According to Gordon Achtermann, a Virginia-based certified financial planner, you have to ask yourself these three questions and give a solid yes before you decide to start investing.
#1: Do I have an adequate emergency fund?
Take a good look at the amount of cash you can fall back on if the need arises. According to experts, it’s generally wise to build short-term savings and then invest with the extra cash you have left.
You have to also be aware that your money can fluctuate depending on the daily changes in the market. So, there is much more risk to bear than compared to a savings plan.
Adequate emergency fund varies from person to person but Achtermann provides these guidelines to determine the amount you should have:
3 months of expenses: For couples with two incomes and very secure employment
6 months of expenses: For couples with two incomes but less secure employment or one partner not working
1 year of expenses: 1 year of expenses for one income that is less than very secure
#2: Am I committed to leaving the money in place for 2 to 5 years or longer?
“Investing the cash in a diversified portfolio will usually yield a higher average return than leaving it in a savings account,” says Sebastian Rollén, a senior investing researcher at Betterment.
But to do so, you should be prepared for some shifts in your balance and expect your money to remain invested for more than a couple of years before you withdraw.
#3: Can I weather the ups and downs of the market?
Here, we’re talking about risks. You must be confident enough to handle the rapid and unpredictable changes in the market.
According to Scott Cole, an Alabama-based certified financial planner, what you want to avoid is having your money subject to risk when you actually need the money.
If you think you will need the money within less than two to three years, then avoid investing it. Instead, use whatever you have to build up savings that offer more security. But if you do not require the current funds in the next 10 years, then put that money in the market.
What were your answers?
At the start of this article, we mentioned that you have to give a solid yes before venturing into investments. If you’re sitting on the fence for even one of the questions stated above, then you’re clearly not 100% ready to get your head into the whole investment game.
But that doesn’t mean all hope is lost. First and foremost, focus on your savings. Without it, you will never ever get to invest. Maybe a year or two later, you can recheck your financial status and take a step into low-risk investment portfolios.
Unless you live in a cave or away from social media, it’s impossible to not know the updates to Singapore’s travel advisory. Yesterday (Aug 21), we wrote about how the current travel advisory to defer all travel abroad will be updated to allow general travel to Brunei and New Zealand.
So, we are keeping our fingers crossed for Brunei. As we await good news from the authorities in Brunei, let’s take a look at some top-rated Airbnbs you can book for your upcoming trip.
We’re starting our list off with the cheapest option! At only S$35/night, you get a double bed good for two guests. There is one bathroom with a shower area. The Maison Hotel And Serviced Apartments is situated in the Sungai Liang area, approximately an hour drive from Brunei International Airport.
For those travelling with your family and friends, you can book this entire house located at Bunut Perpindahan. Looking just at the price, we are honestly speechless. Recent guests have given this place a thumbs up for cleanliness! There are two bedrooms – one with a queen-size bed and the other with a bunk bed. This accommodation is a mere 20-minute drive from Brunei International Airport.
For the price you pay for an average boutique hotel room in Singapore, you get a whole bungalow space to yourself. There are two bedrooms and 1.5 bathrooms. You can request for extra floor mattresses if necessary. Similar to our previous listing, you will be situated in the Bunut Perpindahan area, about 20 minutes away from the airport.
This studio flat is an open-concept living space. There is one king-size bed and a single bed right next to each other. You also get a two-desk workstation by a corner of the apartment. You may request for a baby cot from the host if required. It’s on the second floor of a building with plenty of options for dining and entertainment within the vicinity.
This spacious apartment comes with two bedrooms and four super single beds! Sounds like the perfect accommodation for friends travelling together. The lovely host will also pick you up from the airport if you’re arriving between 9am to 10pm. There is also a laundry machine available, suitable for long stays. You will find this apartment in the Berangan area, a 15-minute drive from the airport.
According to the Merriam-Webster dictionary, frugality is characterized by being careful in the usage of one’s resources. Those who are frugal are unwilling to lavishly enjoy the fruits of their labor. It may come as a surprise to you to know that the word frugal derives from the Latin term “frux”, meaning “fruit” or “value”.
In Behavioral Science, frugality is defined as the resourceful use of already economic goods and services to achieve a long-term goal. If you are keen to adapt this multi-dimensional consumer lifestyle trait in order to save money during the pandemic, you may read the list below to see how many frugal choices you have been doing.
#1: YOU CREATE A GROCERY LIST AND STICK TO IT
Instead of grabbing whatever attracts your eye at the counter, you prefer to create a grocery list and stick to it. It is easy to increase awareness when it comes to your grocery spending when you plan ahead. It may be challenging at first and you may forget several items, but you will find yourself becoming more intentional with your listings as time passes by.
The grocery list is essential because frugal people plan their meals and frequently eat at home. You may avoid the temptation of dropping by a fast food chain by keeping a container of snacks in your bag or in your car. Calm your rumbling tummy as you travel back home.
#2: YOU DO NOT CARRY CREDIT CARD BALANCES
Frugal people are not dictated by their credit card purchases. While some have the discipline to pay off their credit cards every month in full, others choose to stay away from these entirely.
Self-awareness and control play play huge roles in a person’s success with credit cards. If you have been in debt for years, consider to cut down on your credit card spending and pay them off once and for all.
#3: YOU DO NOT COMPROMISE YOUR HEALTH
Being frugal does not mean that you will only invest on cheaper alternatives and low-quality food items. Many frugal people choose to eat healthier greens and legumes and keep meat to a minimum. Frugality does not compromise health to save money. Frugal people have strategically plan their meals and have invested on insurance plans that will benefit them in the future.
#4: YOU DO NOT WASTE FOOD
Frugality entails that you use what you have until you need to replenish it. Frugal people eat leftovers until they are non-consumable or inedible. Eating your leftovers also cuts down on your food expenses and environmental waste.
You may create new meals from your leftover food. For instance, your leftover chicken can be shredded and turned into chicken sandwich. While, leftover rice can be used for your egg fried rice. Just ask Uncle Roger!
#5: YOU LEARN FROM YOUR MISTAKES
Frugal people are not perfect. No one is. Frugal people make financial mistakes and learn from it. You may have spent too much on your holiday shopping last year or caved in to your monthly food cravings.
It is important to be aware of these financial mistakes. If going over budget becomes a habit, you need to re-evaluate your spending patterns and your budget.
#6: YOU KEEP TRACK OF YOUR BILLS
Frugal people look for ways to save money by keeping track of their bills. Other than eliminating unnecessary plans or subscriptions, you may find it easier to pay off your dues through auto-pay programs.
Search through the profiles of your service providers and ask if they have automatic payment schemes. For instance, some telecommunication plans offer automatic payment schemes through online banking. This way, you will be able to save on time and avoid paying late fees.
#7: YOU NEGOTIATE ON A PRODUCT OR A SERVICE
Frugal people love to negotiate to get a good deal. Whether they are purchasing a gadget or an appliance, they excel in the art of negotiation or spotting the best deal. They do not shy away from purchasing second-hand or pre-loved items to get a good deal. And, they certainly do not want to spend S$85 on a cup of coffee.
#8: YOU COMPARE PRICES FIRST
In order to save more money, frugal people tend to search high and low for the best prices and free upgrades. Helpful price comparison apps and websites have flooded the market these days. Some popular price comparison websites in Singapore include pricepanda.com.sg and iprice.sg. Use these tools to help you decide on an item, before adding it to the cart.
#9: YOU SHOP OUT OF NEED
Making shopping a hobby can cause a significant hole on your wallet. Frugal people shop out of need and save money whenever they can. Finding an inexpensive hobby is easy, when you are open to the possibilities. I, myself, am learning how to play a new instrument. I have picked up a Kalimba (Thumb Piano) online for a little over 20 dollars. This inexpensive instrument has provided countless hours of entertainment for me and my family. Now, my entire house knows how to play the Kalimba.
#10: YOU DO NOT SHOP BASED ON YOUR EMOTIONS
Shopping based on your mood may lead to buyer’s remorse and impulse purchases. Frugal people can get into emotional circumstances too, but they usually are not emotional spenders.
You can be the most disciplined person under normal circumstances, but be heavily impacted with unfortunate circumstances. We are not exempted from the effects of the global pandemic. When this happens, you have the choice to throw all the structure out of the window or to slow down and examine possible solutions.
#11: YOU CONTINUE LEARNING
Personal development is important across all fields. Frugal people continue to learn from others and their own financial mistakes. It is beneficial to listen to educational audiobooks and enroll to (free or paid) online classes to boost your professional and personal growth. You may browse through the free courses by Google Digital Garage to start growing and learning.
When was the last time you dressed up and felt good about it? With the ongoing pandemic, it seems like more of us are dressed in loungewear these days. It also made us rethink fashion essentials that we could put on without the fear of going out of style.
If that is you, look out for these wardrobe essentials that Illya Nadira, Zalora’s Head of Social, swears by.
#1: Jeans
“Every woman needs a pair of jeans, be it skinnies, flare or even straight-cut because they don’t go out of style, ever! I’m currently obsessed with these baggy oversized jeans with torn hems from Zara – they’re super comfortable while giving off a cool vibe.”
“This is everything to me! I must have a white vest/tank with me, even when I travel. It’s the easiest, most versatile piece to pair with everything else. I usually head to Uniqlo to get mine.”
“You will never catch me out of the house without earrings or studs. I feel naked when I miss out that important step of accessorising because it really completes the whole look.”
“You can wear a white shirt anywhere and everywhere – to the office, lunch dates with your girlfriends, as outerwear at the beach, and even to bed! Though I’ve never bought one before because I can find tons in my late dad’s wardrobe.”
“I love a good set of co-ords. My friend Cheryl Teo designed (a) geometric-print set for her final-year project at Lasalle College of the Arts and she sewed one for me as I couldn’t stop raving about it. She eventually started her own line called Aryl Ctto for a while. The best part is I can wear either the top or the pants on separate occasions.”
If you’re looking for fashion inspiration, take it from the 30-year-old: “I usually go on Instagram and Pinterest, but I get inspired by everyday people too. When I see someone on the train wearing something super cool and chic, I’ll try to recreate it in my own way.”
Also, here’s a bonus fashion tip before you go: blazers.
“You can easily look professional with a blazer on, regardless of what you’re wearing underneath,” says Nadira.
Since Jun 18, travellers from Australia (excluding Victoria State), Brunei Darussalam, Macao, Mainland China, New Zealand, Republic of Korea, Taiwan, and Vietnam can serve their 14-day stay-home notice at their own place of residence upon entering Singapore.
“Amongst these low-risk countries, we will start by lifting our current border restrictions to allow the entry of visitors from Brunei Darussalam and New Zealand into Singapore,” said MOH.
How it works
Visitors from the two countries will need to apply for an Air Travel Pass between seven and 30 days before their intended date of entry. For example, if they are travelling from Sep 8, an application for the pass must be done on Sep 1.
But before they can go about their activities in Singapore, they must test negative for the virus.
“They will be responsible for their medical bills should they require medical treatment for COVID-19 while in Singapore,” MOH said.
Not a reciprocal arrangement
According to Lawrence Wong, co-chair of the COVID-19 multi-ministry task force, the travel arrangements with Brunei and New Zealand are not reciprocal. However, Singapore is currently in discussion for reciprocal green lane arrangements with the two countries.
“When we are ready with the reciprocal green lane arrangements with these two countries, we will announce the details,” he said.
“Specific to these two countries, we are making a move based on the evidence, based on our assessment of risk,” he added.
General travel to Brunei and New Zealand will be allowed
Image Credits: The Straits Times
The current travel advisory to defer all travel abroad will also be updated to allow general travel to Brunei and New Zealand. People visiting these two countries must check the entry requirements and take the necessary precautions.
Health Minister Gan Kim Yong said, “Don’t just hop on the plane and go. Please check what are the requirements of the destination countries, make sure that you comply with the requirements before you fly over.”
“At the same time when you’re there, continue to exercise vigilance, continue to exercise safe distancing, and also observe the safe distancing rules in those countries, so that you protect yourself and protect others,” he added.
Looking forward
“We have monitored the situation and assessed that there are several countries/regions where the virus situation is well under control and the risk of importation is low. We will therefore update our border measures accordingly,” explained MOH.
Those who abide by the travel advisories will be eligible for government subsidies and coverage for their COVID-19 treatment should they have symptoms within 14 days of returning to Singapore and require hospital admission for suspected infection.
