SG Budget Babe - Seedly
 

SG Budget Babe

Your Personal Finance Tribe: Become Financially Free!

Dawn Fiona
By
302 
Questions answered
  • Kevin Ng
  • Toh Jiaxin
  • Jun Hui
  • Teo Wilson

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.

Ask Your Questions Below

  • Recent Activity
  • Unanswered
  • Trending

Stocks Discussion

Family

Investments

SG Budget Babe

Hi anon, If you are fairly certain of your ability to generate returns for your parents, then by all means, go ahead. If not, it might be better to leave the investments to others. If money is lost, they most likely won't blame you as you are their child, but it will sour things, and you will also feel guilt ridden, which is the last thing you want. If you were to invest their monies, make sure it is not a big amount first. Defiintely don't invest their entire live savings. At their age, they should not be taking undue risk. Perhaps up to 20% of their savings can be placed in defensive equities that generate good dividends. I have actually done that myself, helping my mom to get some dividend stocks, which I myself hold. Mom is very happy when she gets the dividend twice a year. It was a bit hard at the start since she's never invested, so she was very very skeptical about the whole idea. However, as her son, I personally guaranteed her capital (she wasn't going to put too much anyway) so that extra level of guarantee from me was sufficient to convince her to start.

Credit Card

Payments

Family

MileLion

SG Budget Babe

Wilson Nid A Break
Wilson Nid A Break
Level 8. Wizard
Answered 1d ago
Yes, you can. you will also earn points from the spending of the card. But best you put a spending limit on that card to avoid over-spending

Wedding

SG Budget Babe

Depends on how close you are to your friend. As mentioned by others here, you should at least cover the cost of your seat. Can research current estimated table prices here: https://singaporebrides.com/wedding-banquet-price-list/ Oh and if you are close to your friend, consider adding more.

Stocks Discussion

Savings

SG Budget Babe

MileLion

Investments

Insurance

Property

Career

CPF

Bjorn Ng
Bjorn Ng
Top Contributor

Top Contributor (Dec)

Level 9. God of Wisdom
Answered 5d ago
Me!! Super excited! I have a friend who went last year, he signed up again this year!

Wedding

Family

SG Budget Babe

Hi anon, I'd recommend all parties sit down and discuss the details. That's what I did. Assuming you haven't booked the banquet, here are some non-exhaustive points to be thrown up for discussion: - Venue - Number of tables - Guo Da Li expectations, e.g. Si Dian Jing, etc - An idea of the expected guest list I had to buy tables for the ladies side, and I understand that this is generally expected. You may discuss the number of tables as well, and how the ang bao monies may be accounted for under this arrangement. As a wedding is between two families, you can consider letting the parents lead the discussion first, and chip in where needed. It is good to prepare by having a certain idea of what you and your parents expect, and then negotiate from there.

Stocks Discussion

Investments

SG Budget Babe

Family

Bjorn Ng
Bjorn Ng
Top Contributor

Top Contributor (Dec)

Level 9. God of Wisdom
Answered on 08 Dec 2019
Everyone has different priorities in different stage in life, and that's totally understandable. For me, as simple as it might sound, we always have a choice in what we want to do. It's all about "allocating" the priorities. To answer your question, I choose to read updates from my investing community rather than general market news (for eg). It's about choosing which "makes more sense" to you. It's never easy, and sacrifices have to be made sometimes, but at the end of the day, we all made the best choice we see fit at any point in time :)

Investments

Stocks Discussion

SG Budget Babe

Bjorn Ng
Bjorn Ng
Top Contributor

Top Contributor (Dec)

Level 9. God of Wisdom
Answered 4w ago
Hey there! Very simple pointer - Save as much as you can. Eat in cookhouse as much as you can, stay in as much as you can. And also, try not to party so much. HHAHA. Because I was like that.. I saved zero penny from my NS pay. With as much as you save, for a new investor, begin your journey by reading, a lot. to grow your wealth, consider opening a SC Jumsptart account to earn 2% interest on $20K. You can also consider to park some into SSB first if your current bank account is giving the measly 0.xxxxx% interest. Digest the information slowly, take some time, and you will not feel overwhelmed soon to come :)

Expenses

Family

SG Budget Babe

Hi anon, Yes I do count that in as part of my rainy day funds, even more so if they are my dependents.

Insurance

Family

SG Budget Babe

Yl Chua
Yl Chua
Level 4. Prodigy
Answered 1w ago
Not an insurance agent. But here is what I feel a person with your profile should be getting. 1) Hospitalization plan - this one most basic for sure 2) Term life (TPD/CI) - the payout should sustain you and your dependent should anything happen to you, and amt can be reduced after dependent passed away 3) PA plan - cause it's cheap and offers high payout if involved in accident - plan it tgt with the term life? If can't afford term life even.. then at least get this one. But this doesn't offer CI coverage. Since asking for most basic.. wouldn't recommend WL.. specifically if you are of a certain age.. then it will be very expensive and will not be worth it. Have term life cover for the economic years. Depending on your life philosophy.. you may take death as it comes.. so instead of WL, learn to invest the money and plan for retirement so that should you get a CI or something after retirement, there is money to sustain your life - with medical expenses generally covered by hospitalization plan (so don't scrap this one) and you have no further dependants. Not sure if you have housing mortgage but ensure you have it covered in your insurance planning / HPS. Make sure CPF nomination and LPA is done as well. If you have trusted siblings, relatives, cousins and friends.. let them Know how to help with insurance claims and with your elderly dependant should the unfortunate happen. Last but not least.. if you intend to stay single... Pls plan for own retirement (CPF/ investment/annuity) and mortality if haven't.

SG Budget Babe

MileLion

Lifestyle

Family

Cashback

Miles

Grab

GrabPay Card

Bjorn Ng
Bjorn Ng
Top Contributor

Top Contributor (Dec)

Level 9. God of Wisdom
Updated 4w ago
Hey Anon, You are right that both GrabPay and GPMC are not eligible for AXS transactions, only just recently implemented. I tried to explore other ways to pay using my Grabpay credits but seems like there isn't any. I was trying to pay for my insurance, which I can't link to any debit card and all. Sadly, that amount is stuck in my Grabpay credits.. And I just realize my top up didn't earn any miles :/
Load more questions
Followers (256)