Broke cos it's Christmas?

Christmas season is about celebrating the birth of Christ. It is a holiday season for people to meet up, relationships to be rekindled, strengthened and reconciled. A time to prep oneself for the new year ahead. A time set yourself apart from busyness to seek God for His plans for your life if you have not been doing so.

Christmas season is definitely not about the gift that you can buy, hope to buy, must buy. It's not the season to be stressed about such things and be left broke and most importantly unhappy.

It is not to say that gifting to bless someone during a holiday season or to buy something for yourself is bad. Before going on a shopping spree perhaps certain key questions can be thought through:

1. What is the budget?
2. Who are we buying for? 
3. Is it a need or want?
4. Is it practical? 
5. Where are the good sales?

Taking leave

Have you decided how you would want to spend the month of Dec 2017?

Had my first Christmas gathering for the year with my NUS cell homies. " Are you taking leave?", "Are you going on a holiday?", " Why are you not going overseas?" etc are the usual questions.

Yes, I will be taking leave, and no I am not going on a holiday. And there should be no shame in saying that. And no, my homies didn't judge me for it. They know that taking a break doesn't mean you have to travel. 

However, it does seems that travelling overseas to get away has become part and parcel of our generation. You need not cower to peer pressure. If you are on some saving goals, just focus on that. If you don't have a place that you are dying visit, why go? If you want to go somewhere, go for a short getaway?

Since I will be on leave for most of Dec, I have decided to do a few things. Read up on retirement planning, investment. I hope to create a current account for my cheque book and investment. Wish me luck!

Summary of financial terminologies

Trying to get your head round the countless financial terminologies?

Found this page while flipping through June 2017 Her World Magazine, sitting through a hair treatment session. Hope it's useful.

Creating my own retirement fund

I will have some retirement funds saved up in the Central Provident Fund (CPF). However, like any typical Singaporeans, I know my money is somewhat locked up, it will be used for purposes like payment of house/education loan for my child and there are certain qualifying criterias before I can withdraw my money flexibly. I am not complaining about CPF policy here. Actually, I am glad there's some mechanisms to force Singaporeans to save for their retirement. The intent of the policy is well and good. Often enough, intent gets misconstrue when plan gets operationalise. If you are keen to find out more about how to withdraw your CPF, you can check out the following link: https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/withdrawals-of-cpf-savings-from-55

I have not been savvy with my finances. Just to quantify that I am not in debt or anything like that. I must say 2017 is the year when God is giving me the capacity to be exposed to some of the key financial concepts. As a result, I am examining my financial health more intently. Having established the discipline of saving, I realise I need to work on having ready cash for retirement. This is a set of money set apart from the contingency fund ( about 6 months of salary) which we should have. As such, I would need these cash to be locked away intentionally till I can tap on it flexibly.

I simply derived my cash retirement fund through working out the 'X' amount of cash which I would like to have by the time I am 60. I am 36 years now. This means I will have 24 years and less to accumulate this amount of cash. The 'X' amount of cash that I can tap on by the time I am 60 would also include the savings endowment which will mature along the way. Of course, the principle of compounding interest and quick and hard savings would apply. The quicker I squirrel away this set of cash, the less burden/pressure on my need to keep a job of my current pay.

photo credit to international professional services

Choice of drink

Being more conscious of the need to be more environmentally friendly has affected my lifestyle. No regrets though. I am happy to do my part.

In the name of vanity, last Saturday I came out of the house for a wedding, carrying only a small bag. Clearly, a small bag wouldn't fit my usual 500ml water bottle. I wouldn't want a smaller water bottle as I am a camel, I would need tons of water to keep my body hydrated. But still, I stepped out of the house without my water bottle.

Post wedding gathering, Casey and I made an impromptu decision to go for karaoke. The thought that I would need water, consequently buying a plastic bottle of water struck me.

Standing in front of the neatly lined up drink section, the conscious need for decision making was real. I was glad that I managed to walk out of the supermarket with a glass bottle of water.

Now that I am done drinking the water, the bottle shall be recycled.

My first sale at Carousell

I finally got down to the process of taking photos of the decluttered clothes and placing them on sale at Carousell.

After a few weeks, I got my first sale! I hope there will be more. Fingers crossed.

House

The topic of house. It is the bane of my life now.

Being single, 35 years old would be the age when I could get a place of my own at a cheaper cost ie. public housing. At 36 years old, I have finally muster up the courage to explore getting a place of my own. After all, this would definitely be the biggest ticket item that I would ever get to buy. But this journey has been nothing but scary and rocky for me. This is especially so when I am not comfortable with numbers and investment etc.

West Coast Road, which is my address for my entire life will be changed in 6 years or less. It will be going through an en bloc process where the government will take back the land where our apartment resides. The entire residents of the affected areas are given two choices (Clementi area or West Coast area) to relocate. The en bloc process would include having the current residence being valuated, residents would be given financial review/assessment in terms of financing for the new residence at the new area. The relevant government agency has also been feeding us with the necessary information and arranging for face to face consultations to all affected residents.

Needless to say, my parents are keen on the West Coast area as it would be nearer to where we are currently staying. Also, it would be SGD100,000 cheaper at the West Coast area if we are comparing the cost of a three room flat (2 bed rooms, 1 living room) in the Clementi area to one at the West Coast area.

My woe begins as my parents are too old to get a loan. My parents are over 65 years old. We have to upgrade to a 4 room flat instead of our current three room flat (the new configuration of the new house for my brother and I to continue our room sharing even if we wish to). My brother has been non committal towards financing for the new place. To me,  it would be silly if my parents spend their cash on the house. Cash should be used for any emergencies and for tours etc. It should be used for anything but towards paying for the house. My dad first approached me to pay, however, he has been flip flopping his decisions.

Oh wells, having read through my literature on finances now. Despite being dumb with number, I am confident to say. I am determined to pay off any housing debts be it my own place or for my parents' place by 45 years old. I have no wish to be a slave to a house. I am not keen to shoulder the financial burden. It's too much to spend years paying for interest to the principles of the house loan.