Parents Alert Your Secondary School Pocket Money Guide Summary

Parents Alert: Your Secondary School Pocket Money Guide

Dear Parents and Children,

Congratulations for making through your PSLE. It is time for fun, leisure and also putting the Singaporediscovers vouchers to use. But save this link because you will be needing it next year when your children start their secondary school.

 

Your Secondary School Pocket Money Guide

Your child is 12, capable of making good decision (although sometimes you might disagree) and entering into their next phase of their lives. It will be an exciting journey for them. As parents, one of the best things you can do is to prepare adequately for them financially (This is what you can do to help yourself: 6 Levels Wealth Karate). The day to day cost of studying in primary school and secondary school are very different. In this article, I hope to give a guide on how much pocket money to give your children.

A big thank you to Josarah, Vivien, Yitong, HongMing, Xueting, Alcina and many others who helped made this article possible.

 

Our Secondary School Journey

Although time and cost may have change, the main structure of secondary school education remains the same. I remember those mornings where I flew out of bed in fright because my mom used to shout from the kitchen

“还不起来?!730了!“。(Are you sure you don’t want to wake up? It is already 730am)

730am is the timing I have to reach/report to school. Otherwise, there will be detention, writing 1000x of “I will not be late” and I absolutely hated that. Every morning, I jolted out of bed only to find out it was only 615am. Strangely, this worked for me even though I knew my mom was calling bluff. Recess break around 1030am and also lunch break at around 130pm. I had band practice in the noon only to go home around 5pm every day. My Saturdays were also filled up by band practice. We usually had lunch at 12pm and finish about 4pm to go home.

Coming from a humble family, Saturday lunch wasn’t exciting as I couldn’t afford anything more than a mixed vegetable rice with 2 vegetable and 1 meat. I watched in envy (sometimes sadness) as some of my friends ate at MacDonald or drink bubble tea. Hence, I was determined to have a good relationship with money so that life will be better.

In any case, here is the ultimate secondary school pocket money guide for your planning in 2021.

 

Ultimate Secondary School Pocket Money Guide

Food

We are talking about growing children here. We eat and we eat a lot during this age. After getting some data from some of my friends who are teachers, these are what they have shared with me.

Recess: From $1.80 to $4

Lunch: From $3 to $10 (In secondary school, the duration are longer and sometimes students might want to eat outside school. The cost of lunch will increase if they order from food court/starbucks/KFC etc)

As this is the most important expenditure (at least in my opinion) for students, there are financial assistance scheme which you can take advantage of. Please ask your teachers for more information as I’m unable to find more on the web. Here are some references from Pei Cai Secondary and also the MOE Press Release. From those website, those eligible students in secondary schools will receive subsidies of $2.90 per meal.

Parents Alert Your Secondary School Pocket Money Guide Food
Parents Alert Your Secondary School Pocket Money Guide Food (Source)

 

Transportation

Depending on the location of the school, your children might need to take the public transport to school. As this is a fairly consistent expenditure, you may want to consider whether a concession pass or which concession pass will make sense.

Parents Alert Your Secondary School Pocket Money Guide Transportation
Parents Alert Your Secondary School Pocket Money Guide Transportation

The cost of transportation may be between $26 to $54 (in the most extreme). If the school is within walking distance, you would have saved on this expenditure.

If you are an adult, this will be applicable for you. Save Money on Transportation Singapore.

 

CCA

Depending on the CCA, the cost will be slightly different. I used to be in the military band and I had to pay the treasurer $2/month (In 2000) as band fee. The $2 was used to pay for printing of our scores, our reeds and the maintenance of our instruments. While it is not a hefty sum of money, it is good to note that your child is paying for this too.

 

Enjoyment/Hobby

When I spoke to my friends who are teachers, 100% of them observed most students will drink bubble tea. I do not have much experience with bubble tea as I was unable to afford in the past. However, I have noticed that bubble tea is one of the things that will give students joy. As adults, we have an occasional good meal as a way to celebrate our hard work. Why not students then?

According to statista, it seems like an average cost of bubble tea cost around $4.

Parents Alert Your Secondary School Pocket Money Guide Enjoyment
Parents Alert Your Secondary School Pocket Money Guide Enjoyment (Source)

Secondly, some of our passion may develop at that age. It could be a card game, a sport, a book or perhaps just an item that they want because of peer pressure. I believe that they are at the age to start learning about personal finance and this is one of the best ways to start.

Let them explore and the lessons will become.

I would suggest starting with $50/month for enjoyment/hobby fund. They can use the opportunity to save the rest to start a good personal finance habit.

 

Final Thoughts By Wealthdojo

This is the summary of secondary school expenses. I strongly encourage parents to start off with giving weekly allowance. This is to encourage them to plan their money wisely. We want to start good habits especially when they are young. We want to avoid them growing up spending majority of their money right after their payday and then live like a monk for the rest of the month. This is a simple way to start.

After they matured, you can consider giving them monthly allowance. I would also advice not to give the bare minimum as it will create a scarcity mindset in your children. I would suggest this is a great chance to share with them about these concepts which I have written an article about.

Parents Alert Your Secondary School Pocket Money Guide Summary
Parents Alert Your Secondary School Pocket Money Guide Summary

We wish you all the best! Take care and stay safe. Let me know what you think.

 

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

The Biggest Personal Finance Problem The Educated Poor Outdated Game Plan

The Biggest Personal Finance Problem: The Educated Poor

We have a problem.

We have a big problem.

We are living in a post war era. Majority of the world are living in peace. Education are not meant for the privileged rich anymore. We have access to knowledge to Universities and Google. Jobs are readily available. We are literally working at home right now. Our system being flushed with money.

According to the World Bank, the 2019 literacy rate is at 86.47% as compared to 66.91% in 1976. Back closer to home, Singapore’s literacy rate stands at 97.34%, with 88.89% of our population having enrolled in tertiary education. It is impressive how far we have become in terms of literacy.

Despite that, CareerBuilder found that 78% of U.S. workers are living paycheck to paycheck. In Singapore, we can only guess the amount of people who is living from paycheck to paycheck as we do not have a statistic on it. Based on an article by HRAsia in 2015, 14% (of Singaporeans) have no savings at all and the most surprising find was the 37% of the top-income bracket is essentially spending everything they earn.

While we are getting more educated, we might be leading into a new generation that will be known as “The Educated Poor“.

To save this generation of the Educated Poor, I have created the 6 Levels Wealth Karate to guide and help them escape misery. Are you one of them?

 

Are You the Educated Poor?

We assume that the more educated we are, the more successful we will be. This was in fact, the mindset that has been ingrained into us by our parents since we were young. Our parents live in a different era. My parents often told me stories of the rich having the privilege of going to school. The rest of them had to help out at home, their family’s businesses or take care of their younger siblings. Some of their siblings who are lucky to have some education went to the workforce and saw how they missed out on promotion because someone else had a “higher qualification”. Therefore, their generation are willing to sacrifice, to eat less, to work overtime to give their children the opportunity of higher education. It is to some of their greatest regret that they did not have a Degree and their greatest pride when their children got their Degrees. Hence, it is of no surprise that the current generation is more educated.

As the current generation becomes more educated, it is less of a signaling effect (You might have studied this in your Economics modules) to the employers anymore. Education is now a necessity and less of a differentiating factor.

Before this article gets too scholarly, I have observed some similarities in the Educated Poor and hope that by identifying them, you can have clarity if you are one of them. If you are, we welcome you to be enlightened.

 

#1: The Great Paper Chase

Much has been said about the pursue of education. If you reading this, you are probably among the 88.89% of Singaporeans who have a tertiary education. If left unplanned by your parents, it will become your first biggest expenditure after University.

With reference to another article on how to be free from the burden of university debt, I graduated in 2013 with a Bachelor (Hons) in Mathematics and Economics in Nanyang Technological University. I cut my University studies short from 4 years to 3.5 years to save on cost. In total, my degree costed $20K. My peers and I have a typical debt of between $20K to $40K after graduating. We will then spend the next 2 to 5 years to clear your University debts.

During the time when you are working, you might have anxious peers who have Masters or taking a Part-Time Masters. Some of you might be job hunting and while waiting, started a Masters to boost your resume. This is known as the great paper chase.

To remain competitive, the first instinct that the Educated Poor have is to get a higher qualification.

Don’t get me wrong. I believe in education and also believe in higher qualification IF it is necessary. For example, I will appreciate my surgeon to be academically competent.

However for most of us, we believe that having a higher qualification will lead to a higher pay. From my peer’s experience, not only the pay increase was insignificant, they are now “too over qualified academically” for their job and to add insult to injury, they are down with a heavier debt to repay in the next 5 years.

The Biggest Personal Finance Problem The Educated Poor Paper Chase
The Biggest Personal Finance Problem The Educated Poor Paper Chase (Source)

Do consider getting higher qualification if it make sense. Here are some examples (not limited to the following) when it make sense.

  • Your qualification is necessary for your career advancement
  • You can only attain the skill set from the Masters
  • It fits your long term goal
  • Networking in your industry

The mindset of an Educated Poor is to “remain competitive” by getting a higher qualification. However, they may suffer the debt consequence IF the qualification does not open the doors for them.

 

#2: The Great Material Chase

Money can buy many things. Our minds are programmed to keep wanting something new, something better, something different. Rachel did a guest post for me that talked about 3 Money Beliefs That Will Destroy Your Life. Let me quote for you my favourite phrase she used. 

It’s funny, though, because our happiness actually comes from the absence of wanting. When we’ve gotten that new [insert material thing here], for a moment we don’t want anything else. But once our mind gets bored, it looks for something else to focus on…

This is just one reason why we want to buy something.

However, I believe this stems deeper. You may have experienced buying something on impulse, used it once or twice and then allowed it to collect dust after that. You are not alone in this. I have many random objects in my house which I bought because I thought it looked cool. It has been sitting on my table coolly after that. Actually, you are really not alone, the whole world is together with you on this. In May 2020, consumer debts hits new record of $14.3 trillion. People are buying things on credit!

The Biggest Personal Finance Problem The Educated Poor Material Chase
The Biggest Personal Finance Problem The Educated Poor Material Chase

People buy things based on emotional needs or wants, and then justify their purchase logically.

A common observation I have noticed is that some people connect their self worth to the things they have. This lead to great material chase. I once known a lady who spent $6,000 on a Channel Boy to show the world (her friends and colleagues) that she is doing well in life. The Channel Boy was bought on credit. She racked up a total more than $10,000 worth of credit card debts, was only servicing the minimum amount every month with her cashflow maxed out. When I found that that Channel Boy had a good resale value, I suggested selling the Channel Boy to improve her financial situation.

“What if her colleagues looked down on me because I’m using an xxx bag? Everyone in office is using a Channel or an LV”.

While I hear her point of view, the response shocked me.

PS: The Channel Boy was just the tip of the iceberg.

I’m observing a world where purchases are made because of the emotional need of significance. We have money. Men buy luxury watches and continental cars (maybe Tesla?) to feel powerful. Women buy branded handbags and expensive wallets to feel important. While the items can be different, you are in a world where buying/owning something makes you feel special. Perhaps, that is the thing that is missing in our generation. In the generation of the Educated Poor, we don’t feel special. We feel like a gear in life. We wake up, we go to school, we graduate, we get a job, we buy a house, we have children, we retire and then we die.

To fill up that void, the Educated Poor embarked on the Great Material Chase.

 

#3: The Outdated Financial Game Plan

Last but not least, the Educated Poor is playing an outdated financial game plan. We are following the game plan of the previous generation. The previous generation ingrained their success game plan into us without know that the game has been changed.

The Biggest Personal Finance Problem The Educated Poor Outdated Game Plan
The Biggest Personal Finance Problem The Educated Poor Outdated Game Plan

Plenty of people in the world are still running on the outdated game plan on the left. This situation has been made worse as the Educated Poor are less likely to seek professional advice (in the context of making investment decisions). It is likely that the Educated Poor will continue to continue running the existing game plan.

A brunch of friends who achieved financially freedom used the updated game plan on the right. The one thing you can do differently is to get educated financially early. You have to be willing to invest in yourself with knowledge and also the right partners/mentors. You will then be less likely to be affected by the Great Paper Chase and the Great Material Chase as you will then have clarity on your game plan towards financial freedom.

Are you following the game plan on the left?

 

Final thoughts by Wealthdojo

I have created the 6 Levels Wealth Karate to give the Educated Poor a fighting chance in this life.

With the Great Paper Chase, The Great Material Chase and also an Outdated Financial Game Plan, they become stuck financially and unable to achieve the results they desire in life even though they may be very hardworking.

If this article resonates with you, if it makes your uncomfortable, it is okay. Although 2020 is ending, your life has just began. Take this opportunity to change. I wish you all the best. Do comment below your thoughts. I would love to hear from you.

 

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

3 Money Beliefs That Will Destroy Your Life Sharpen Your Axe

3 Money Beliefs That Will Destroy Your Life

3 Money Beliefs That Will Destroy Your Life Worried

3 Money Beliefs That Will Destroy Your Life Worried: Image source

Much of our lives revolve around money. In a sense, money does make the world go round. We rely on money to get things done and fulfil our basic needs each day. 

As a result, money can be the source of a lot of our worries and problems. A lack of money can cause a high level of stress and lead to negative thoughts. 

The set of beliefs that we have about money can either make things better or worse.  When we have disempowering beliefs, it’s difficult to see opportunities and possibilities since we’re so focused on the negative. E.g. I can’t, I don’t, I’m never going to, It’s hard. 

These negative thoughts lead to negative feelings, which then go on to impact every other aspect of our lives. 

I believe that having the right mindset can change the way that we perceive and experience life. Here are three money beliefs that can hold you back from living a fulfilled life, and ways that you can shift your perspective on them.  

 

Belief #1: If you work harder, you’ll be able to earn more 

This might’ve been true back in the day. But nowadays, with the possibilities that the internet affords, more and more people are finding ways to work less and earn more. Your income no longer needs to be tied to the amount of hours you put in. 

Instead of working harder, you can work smarter. It’s like the difference between trying to chop down trees with a dull vs. sharpened axe. Spend some time sharpening your axe (upfront effort), and you’ll be able to get the job done much faster. 

3 Money Beliefs That Will Destroy Your Life Sharpen Your Axe
3 Money Beliefs That Will Destroy Your Life Sharpen Your Axe Image source

Internet entrepreneurs who sell a product that doesn’t require a huge ongoing time commitment can work fewer hours and might eventually even earn more than salaried employees. The internet enables you to reach customers at scale from all over the world and earn money while you sleep. 

One way to start selling something online without needing to spend much money upfront is teaching something that you know. 

For example, you can use platforms like Skillshare or Udemy to create an online course. You create it once, and each time someone enrols, you get paid!  

Of course, this will require some time and effort upfront, but once it’s done, the money will keep coming in without you having to lift a finger. And this is just ONE potential business idea. A quick Google will enable you to find many, many more. 

3 Money Beliefs That Will Destroy Your Life New Skills
3 Money Beliefs That Will Destroy Your Life New Skills: Image source

Nevertheless, if you think that the internet entrepreneur thing is not for you, there are still ways that you can increase your income potential without working harder. 

You can learn some new skills online through the very same platforms that I just mentioned (+ many more) and increase your value to an employer. If you’re a Singaporean over the age of 25, you can also make use of your SkillsFuture credit

Instead of waiting and hoping for a promotion, you can make the leap to a new field with skills that are in demand, e.g. digital marketing, AI/machine learning, data analytics. 

Of course, don’t learn something for the sake of learning it — ideally, you’d actually have some interest in it! Otherwise, it’ll be very painful and it won’t be a career that you’ll enjoy. 

 

Belief #2: It’s not possible to become wealthy without a good family background 

It’s true that being from a well-off family provides you with many opportunities that might not be available to others. You can move in the right social circles, get access to a good education and have more financial resources at your disposal. 

But there are many examples of people who became wealthy despite not growing up with a valuable network, getting a prestigious education or having money readily available. 

You shouldn’t let your upbringing or circumstances hold you back, nor complain about all the entitled people who seem to have an easy life because they got handed a silver spoon. 

Daymond John from Shark Tank was raised by a single mom in a rough neighbourhood and is dyslexic. He’s now got an estimated net worth of $300 million. 

3 Money Beliefs That Will Destroy Your Life Daymond John
3 Money Beliefs That Will Destroy Your Life Daymond John: Image source

He didn’t win the lottery or have it easy. He started a business called FUBU from the ground up, and their “office” was his mother’s house. He even closed the business three times from 1989-1992 because he ran out of capital. 

You might think, “oh sure, he’s probably one of those rare lucky people,” but there are also quite a few (largely unfamiliar) examples of Asian entrepreneurs going from rags to riches. 

Just because these people are not famous in mainstream media and their stories are not well-known, it doesn’t mean that they don’t exist. There are probably many more people out there who haven’t had a story written about them. You could become one of them. 

 

Belief #3: Money can buy happiness 

Money can buy a lot of things. And it can definitely help you solve a lot of problems. But it can’t buy happiness, because that’s something that can only be achieved internally. 

Our minds are programmed to keep wanting something new, something better, something different. We build up a sense of excitement and believe that getting X thing will bring us long-lasting happiness. 

We may be really happy for a moment, but the feeling will soon pass and we’ll be back to wanting something else to experience the same high. 

Having a good meal — that’s great in the moment, but forgotten in a few hours. 

Getting a nice bag/car/house/[insert other material thing here] — that’s great for a while, and then you get used to it. What’s next? 

3 Money Beliefs That Will Destroy Your Life Shopping
3 Money Beliefs That Will Destroy Your Life Shopping: Image source

And for the people who want the money not for the high of consumption, but for the high you get by showing off your status, when will it ever be enough? 

The truth is, we don’t end up happier after fulfilling our wants. 

We just end up wanting more. 

It’s funny, though, because our happiness actually comes from the absence of wanting. When we’ve gotten that new [insert material thing here], for a moment we don’t want anything else. But once our mind gets bored, it looks for something else to focus on… 

To find more lasting happiness and fulfilment, we should work towards things that also benefit others, or things that have a sense of profound importance to us (e.g. things we want to do before we die).  

Having a daily gratitude practice is also beneficial to remind us of everything that we already have and lessen our urge to have more.

 

Change your beliefs, change your life

We always act in accordance with our beliefs. That’s why a simple mindset shift can do wonders. I believe that we should seek to learn about different perspectives and find role models who have achieved what we might’ve once thought was impossible. 

Have you had any of these beliefs? If so, will you take steps to overcome them? 

This is a guest post by Rachel from Hey, it’s Rachel. She writes about mindset, personal finance, and all things personal development. She’s on a mission to empower millions of people around the world to live their best lives through education on mindset and growth.

 

Final thoughts by Wealthdojo

These are my favorite quotes from Rachel. Thanks for the beautiful article.

  1. Money can buy a lot of things. And it can definitely help you solve a lot of problems. But it can’t buy happiness, because that’s something that can only be achieved internally. 
  2. It’s funny, though, because our happiness actually comes from the absence of wanting. When we’ve gotten that new [insert material thing here], for a moment we don’t want anything else.
  3. Instead of working harder, you can work smarter.

 

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

How COVID19 is robbing your wealth secretly

How COVID19 is robbing your wealth secretly

COVID-19 has swept the world off its’ feet. With it still lurking around, are you aware that there are many silent robbers that are robbing you of your wealth secretly? In Wealthdojo 6 Level Wealth Karate, we talk the importance of shielding our wealth from these silent robbers.

In this article, we are also excited to partner with Jocelyn who is a self taught investor in her 40s. Do check out her website below.

Have you saved money while working from home?

How COVID19 is robbing your wealth secretly Working From Home
How COVID19 is robbing your wealth secretly: Working From Home

Since Singapore went into circuit breaker lockdown on 7 April, many Singaporeans have been forced to work from home where possible. Not all jobs are WFH-friendly but for those that are, benefits of a WFH arrangement include zero commute time, greatly reduced transportation costs and reduced weekday meal expenses (assuming you do not live in the CBD). 

For the 7 or so weeks that Singapore was in circuit breaker, most establishments were forced to close and people were advised to leave the house only out of necessity, such as shopping for groceries or if working in essential services. 

If you were working from home during the circuit breaker period, it makes sense to think that you should have saved quite a bit on transport and food expenses right? That may not necessarily be the case. Here are four reasons that may have prevented you from keeping within your budget:

 

#1: Ordering food delivery and “indulging a bit” 

How COVID19 is robbing your wealth secretly Food Delivery
How COVID19 is robbing your wealth secretly: Food Delivery

Instead of getting your weekday lunches from the nearby kopitiam or cooking at home, you may find yourself going for more expensive options when ordering food delivery. This could be to feed a craving or ordering from places that you’re not able to visit in person. 

It is not uncommon for F&B establishments to mark up their food prices on food delivery apps. They do this to offset the platform/commission fee that food delivery platforms charge for listing their menu on the app! This means that even when ordering from the same place, opting for food delivery may cost 5-10% more than physically going to the store to tabao your food.

What to do instead

  • Have a weekly limit on the number of times you order food delivery
  • Cook more meals at home 

#2: Spending more time (and money) shopping online 

Thanks for covid-19, online shopping saw a record boom worldwide. Instead of going to a neighborhood mall or Orchard road for retail leisure, Singaporeans went online instead, clocking record increases in app traffic and transaction volumes on popular shopping apps.  Shopee saw a 40% increase in screen time by app users along with increased sales during the circuit breaker period. 

How COVID19 is robbing your wealth secretly Online Shopping
How COVID19 is robbing your wealth secretly Online Shopping

Online shopping is just a click or tap away, with a lot less friction to carting out a purchase. With people being cooped up at home and spending less time outside, some have also turned to online shopping as a way to pass time. This can lead to impulse buys or spending more on non-essential purchases! 

What to do instead:

  • Move your online shopping apps to a folder and away from the first page of your phone, and unsubscribe from marketing emails. Out of sight, out of mind. 
  • Start an affordable hobby to spend your time more meaningfully! Eg. Exercising outdoors, reading, cooking
  • Create a budget for your shopping needs and stay committed to it. Remember to prioritize needs over wants!

#3: Paying for convenience

How COVID19 is robbing your wealth secretly convenience
How COVID19 is robbing your wealth secretly convenience

The rise in door-to-door delivery makes it incredibly convenient to buy groceries or choosing to dine in, with food delivery. The trade-off for this convenience is the delivery fee. An additional $2-3 to have a meal delivered to your doorstep may not seem like much but if you’re ordering meal deliveries multiple times a week/day, those delivery fees can add up very quickly. 

What to do instead: 

  • Consolidate grocery orders to capitalize on free delivery and/or save on delivery costs
  • Watch out for promotions and discounts so you can save on these necessary purchases 
  • Consider walking to a nearby kopitiam to tabao your meal instead of getting it delivered. 

 

#4: Paying for comfort 

With most people forced to work from home, many have turned to buying desks and chairs for a more comfortable working experience. This makes sense if your existing tables and chairs are not suited for long hours of desk work. A quality table or chair may be a good investment in the long term, but take care not to let these “investments” become white elephants once COVID-19 is behind us and offices reopen!

What to do instead: 

  • Get creative with your WFH setup!
    • Repurpose your dining area for work during the day,
    • If you have a small fridge, use it as a “standing table” when you feel like you need a stretch
    • Hunt for office furniture bargains on FB or Carousell. Businesses that have to downsize or close their offices will often need to get rid of their furniture. 

 

Stay committed to your cause

If you are already managing your expenses and/or budget tracking, you probably have a good reason for doing so. You may be saving up for a house, or a new family member or just trying to make ends meet with reduced income. Reminding yourself about this goal can help you refocus and double down on keeping to your budget. 

Sometimes, having a better picture of your money flow can help you manage your expenses and budgets. Create a sankey budget diagram of your monthly cashflow (check out mine here) and use that to guide your budgeting decisions!  

Guest writer: Joce
A self-taught investor working towards her goal of achieving financial freedom in her forties. Check out her blog here: Financial Freedom by 40

 

Final Thoughts By Wealthdojo

Congratulations for reading thus far. COVID-19 seems to be here to stay. The journey ahead seems like a scary one and I want assure you that you will definitely get through it.

Special thanks for Jocelyn. Thank you for your special appearance. I really enjoyed your article.

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

Once Upon a Time, You Met Money

Once Upon a Time, You Met Money

Once Upon a Time, You Met Money

Do you remember the day when you first met money? Perhaps it was when you went to the store with your parents. Or perhaps it was before entering primary school, when an adult or older sibling sat you down to learn how to use the various metal discs and paper slips to buy a meal at the school canteen. Adults never seemed to have enough of these coins and notes and it was what they suffered at work for. With other priorities in life such as catching the next episode of your favourite cartoon, you did not think much about how money would affect your life. Little did you know then, that from the time that you were born, you have already involuntarily entered an inescapable relationship with money.

Once Upon a Time, You Met Money
Once Upon a Time, You Met Money.

Back in the days of your childhood, your relationship with money was like a series of summer flings. Money came and went. There was no need to work very hard to keep money with you, or find ways to grow your relationship with money. What for? Money always came back to you whenever it was time to get your allowance from your parents. An extra fifty cents or dollar gifted to you would brighten your entire day, much like when your crush flashed a smile at you, but you were fine without money for you had your parents to feed and clothe you. Oh the simple days of puppy love.

 

Some years go by and as you grew, involuntarily once again, your relationship with money got a little more serious. You started to see the nice things and experiences that money could give you.  For this reason you probably started to take a little more initiative in sustaining the relationship, putting in more effort to help money grow and stay by your side. Maybe you started taking part-time jobs while studying, and maybe you started learning to save a little bit more for days when you really want that new pair of jeans.

 

In the blink of an eye, you have now entered adulthood. A relationship with money is starting to become more and more of a mainstay of your life. Yet it feels like the more you need money, the more it gets further out of reach. You constantly complain about money to your friends and family, about how insecure money is making you feel.

 

Sometimes you try to turn a blind eye and pretend that everything is going to be fine as long as you keep working. However, you know that a healthy relationship is hardly sustainable when you are putting in the bare minimum, for no one can predict when sickness or misfortune will hit them. Is your relationship with money strong enough to withstand all possible tribulations in life? Is it strong enough to give you enough capital when you need it to achieve your goals? “Heck, they never taught us this in school”, you may lament.

 

What are you going to do about it? Perhaps it is time to realise that just getting a paycheck every month is no longer enough to sustain a stable relationship with money. Are you willing to take steps to fortify the relationship to ensure that money will not leave you in times of poor health and adversity? Or to ensure that money can help you get what you want?

 

Just like how far you have come from that awkward first kiss in your romantic relations, the skills to maintaining a healthy relationship with money comes with practice and research. It is impertinent that you start this journey with a resolute belief in the benefits of prioritising a stable relationship with your finances.

 

It is understandable that this task can appear arduous and overwhelming, especially with the gargantuan amount of information out there relating to personal finance. One may even say that the thought of having to do it is repulsive. However, a healthy relationship with your money would reap immense benefits, just like how a healthy romantic relationship would.

 

Final Thoughts

There are a plethora of resources out there to aid your efforts. If it all seems overwhelming, you can start by following channels such as Wealthdojo’s Telegram channel to learn bite-sized tips in handling your relationship with money. Gradually, whenever you feel ready for more, you can reach out to our Sensei, Chengkok, with an email to chengkokoh@gmail.com. Be bold in your endeavour to become a better partner for money, for there is nothing embarrassing about wanting to become better.

Good luck, and may you find your ‘happily ever after’ with money!

Article by: Michelle Er