Avoiding Big Losses : It is a science and art!

avoid big losses

How has to be learnt must be learnt.

What is to be unlearnt will be after a serious punishment or lesson.

If after falling, and not pick up anything, the fall is misspent!

From Sunday Times, 5th july 2015 Classified

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Start Saving from Your First Paycheck!

savings

As the old saying goes “Save for Rainy Days”. This practice is extremely important for the current economy as the diversity and evolution of the market is so radical now! We never know what is it going to be in the next 10 years. Compared to Fort Motors’ days in 1900s, 50 years later, we were still at the Industrial Age! It is different now. 3 years had passed and the dynamics of everything would have changed drastically by then. However, sadly, bad human nature and habits remained. Overspending and self indulgence are always evergreen within a human psyche. So beware!

Woman : Harvester, Man: Hunter

woman

Naturally, man go out hunting and after which enjoy the fruit of the hunt immediately or within a few days.

Woman however have to apportion the hunt over the next few days or even save it to winter.

Hence the above topic is a clear indication of woman being more knowledgeable in this aspect of retirement planning. They think and man just enjoy the most out of it and replace if exhausted.

Both are just as important but there is need to have Woman around the world to keep the Man in check!

A deafening roar against undesirable habits of spending

https://www.drwealth.com/2015/05/07/to-buy-or-not-to-buy-introducing-utility-cost/?utm_medium=SOCIAL&utm_source=FACEBOOK&utm_campaign=POST_11MAY15

Rules of saving money
1) know how often you wear
2) know how often you use
3) cost of item

These considerations may deter you from spending. We all know buying is emotional and depend on individual’s perceived value. Do watch out!

This is worrying! Young and financial savvy is a novelty nowadays!

I can only advice the young to save for future! The extra bottle open or extra packet smoked could mean a 6 months of tuition fees for your kids in 25 years.

We should not be paving towards a debt ridden society in 20 years! Steer away now!

http://www.channelnewsasia.com/mobile/singapore/singaporeans/1809554.html?cid=FBSG

Cash-strapped Singaporean execs struggle to make ends meet each month

Indeed, in our current cost of living in Singapore, it is tough to make ends meet with only $3,500 income. However, insurance should be not be used as an excuse as it is not a spending but a prevention against greater lost. You may choose not to spend on insurance but save the amount instead. Many will end up paying more for medical should the need arise. Hence, spend prudently or take up additional income paying work.

Almost 1 in 2 execs have zero savings.

Even high-earning execs are having difficulty making ends meet in Singapore. A report released by Jobstreet revealed that 46% of Singaporeans holding executive positions claim that their salary do not leave them with any savings after spending on essentials.

A staggering 45% also claimed that they were tied down by loans originating from property, car and credit card, and 25% of respondents revealed that insurance is their biggest monthly financial commitment.

Against this backdrop, it was unsurprising that only 5% of respondents mentioned that they have enough money to spend.

When polled on how respondents would cope with the situation, 42% of the respondents preferred to cut down on their spending and 27% of the respondents preferred to pitch for a new job with a higher salary. The remaining percentage of respondents would either get a part time job or make investments for side income.

The survey covered Singaporean candidates holding executive positions across various industries.35% of the candidates surveyed have basic salaries ranging from $2,500 to $3,500 per month.

– See more at: http://sbr.com.sg/financial-services/news/cash-strapped-singaporean-execs-struggle-make-ends-meet-each-month-report#sthash.y4gpC2Hr.dpuf

http://sbr.com.sg/financial-services/news/cash-strapped-singaporean-execs-struggle-make-ends-meet-each-month-report

How much do you need to save for a decent wedding in Singapore?

This is a good read and I really felt that getting is not just a moment of passion and decision. Not only is the lifelong commitment one is plunging into but also the cost incurred to have a blissful marriage. Else, paying off the wedding bill may just be the first but not only conflict after the weeding day!

Plan ahead boys and girls!

Adapted from teenageinvesting.blogspot.sg

>>>>>>>>>>

In my previous blogpost I talked about having a plan in mind as you begin planning and saving for the future. For my future, marriage is definitely one of the main points in my life.

http://teenageinvesting.blogspot.sg/2014/09/is-having-no-money-really-reason-not-to.html

Do check out the post here as well!
http://www.bubblews.com/news/7256609-how-much-do-you-need-to-save-for-a-decent-wedding-in-singapore

Firstly, whether you’re single or attached, you first need to ask yourself this. What does marriage means to you? What does marriage means to your significant other?

For most of us, it’s about building a life and a family together with that special someone. For others, it’s about romance.

“It’s about waking up and going to bed with that special someone every day, every night. It’s a commitment and pledging yourself, to remain faithful, loyal and go through all sorts of ups and down with him/her. It’s about learning how to compromise, trust and love.”

Now, I’m about to address something which I feel that many Singaporeans forget. After reading till here so far, you would begin to understand that Marriage is between you and your partner. No one else. Not your parents, your relatives or even your friends.

It’s the same for the Wedding you will now begin planning for. The main point about having a wedding is to share the joy of this special day with your family and loved ones yes. But never forget, the wedding is and will always be, about you both. Therefore, you don’t have to succumb to social pressure to have the biggest and grandest wedding because your pride is at stake and end up regretting and getting saddled up with huge debts after what could have been the happiest moment of your lives. Don’t throw that all away by regretting and blaming each other (which is very possible) after that.

Okay now that you’re clear about that, let’s move on to the planning!

I’ll give it to you straight, the costs of a wedding can, and will cost between

SGD$30,000 – SGD$100,000

That’s a lot of money.. isn’t it? And for most of us, we have nowhere near that amount of money. I’m talking about teenagers here, who already have a planned future in mind.

Let’s break it down.

1. Your Wedding Package

Wedding Packages typically include the Bridal Gown, Evening Gown, ROM Dress, Groom Suit, Flower Bouquets, Bridal Car Decoration as well as Make-up and Hair-Do.

Don’t forget that ROM Packages and Actual Day Wedding Packages are two different things.
ROM Packages price start from $400++
Actual Wedding Package price start from $500++ for Half Day and $900++ for Full Day.

Total packages cost can range from $1000++ – $10,000.

Tips on saving: If your package doesn’t include Wedding Car for Rental, try and rent a more affordable one or borrow a car. Car rental prices can range from $200++ for a Volkswagen to $600+ for a Mercedes Benz and that’s a promotional price!

I would say budget at least $5000 in total. If it’s not that expensive, use the extra money to splurge on your honeymoon!

Total Range: $5000

2. Photoshoots, Photographer, Video Coverage
 
 

It’s recommended to budget another $5000 for all of these if you want quality shots and videos that last a lifetime. Pre-Wedding Photoshoots can range from $1000 and above.

Actual day photos can range from $900++ for 5 hours to $2000++ for 15 hours depending on the hours that you booked them for.

Tips on saving: Rather than getting 1 Photographer and 1 Videographer, consider getting 1 excellent photographer to save cost.

Remember: People change, but the people in photos don’t. They capture memories for you. Don’t allow room for regret when the photos are out and the quality is horrible. It’s not worth the money saved. You can have a smaller banquet, smaller car, cheaper gown whatever, but photos usually last a lifetime doesn’t it?

Total Range: $5000

3. Your Wedding Rings & Solemnization

Wedding rings can cost from $500++ each for an affordable ring to $10,000 for a really expensive rings from well known jewellery stores like Cartier, Tiffany & Co, Harry Winston etc.

I’d recommend spending within your budget. $2000-4000 is an ideal range to budget for. It’s a buffer, so if you spend lesser than that, again use the money to spend on other things!

Solemnization can set you back by at least a few thousand if you plan on holding it at scenic locations etc etc. Budget between $3000-4000 if so. Eg: Singapore Flyer Solemnization Package cost around there!

Total Range: $8000.

4. Your Wedding Banquet
 
 

Let’s be brutally honest. This will be where the majority of your wedding expenses will be.
Reason: It’s price / table. Prices range from $600++ per table at Bayview Hotel to $1200++ per table at Marina Bay Sands for a minimum of 20 tables at least.

Tips on saving: Lunch Banquets are usually slightly cheaper. There are places where prices range from $200++ to $500+ / table but don’t expect restaurant quality food.

Since we’re on that subject, a wedding banquet is all about the food right? Or not? Why not hold it at a good restaurant then? Since the food is guaranteed to better than hotel banquets. After all, a restaurant’s food IS the main reason why it’s established in the first place.

Anyway, I’d say budget between $30,000 – $50,000 considering the price of $1000/table for a total number of 30-50 tables.

Trust me, prices of all these will rise in the years to come due to our good friend, “INFLATION”.

Wedding Banquet Packages in a hotel would usually include free flow of drinks, wedding cakes, invitation cards, guestbooks, complimentary champagne, champagne pyramid, projector screen and possibly one night stay at the hotel itself.

Total Range: $50,000

GRAND TOTAL: SGD$68,000

Now, this is only a rough estimate. There may be other costs involved. Prices stated here does not yet include a Honeymoon which can cost anywhere from $5000-$10,000.

NEW GRAND TOTAL: SGD$78,000

Now, people may tell you to splurge as much as you want because you would be receiving red packets that will offset the total price.

My opinion? No. Don’t take that advice. Save the amount you need without relying on red packets.

The money you receive can be used to offset the costs or go towards your joint savings/ investments whatever. But don’t put too much hope on red packets.

And if you don’t have enough money to get married, then you’re not ready to get married.

Like I keep emphasising, don’t splurge on this dream day only to deal with huge debts in the months and years to come.

All the prices stated, are a buffer. The real costs of a wedding can be significantly lower than $78,000 and I have no doubt it can be. Spend within your means.

http://news.asiaone.com/news/diva/dream-110k-wedding-ends-debt
http://gogirlfinance.com/money/marriage-money-how-we-paid-off-45000-of-debt-in-45-months/
http://www.monitor.co.ug/artsculture/Heart-to-Heart/Did-your-wedding-leave-you-in-debt-/-/691230/2138782/-/wdolq/-/index.html

And one last thing. Your Wedding is a major part of your lives. But it’s not the only thing that should matter. When all of it is over, your family, friends will go back to their lives. You and your partner will now have to cope with your daily expenses and new life together. So make sure you have enough savings to begin preparations for the next phase in life.

All of the information provided above was found by my own research. What you may find, or what you have spent previously may differ from the costs stated above.

Did you spend more or less? Do share with me if possible! I’d like to know the average cost of a wedding by fellow Singaporeans!

Signing off,
Teenage Investor

Posts you might be interested in:
http://teenageinvesting.blogspot.sg/2014/09/why-90-of-young-singaporeans-are.html
http://teenageinvesting.blogspot.sg/2014/09/steps-to-opening-your-own-joint-account.html
http://teenageinvesting.blogspot.sg/2014/09/are-you-ready-to-open-joint-account.html