Cost of living in Singapore

[k1976]

Now, he could use this excess on clubs and going to expensive cafes for lunch every day, or, he could put this amount aside for his emergency fund.

• If he’s disciplined and saves the entire $1,180, he can complete his goal of saving $10,920 in 9.25 months. Not too bad.
• If he decides to build slowly by contributing $200 a month, that will take him 54 months, or 4.5 years. But even this is better than not having an emergency fund at all. If you want to accelerate the process, you could cut back on your expenses even more, or create additional revenue streams by freelancing, tutoring, or having a small home business.

Building an emergency fund might not be the easiest feat to accomplish, but don’t put it on the back burner as it is the foundational step to financial freedom.

If you find that it’s too daunting a task, create waypoints on your journey—milestones to get you moving forward. Start out small by saving your first $2,000, then the next $3,000, and reward yourself along the way.

 

[k1976]

3 practical tips to build your emergency fund​

1. Automate your savings​

Setting up automatic transfers to a dedicated emergency fund account is one of the easiest ways to grow your savings without even thinking about it. The idea is to “set it and forget it”—make saving a habit and remove the temptation to spend the money elsewhere.

Most banks allow you to schedule transfers on a weekly or monthly basis, ensuring that a portion of your income goes straight into your savings as soon as you’re paid. Over time, these small, automated amounts add up to a significant safety net.

2. Cut back on non-essentials​

Easier said than done, right? But if you’ve got too much money going out, it’s time to plug the hole. Start by identifying areas where you can reduce expenses—such as dining out less, canceling unused subscriptions, or opting for budget-friendly activities.

You don’t need to eliminate all luxuries, but small changes in your daily habits can lead to big savings over time. For instance, brewing your coffee at home or choosing a cheaper SIM-only phone plan can save you hundreds of dollars annually. The key is consistency!

3. Boost your income​

If you’ve cut back as much as you can, it’s time to also consider increasing your income through side gigs or part-time work. Consider freelancing, selling products online, or offering services in areas like tutoring or pet sitting. Any extra money you earn can go directly into your emergency fund, helping you reach your goal faster.

The trick is to allocate this extra income immediately—set up an automatic transfer or deposit it manually. This way, your fund grows steadily, and you’re less tempted to spend the additional cash on non-essentials.

 

[k1976]

BTW, now maybe abit too late to build any funds as the fun seem start liao.....enjoy

 

[k1976]

A Stimulus Is Good, But China Still Faces a Hard Slog​

Beijing is back in investors’ good books. To justify the euphoria, it needs some meaty goals.
October 3, 2024 at 3:00 AM GMT+8
By Daniel Moss
Daniel Moss is a Bloomberg Opinion columnist covering Asian economies. Previously, he was executive editor for economics at Bloomberg News.

A long way to go.
Photographer: Qilai Shen/Bloomberg
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In little more than a week, China's efforts to crank up its economy have achieved something important: President Xi Jinping changed the conversation about global prospects. The Federal Reserve, usually the principal force driving market sentiment and forecasting, has company.
That's a big shift. For Beijing's stardom to last, it needs to not only deliver what's been flagged: forceful monetary easing, fiscal expansion, new measures to help homebuyers, capital injections into lenders, and the creation of a market-stabilization fund. Officials also now need to offer some meaty goals that justify the euphoria. What does a win look like, and would such a victory be temporary

 

[Robert Half]

BTW, now maybe abit too late to build any funds as the fun seem start liao.....enjoy

My uncle had built an emergency fund to last him for 2 years but due long term unemployment now he had spent almost every dollar & he is broke

He need to find a job to rebuild his emergency fund again …