Category: The New Savvy

Count Me In! How To Help Your Child Achieve Financial Literacy

Money is a key tool in life and is crucial for survival. As a matter of fact, basic essentials for living such as food and water has to be bought by money. That is why we as adults, know clearly about the importance of financial literacy. But, what about our children? Is there really a need to teach them financial literacy when they have only just started learning how to count? YES! With figures showing the ever increasing debt level in the form of loans for education, credit cards, housing and retirement around the world, the need for our children to be finically astute is more pressing than ever. The ability to handle money intelligently and responsibly is essential for our children’s future. Yet, ironically, we don’t see personal finance classes offered readily in schools to prepare our children for the harsh reality. So, where does the responsibility of learning one of the most vital life skill falls on? You, parents. Here are three suggestions for you to help your children become more financial literate. And I promise it is not as boring and complicated like you would imagine it to be!   1. Allowance Method The great thing about providing allowances to children is that it provides […]

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5 Wrong Beliefs about Money that Can Cost You Financially

You may not notice it, but both your conscious and unconscious beliefs about money greatly affect your financial status. The things that you have been taught about money as you grew up may be the ones keeping you broke. They might be the ones keeping you from getting rich; that is why, it is important to stop for a moment and take a look back. Remember, getting rich is not just about what you do; your state of mind also matters. So check out the 6 beliefs about money that can cost you. If one of these rings a bell, it’s time for a change. Money is there to be spent. Views like this are implicitly taught to us by the media, corporations and businesses in order to sell more products. In other words, they capitalize on views like this. However, this means they get rich while you lose and lose more. No matter how good it makes you feel, do not let such a perspective fool you into spending all your earnings on unnecessary and expensive things. Having views like this makes you more prone to giving in to temptations. The more you give in to your temptations, the […]

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The Real Cost Of Giving Birth In Hong Kong

Giving birth in Hong Kong will entail costs – and you have to be prepared for it. You do not want to end up falling short in funds when you are already having your contractions and about to bring your baby out into this world.   The truth is, there are a lot less pregnant women in Hong Kong than before. According to the data from the, the birth rate is now 8.6 per 1,000 population in 2014. Although this signifies that there are fewer births happening in Hong Kong, that does not mean the government is letting up when it comes to ensuring that maternity needs are well met. You just have to know your options when it comes to the cost of giving birth in Hong Kong.   We all know that it is costly to get pregnant. You have to eat healthily, take regular tips and check-ups with the doctor, and also take vitamins and medications to ensure that you and baby are healthy. In the midst of all these expenses, you have to think about the main cost in the future – giving birth. What will you spend on when you give birth in Hong […]

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Giving Cash Rewards To Children – The Carrot and Stick Approach in Parenting

Should parents give their children cash rewards? In this post, we adopt a balanced view on whether parents should use incentives (cash or gifts) to motivate their children. Firstly, why do parents use cash to reward their children? I believe that every parent deeply loves their children and want the best for them. From a young age, it is common to see Singaporean parents plying children with extra curriculum classes. Such actions can stem from peer pressure or the insecurity of whether one is being a good parent (coupled with the typical Singaporean ‘afraid-to-lose’ mentality, and you’ve got a triple whammy!) Does this sound familiar? But Joey’s son is taking tennis, swimming and golf lessons! And he’s only five! Junior can receive little sweets or simple praises from time to time to acknowledge a job well done e.g. taking care of pets. Parents would usually prefer not to break the bank as children are already given regular allowance to spend on necessities. However, when school tests roll around and Junior prefers to play video games for hours, parents are pushed toward bigger cash rewards to encourage their children to focus on their studies and do their best academically. Rewarding children with money: The good, the […]

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Money Mistakes We Pass to Our Kids and How We Can Resolve Them

Source: It’s easy to screw up your kids- everyone does. It doesn’t matter how many parenting books you read, or how much well-intentioned advice you absorb. We all end up inducing upsetting habits in our children. Some of these behaviours, like overemphasising neatness, or a distaste for strange foods, aren’t completely detrimental for your kids and their future. But your money mistakes are.   Not to worry, there’s still hope: early detection and acknowledgement is the key to change!  So here are a few of the worst money mistakes that parents often make. Take note of them so that you can traumatise your kids a little less.   Not being honest about your financial situation Don’t lie to your kids. As a general rule- but especially regarding money. Be honest and tell them that No, we can’t rent out an entire theme park for your birthday party like Beyoncé did. Why? Well because that costs millions of dollars, and Mommy’s not a millionaire. Telling your kids what you can and can’t afford is difficult, sure- because you want your kids to know you’ll give them the world, and that they’re worth it. But not doing so might leave them with […]

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3 Financial Tips For the June Travel Season

This article originally appeared on ValuePenguin June’s busy travel season is right around the corner. You’ve already booked your air tickets and lodging, and have scoped out all the must see places. Although you’ve already dealt with the biggest decisions planning your trip, there are still few important financial decisions that you can make before and while you are overseas. Here are some last minute financial tips before you head out to Changi for your vacation. Why You Should Use Credit Cards Over Cash Overseas You may have heard this advice already a number of times: use your credit card while you are overseas. But have you actually considered mathematically if using a credit card really wins over using cash? Our team at ValuePenguin has. According to our analysis, using a credit card is about 10% to 20% more valuable than using cash overseas. This is because some of the best credit cards yield 5% or more in cash back or miles for every dollar you spend, which can more than offset the exchange rate and transaction fees that banks charge for your card transactions. On the other hand, actually exchanging cash with at a physical location can cost you […]

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Different Unsecured Loans In Hong Kong

What are unsecured loans? The best way to define this type of debt is to compare it with a secured loan. It is the opposite because it allows you to borrow money even without a collateral. Secured loans are those that you need to borrow with a collater…

Are You Financially Ready to Get Married? 5 Ways To Tell If You’re Marriage Material

Pro-Tips to Learn about marriage: Marriage does not always equate to “happily ever after.” “It’s not always rainbows and butterflies. It’s compromise that moves us along.” – Maroon 5 There will come a time when a woman will want to settle down, get married, and build her own happy family. Realistically speaking, it’s not always that easy to maintain a marriage. Since marriage is a legal contract between two people who agreed to share responsibilities and ownership, it is not something you should just do out of a whim. Not everyone is ready to get married. There are some indicators that will prove that someone is ready to get married. And we’re not just talking about love here. Like it or not, money is a critical instrument in maintaining a healthy and happy marriage. 5 Signs You Are Financially Ready to Get Married What are the signs that you’re financially ready to get married? You can manage and commit to your own financial plan. Before actually working with a partner with your joint finances, you must prove yourself first that you can handle your own. It will be a great disservice to your partner if you can’t even take charge […]

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Money is Not a Taboo! Talking About Financial Literacy Is More Than An “Adult” Matter

Money should not be a taboo topic within your family. On the contrary, it is probably wise if you have an open communication with your loved ones, including your children. When we were younger, many of us often receive the advice “If you study hard, attend college and get a job, you should get a decent life”. Yet, there is usually more than just earning enough to meet ends meet. It is a good start if you begin your financial planning with a budget plan. However, you may soon find out that sustaining a long-term budget with financial goals is another huge project altogether. 10 Steps to Develop a Healthy Relationship with Money Additionally, we tend to learn from what we are exposed to. Businesses hold on to this opportunity with fanciful financial products. Over time, they have pushed the financial well-being responsibility onto us through more selling and less on educating. “..consumers are sometimes only as literate as the products the financial-services industry chooses to sell them.” (Getting It Right On The Money, Apr 8, 2008) So how do we decide based on our individual circumstance? In this case, we need both financial knowledge and good habits to make good decisions […]

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How Do We Thrive in Investing? ~TFIF 2017 Series

In this recap series of The Future Is Female conference 2017, we dive into one of the panels, How Women Thrive In Investing Do men and women invest differently? Are women more conservative with investment methods? Together with the moderator, Sunita Gill, Founder of E&N Global Holding Pte Ltd, the panellists sought to discuss how women can thrive in investing. How can women start investing, and is there a different way that men approach investments? Varun Mittal, Associate Director, FinTech of Ernst & Young: Let’s start by understanding that passive investing is better than active investing. If you have an income trade of analysing stock and looking at long term, it requires more patience. Guys are always more impatient. Women who have the patience to not act impulsively is very important and this trait is very important when it comes to making investment decisions. Ketki Sen, Co-Founder and Partner of Spinta Global Accelerator: While traditionally we believe that gender is binary, science is telling us it’s a spectrum and it’s more about the uniqueness of each individual. Today women command a huge amount of the world’s wealth. According to a 2016 Fidelity study, women actually hold 40% of the world’s private wealth. So women […]

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