eileenpxp
New Member
Dear mummies,
Inflation currently is over 5% in Singapore while bank is paying less than 1% on your savings. By not seeking alternative instruments to help you grow your pot of money, you are making a definite LOSS by leaving $$$ in the bank.
As a mummy, I used to work hard for $$$, but now I am trying to make my $$$ work hard for me after close to 10 years of working life. I think its important...and I been observing pple around me slogging away while their savings are eroding away..its sad ..but everyone knows its been a fact in life.
Singaporeans rather spend their time going NATAS fairs, car show rooms, during their free time rather than spending time managing their finances. I used to be one of them who slogged like a mad woman & spend my weekends going out with kids. I just came to realise that we do need to be more financially educated to manage our own finances & indeed I have some savings plans in place but i have been leaving large amounts of $$$ in FDs due to lack of knowledge and low appetite for risk.
According to news report 2 weeks ago. Education cost for a non medical degree in Singapore is expected to cost more than 70K in 20 years later. Private pre schools are charging 8K per year currently. So I hope mummies out there: start planning aggressively ahead. if you think you do not have enough $$$ to save now, you will never have that in the future... with the type of salary increments and bonuses we are receiving now!
Inflation currently is over 5% in Singapore while bank is paying less than 1% on your savings. By not seeking alternative instruments to help you grow your pot of money, you are making a definite LOSS by leaving $$$ in the bank.
As a mummy, I used to work hard for $$$, but now I am trying to make my $$$ work hard for me after close to 10 years of working life. I think its important...and I been observing pple around me slogging away while their savings are eroding away..its sad ..but everyone knows its been a fact in life.
Singaporeans rather spend their time going NATAS fairs, car show rooms, during their free time rather than spending time managing their finances. I used to be one of them who slogged like a mad woman & spend my weekends going out with kids. I just came to realise that we do need to be more financially educated to manage our own finances & indeed I have some savings plans in place but i have been leaving large amounts of $$$ in FDs due to lack of knowledge and low appetite for risk.
According to news report 2 weeks ago. Education cost for a non medical degree in Singapore is expected to cost more than 70K in 20 years later. Private pre schools are charging 8K per year currently. So I hope mummies out there: start planning aggressively ahead. if you think you do not have enough $$$ to save now, you will never have that in the future... with the type of salary increments and bonuses we are receiving now!