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Seedly

Lifestyle

Family

Clara Ng
Clara Ng, Community Manager at Seedly
Level 5. Genius
Updated 20h ago
Hi Anon, We are constantly finding ways on how we can improve the user experience, which led to new improvements made to the navigation bar! It is now more user-friendly than our previous one. Like with anything new, we understand that it might take some time getting used to. But we hope that after getting used to it, our users and you will have a better and more enjoyable time on our platform with the improved navigation bar :)
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Insurance

Family

Retirement

Hi Anon, Based on the mentioned age, in regards to retirement, it might be good to find short term savings policies, as that would provide certain extend of coverge for your parents, and at the same time, at maturity there is a lump sum payout for your parents, that can provide some finances to add on to CPF Life. I would also advise maybe to do some investing on their CPF monies to increase their CPF, however with the current situation, that wouldn't be a smart move, and might end up affecting their CPF monies instead.
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Insurance

Term Life Insurance

Family

Charmaine Chua
Charmaine Chua
Level 3. Wonderkid
Answered 2d ago
When it comes to price, I'd strongly recommend you go direct to the insurer. I shopped around quite a lot when looking for my own coverage and realised that FWD and Singlife offer really competitive rates. I did a quick check for you using these details - Male, 60 years old, non-smoker, coverage $400k, coverage term 10 years till 70 years old. FWD - Monthly premium $191.40 Singlife - Monthly premium $284.60 You might want to provide more information like your desired coverage amount, coverage term as these contribute greatly to the calculation of your premiums. That being said, any reason why you decide to get term life insurance at 60 years old?
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COVID-19

Career

Economics

Family

Lifestyle

Hi Anon, The government recently unveiled it's second stimulus package of S$48 billion to fight the economic effects of the coronavirus outbreak, and will be in addition to the previous S$6 billion Unity Package ! Economic data released on Thursday morning showed how Singapore's gross domestic product fell an annualized 10.6% in the first quarter from the previous three months, with our economy shrinking 2.2% in the first quarter of this year . The country is expected to be heading for a full-year recession- its first in two decades. The Ministry of Trade and Industry downgraded its 2020 growth forecast to a range of -4 to -1 per cent. DPM Heng said during his address to parliament that "Our resilience as a country, as a society, is being put to the test as we face our biggest challenge in more than a decade." Some highlights of this second stimulus package are: - $4 billion package to keep workers in jobs and help companies with cash flow - $1.6 billion for a one-time payout for Singaporeans aged 21 and above, between $$300-$900 each - $800 million to support front-line agencies fighting the outbreak. - Scrapping of property tax for virus-hit hotels, restaurants and shops - Expansion of wage support for businesses, including extra support for those in food services, aviation and tourism industries - Direct cash aid to a broader pool of self-employed persons - Enhanced support for lower-income workers - Freeze of government fees and charges for one year - Suspension of student-loan interest and repayment charges for one year - Suspension of late-payment charges on public-housing mortgage arrears for three months - The additional spending will push up the government’s virus-related relief to almost S$55 billion, or 11% of gross domestic product, Finance Minister Heng Swee Keat said in a speech in Parliament Thursday. The S$48 billion stimulus package will be pulled from Singapore's massive reserves. This is rather unprecedented as until now, the Government has only drawn on past reserves once during the 2008 Global Financial Crisis when the President approved a draw of $4.9 billion to fund the Jobs Credit Scheme and special risk-sharing initiative. This shows the immense scale and seriousness of the impending recession, and how drastic the measures that need to be put in place will be. As to how long the measures will last, no one can tell or predict for sure. However, the mega reserves that Singapore has will definitely but put into good use during this period, and I'm sure that the Singaporean government will prepare and push out more stimulus packages if the need for them arises. I think that this second stimulus package will do wonders to cushion the impact for various sectors in Singapore, but only time will tell whether it's enough to tide us through this tough period.
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Lifestyle

Travel

Family

Savings

Expenses Tracking

Julia Chan
Julia Chan
Level 4. Prodigy
Updated on 22 Oct 2018
Share meals to save money and lose weight while you're at it. Well you can have one good meal a day, and pack sandwiches and fruit for the rest. Still water can be more expensive than sparkling water, so bring along bottles to refill at the hotel or if you chance upon any water coolers. Depends on where in EU you are going, you can check out Eurail passes. Youths get discounts off these passes. Don't visit theme parks unless you absolutely have to, and buy gifts from Aldi or those budget supermarkets, foodstuffs you can't get back home cheap or at all. Like ferrero hanuta, it is so cheap there.
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Family

Debt

Savings

SG Budget Babe

Sharon
Sharon
Level 5. Genius
Answered 4d ago
You might want to reach out to Family Service Centre in your area to see how they can help or see if you're able to leverage on their network to another organisation that could help. CDC has a tie-up with Maybank on a financial literacy workshop to teach about financial knowledge and money management skills. It's offered to low-income families referred by Family Service Centre and 4 other partners. https://www.cdc.org.sg/centralsingapore/contentdetails/cashup-family-savers I'd think means testing is required. You may want to consider to see the Family Service Centre can offer any insights.
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Lifestyle

Family

Savings

Personal Finance 101

SG Budget Babe

janedoe
janedoe
Level 4. Prodigy
Answered 2w ago
I think the best way is to tell him your concerns, have a mature and open conversation about it. If you are planning to spend the rest of your life with him, he cannot possibly be keeping up with this forever. Let him know that you do not need to be pampered. That while you appreciate the gesture, you are able to afford such luxuries on your own. (The worse thing is to make him feel like he is spending on you yet you dont appreciate it) If he wants to spend on you, tell him that he can do so once in a while, not all the time. Tell him that you see a future with him, that you want to buy a house with him, that you want kids with him, and this future is only possible if you both can afford it.
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Insurance

Whole Life Insurance

Early Critical Illness (ECI)

Critical Illness (CI)

Family

Hi anon, I'm just going to make some deductions here: 1. You'll want a equal mix of CI and ECI. Hence, I will be looking at a $100K SA with x 2 multiplier to give you at least $200K coverage. I'll throw in the x3 multiplier numbers to give you an idea of the cost. 2. You are 32 ANB (Age next birthday) 3. You'll want to pay the premiums over the next 20 years so that you'll be done before 55. 25 year options are available too, should you wish. 4. Your CI/ECI cover is boosted till age 70 at least, some insurers have an option to boost it further, but 70 is very common. If you need other permutations I'll have to work them out seperately. When the multiplier ends, you will fall back on your $100K SA with bonuses. 5. You already know why you need CI/ECI cover and just want to know the numbers (i.e. price) involving such policies, as such, I won't elaborate too much. Having said that, the most competitive plans in the market now (and the ones that most clients end up getting) are usually from Aviva , Manulife or China Taiping . Each plan has their own distinct features , so you can't solely judge on price. For $100K x 2, we're looking at $2881/yr, $3135/yr, $3265/yr from these 3 companies so you can see the difference is not extreme. For $100K x 3, it'll cost $3578/yr, $3730/yr, $3790/yr, so the gap is quite similar. Hopefully that gives you a sense of the cost. As a rule of thumb, don't spend more than 10% of your income on coverage. Based on the fact that you have H&S and PA, subtract those premiums from the 10% and you'll know how much CI/ECI cover you can comfortably get without straining yourself. Term life with ECI is very expensive. I have run some quotations to benchmark against a whole life with ECI and it almost never makes sense to get a term with ECI due to the total cost. Plus, it doesn't help you if the term plan ends at age 75 and you get CI at 76. You'll still be alive, but may be a financial drain. I'd also recommend getting a term plan (pure death/TPD) to protect your income, this is extremely important if your parents are dependent on you for their retirement. Speak with an independent financial advisor if you need a more in depth discussion.
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Family

Career

Lifestyle

Investments

Considering how I'm 20 now 😜, I'd tell myself and my peers around me to- 1. Get my lazy ass off my bed 2. Stop using social media like Instagram and Twitter so much 3. Learn more about investing 4. START INVESTING, as the long runway I have affords me the time to take risks 5. Start saving more and spending less 6. Read read read 7. Set goals for myself financially Alas, it's way easier to say than to do- but I now know the importance of these things and hence have to start on them. It's all about self-discipline, the earlier you plant the seed, the earlier you can reap its rewards!! (most of the time hahah)
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MileLion

SG Budget Babe

Family

Parenting

Miles

Credit Cards

Hi Anon! I've just looked through the T&Cs for the Citi Rewards Visa Card, unfortunately, the 10x points (4.0mpd) promotion does not include spend for hospital bills. The MoneySmart article which you referenced was selling you this card due to the 10x points promotion for shopping and ride-sharing. It's a shame, but most miles cards will actually remove Hospital Bills as a qualifying spend for promotions. I would look more at Cashback cards, but if you had to use a miles card for a large hospital bill (depending on which wards you're in), perhaps the Citi PremierMiles would be a decent card, due to the 1.2 local generalised spend with no cap and no min spend. Hope this helps!
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