than others. However, what if both of you are controlling?

Image Credits: unsplash.com


If she likes to eat out and you like to cook at home, the two of you do not see eye to eye about how to spend money on food. Discuss household responsibilities and learn how each other feels. Find a middle ground where you both compromise.


A saver and a spender can have different dynamics at home. The saver needs to understand that the spender wants to live a comfortable life, while the spender needs to be more careful and realistic with money.


It can be challenging to get along if one person earns substantially more than the other. One of the best solutions for this situation is to let each person pay for bills based on the percentage of total income they earn (per month).

Do not let these seven elements become obstacles that get in the way of your relationship. Create a schedule for regular money discussions.

Sources: 1 & 2



Set Up Your Money Goals Like a Boss

“You don’t have to see the whole staircase, just take the first step.” ― Martin Luther King Jr.

The first step is usually the hardest. However, you need to take the first step to live your best financial life. The longer you wait to establish your personal budget, the farther away your goals will be. Start by setting your money goals. Money goals include savings, investment, or spending targets that you hope to achieve over a given timeline. Money goals can give you a clear idea of why you are saving your hard-earned money.

Setting money goals is one thing but transforming these dreams into reality is another. Begin by giving your money a “job”.


In the office, you have to accomplish tasks and finish them in the future. The same holds true for your money goals. What kind of life do you foresee for you and your family? Let money work for you!

Money goals are savings, investment, or spending targets you hope to achieve over a given timeline. Money goals do not have to be set in stone as you will revise them throughout your life.


There are diverse types of money or financial goals. You can categorize each money goal as short-term, mid-term, and long-term. Short-term goals typically take six months to five years to complete. These goals include taking a vacation or purchasing a new washing machine.

Mid-term goals are accomplished within a period of five to ten years. It includes paying off your credit card debts and finishing a degree. Lastly, long-term goals take more than ten years to finish. It includes buying a new flat or saving up for your children’s education.


You cannot achieve a goal overnight! Being specific helps make your goals more achievable.

If you have a toddler that is set to head into university by 2035, you must have a target date for your tertiary education savings goal. If you want to travel Europe for your 10th wedding anniversary, you must have a timeline that you are working toward.


Look for goal setting tips and resources online to stay on course. Money apps for goal tracking can be helpful too. Additionally, you can use old-school methods such as placing a vision board in your bedroom. Affix a collage of pictures that represent your money goals. If you see it, you believe it.

Image Credits: unsplash.com

Having a tangible representation of the future you are working toward can help you stay motivated. Whatever method you choose, know that it will all be worth it.

Sources: 1 & 2


4 Telltale Signs that You Don’t Make Enough Cash

It can be immensely frustrating to feel stuck in a financial rut with no means out. You may think that you earn decent money, but still struggle each month. Whether you are overspending or not making enough money, these problems can lead to big trouble!

Consider these financial issues and how to solve them.


There is a difference between worrying about covering your necessities and worrying about unexpected car repairs. Constant worries about money can keep you up at night.

Put these worries to rest by creating a realistic plan. A budget allows you to plan out your purchases within a certain period. Moreover, an emergency fund can help you cover unexpected costs.


One of the surefire signs that you are having financial problems is your reliance on credit cards to cover all your finances. If you need the help of credit cards to manage between paychecks, your balance can trap you. The solution is easier said than done – stop using your credit cards and leave within your means.


It is important to act quickly when you are not able to pay the bills on a monthly basis. Look for ways to reduce your bills and increase your income.

Start by cutting down your unnecessary costs. Trimming back luxuries across the board such as bringing your mobile plan down and canceling your cable television can help. Instead of eating out, you can cook at home to follow your meal plan.


It is difficult to grow your savings when you are stretched tight each month. However, the inability to create an emergency fund can lead to reliance on credit cards. Eventually, your credit card payments will grow detrimentally.

Image Credits: pixabay.com

Set up an emergency fund by starting slow. You can put aside an extra S$50 per pay period and build from there.

Source: 1