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SG Budget Babe

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Investments

Property

Loans

Retirement

CPF

Savings

Family

SG Budget Babe

MileLion

What are the significant expenses ahead that I should start planning for, as a young guy who is getting married soon? Wedding, housing, car, kids, parents etc. How are you planning for retirement?
Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 24 Dec 2019
You name most of them already. As for the planning for retirement part, i am actively expanding my knowledge on investing so that i can improve the rate of returns on my savings by being able to invest effectively and efficiently
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Savings

Cashback

SG Budget Babe

Credit Cards

Would you pay through instalments to reduce the immediate costs, or pay the full amount to earn a higher cashback?
Hi anon, I would just pay in full. There is no reason to pay in installments if you can afford it. Usually, even a 0% installment plan has some kind of fee built in it. If it feels expensive, then I will probably just save a little more and buy it a few months later. And it probably means what I wanted is a want, and not a need. The only things that you should be paying in installments (at least, to be prudent) would be stuff like a mortgage or a study loan. Such amounts are huge and this is where an installment will help reduce the sting. Furthermore, a mortgage provides a room over your head, and furthering your studies helps to improve your value and employability, so taking a loan for that is actually ok. I would rather be debt free than bleeding money when the pay cheque comes in.
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SG Budget Babe

In your honest view, do you think buying a car is a wise (financially)decision in Singapore ?
No. Costs involved are too high. Often, we forget that beyond the monthly installments, you have to account for petrol, inspection, insurance, parking, maintainence, ERP, and did I mention petrol? Even a 1.6L sedan will likely cost $1500/mth at this point. Even if you were to get around half of the time by taxis, you actually save the trouble of having to find parking lots, and can even doze off until your destination. With the state of driving in Singapore being this stressful, I'd rather be driven to my destination than drive there myself. However, there is a possibility that a car may in fact help you since you don't have to rely on PHVs which can be tricky to book during peak periods, your car is always yours to drive as and when you like. So the question would be, compared to a $1000/mth taxi bill, is the $1500/mth you are paying for a car worth the convenience? Some might say yes. There's no right or wrong answer.
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SG Budget Babe

Family

Savings

Lifestyle

What is the best way to budget if I am planning to migrate to another country?
Hi anon, I'll refer you to this website: https://www.numbeo.com/cost-of-living/in/Singapore It should give you an idea of how much certain things cost in Singapore. Then, depending on your lifestyle, you can estimate your cost of living here. If you are going lean, you should get by on $1000-$1500/mth excluding rent. If not, then it depends on how you'd like to live. If you are renting, https://www.propertyguru.com.sg/ will give you an idea of how much it costs to rent or buy a house in Singapore, or even a room. As I'm not sure about how you intend to live, you'll have to play around with those websites to get an idea of the numbers. Renting a room is anywhere from $500/mth onwards, and up into the thousands if you want a whole flat or condo unit to yourself. So this really depends on your preference. Good luck!
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Investments

SG Budget Babe

Investment Courses

Personal Finance 101

Anybody attended Budgetbabe investment course?
Wilson Nid A Break
Wilson Nid A Break
Level 9. God of Wisdom
Answered on 26 May 2020
Just go to Libbyapp.com, login via your NLB account. You can borrow tons of ebooks on personal finance / value investing
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General

Lifestyle

Savings

Property

Family

SG Budget Babe

What air conditioners or air conditioner brands do you recommend or not recommend?
Bjorn Ng
Bjorn Ng
Level 9. God of Wisdom
Answered on 23 Dec 2019
Hey Samuel! I am in the midst of planning my BTO renovation, and aircon is on the list too. I too have asked around, and generally speaking the sentiments are for Mitsubishi and Daikin. But Daikin has been losing popularity - I heard previously they import from Japan, but right now it is made in China. So yeah. But right now, I'm definitely leaning towards Mitsubishi (Starmex I guess).
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Investments

Family

SG Budget Babe

Savings

Savings Accounts

How do you convince your parents that money in the savings account is just rotting away and should be taken out to invest?
Rais M
Rais M
Level 7. Grand Master
Answered on 26 Feb 2020
My parents are not that young anymore and I do not want them to take or feel that they are at risk when it comes to investment. After much consideration, I decided not to convince them to invest their money, but rather, I will invest more of my money to support them somehow. I am their retirement plan.
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Lifestyle

SG Budget Babe

Apple

General

Should I get a MacBook pro 16 inches or the 2020 13 inches model?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (Jun)

Level 7. Grand Master
Answered on 24 May 2020
The real question is, do you really need a MacBook? Are you using any of its exclusive features that are not found in any other operating system? The only reason why Apple devices are so expensive is because of its exclusive OS and Branding. If you are paying money for the latter, then its not worth it.
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Endowus

Endowment Policies

SG Budget Babe

Investments

COVID-19

Robo-Advisors

How much do you need to invest in endowus? What do endowus invest your money in - SG/Global stocks?
CH
CH
Level 7. Grand Master
Answered on 22 May 2020
Endowus user here. min 10k to start and subsequent $1k each top up, something which I am still uncomfortable with. As endowus prides itself to be a adviser, rather than a fund distributor, they invest in limited number of funds, but i guess also these are the funds which they have high conviction in. For their cash/SRS portion, there is only one equity fund - dimensional world equity fund. the rest are global bonds. i chose to invest with endowus after meeting their team in a live session, read through their thought processes and the underlying funds fact sheets. In general, I think it is still too early to say whether these digital platforms will be around for the long term and whether their stragety will perform as expected. that is why i also have investments with others. but it is not a good comparison whether this platform or that platform is better as their stragety, fees, etc differs. so it boils down to how confident you are in the koyok they are selling. lol. here is a referral code if you decide to open an account with them. you can get like 6 mths fee off. :D https://endowus.com/invite?code=E4DYK anyway it is free to set up account and you can play around and check their portfolio, read their articles. investment is a long term game, do not rush. hope this helps.
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MileLion

Miles

Cashback

SG Budget Babe

Citi PremierMiles Visa Card

Citi Cash Back Card

Credit Cards

OCBC 90 Degrees N Credit Card

What would be a good credit card to use at IKEA?
If I have a bank account with a requirement to spend on credit card for bonus interest, I would use that first to meet minimum spend. After that, no specific card comes to mind, so just use a general spending card, regardless of cashback or miles. For cashback, try to use one with low requirements for the cashback criteria, and if you max out the cashback cap on that, then use a cashback card with unlimited cashback. For miles, (I may be wrong), one used to be able to pick up IKEA gift cards and use a card with 4mpd on online shopping to earn. Not quite sure if this is still possible though. Then use the IKEA gift cards to pay off your purchases. If this isn't possible, then it's back to a general spending card. However, is there a reason why you are frequently going to IKEA? Furniture is build to last years, unless you are going there to eat at their cafe?
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