Lifestyle
Four realistic resolutions for a healthier, wealthier you in 2019
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Making resolutions are often a time of reflection and hopeful aspiration, but they are notoriously difficult to keep. Below, we’ve come up with 4 realistic and fairly easy resolutions that can keep your body, mind and finances healthy.
With 2019 around the corner, it’s time to reflect on what you accomplished this past year and start thinking about your New Year’s resolutions. However, resolutions such as learning a new skill, travelling more often, or changing your appearance often require long-term financial commitment. Coupled with a low success rate, many resolutions end up being quite costly without much to show for them.
Luckily, there are resolutions you can consider adopting that will not only help you save money over the long-term and increase your well-being, but are also quite easy to accomplish. Below, we explore 4 resolutions, how they can benefit your personal finances and what you should know to stay on track in 2019.
Set Aside One Day a Week to Actively De-Stress
Stress is an almost inevitable part of everyone’s life, especially in Singapore where working hours are long and daily life seems unaffordable. However, not only is it unhealthy to be stressed out for long periods of time, but stress can also wreak havoc on your finances. Chronic stress leads to heart disease, high blood pressure and mood disorders such as depression, which also often become chronic and more severe over time.
So how does stress affect your finances? First, as your stress manifests into physical ailments, you’ll have to visit doctors more often for serious conditions. Second, stress-induced medical conditions may lead to higher insurance premiums for life, critical illness and health insurance because you are perceived as a higher risk to insurers. In some cases, your illness may not even be covered.
Chronic stress is hard to beat, making its reduction one of the harder resolutions on this list. As stress becomes a constant state in your body, your brain’s chemistry changes to adapt to this constant state of vigilance.
To start, exercising can be a good way to combat chronic stress. There are many different types of gyms in Singapore so finding one within your budget shouldn’t be too difficult. However, you don’t even have to spend money to exercise, as long as your get your heart pumping and muscles moving. For example, you can take a walk in a park once a week or sign up for an affordable dance class with your friends.
Another cheap way to de-stress is to spend time with friends and family who can offer you emotional support. This interaction releases the chemical oxytocin, which can reduce blood pressure and stress hormones. Lastly, you should build a habit of taking slow, deep exhales the moment you notice your stress levels rising. As you exhale, your parasympathetic nervous system kicks in and helps calm your body.
Re-organise Your Finances
Instead of making a resolution to “save more”, you can start by reducing and simplifying your current expenses easier and lower. This can be done in as little as one week yet can save you hundreds of dollars over the long-term. You can start by looking over your annual insurance plans, as these are usually non-committal and can be swapped quite easily. For instance, the average cost of home insurance is S$154 for a 4-room HDB flat and the average cost of car insurance around S$753(50% NCD, middle-aged male).
If you find that you are paying more than this amount for either of these policies, you can save anywhere between S$50-S$300 per year by finding more competitive rates. However, you need to be more careful about switching your life or health insurance plans, as they are lifelong commitments that can result in monetary loss and worse coverage.
Another way to organise your finances is to take a look at your outstanding debts. Paying off your debts is a pretty popular New Year’s resolution, but it can often fail because it is a long-term and frustrating process. If you are unable to completely repay your debt, focus on making your debt more manageable. For paying off long-term debt, you can find a good debt consolidation loan. These loans charge lower interest rates compared to other types of debt and can help combine high interest debts into one easy repayment option.
On the other hand, you can consider a balance transfer loan if your debts can be repaid over a shorter period of time. Balance transfer loans typically offer interest-free periods of between 3 and 18 months, making them good options to save on costly interest payments as you’re paying off debt. For those with a mortgage, it might be worth refinancing their home loans, which can be helpful in reducing your interest burden, especially in a rising rate environment.
Cut Down on One Vice Instead of Trying to Quit All of Them
Quitting smoking, drinking and other vices is another fairly popular resolution. However, getting rid of a habit is incredibly hard. Instead, you can consider cutting on one vice that is bleeding your wallet dry. Not completely get rid of it—that’s going to lead to a broken resolution very quickly—but make a goal of slowly cutting it back. For instance, say you want to cut down on drinking alcohol. Instead of trying to quit all in one go, try to cut down the number of times you go out to bars. Instead of going out once a week, you can cut down to going out twice a month instead.
This type of goal is more realistic than cutting out drinking completely and you won’t feel like you’re punishing yourself in the hopes you’ll see considerable reward sometime in the future. Cutting down on these vices can also help you to save money. In fact, we estimate that our drinking example leads to a spending reduction of S$1,500 per year.
Estimated Annual Savings By Reducing Bar Outings By 50%
Before Saving, Aim to Reduce Unnecessary Spending
As an alternative to the ambiguous “save more” resolution, you can weave elements of minimalism into your shopping habits to combat excessive spending. Say for instance, you spend hundreds of dollars per year on skincare or clothing. It is possible that you may be purchasing multiple items that are essentially the same thing, just packaged in a different box. You should find the product that works best and stick to it.
If you find yourself wasting money by buying cheap items that break easily or don’t work, you can buy fewer but higher quality items. This will reduce redundant spending and you’ll be more likely to value them longer due to their cost. Reducing redundancy and “junk” will at the very least teach you to be more content with what you have and reduce spending and at most lead to considerable savings in the long-term.
How to Keep Your Resolutions
It is notoriously difficult to keep New Year’s resolutions—in fact, studies show that there is over a 90% chance of failure for most resolutions. Stress, lack of self-control and unavoidable obligations can make it difficult for us to consistently repeat a behavior long enough for it to develop into a habit. However, knowing a little bit about how your brain works and your limitations can make it easier for you to keep to your resolutions.
First and foremost, the part of your brain that is responsible for making sure you keep to your resolutions is your prefrontal cortex. This is the area that is most activated when you are learning something new, making decisions or doing anything that will involve a “reward”.
After enough repetition, this action will require less mental energy and become more or less automatic. This explains why it’s so difficult to keep to your resolution in the beginning—you may feel frustrated that this new action feels so exhausting. To make it feel easier, you can try rewarding yourself each time you act on a resolution, such as treating yourself to your favourite snack after putting money into your savings account.
Second, set a realistic and specific goal. If your goal is to work out every day in the morning at 6 am, but you have never worked out before, adjust your goal to something more reasonable. For instance, you can start by working out twice a week and then increase the number of days when you feel ready.
If your resolution is to read more, but you work 12 hour days and are too tired by the time you get home, you can start by reading short stories or articles. Working on smaller goals can make you feel less overwhelmed and provide you with a sense of accomplishment faster a vague goal would. To make your goals seem even more realistic, plan for them in advance. Pre-planning can help you commit to your goals and help you budget for your resolutions since you are forced to see all your expenditures up front. future.
We’d love to know, what are your New Year’s resolutions? And how well did you do in 2018?
This was first published at Value Champion’s website, “4 Realistic Resolutions for a Healthier, Wealthier You in 2019“.
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Lifestyle
Living modestly in Singapore on $10 a day: 27-year-old Malaysian man shares insights
In Singapore, a 27-year-old Malaysian man has gained attention on TikTok for his frugal approach to life while working in the bustling city. Jonathan Lim, a civil engineer earning around S$3,700 a month, shares his strategy for spending less than S$10 a day.
He divides his week between Singapore and Malaysia, staying in a hostel and focusing on economical food choices.
Despite some concerns about the extremeness of his thriftiness, many commend his financial discipline, while others suggest a slightly more flexible approach.
SINGAPORE: A 27-year-old man from Malaysia, garnered the interest of social media users on TikTok due to his method of budgeting and practising a frugal lifestyle while employed in the bustling city of Singapore.
Many are left wondering whether it’s feasible to lead a modest life in Singapore without significant sacrifices.
Malaysian civil engineer, Jonathan Lim, has provided some insights through his TikTok documenting how he manages to spend less than S$10 a day while working in the city.
The video’s caption read: “Part 6: Is spending 10 dollars enough for a day working in Singapore?”
His TikTok content primarily revolves around detailing his expenses in Singapore, excluding the costs related to accommodation.
@jonlzx Part 6: Is spending 10dollars enough for a day working in SINGAPORE? #sgvlog #worklife #minivlog #fypシ #simplelife
Hybrid Work Arrangement
Lim, who earns about S$3,700 a month as a civil engineer in Singapore, follows a unique hybrid work arrangement.
He commutes from his home in Kulai, Johor, to Singapore three days a week, with the remaining days dedicated to remote work.
Lim strategically divides his time, with more than half of his week spent in his Johor home.
During the workweek, specifically on Mondays, Tuesdays, and Wednesdays, he opts to stay at a capsule hostel in Singapore.
This arrangement serves the purpose of reducing his expenses on permanent lodging in Singapore, although it necessitates regular commuting between Malaysia and Singapore.
His weekly schedule commences with a Monday morning journey to Singapore at 6 a.m., where he resides in the hostel for two nights.
Hostel Living and Food Choices
During his days in Singapore, Lim stays in a capsule hostel, which costs him about S$35 (approximately US$25.74) a night.
While this arrangement doesn’t include food expenses, the hostel provides free breakfast, helping him save on at least one meal each day.
Lim’s food choices are budget-friendly, focusing on cai fan (economic rice) for lunch and dinner, which costs him about S$3.60 per meal.
Occasionally, he indulges in items like bread and soya bean milk, emphasizing the affordability of such food options in Singapore.
For exercise, he opts for a cost-effective approach, eating grilled chicken drumsticks purchased from FairPrice, and running at public stadiums.
While a dinner consisting solely of protein might not seem substantial to some, Lim clarifies that the two drumsticks he purchased were exceptionally large, providing more than enough sustenance for an adult like him.
Therefore, when factoring in his daily transport costs of S$3, Lim’s daily expenses in Singapore amount to S$13.10, excluding accommodation expenses.
Balancing Thriftiness and Enjoyment
In his most recent TikTok video, Lim responded to both favorable and critical comments regarding his lifestyle of managing on S$10 or more per day in Singapore.
He expressed his belief that such frugal practices can become a standard way of life.
https://www.tiktok.com/@jonlzx/video/7276135975355485441?embed_source=121355059%2C121351166%2C121331973%2C120811592%2C120810756%3Bnull%3Bembed_blank&refer=embed&referer_url=mothership.sg%2F2023%2F09%2Fmalaysian-10-dollars-a-day-singapore%2F%3Ffbclid%3DIwAR1o-WKyDvXTTGxKWlXGd9u3xXdCO_4zyBOMRSF13kzzdcWs5dU2QI4E_9g&referer_video_id=7276135975355485441
Moreover, he aimed to dispel the misconception that his approach is detrimental to his well-being and happiness, emphasizing that he doesn’t sacrifice enjoyment to save a few dollars.
He acknowledges the trade-offs, such as spending time away from family and loved ones.
However, he sees this period as an opportunity for professional growth.
While Lim’s lifestyle is not his everyday routine, it highlights how one can manage expenses in an expensive city like Singapore.
He also appreciates the safety and amenities the city offers, such as safe streets for late-night jogging.
In the long run, Lim said he will need to decide whether to settle long-term in Singapore or return to Malaysia.
Supporters cheer Lim’s thrifty approach
The majority of people expressed their support for Lim’s frugal lifestyle, offering him their best wishes and advising him to disregard those who ridicule his way of life.
“Good to start saving up at a young age,” they said, while also cautioning against taking frugality to such an extreme that it becomes excessively absurd.
However, some users believe that Lim should consider a slightly higher expenditure than his current approach, asserting that life is too short to subject oneself to such deprivation.
“Can add another $2 la, don’t have to thrift like that,” one user said.
Lifestyle
Rachel Wan speaks out on father’s solitary passing in Singapore hospital due to staffing shortages
Rachel Wan of ‘Kin’ highlighted her father’s solitary passing in a Singapore hospital due to understaffing in an Instagram post. She contrasted Singapore’s overworked healthcare culture with Australia’s, emphasizing the need for a better work-life balance in the nation.
SINGAPORE: On 25 August, Rachel Wan, the 26-year-old star of ‘Kin’, took to Instagram to share a poignant account of her father’s passing, revealing that he had died alone in a Singapore hospital due to understaffing issues.
Wan’s emotional revelation sheds light on the need for a transformation in the prevailing culture of overworking in the nation.
Disparities between healthcare work in Singapore and Australia
In a candid Instagram video, Wan expressed her long-standing desire to address a topic she finds deeply meaningful.
She remarked, “I came to Australia because I felt like there was a better work-life balance here,” before unveiling a recent discovery that profoundly affected her.
The ‘Kin’ star recounted her encounter with a nurse who had previously worked in the same Singapore hospital where her father had spent his final moments.
This nurse later moved to Australia, much like Wan herself.
A stark contrast between working conditions in the two countries emerged.
Wan unveiled that in Singapore, nurses might be tasked with managing “up to 12 patients at any given time”. Conversely, in Australia, nurses are limited to caring for six patients each.
Moreover, Australian healthcare staff are afforded designated rest periods between shifts, a practice reportedly absent in Singapore.
Heartbreaking account of Wan’s father’s passing
Wan’s emotions were palpable as she recounted the circumstances leading to her father’s demise, underscoring the fact that he passed away in solitude at the hospital without any loved ones by his side.
Her poignant Instagram tribute suggested that he passed away in March 2022.
Describing the events of his passing day, she detailed how her father had been transferred from the emergency ward to the general ward as his time grew short.
However, to access him, Wan and her family had to undergo a Covid-19 test, mandatory at the time for hospital visits. Tragically, her father passed away during the testing process.
Distressingly, no one from the hospital informed them of his passing.
Wan expressed her shock, revealing that they discovered his lifeless body alone in the ward without any staff present.
When she inquired about the lack of communication, a doctor allegedly cited understaffing as the reason.
Wan stressed the importance of sharing her experience, noting that the healthcare sector is not the only one grappling with such challenges in Singapore.
She asserted that overworking should not be celebrated as an achievement and urged for a shift towards a healthier work-life balance in the nation.
Her Instagram post resonated with many, drawing a flood of comments from netizens who shared their similar experiences and nurses who opened up about the demanding work environment they face.
Amidst the discussions, Wan clarified that her father’s passing was due to oesophageal cancer, not Covid-19.
A plea for empathy and understanding
In response to differing opinions, including some who highlighted Singapore’s relative advantages compared to other countries, Wan emphasized that her intention was to raise awareness about the lack of work-life balance in Singapore.
Influencer and doctor Zoen Tay also contributed to the discourse, acknowledging room for improvement in both countries’ healthcare systems.
Wan extended her empathy to Singaporean nurses, finding a sense of healing in realizing that her father wasn’t neglected due to a lack of care, but rather due to the strain of their demanding workload.
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