11.11, or Singles Day, originated as a clap back to Valentine’s Day by four Chinese bachelors at Nanjing University in 1993 who wanted to celebrate their singlehood. China’s Alibaba transformed it into a mega online shopping festival, and the idea gained traction worldwide. 11.11 has since become synonymous with massive shopping discounts and celebrations for singles.
Being single is amazing. You have the freedom to live your life as you see fit. You are not required to make compromises for your lifestyle. And since you’re single, you can be sure that you’re not wasting time on the wrong person and are focusing on what’s most important: yourself.
Whether you are happily single or seeking Mr or Ms Right, here are six empowering tips for living your best possible life as a single in Singapore!
#1: Power Your Career
With time on your side and fewer after-work commitments, singles have a greater opportunity to level up your career and boost your earning power.
Whether you’re gunning for a promotion or a transfer to a different role, craft a career plan to assess what you lack to move on to the next stage. Need greater exposure? Volunteer for various projects that will allow you to gain new networks and demonstrate new skills. Need guidance? Seek out a mentor.
Want to enhance your skillsets? Find out what professional development opportunities your company is sponsoring. Whether it’s an online course, certification, or conference, keep an open learning mindset, so you remain relevant and marketable in this changing economy. If your company doesn’t sponsor the courses you’re interested in, consider using your SkillsFuture credits. Depending on your age, some of you may have up to $1,500 in credits waiting to be tapped on – note that a portion of this will expire by 31 December 2025.
#2: Invest For The Long Term
While you may be working hard to earn a living, you would also want to grow your savings and prevent inflation from eroding your wealth. You can start investing after setting aside an emergency fund of 3 to 6 months for ‘rainy days’ to help tide you through financial difficulties.
Consider parking your emergency funds in MoneyOwl’s WiseSaver, a cash management account now at an attractive gross yield of 3.68% p.a. (5-day moving average as of 25 Nov 2022).
If you have no clue where to start, eliminate the guesswork by investing in MoneyOwl’s Dimensional Fund. Backed by Nobel-Prize-winning financial research, Dimensional Fund offers a suite of low-cost portfolios catering to those with different risk appetites. Dimensional Fund also gives you access to a globally diversified portfolio of over 8,000 companies instead of stock-picking, based on the proven philosophy that time in the market would generate better returns than timing the market.
#3: Keep Fit (For Free!)
We’re all for staying in shape, but gym subscriptions can be expensive. Health is wealth, so keep chronic diseases such as diabetes, high blood pressure and heart disease at bay by being active. Join the cycling and hiking movement and tap into our network of parks, nature reserves and park connectors. If nature is not your cup of tea, did you know that you can access a variety of free fitness events on our Singapore Health Promotion Board’s Healthy 365 app? Take your pick from virtual and studio classes ranging from Combat Fitness, Dance, HIIT (High-Intensity Interval Training), and Yoga!
#4: Protect What Matters
Suppose you have just begun working and have no financial dependents. In that case, you should prioritise getting an Integrated Shield plan for hospitalisation and surgeries to pay for any large medical bills, as well as critical illness and disability income insurance that is sized according to your income. These insurance plans are designed to replace your salary if you cannot work due to a medical crisis- severe illness or work-related disability. For those with elderly parents to support, you may top up your insurance portfolio to include coverage against premature death or Total Permanent Disability. The amount of coverage you need will depend on your financial situation at home.
The increase in life expectancies has contributed to a curious trend – falling term life insurance premiums. Now is the best time to buy a term life insurance plan! Hurry, indicate your interest here now. T&Cs apply. Valid from now till 15 January 2023.
Speak to MoneyOwl’s fully-salaried and conflict-free advisers for the most cost-effective plans tailored to your needs. Alternatively, check out our insurance comparison engine that helps you compare over 500,000 policies to get more bang for your buck
#5: Home Ownership
It is a dream for many singles to have their own space. However, buying a home may be challenging with the current hot housing market and rising interest rate environment. Hence, it is critical to do your sums to ensure that you can comfortably afford your home and not over-stretch yourself. Public housing would be more affordable due to the grants and subsidies but comes with more restrictions.
Turning 35 is a significant milestone for singles in Singapore because it means that you’re eligible to purchase a HDB flat, whether a resale or a Build-To-Order (BTO) flat.
For would-be homeowners, familiarise yourself with the Singles Singapore Citizen scheme and eligibility criteria. For comparison, refer to the table below to compare the differences and grants available to those deciding between a HDB BTO or resale flat:
|Criteria||HDB BTO Purchase||HDB Resale Purchase|
|Affordability||Starts from $97,000 (excluding grants)||Varies. Depends on location, size, condition of flat, and remaining lease.|
|Flat Type||2 Room Flexi-flats||Any|
|Location||Non-mature Estates only||Any|
|Income Ceiling||$7,000||None |
Income ceiling applies for grants and HDB loan
|Wait Time||Around 3 to 5 years||Almost immediate.|
|Grants Available||Eligible first-timers may apply for the Enhanced CPF Housing Grant (Singles) of up to $40,000||Eligible first-timers may qualify for the CPF Housing Grant for Resale Flats (Singles), which subsidises|
– $25,000 for purchasing a 2- to 4- room resale flat or
– $20,000 for a 5-room resale flat
Eligible first-timers may also qualify for the Enhanced CPF Housing Grant (Singles) of up to $40,000
Singles that choose to live near their parents may also qualify for the Proximity Housing Grant (Singles)
– $15,000 to live with parents
– $10,000 to live near your parents (within 4km)
Keep in mind to maintain your monthly debt-financing ratio to below 35% of your income, so you can continue to service your loan despite the higher interest rates in the current environment.
#6: Lead your Best Possible Life Today
Financial empowerment doesn’t happen by accident – start now by having a solid financial plan to help you create a stable foundation to make your aspirations a reality. Check out MoneyOwl’s Comprehensive Financial Planning services to map out your long-term financial goals, analyse any protection gaps and work towards a worry-free retirement! What’s more, NTUC Union members enjoy 75% off the fee at $24.75 (U.P $99) until 31 December 2023.
If you are looking for a safe place to park your emergency funds and earn a higher return than your regular savings account, WiseSaver could be for you. To celebrate MoneyOwl’s 4th anniversary, we are rewarding our customers with $20 worth of WiseSaver units^. What’s more! Refer a friend to get an additional $20 Grab voucher. This offer is valid till 31 December 2022, full details here.
As of 02 December 2022, the fund has a competitive yield of 3.97% p.a.*
* The WiseSaver rate is the gross indicative yield of the underlying cash fund, which may fluctuate as market and economic conditions change. It does not indicate the return you get for holding your investments for a year. We will update this rate periodically as the yield changes. Find the latest rates here.
^Terms and conditions apply. Click here to see the full terms and conditions. We will credit you with $20 worth of WiseSaver units as long as you set up your WiseSaver Portfolio (cash) (Note: You do not need to fund the portfolio to enjoy this promotion).
Disclaimer: While every reasonable care is taken to ensure the accuracy of the information provided, no responsibility can be accepted for any loss or inconvenience caused by any error or omission. The information and opinions expressed herein are made in good faith and are based on sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. Expressions of opinions or estimates should neither be relied upon nor used in any way as an indication of the future performance of any financial products, as prices of assets and currencies may go down as well as up and past performance should not be taken as an indication of future performance. The author and publisher shall have no liability for any loss or expense whatsoever relating to investment decisions made by the reader.
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