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SG Budget Babe

Your Personal Finance Tribe: Become Financially Free!

Dawn Fiona
By
345 
Questions answered

A QnA Platform For Cashback and Parenthood Hacks, By Budget Babe!

Welcome to our Q&A Community! This safe space caters to Cashback Enthusiasts and Parents, to learn and share new ways of living cost-effectively amidst the ever-rising costs in Singapore. Thinking of building a second source of income? Not sure how to prepare for your first child? Want to further understand how to plan for your child's future? Have questions on current Cashback deals? You can simply ask here!

Let's help each other out in this journey! If you are shy...you can always ask your questions anonymously!

This topic QnA page is hosted by Dawn Fiona, Founder of SG Budget Babe.

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General

Investments

SG Budget Babe

I aim for financial independence before 55. That is when my income streams should cover my basic needs. My entire investment philosophy is built and strategized around this, ensuring that by 55 I have my predictable, reliable income streams in place. And since I center it around guaranteed income sources, there is little risk that my plans will be disrupted. Naturally, I have variable income sources as well, but if they don't pan out so well, I won't be too impacted from it. Financial freedom, to me, is the point where money is no object. That might be a lot harder, since you can have wants that require a lot of money. So if you ask me, probably never, although it is a goal to work towards.

Credit Card

Debit Card

MileLion

SG Budget Babe

Rx
Rx
Level 3. Wonderkid
Answered 5h ago
There’s pros and cons for both cards! Personally I was quite skeptical about having credit cards for a very long time because my parents were caught in credit card traps for more than 10 years - yes they are still trying hard to pay them off right now! But I recently got myself DBS live fresh and the benefits are really quite amazing as compared to using a debit card. I set my card limit low and pay off the card fully every month. That’s how I control my usage. No limit, no spending, simple!

Career

SG Budget Babe

Hi anon, Don't let stress get out of control. I would suggest you take some time off to evaluate what the source of stress is. A little stress is good as it gets the body moving, but too much stress can lead to a breakdown instead. Once you have identified what are the factors making you stress, then consider the following: - Can you remove the source of the stress? For example if it is overwork, could you explain to your boss that your department is understaffed? - Can you redirect the stress? Is there something that you can delegate away? - Can you improve the reaction to the stress? Sometimes, (but not always) stress is also due to our own reactions to the situation. We can't control the circumstances that we are thrown into, but we can control our reaction to it. Work is not everything, and if you have to switch departments, roles or even jobs to remove the stress, then please consider that option. We were born not to work, but to live.

SG Budget Babe

Family

Lifestyle

Hi anon, Sorry to hear about your situation. You'll have to make priorities. Your situation is all too common, I have friends whose children grew closer to the helper than the parents. Yet at the same time, they also need the assistance of the helper One suggestion is that the family revisit the need for a dual income. If the family is spending too much on wants instead of needs, a prudent budgeting system can make it such that one of the parents can reduce work commitments or even leave the work force for a sabbatical of 2-4 years so that the child's formative years can be spent with either parent. Once the child enters Primary School, the bond would have been build between parent and child and it will not be so easily broken. The parent can then consider re-entering the workforce. I did see this work for one of my friends, who quit working for 2 years now to be there for the baby. She is now looking for part time jobs while the baby is placed in child care, and will resume full time work when the baby goes to Kindergarden (at least, that's the plan)

Cashback

Credit Card

Debit Card

SG Budget Babe

GL
Geraldo L.
Level 6. Master
Answered 2h ago
Personally using DBS LiveFresh at 5% cashback (capped at $20) with minimum spending of $600. I usually combo this with SamsungPay to stack with the incentives with the points received for every contactless transaction.

MileLion

Credit Card

Payments

SG Budget Babe

Bjorn Ng
Bjorn Ng
Top Contributor

Top Contributor (Jan)

Level 9. God of Wisdom
Answered on 15 Dec 2019
100% NAY. Pay it off all at one shot. The interest you are paying is not worth it at all. You might lapse and forget about it. If GIRO is setup, that's okay. But just got to make sure your account has sufficient amount before the GIRO takes place.

Family

Savings

Education

SG Budget Babe

Investments

I would recommend both savings and investments for yourself and set up a will so that your wife and son will be the beneficiaries. Savings in Singapore Savings Bond and fixed deposits would serve as emergency funds whereas investments in ETFs would serve to grow your funds. I do not really recommend endowment (education insurance).

Citi Clear Card

Maybank

Maybank eVibes Card

Citibank

Credit Card

Cashback

Miles

MileLion

SG Budget Babe

Brandon Ho
Brandon Ho, Community Lead at Seedly
Level 5. Genius
Answered 5h ago
Hi Anon, I'm assuming that you're considering applying for either one of these 2 cards because you're a uni student. Both of these cards are decent for this age demographic, however, I think that the Maybank eVibes Card edges the Citi Clear Card. Here are each cards' respective perks and rewards: Citi Clear Card - 1 Point (0.4 miles) per S$1 general spend - No minimum spend requirement - S$500 credit limit - Receive S$20 cashback w/ S$50 spend in 1st month - $29.96 Annual Fee, only waived for the first year. Maybank eVibes Card - 1% unlimited cash rebate on all spend - No minimum spend requirement - S$500 credit limit - S$5 quarterly service fee waived 2 years, then with use of card at least 1x/quarter - Access to Maybank TREATS discounts & privileges - Receive Adidas wristwatch (worth S$120) on 1st charge, during 1st month - Annual Fee of $20- Waived if you use the card minimally once every three months If you're looking to accumulate miles, and refuse to look at any other cards other than these 2, then I would reluctantly say that the Citi Clear Card would be the better option for you. However, since Citipoints expire after a year, you'd be unable to meaningfully accumulate enough miles to redeem something of value, and hence I'd suggest that getting this card is rather counter-intuitive. The Maybank eVibes Card would be a better option for uni students, as the 1% cashback and no minimum spend is definitely a better option- every cent helps during the most broke period of your life hahah Hope this helps!

Family

SG Budget Babe

AS
Andy Sim
Level 5. Genius
Answered 5h ago
Both my spouse and I are working and fully capable to take care of ourselves, so it will be weird if either of us gave each other an 'allowance'. But if my spouse is not working, I'll probably be the one paying for the meals etc but definitely not give an 'allowance' for them to spend. We do not and will not live off of each other haha.

Family

Insurance

Term Life Insurance

Whole Life Insurance

SG Budget Babe

Hi Anon, Congratulations on your coming baby! I think in regards to whether you should consider the mindef group term, I think it's really the cheapest form of insurance you can have that covers death and total permanent disability and I believe critical illness can be included if you add that in. However, I do personally feel that you should look at getting a whole life insurance for coverage, especially since you are going to have a baby soon. The difference between a whole life and term policy is that a whole life policy provides coverage for you the whole of life, and it's usually limited payment, meaning you might pay for a fixed period, ranging from 5 to 30 years, but after that your policy is paid in full. For term, you are encouraged pay as you use, so meaning if you intend the policy to last till you are 70, you will be paying for it for the next 42 years. And do note that it also means that the coverage expires once you stop paying. Also do note that the Mindef Group Term also expires at 70, so you won't have coverage after that. Will you be okay with that? So between whether term or whole life, you might want to see which makes better sense for you. Do reach out if you are looking to hear what can be offered to you, my email is che[email protected]
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