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.

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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.

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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

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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.

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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.

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#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.

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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

 

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Top Spots to Catch the NDP 2024 Celebrations

Today, Singapore proudly celebrates its 59th year of independence. Since August 9, 1965, the nation has transformed into a sea of red and white, with flags adorning buildings and homes as Singaporeans come together to mark this significant day.

The highlight of the celebrations is the National Day Parade (NDP), which turns the city into a vibrant spectacle filled with impressive military displays, diverse cultural performances, and dazzling fireworks.

Whether you’re eager to join the festivities, marvel at the stunning fireworks, or simply soak in the patriotic spirit, we have all the details you need to make the most of this year’s celebrations!

WHAT TO EXPECT

This year’s “United We Stand” Parade and Ceremony will be unforgettable, featuring a Military Tattoo with the SAF Band and four school bands, the return of the Volunteer Contingent, and crowd favorites like the State Flag Flypast and Presidential Gun Salute. Don’t miss the inaugural Onward March at the Padang, bringing the parade closer to the crowd.

The Total Defence 40 (TD40) Dynamic Defence Display themed “Together, We Are Strong,” will debut at the Padang, showcasing Singapore’s defense capabilities with thrilling responses to threats and emergencies.

Finally, the “Our People” Show will celebrate Singapore’s strength and unity through four chapters and three short films, featuring mass performances, familiar songs, and emotive filmlets.

WHERE TO WATCH

While watching the parade on TV is convenient, experiencing the festivities in person is truly magical. Consider these top spots to catch all the action:

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1. PROMONTORY @ MARINA BAY

For the first time, National Day celebrations will extend to the nearby Promontory @ Marina Bay, making it a prime location to soak in the festive vibes.

2. HELIX BRIDGE

Located near Marina Bay, Helix Bridge offers clear views of the fireworks. Its striking design and lighting create a stunning backdrop for photos. Plus, indulge in the nearby dining options.

3. MARINA SQUARE ROOFTOP

For a more relaxed experience, head to Marina Square Rooftop. The open garden terrace offers unobstructed views of the fireworks and a serene setting away from the crowds.

4. MARINA BARRAGE

If you prefer to sit back and enjoy, Marina Barrage is ideal. Arrive early to secure a spot, bring a picnic mat, and savor a meal with loved ones as you wait for the fireworks.

5. MOUNT FABER PEAK

For a scenic and tranquil view, Mount Faber Peak is a great choice. This hilltop spot provides a quieter setting away from the crowds, panoramic views of the city, and the chance to explore lush surroundings. Enjoy nearby restaurants, a cable car ride, and more.

6. THE HEARTLANDS

Celebrate National Day in the heartlands on August 10, 2024, with festivities from 4 p.m. to 9 p.m. Join the fun at Bishan, Punggol, Yishun, Buona Vista, and Paya Lebar for interactive activities, carnival games, workshops, and vibrant fireworks.

WHERE TO GET FREE COUPONS

Don’t miss out on some fantastic deals this National Day!

Avail offers like S$10 off at Holistic Way with a minimum spend of S$88, a “Buy 2 Get 2 Free” deal on selected OWNDAYS Color Contact Lenses, a S$5.90 combo at Auntie Anne’s, S$10 off at COURTS with a minimum spend of S$100, up to S$59 off at Harnn Singapore, a 3-for-S$7.50 Bread Bundle at Paris Baguette, a S$59 Teaser Local Package at iFly Singapore, 59% off XD theater rides at the Singapore Discovery Centre, and more.

Check out all the offers here: greendotmedia.com.sg/coupons/ndp.

WHAT TIME TO WATCH

The early NDP fireworks begin around 7:30 PM, with the main display and national anthem at 8:15 PM. Arrive by 7:30 PM to secure a great spot for the best viewing experience.

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Happy National Day, everyone!

Sources: 1, 2, 3, & 4

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The Rise and Impact of Gambling in Singapore

A BRIEF HISTORY

Gambling has been a part of Singapore’s culture long before the iconic Marina Bay Sands and Resorts World Sentosa opened in 2010. Whether through lotteries or casinos, it has driven Singaporeans to wager billions each year. Let’s explore this phenomenon and its broader implications.

Gambling in Singapore encompasses three main activities: betting, gaming, and lottery participation. For instance, Singapore Pools, the state-linked lottery operator, reported an impressive turnover of S$4 billion in 2005, or approximately S$11 million daily, highlighting the lottery’s immense popularity. That year alone, an estimated S$7 billion was spent on gambling, excluding illegal betting and stock speculation.  Illegal gambling, such as operating or managing illegal venues, can lead to fines of up to S$500,000 and imprisonment for up to 7 years upon conviction.

In recent years, games like 4-D, Toto, and Singapore Sweep have attracted over 30% of Singapore residents, demonstrating their widespread appeal.

RISE OF CASINOS

The opening of Marina Bay Sands and Resorts World Sentosa marked a significant shift in Singapore’s gambling landscape. These integrated resorts not only boosted tourism but also provided a regulated environment for casino gaming, enhancing Singapore’s global reputation.

Marina Bay Sands, with its unique architecture and world-class amenities, quickly became a hub for both local and international gamblers. The casinos in these resorts have since contributed significantly to the country’s economy, attracting high-rollers from around the globe and reshaping Singapore’s image as a luxury destination. This influx of tourists has spurred other sectors, including hospitality and retail, enhancing Singapore’s economic growth.

ASIA-PACIFIC GAMBLING MARKET

The Asia-Pacific gambling market is heavily influenced by regulatory frameworks, tourism, and local demand. Singapore, Macau, and the Philippines are major players in this market, each attracting a significant number of tourists and gamblers, fueling regional competition and innovation.

While Macau remains the largest gambling hub in Asia, Singapore holds a strong second place. However, the Philippines is making strategic moves to overtake Singapore by developing new integrated resorts and casinos, focusing on boosting tourism and economic growth. This competition highlights the dynamic and evolving nature of the gambling industry in the region and emphasizes the need for continuous adaptation and strategic planning.

SOCIAL IMPACT OF GAMBLING

While gambling can be a form of entertainment and a boost to the economy, it also comes with social costs. Problem gambling can lead to severe financial and personal issues for individuals and families, affecting overall community well-being. Recognizing this, Singapore has established various measures to help those affected by gambling addiction.

The National Council on Problem Gambling (NCPG) provides resources and support for individuals struggling with gambling problems. Their helpline, 1800-6-668-668, is available for anyone seeking assistance and guidance. Additionally, educational campaigns and support programs aim to prevent problem gambling and mitigate its impacts.

TO CONCLUDE

Gambling in Singapore has evolved significantly over the years, from lottery games to world-class casinos. While it contributes to the economy and offers entertainment, it’s essential to acknowledge and address the potential negative impacts on individuals.  By fostering responsible gambling practices and providing adequate support, Singapore can strive to maintain a sustainable gambling environment.

For those needing help or advice on gambling issues, resources like the NCPG are available to provide guidance. For immediate support, visit NCPG at ncpg.org.sg.

Sources: 1,2,3 & 4

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10 Tips for Surviving on a Low-Paying Job in Singapore

In Singapore, a low-paying job is generally defined as one where the monthly wage falls below the national median salary. According to the Ministry of Manpower (MOM), jobs with salaries under SGD 2,500 per month are often classified as low-wage. Approximately 10-15% of employed residents are in such positions, equating to around 200,000 to 300,000 people.

Navigating life in Singapore on a low income can be quite challenging. However, with determination and careful financial planning, you can improve your situation. Here are some practical tips to help you make the most of your circumstances.

#1: TRANSPORTATION

Rethink your daily commute. Public transportation in Singapore is efficient and affordable, so consider taking the bus or MRT instead of hailing a cab. If you must ride a car, look into carpooling options with colleagues to share the costs.

#2: LIVING EXPENSES

Living frugally doesn’t mean sacrificing quality of life. It means being mindful of your spending. Cut down on non-essential expenses like dining out frequently or subscribing to multiple streaming services. Instead, cook at home more often and enjoy free or budget-friendly entertainment options like parks and community events.

#3: INTERNET ACCESS

Take advantage of free Wi-Fi available at local coffee shops, libraries, and community centers. If you need internet at home, see if your employer offers any allowances or find bundle deals that include other services you need, such as cable or phone.

#4: DEBTS

Imagine the relief of no longer having to worry about monthly mortgage or credit card bills. Prioritizing debt repayment can free up your finances, reduce stress, and provide more flexibility in your career choices. While it’s easier said than done, start by addressing your smallest debts to build momentum, and then gradually tackle larger ones.

#5: FINANCIAL SUPPORTS

Many low-income individuals are eligible for financial assistance from government agencies. The Singaporean government, for instance, has set S$2,906 per month as a reasonable starting point for a living wage.

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If you earn less than S$2,500 per month and are over 30, you might qualify for the Workfare Income Supplement (WIS) scheme, which provides cash payments and additional contributions to your Central Provident Fund (CPF). See if you qualify.

#6: BACK-UP PLAN

Saving for emergencies can be tough, especially when you are living from paycheck to paycheck, but it’s crucial. If you can’t build an emergency fund quickly, consider having a credit card with available spending power as a backup for urgent situations. Just be cautious with its use to avoid accumulating debt.

#7: UPSKILL

Investing in your education and skills can open up new opportunities and potentially higher-paying jobs. Look for free or low-cost courses online or at community centers. For starters, SkillsFuture Singapore offers credits that can be used for a wide range of courses.

#8: SUPPORT NETWORK

A strong support network can provide emotional and practical help. Connect with family, friends, and community groups. Sometimes, just talking to someone who understands your situation can make a big difference.

#9: HEALTH CONCERNS

Staying healthy can prevent costly medical bills. Regular exercise and a balanced diet improve health and reduce medical needs.

Furthermore, Medisave and MediShield Life provide additional support. Medisave is a savings scheme for medical expenses, while MediShield Life covers up to 80% of hospitalization costs. These schemes, along with government subsidies, ensure affordable access to medical care.

#10: FINANCIAL GOALS

Finally, set achievable financial and personal goals. Try to be as positive as you can while doing so. A positive mindset can make a significant difference in how you handle financial challenges.

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Living on a low income in Singapore can present significant challenges, but with careful planning and a commitment to improving your financial situation, it is possible to manage your finances more effectively and enhance your quality of life. Remember, small steps and a willingness to adapt can make a meaningful difference.

Sources: 1, 2, 3, & 4

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