Rising Cost of Living and Uncertain Future

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Rising Cost of Living and Uncertain Future

Postby WeiHan » Mon Jun 25, 2012 2:13 pm

I have read many of these concerns elsewhere but don't encounter any in this forum.

Does any forumner has insight into the above topic? Any personal, relatives, friends experiences are the most insightful. Do you feel the pinch of rising cost of living? rising pressure of unemployment broiling? What will you do? How to save money, earn a few extra $? etc...

WeiHan
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Re: Rising Cost of Living and Uncertain Future

Postby MMM » Mon Jun 25, 2012 2:30 pm

I do feel about the uncertain future. With the bleak outlook, it means more company are cutting jobs....It seems that alot It's scary because though we may not be affected this time round... what about next???? No one knows for sure.

During lunch, a secretary commented that she is sure she will not lose her job.... I asked her what made her say that???? She said her boss depends heavily on her.

I could not tell her that her boss is potentially relocating in few months time. Maybe it will happen in 2 months time. By then, we've to let go one and she seems a likely choice.

Another who is working for me sort of asked me about security... But frankly.... no one can guarantee. If there is a global initiative to cut then....

MMM
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Re: Rising Cost of Living and Uncertain Future

Postby WeiHan » Mon Jun 25, 2012 2:54 pm

It seems very hard generally for young graduates to switch field after working in their respective areas for a few years. I have a friend who worked in a US electronics firm but find himself stucked when he wishes to switch to a 'better" field that has better prospect when he is older. Looks like the job market is getting tough. My cousin worked in a bank and he is receiving lower bonus and some of his colleagues received no bonus at all this year!

I took a cab a few months back. The driver was complaining how recent graduates can't find a decent, good paying job with 2-3K starting salary. Is it true? Anedoctally, i have colleague who resigned last year and came back to a different department after just 1 month. I guess he had a hard time getting a new job.

WeiHan
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Re: Rising Cost of Living and Uncertain Future

Postby sleepy » Mon Jun 25, 2012 3:10 pm

Agreed with MMM.

Indeed there is no such thing as job security. Not even in big organisations or those top fortune 50 MNCs. There are so many restructuring, hire freeze, retrenchment, blah blah blah, as long as corporate target not met for 1 or 2 quarters.

Strictly depending on luck which department get affected, nothing to do with individual's job performance.

Having skill sets that are easily transportable is probably essential to survival. At least easier to find another department or company that need that sort of skill sets. And of course network & reputation count a lot in such time

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Re: Rising Cost of Living and Uncertain Future

Postby MMM » Mon Jun 25, 2012 3:39 pm

sleepy wrote:Agreed with MMM.

Indeed there is no such thing as job security. Not even in big organisations or those top fortune 50 MNCs. There are so many restructuring, hire freeze, retrenchment, blah blah blah, as long as corporate target not met for 1 or 2 quarters.

Strictly depending on luck which department get affected, nothing to do with individual's job performance.

Having skill sets that are easily transportable is probably essential to survival. At least easier to find another department or company that need that sort of skill sets. And of course network & reputation count a lot in such time


Yes, sometimes it's just a heng/ suay problem. Nothing to do with the individual. We've encountered where due to closure of some groups, we just got to let go those people even though they did nothing wrong.

But what we are also doing is to open up "open opportunities" to affected personnel. If they can find something else, good for them. Otherwise, they can still choose to get the package.

OK... this was a personal encounter and I know it's not a problem as compared to what we were discussing. We just came back from a 2 weeks vacation. One of my sils over the weekend asked if we want to do korea this year end. We wanted to plan a family vacation (maybe 30 of us) last year but it didn't work out so not all families went. I told her to ask my dh as we just came back and I was just relating to her we spent alot and I am sure for year end....dh will only say Msia. So she asked dh and dh said... economy is not good, bonus will be bad..... let's all go to Msia.... so my sil and I were :rotflmao: I told her to ask him in 1 month's time when he probably forgot how much he spent in his recent vacation. Just like how women forgot about the pain they go through during delivery and they get pregnant again.....

MMM
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Re: Rising Cost of Living and Uncertain Future

Postby osim » Mon Jun 25, 2012 11:07 pm

Is it really true that people are complaining about rising cost and fearful of losing their job? I see people spending money in shopping malls, eating and eating, buying and buying.

It has also become a norm that family must go for vacation once or twice a year. My friend son ask him in a matter of fact way, "So daddy, where will we be going this year?" It's kinda taken for granted and not very good value for children to have.

I sometime wonder people are spending on credit. I heard from some postman there are many debt collection letters going to Sengkang and Hougang area. I have a friend, who owes the bank more than $100K on credit card bills. Her family looks really normal, you can never tell they are so stressed and so deep in debt. Another one I know earns $12k a month but also deep in debt. Earn more, spend more. Easy come, easy go. I guess that's how trouble happens.

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Re: Rising Cost of Living and Uncertain Future

Postby dolphinsiah » Tue Jun 26, 2012 11:08 am

For me who is now in my mid 40s, a widow...I am very worry about my retirement..... :nailbite:

When spouse was still around , earning 5 figure pay ..... I had even planned to retire at the age of 40s..... :roll:

Misfortunate came crashing down on me last year , when my spouse passed away....

When spouse was around he did not like taking loans from Bank , his theory don't work for the bank..... :censored:


So basically we were a debt free family .... :xedfingers:

So when spouse passed away , I did not have to worry about serving the house loan.....

But he did not leave much cash , so I have to continue to work...as the kids are still schooling.

In Singapore to raise a child until University is around SGD400k...

So I need SGD200k just for the 2 kids education needs....for the next 10 years....
,
This does not include our daily expenses , food , transport, insurance, house maintenance.....elderly care.....
My take homepay is SGD2k , but monthly household expenses is SGD6K per month....

I have pawned away all my gold , cash out breakeven insurances...


So I am very worry about my retirement.....

I have calculated to retire at the age of 62 - I would need around SGD300K...

So now I must work very hard , keep on transferring money into my CPF Special Account to enjoy the high interest....
Lucky , I had sold all my CPF shares and did not made any losses...

In my mind raising kids in this 21st Century , is regarded as Zero Rate in Returns....

Just pray that by the time the kids are independent they will not come back to ask for $$$$...

This is all planning, but who knows what will happen tomorrow...I might not wake up....and die in my sleep

So I decided to pump in a substaintiate amount of fund into my Mom's Retirement Account ....under the CPF Minimum Sum...
So each month she would get around SGD600 for the next 20 years...

So if misfortunate happens to me, my loves ones will be well taken care of...

So to all Kiasuparents , reading this , have you made plans for your loves ones, in case tomorrow you are gone.....:pray:

Don't leave behind a debt ...when you are gone.... :skeptical:

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Re: Rising Cost of Living and Uncertain Future

Postby dolphinsiah » Tue Jun 26, 2012 11:45 am

To those people who are Watch / Diamond / Branded clothes and Bags Collectors ..... :pray:

This is my view on all these flashy materials ... :sad:

When you are gone all these materials are worthless.... :censored:

Spouse was a Watch Collector, brought his Rolex to the Pawn shop and the highest offer given was SDG1K, and he had bought it around SGD8K....

The Offer was only made on the Rolex watch as it had Gold....
The rest like Cartier, Tag Hauger, .....the Pawn Shop Staff told me to keep it....not worth to sell....

As for Branded Clothes, I donated to charity ...as Asian are too proud to wear 2nd hand clothes , especially if it was passed down by a dead person....

And not forgetting to those Coin Collectors .....they are also not worth money ....because too many in the market....

My views , spend within your means....you like it does not mean you must possess it.... :evil: :evil:
Take a picture with it and if feels like you have once owned it.... :smile:

In this unstable society...CASH IS KING..... :moneyflies: even you do not like it....

Surf any Charity Website , all organization will ask for donation in cash through credit cards.... :skeptical:
They hardly want your Old Stuffs.....

dolphinsiah
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Re: Rising Cost of Living and Uncertain Future

Postby CookiesMonster » Tue Jun 26, 2012 12:09 pm

hmm...maybe forummers here maybe more investment-savy or prudent in their spending??

thanks dolphinsiah for sharing such personal details. i totally agree. not that we can't depend on our kids but they won't hv it easy next time.

we hv not taken family vacation since 2009 & it is only recently that we managed to go msia for a 3D2N vacation. thankfully, my kids whom hv been exposed to nature since young don't hanker too much for man-made attractions. we taught them that vacation is not a must & dependent on their results.

wkends r spend at home, watching movies downloaded fm internet or trip to the parks. but fm time to time, we hv quarterly shopping trip in jb which is considered mini-trip. each trip we spend about RM$700 plus which works out to S$300. it goes into buying toilet roll, detergent, shower gel, kitchen roll, toilet cleaner, beverages etc which works out to S$100 per mth. in spore, i can't get much for S$100 let alone S$300 worth of stuff that can last for 3mths. besides, shopping we will catch a movie & eat to our heart's content.

& i encourage my frens especially those who hv their own car to do it cos it does make a difference.

CookiesMonster
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Re: Rising Cost of Living and Uncertain Future

Postby LOLMum » Tue Jun 26, 2012 12:20 pm

there is nothing wrong with charity shops...but the price of the stuff here in charity shops is ridiculous........

i see damaged goods like dining table going for $150. yes the original cost might be ten times more but i definitely wont even want it free. and the same table has been sitting in the shop taking up precious space for at least 6 months. likewise for some other stuff.


nothing is guarantee....but spending on luxury items (depend on one's definition) is okay if there is a budget for it.

just dont be greedy.

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