Asked on 12 Aug 2018
Example: something you should have spent on but didn't?
None, I think I made all the best decisions I could have possibly made under those circumstances :) many of my friends regretted not switching to a high-yield saving account earlier or topping up their CPF, but I've done all the moment I could!
I seldom focus on regret. I look back on the past to learn from my mistakes instead.
But in terms of investing, yes I do have some regrets there, like not having started earlier, not having attended certain courses sooner, etc.
OH I just thought of one more, but this is not in my personal situation though.
Many people regret NOT having spent on insurance while they were healthy and had the chance to. So don't let that become a regret, remember to make sure you're well covered
Remember, in my guide to financial freedom, insurance and protection comes BEFORE investment! http://www.sgbudgetbabe.com/2016/05/the-road-to-financial-independence.html
(of course, don't overpay for insurance also lah. and I don't believe in mixing insurance and investment. I could have saved much more if I didn't buy my ILP back then! http://www.sgbudgetbabe.com/2016/10/why-i-cancelled-my-ilp-investment.html )
hmm actually its never too late to realize the importance of saving than never. so instead of thinking/focusing on the regrets. Why don't you explore more to improve ur furture :)
And plus everyone has a different lifestyle, so avoid comparing ur life to others, because having a negative mindset may actually make yourself feel bad and for some people they may ended up spending more when they are in foul mood. Even if you have plans for saving, do rem to save a bucket to enjoy life. Life is short. You gonna to be happy so that you can enjoy the fruits of your investment.
I would prefer to look at those mistake(s) we made in our saving path as a reminder & learn how to improve from there.
Maybe don't focus on regret because we cannot turn back time.
Let's start saving now, it's never too late.
I regret focusing on saving during my university years. Of course the benefit is that it cultivates good habits. However, rather than saving pennies, if you ask me now I rather spend to get experience when you have the luxury of time. Being full time working parents now, it's hard to take a short break to explore the different culture in other countries.
Once i regretted not spending the money into a course. Was thinking of saving the money and just learn about it myself from books and Internet. After all, saving this sum of money makes me waste the whole one year of my time where i can expedite it within few months. After i end of saving less with the initial amount. If i would have spend it to take on the course, i would have more money than before.
When it comes to spending, it can be grouped in 2 ways:
1. Needs vs Wants
One should always prioritise needs over wants. Ideally, one should look towards buying the necessities for basic human survival and perhaps, occassionally splurging on wants, simply because it keeps you motivated and continue to work harder and strive towards your goals. Maintaining good emotional well being may be essential to leading a happy life. I would consider myself to be rather conservative when it comes to spending on wants. Even if I do make the choice to not spend on a want(e.g the new MacBook Pro 16") , I usually have no regrets. Since its a want, I can still survive without it.
2. Material possessions vs experiences
The next point is where it gets interesting. For this category, I realised that I have spent more often on material posessions than experiences. Over time, you will realise that satisfaction derived from material posessions wears off quickly. Unless of course the item has good utility value or it is an income-generating asset then sure, it generates a good ROI. Experiences, on the other hand, leaves a deep lasting impression in your memory. This include going on holidays, staycations, cruises, theme parks, etc. Even better, if you go for experiences with your loved ones, I think it will be money well spent. Not only do you derive satisfaction on your own but you also enjoy it with the company of your loved ones. This is something which I think I should have spend more on while in my pursuit for savings.
Nope none. I looked into my possible expenses in future, and saved for it knowing it'll be used up in future. Maybe some small things like a couple of $10s on clothes I shouldn't have gotten, but that's hardly a cause for regret, at that point I wanted it and in the grant scheme of things, it's really not a lot of money.
Yes, i shouldn't have spend so much on drinking in Singapore. When overseas alcohol is much cheaper. In Singapore, we should abstain from alcohol, it is one of the most overpriced product in our country vis a vis other nations.
Drinking less alcohol helps you save a lot of money
I regret not saving more, even though I was quite an aggressive saver!
I definitely regretted that I was too nice. Saved up the money, only to lend to other people who couldn’t be disciplined to save. and I can be quite extreme to save, ie, don’t go out “gaigai”, hangout with friends, etc.
1 more comments
19 Aug 2018
I guess we should avoid saving too little and saving too much.
As a guide, 6 months worth of emergency savings would be good but do not save too much either as the interest given by the banks are so little. Get yourself some insurance coverage if you have spare and can consider investment options.
Definitely there are items that you'll second question yourself on buying when you find yourself not utilising it as much. But I think the more important thing is to not be hung up on these regrets and see how you can improve your savings path moving forward.
For this, tracking your monthly expenses really helps you to identify the areas you can cut down on and improve your savings sum.
I Really. Really. Really. Regret getting the 101 investment plan. (back when I didn't know any better)
Probably won't have any bigger regret than this in years or even decades to come.
That was a 5 figure loss. Still stings thinking about it.
Certainly, I did soccer betting when I was younger and it can be considered impulsive gambling. Regretted that, but at least I stopped that habit and picked up the knowledge of reading and learning about financial stuff including investing etc.
In my investment path, yes.
In my saving path, no, because when I was a student, I used to spend freely on what I like and never gave a thought about investing. Only started investing when I've graduated, but from some blogs I've read, it looks like it's too late as I missed out on the value of compound interest when young. :(