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Stop Oversharing Your Wealth on Social Media

In a digital era where every meal, milestone, and moment is shared online, it’s tempting to show off your financial wins. I am talking about your latest pay raise, that dreamy Maldives vacation, or the luxury watch you just bought.

But before you hit POST, consider this: oversharing your financial life on social media can bring more harm than good. Here’s why keeping your salary, travels, and big purchases under wraps might just be the smartest financial move you make.

#1: AVOID UNWANTED ATTENTION FROM SCAMMERS

Singapore has seen a rise in scams, from phishing attempts to identity theft. When you broadcast your salary or expensive purchases online, you inadvertently make yourself a target. Scammers can use this information to craft highly personalized attacks, tricking you into revealing more personal data or even gaining access to your accounts.

For instance, if you constantly post about your latest gadgets and expensive vacations, cybercriminals may assume you have disposable income. Keeping your financial details private reduces your vulnerability.

#2: PREVENT UNNECESSARY SOCIAL PRESSURE

Even among close friends and family, revealing your salary or luxurious purchases may stir envy or create unnecessary competition. Oversharing can lead to silent resentment or pressure others to keep up, potentially leading them into unnecessary debt just to match your spending habits.

Furthermore, constantly flaunting wealth can strain relationships. You might find yourself being approached for loans or financial favors more often than you’d like.

#3: PROTECT YOUR PROFESSIONAL REPUTATION

Sharing your salary and big purchases on social media can backfire in the workplace. If your colleagues or boss see your posts about pay raises or lavish spending, it could create tension or resentment. If you work in an industry where discretion is valued, such as finance, law, or consulting, oversharing may be perceived as unprofessional.

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In some cases, discussing salary publicly can even put your job at risk. Employers often discourage employees from disclosing their earnings.

#4: MAINTAIN PERSONAL SECURITY

Posting vacation photos in real time signals to the world that your home is unattended. Even if you live in a secure condominium, why take the risk? If you must share your travels, consider posting only after you return.

Similarly, revealing expensive purchases online can expose you to potential burglaries. A new Rolex or designer bag on your Instagram feed might attract the wrong kind of attention.

#5: STAY FOCUSED ON YOUR OWN MONEY GOALS

Social media fosters a “comparison culture” where people showcase only the highlights of their lives. If you constantly post about financial wins, you may fall into the trap of spending just to impress others.

By keeping your financial milestones private, you stay focused on what truly matters. Shift your focus to your long-term financial stability. Whether you’re saving for a home or planning early retirement, financial discipline is best cultivated away from social media’s influence.

#6: ENJOY WINS WITHOUT EXTERNAL VALIDATION

Not every success needs an audience. Achieving a financial milestone should be personally fulfilling, not a means of seeking social approval. Keeping these moments private allows you to fully enjoy them without external pressure or unsolicited opinions.

Personally, I appreciate the finer things in life, which is why I save up to travel and experience new places. I also take advantage of opportunities to purchase luxury items at lower prices while abroad. When I share my travels on Instagram, it’s primarily to preserve memories and not to show off.

IN A NUTSHELL

In a world where oversharing is the norm, financial privacy is a power move. Keeping your salary, travels, fancy meals, and big purchases off social media isn’t about being secretive, it’s about being smart.

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So the next time you’re tempted to flex on Instagram, ask yourself: is the validation worth the risks?

6 Financial Tips for Seniors in Singapore

As we enter our golden years, financial planning becomes more critical than ever. With evolving healthcare needs, lifestyle changes, and estate management considerations, staying on top of your finances ensures a comfortable and stress-free retirement.

Consider these six essential financial tips tailored for seniors.

#1: UPDATE YOUR FINANCIAL GOALS

Your financial priorities will likely shift once you retire. This stage of life may involve:

Traveling more frequently
Retiring abroad in a lower-cost country
Pursuing new hobbies and interests
Providing financial support to children or grandchildren, such as funding education or helping them start a business

Start by clarifying your financial goals and estimating their costs. From there, create a strategic withdrawal plan that maximizes your savings and CPF payouts to sustain your desired lifestyle.

#2: ESTABLISH YOUR EXPENSES

Most retirees rely on a fixed income, making it crucial to understand and plan for both essential and discretionary spending:

Fixed expenses: Housing (HDB loan payments or rental), utilities, food, insurance, phone bills, and transportation.
Variable expenses: Leisure activities, dining out, shopping, travel, and entertainment.
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Additionally, factor in future expenses, such as rising medical costs and potential long-term care needs. If your savings seem stretched, consider adjusting your budget or lifestyle to ensure financial security.

#3: PLAN FOR HEALTHCARE FEES

Healthcare is one of the most significant expenses in retirement, especially with the aging population. Be proactive by:

Reviewing your MediSave and MediShield Life coverage to ensure it meets your healthcare needs.
Exploring ElderShield or its enhanced version, CareShield Life, for long-term care protection.
Setting aside a medical fund for out-of-pocket expenses such as specialist consultations, medication, and home care services.

#4: REVIEW YOUR ESTATE PLAN

Estate planning is essential for ensuring your assets are distributed according to your wishes. Key actions include:

Updating your will: This legal document specifies how your assets will be distributed.
Assigning a Lasting Power of Attorney (LPA): This enables a trusted person to make financial and healthcare decisions on your behalf if you become incapacitated.
Making a CPF nomination: Unlike other assets, CPF savings are not covered in a will, so nominating beneficiaries ensures smooth distribution.

#5: BEWARE OF SCAMS

Elderly individuals are often prime targets for scams, ranging from phishing emails to fake investment schemes. Protect yourself by:

Never sharing personal or banking details over the phone or online.
Verifying the identity of callers claiming to be government or bank representatives.
Enabling multi-factor authentication for online banking and financial transactions.
Staying informed about the latest scams through advisories from the Monetary Authority of Singapore (MAS) and Singapore Police Force.

#6: REVIEW YOUR FINANCIAL PLAN

Retirement planning isn’t a one-time event as it requires ongoing review. Optimize your financial strategy by:

Regularly assessing your CPF LIFE payouts, investments, and passive income sources.
Understanding how different income streams (such as rental income, dividends, and annuities) contribute to your financial stability.
Consulting a Certified Financial Planner (CFP) to help align your portfolio with your risk appetite and retirement goals.

IN A NUTSHELL

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Financial security in your senior years is about careful planning, smart spending, and protecting your assets. By staying informed and proactive, you can enjoy a fulfilling and worry-free retirement in Singapore.

Sources: 1 & 2

How Frugal Are You Really?

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.

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Sources: 1, 2, & 3

Make your time count: Three tips for managing freelance finances

The on-demand economy is booming, driven by ride-sharing, peer-to-peer rental, project-based job platforms and the ease of e-commerce. There are unprecedented income opportunities for freelancers but this work comes with a host of new challenges – many of which are all too familiar for me and my family – like co-mingled and confusing business expenses, quarterly and year-end tax headaches, and a general lack of visibility into your ‘real income’.

My brother and uncle are entrepreneurs, and I’ve seen how they have setup their businesses starting at day one. Having the ability to track earnings, expenses, and taxes automatically are keys to success and always top of mind. Getting better insights into their financials, including net income and tax obligations throughout the year is also increasingly important.

For those who are considering hitting out on their own this year, or the increasingly popular ‘side hustle’, here are my three tips to maximize your financial success.

1) Don’t mix business and personal. I know firsthand the temptation of co-mingling your personal and business finances, whether it’s using your personal credit card for your freelance expenses or keeping your finances together in one bank account, but there are important legal, tax and financial reasons for keeping your finances separate. Self-employed workers often struggle to keep track of their finances without the luxury of an employer helping them manage tax or CPF contributions, and many have no visibility into their real earnings and income. Separating your finances will help you keep a closer pulse on the health of your business and prevent any unpleasant surprises when you find out how much you owe come tax time.

2) Ditch the shoebox. Our research shows that a large number of self-employed and freelancers are keeping track of their finances on paper and a fair proportion of on-demand economy professionals say that difficulty managing finances has the biggest potential to put them out of business. This is deeply concerning to me and points to a major financial literacy gap among this demographic. Part of feeling confident about your freelance business and its future is understanding the more in-depth financial aspects. Using cloud financial management software to track expenses, mileage and invoices all in one place can help you find more tax deductions and save thousands in taxes.

3) Don’t be afraid to ask for help. Just because you’re self-employed, doesn’t mean that you’re on your own. Working with an accounting professional can help you create the building blocks for your financial future and make sure you’re not missing out on deductions. Building a close relationship with someone you trust early on can foster a value-added relationship, where they aren’t just doing your bookkeeping but giving you strategic insights on how you can set yourself up for long-term success. Whether you’re working towards quitting your day job to freelance fulltime, expanding your client base, or achieving profitability, if you’re direct about your goals and open to guidance, a strategic advisor can be a critical resource to help you realize them.

As someone from a family of entrepreneurs and someone who has spent the greater part of my career working to advance entrepreneurship, I’m thrilled to see a growing number of people taking control of their own future and leveraging the technology available to them to shape their careers and support their families. If you’re one of the many Singaporeans who will enter this economy in 2017, be bold; be diligent; be well-organized. You’ve got this.

Shirin Anne Wan Bio

Shirin Anne Wan is the Head of Customer Care for QuickBooks Asia Pacific, with more than 15 years of experience in customer service, customer care, operations and service excellence. Based in Singapore, Shirin has served in her role with Intuit as member of the APAC leadership team since 2013. Previously, she worked for Citi in customer experience management.

Efficient Financial Tips For Fresh Graduates

Congratulations! After the backbreaking years of higher education, you have graduated. The next chapter ahead will not be easier but I hope you find prosperity and joy in the process.

Much like attaining your degree, financial responsibility takes hard work and discipline. Start by reading these following tips to help you stay on top of your money:

GRAB A BOOK OR TWO

Read and understand materials about self-empowerment, investment, and money management. Here are four books to get you started with:

“The War of Art” by Steven Pressfield
“Turning Pro” by Steven Pressfield
“A Money Saving Mindset: 40 Ways to Help You Save” by Derek Polen
“Why Stocks Go Up and Down” by William Pike
“The Intelligent Investor” by Benjamin Graham

AVOID UNHEALTHY COMPARISONS

It is important to limit lifestyle comparisons even before you start making decent amount of money. Comparing your own “backyard” to that of others is basically human nature. However, turning this auto-response into a habit can become unhealthy not just for you but for your wallet. Imagine keeping up with your friends or coworkers who spend their money on designer bags, five-star restaurants, and trendy gadgets. Following their footsteps can easily put you to debt.

SAVE AT LEAST 15% OF YOUR INCOME

Mr. Tan Kin Lian, an experienced professional and former CEO of NTUC Income, highlights the essence of saving at least 15% of your income in addition to your CPF account. Your savings will help you pay for emergencies without having to be tied up with a creditor’s interest rates. Growing your savings shall start with your first paycheck.

PROTECT YOURSELF FROM UNEMPLOYMENT

Having a future mindset can help you cope with unforeseen events such as unemployment. To protect yourself from the immediate effects of unemployment, Mr. Tan Kin Lian also suggested these:

a. Save at least 6 months’ worth of your income.
b. Shy away from relatively large loans that require fixed repayments within several years.
c. Avoid saving in a life insurance policy.

REALIZE THE VALUE OF MONEY

I began to saw the true weight that money holds when I had my first full-time job. It was difficult for me to spend the money that I worked hard for. This is because I know the exact amount of time and how much sweat I poured just to earn my salary. I hope you realize soon especially because we live in the most expensive city in the world.

LIMIT SPLURGING FOR “EXPERIENCES”

Many young adults have turned their spending patterns to experiences rather than material goods. If you solely spend your hard-earned income to pay for your travel without the consideration of your savings, things can go down hill. Saving money is important not only because emergencies may arise but also because retirement is inevitable.

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