You may have read the news about a victim who was cheated SGD24,900 by her insurance agent for a fake savings plan. 😥

According to the news, the insurance agent claimed that there is a savings plan available for "Absolute Assignment".

Fortunately the insurance company compensated the victim for her losses.

In this blog, we cover:
✅What is "Absolute Assignment"❓
✅What should you do when you were introduced or saw a savings plan that is available for "Absolute Assignment"❓
✅How can you minimise your chances of ending up with a fake savings plan❓

https://www.policywoke.com/post/what-you-should-do-when-buying-resale-savings-plan

Has anyone started to introduce CPF to your child yet? If so, how old was your child when you broached the topic?
Since it's the June holidays, let me share how you can introduce CPF to your child through English and Maths: https://diaperfinancingfund.blogspot.com/2021/06/money-parenting-introduce-your-child-to.html

and am on the lookout for more ideas. eager to network and learn from fellow parents here!

Any fun ways to help budgeting?

Savings, Investments, Insurance, Expenses, etc etc. What is the optimal weightage i should be looking at?

Depending on your age bracket, the Contribution and Allocation rates will differ to ensure that your other financial needs are also met.

The Basic Retirement Sum (BRS) for each cohort of 55-year old CPF members will be announced on the CPF website prior to help you prepare ahead of time. What can you do with your current savings in these accounts?

Take this time to run through your current CPF savings. Decide which CPF LIFE scheme plan would be best for you based on your funds and the lifestyle you want to have during retirement.

❓ Lost with all the terms and acronyms? Check out ST's quick-look glossary list here <bit.ly/3fSeaBV>

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Life is a journey that we learn and grow through ⛰️ Money is an important enabler to help us reach each of life’s milestones. Having healthy savings will keep your financial ladder steady, regardless of which milestone you are preparing for. Whether you’re just starting to build your savings pool or already building your retirement nest—we’re here with some helpful tips! #growwiththeburrow 🤓

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Poorly managed debt will impact all other aspects of financial planning. If all your income goes towards repaying snowballing debt ☃️💰, you will not have enough money to set aside to build up your savings and emergency funds, or secure adequate protection policies for yourself and your loved ones, or invest for future growth in the long term.

At this stage, it’s best to prioritise building sustainable repayment plans to clear any outstanding payments. Managing your debt and getting to positive cash flow is the first step to putting your financial ladder on solid ground.

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When you have brought debt down to a manageable level across all your commitments (home, car, credit cards, personal loans), it is time to prioritise building up your savings. When you receive your paycheck, pay yourself first by making automatic deposits to a dedicated savings account that is not linked to your ATM withdrawals or debit card. 💳

Examine your expenses to see if there are any aspects you can cut back on and put the extra towards savings. Every small and consistent contribution counts.

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Having sufficient emergency savings will not only ensure you have sufficient cash on hand to manage unexpected events, it also ensures your insurance coverage and investment commitments can remain uninterrupted during a crisis. This gives you peace of mind to deal with the challenges of the moment without the added financial pressure. 💆💆‍♂️

Deciding how much emergency savings you need depends on a few factors including your lifestyle and how many financial dependents rely on you. Find out how to build the right saving mindset based on your needs: http://bit.ly/2Me11VP

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When you have brought debt down to a manageable level across all your commitments (home 🏠, car 🚗, credit cards 💳, personal loans), it is time to prioritise building up your savings. When you receive your paycheck, pay yourself first by making automatic deposits to a dedicated savings account that is not linked to your ATM withdrawals or debit card.

Examine your expenses to see if there are any aspects you can cut back on and put the extra towards savings. Every small and consistent contribution counts.

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While the 6-month emergency fund approach is a general rule of thumb, we all have different needs and lifestyles. Consider the following before squirreling away money for your emergency fund - so you'll always have the funds you need 💰🐿️

UPDATE: Interested to read more? Check out this article by NAV: https://go.dbs.com/2MIW3ke

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If you’re the only one bringing home the bacon, consider the following:

How many dependents do I have? What stage of life are they in? What expenses can I adjust downwards to preserve my savings?

In addition to household expenses like utilities, groceries, your parents and/or children’s allowance, you should also note down how much you need to save for insurance premiums, investment commitments, taxes, and home mortgage repayments.

By fully understanding your needs, you’ll have a better idea of the amount of money you’ll need for a rainy day. ☔️

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Thinking of switching professions? Dreaming about throwing in your letter with panache?

If you’re adamant about quitting, ensure you are financially ready for the lifestyle you will have between jobs. And be prepared—finding the right job match may take longer than expected! Market uncertainties, recession, or securing the right job fit may be considerations for delays.

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You enjoy the perks of managing your own time, but may face difficulty building a substantial savings pool. Ask yourself whether you’re paid regularly, and be extra diligent in saving more when your cheque rolls in to make up for potential late payments and “slower” months. Remember, your cash top ups to CPF too, and that all self-employed persons need to contribute mandatory Mediasave if they earn an annual Net Trade Income of more than S$6,000.

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Sabbaticals tends to be planned, so it’s important to calculate how much you need prior and start building your savings. Some questions to ask yourself: will your whole sabbatical be unpaid leave, or is a portion paid? What activities do you plan to complete during this period?

If you’re not returning to a guaranteed job after your sabbatical, you should also set aside enough to cover both your sabbatical, and the job search duration after.

Curious question, since food takes up a good amount of my salary? Or any tips would help for good quality food that does not break the bank! 🍰