Great Expectation: How To Plan For Your Family’s Future (Part 3/3)

How To Plan For Your Family’s Future (Part 3/3)
No matter what your income level is, early planning for financial security is always the best course of action. Here, some tips on how to get started!

Click here to read Part 1

Click here to read Part 2

TIP 5: TAKE CONCRETE STEPS TO ACHIEVE YOUR FINANCIAL GOALS
With your goals identified, you can start exploring the available financial solutions to achieve these goals. For example, when building up savings for your children’s education, you could consider:

1. Putting an appropriate amount of savings in a bank deposit
2. Buying an endowment plan or investing in another longer term investment product
3. Investing long term in some blue chip stocks or funds

As can be seen from above, different financial solutions are available to achieve the same goal. For example, if you plan to buy life insurance to give you and your family financial protection against death and permanent disability, there are a few types of common insurance plans such as whole life plans, endowment plans, term insurance or investment-linked plans to consider.

You should shop around and understand the key features of each product before deciding which product best serves your needs.

CHECKLIST FOR A BRIGHTER FINANCIAL FUTURE FOR YOU AND YOUR FAMILY

1. Set up a monthly budget.
2. Set aside an emergency fund consisting of six months of your monthly salary.
3. Identify your financial goals and objectives.
4. Know what your net worth (assets minus liabilities) is.
5. Protect your family and yourself against risks such as accidents and loss of income.
6. Know how much you need for your retirement and know how much CPF savings you will have when you retire.
7. Have a proper plan to reach your financial goals and objectives.
8. Put aside some money in investments to grow your wealth.
9. Review your financial plan regularly.

Some families may be more comfortable developing their own financial plan. However, it might be appropriate to engage a financial adviser (FA) to assist with planning if you need expert advice. However, do take note of the following when engaging a FA:

1. Deal only with FA regulated by the Monetary Authority of Singapore (MAS)
2. Engage an FA with proper qualifications and experience
3. Make sure you ask for documentation and keep your documents safely
4. When in doubt, always seek clarification and ask for more information
5. Beware of verbal promises and guarantees of unrealistic returns

Remember: Ultimately, your financial plan belongs to you and your family. It is your responsibility to ensure that you understand your plan and stick to it.

You can also log on to www.moneysense.gov.sg and check out The MoneySENSE Guide to Planning for Your Family’s Financial Future for more information and tools on how to get started.

This information is provided by the Insurance and Financial Practicioners Association of Singapore (IFPAS) and Life Insurance Association (LIA) as part of the MoneySENSE national financial education programme.

Source: Great Expectation: How To Plan For Your Family’s Future (Part 3/3)

Great Expectation: How To Plan For Your Family’s Future (Part 2/3)

How To Plan For Your Family’s Future (Part 2/3)
No matter what your income level is, early planning for financial security is always the best course of action. Here, some tips on how to get started!

Click here to read Part 1

FIVE TIPS TO BASIC FINANCIAL PLANNING FOR YOUR FAMILY

TIP 1: PREPARE AND STICK TO A FAMILY BUDGET TO KEEP EXPENSES IN CHECK

A budget is a useful tool for families to monitor their income and expenses. Without a budget, we may not be able to keep track of the many bills and expenses we incur.

Steps to prepare a family budget:
1. Create a list of all monthly income, e.g. salary and wages.
2. Create a list of planned or targeted expenses and a list of all actual monthly expenses. If an expense is not incurred monthly, pro-rate it on a monthly basis.
3. Set aside a fixed amount of savings every month. You should aim to save at least 10 per cent of your monthly income and have savings equivalent to six months of your salary as emergency funds at any point in time.
4. Make sure your expenses and the amount set aside for savings do not exceed your income. If you are overspending, reduce your expenses accordingly.
5. Review your budget regularly.

You may also wish to consider involving your family members in drawing up the family budget so that it becomes a shared responsibility.

TIP 2: DIFFERENTIATE BETWEEN “NEEDS” AND “WANTS”
Our decision to spend is usually motivated by “needs” and “wants”. “Needs” relate to the essentials in life, something you cannot live without, e.g. rent or mortgage or food. “Wants” are usually things that we desire, such as the latest IT gadget or a new fancy handbag. Do a reality check before taking the plunge. Ask yourself the following questions:

1. Do we really need the item?
2. Is it worth waiting and saving up for?
3. Is there a cheaper alternative?

TIP 3: IDENTIFY FINANCIAL PRIORITIES
Priorities change at different life stages. For example, a family with young children may have the following priorities:
1. Ensuring sufficient income to maintain household expenses
2. Saving for the children’s education
3. Retirement planning

Do review your priorities regularly, especially at different stages of your life and whenever your family circumstances change. These could include events such as starting work, getting married, buying a home, having children or reaching retirement.

TIP 4: TRANSLATE PRIORITIES INTO FINANCIAL GOALS
Once we have identified our priorities, we can proceed to take steps to make them our financial goals. For each goal, determine how much funds you need to accumulate and the time available to accumulate the funds.

For example, if your priority is to ensure adequate income for your family in case of unexpected events, you may wish to review your insurance policies and calculate the optimal level of insurance coverage required.

Similarly, if your goal is to save for your children’s education needs, you may wish to start by projecting how much tuition fees might be by the time your children start university and the time available to accumulate such funds.

NEXT: TIP 5 – TAKE CONCRETE STEPS TO ACHIEVE YOUR FINANCIAL GOALS

This information is provided by the Insurance and Financial Practicioners Association of Singapore (IFPAS) and Life Insurance Association (LIA) as part of the MoneySENSE national financial education programme.

Source: Great Expectation: How To Plan For Your Family’s Future (Part 2/3)

Great Expectation: How To Plan For Your Family’s Future (Part 1/3)

How To Plan For Your Family’s Future (Part 1/3)
No matter what your income level is, early planning for financial security is always the best course of action. Here, some tips on how to get started!

STARTING a family is probably the biggest responsibility you’ll undertake. Taking care of your spouse, your kids and your extended family requires much thought, attention and love. It also means having to manage your finances right.

WHY PLAN NOW?
Most of us are going to live longer. Fifty years ago, the average life expectancy in Singapore was just 61 years old. Today, the average life expectancy is 80 years old and many people will live beyond that. If we want to ensure our golden years are smooth and pleasant, we need to be self-reliant and start financial planning early. Our plans need to take into account rising costs, an ever-changing job environment, and most importantly, our growing families.

The lessons we learn from planning and managing our finances will also be invaluable to our children. Passing on good money management habits to our children should hopefully translate into lives less troubled by monetary woes. With increasingly smaller families, there will be fewer economically active persons to support an elderly one. Therefore, it is important to plan early for a secure retirement as well as reduce some of that burden for our younger family members.

Our financial security and that of our family’s is our responsibility, no matter what our income levels. A healthy CPF balance helps but may not be enough. Everyone should have a financial plan, tailored to our needs, lifestyle preferences, attitudes to finance and appetites for risk. Our plans might also reflect the different life stage we are at.

WHAT IS FINANCIAL PLANNING?
Financial planning should minimally comprise setting some financial goals or objectives and mapping out how we achieve them. A financial plan should minimally cover the following areas:

Cash-flow Management: this is about living within our means. Our expenses should never exceed our incomes and ideally we should be setting aside sufficient money and other assets to meet future financial goals.

Risk Management: this refers to taking precautions to make sure that our families will have enough income to live on in the event of unforeseen circumstances such as premature death, disabilities or illness.

Investment Planning: this relates to investing our savings to meet our investment goals and grow our wealth. There are many financial products and investments to choose from depending on a person’s appetite for risk and understanding of the different products.

Retirement Planning: this relates to building up wealth during our working years to achieve financial independence when we retire.

NEXT: FIVE TIPS TO BASIC FINANCIAL PLANNING FOR YOUR FAMILY

Source: Great Expectation: How To Plan For Your Family’s Future (Part 1/3)

Expert Advice on Home Security (Part 2/2)

Securing The Home…And Peace Of Mind
The importance of home security can never be overemphasised and goes beyond the brick-and-mortar of our house. We hear from Corinna Choong, Senior Vice President, Group Marketing & Communications of Certis CISCO, on how to keep me and mine safe and sound.

By Nadya Huang | Photos courtesy of Certis Cisco |
reprinted with permission from “Expert Advise” by Home Concepts magazine

Click here for Part 1

OTHER MEASURES TO TAKE TO MAXIMISE HOME SECURITY

• Avoid being complacent and be vigilant of and report suspicious characters loitering in the vicinity of your home to the police

• Keep abreast of the latest modus operandi of criminals. Examples include deception and impersonation of government officials/ regulatory authorities; gaining entry through false ceilings, ventilation openings, rubbish chutes; using adjacent properties as a platform to break-in, etc.

• Ensure that all family members especially the young and senior citizens are periodically reminded not to allow strangers into the home

• Ensure all doors and windows are secured when leaving the home even for a short while

• Avoid keeping large amounts of cash and valuables in the home

• Change locks when keys are misplaced and/or when given to renovation contractors

SHOULD YOU BE AWAY FOR EXTENDED PERIODS OF TIME, AVOID GIVING SIGNS THAT YOUR HOME IS UNOCCUPIED

• Cancel your newspaper and magazine subscriptions; avoid leaving notes to indicate your absence even for short durations; use timer switches to turn on the lights to give the impression that your home is occupied

• Ask neighbors and/or trusted persons to keep an eye on your home while you are away and to remove unsolicited brochures left outside the entrance of the home

• Inform your Neighborhood Police Centre that you will be away from home

Source: Expert Advice on Home Security (Part 2/2)

Expert Advice on Home Security (Part 1/2)

Securing The Home…And Peace Of Mind
The importance of home security can never be overemphasized and goes beyond the brick-and-mortar of our house. We hear from Corinna Choong, Senior Vice President, Group Marketing & Communications of Certis CISCO, on how to keep me and mine safe and sound.

By Nadya Huang | Photos courtesy of Certis Cisco |
reprinted with permission from “Expert Advise” by Home Concepts magazine

WHAT BASIC FEATURES SHOULD A HOME SECURITY SYSTEM HAVE?
For homes, a security system with an intrusion detection feature is a musthave. The system will be triggered if a door or window is tampered with. Some homeowners may install a CCTV to monitor home situations where there are elderly parents, young children and maids.

A sound home security solution should give you round-the-clock protection, monitoring against break-ins, fire and other dangers. Linked to Certis CISCO’s 24-hour alarm monitoring centre, our home security solution has the following features:

• Signage (Deters burglars)
• Siren (Alerts your neighbours and discourages further attempts)
• Alarm monitoring (Notifies you and sends help when alarms are set off)
• Duress alarm (Enter a duress code instead of the access code to disable the alarm; a duress signal is sent to the centre for help)
• Smoke detector (Alerts you to a fire when you are home; ensures the SCDF is notified promptly)
• Panic alarm (Sends a signal to the centre when activated via the control panel/key fob. Help will then be sent your way)
• Pendant panic button (Ideal for the elderly or infirm; can be clipped onto clothing or mounted by the bedside)

WHICH ARE CURRENTLY THE MOST COMMON AND POPULAR SECURITY GADGETS?
For homes, the most common and popular security gadgets would include RFID readers, card readers, PIN readers, and magnetic locks for doors and alarms.

WHAT ARE THE COMMON MYTHS ABOUT HOME SECURITY? DO YOU THINK PEOPLE ARE CONCERNED ENOUGH ABOUT HOME SECURITY?
There is a general complacency and mindset that “it will not happen to me”. As Singapore, by world standards, is still relatively safe, Singaporeans may not be overly concerned about home security. But we do see an upward trend of people seeking professional advice and service to safeguard their home and loved ones.

HOW DO YOU THINK HOME SECURITY TRENDS ARE GOING TO CHANGE? WHICH IS THE MOST SIGNIFICANT?
I believe that homeowners will benefit through education and awareness of the crime situation and that cost-effective solutions are available. With greater education and awareness, homeowners will be more likely to invest in home security systems to protect their loved ones and home.

HOW DO WE KNOW IF THE PERSON INSTALLING OUR SYSTEM IS TRUSTWORTHY?
Engage a reputable security company. Such organisations will have strict Selection criteria for technicians and engineers. For example, at Certis CISCO, our engineers are recruited through a rigorous selection process. When [they] conduct site surveys or install systems, customers can verify their identities through uniforms and the company-issued photo ID. Upon installation, our engineers will always advise customers to change the default password to a personalized one.

HOW OFTEN SHOULD WE MAINTAIN OUR SECURITY SYSTEM?
Home security systems should be periodically tested to ensure they are in good working condition. As good practice, security systems need to be maintained every six months.

Click here for Part 2

Source:Expert Advice on Home Security (Part 1/2)

Help, My Son Still Can’t Read! (Part 2/2)

Help, My Son Still Can’t Read!
(Click here to read previous chapter)

Don’t worry, there’s a number of reasons and steps to overcome this

By Vanessa von Auer | reprinted with permission from Today’s Parents Magazine

ONCE you identify one or more of the core problems affecting your son, you can now be proactive:

Social/Emotional: Involve your son’s school, teachers and peers. Provide him with much encouragement to strengthen his confidence and sense of self-worth. Help make going to school enjoyable to him.

Psychological: Motivate your son by making reading enjoyable. Some examples of turning a boring reading exercise into an exciting one would be “flashcards baseball”. Put some words he struggles with on a flashcard. Get him to try and read or sound them out. When he is able to complete this, he is allowed to move to the next base (which could be parts of the home environment i.e. the couch, the chair, etc.).

If he is able to read a complex word or sentence, he gets a homerun. This is just one example of adapting something very mechanical into something stimulating. The extra “mommy time” will also be very much appreciated! Get creative, folks! The more fun your son has the faster he’ll learn.

Developmental: If it does seem that your son is struggling more than usual with his words and has no other emotional or psychological challenges, then it is time to seek a psychoeducational assessment from your friendly neighbourhood clinical or educational psychologist.

This professional will be able to provide you with detailed insight into your son’s developmental difficulties. Identifying his core weaknesses are important so that he can receive appropriate intervention.

It is best to do so at an early age because as your child enters primary school, he will notice at some point that he is not able to keep up with his peers and feel “different”. Without further appropriate intervention, he will grow up thinking that he is not as good as his peers and his self-esteem will plummet.

Vanessa von Auer is a clinical psychologist whose passion consists of working with children and their families to ensure a healthy and happy family environment. She runs the VA Psychology Centre (VAPC), a centre that offers a variety of psycho-socio-emotional services to children, teenagers and adults.

Source: Help, My Son Still Can’t Read! (Part 2/2)

Help, My Son Still Can’t Read! (Part 1/2)

Help, My Son Still Can’t Read!
Don’t worry, there’s a number of reasons and steps to overcome this

By Vanessa von Auer | reprinted with permission from Today’s Parents Magazine

FIRST thing’s first – don’t panic! There are a plethora of reasons why your son may not be reading yet. The other tidbit you should know is that your son is not the only one who may not be reading at his age yet.

Being able to calm yourself is essential so that you can be the best “researcher” you can be.

You now need to proactively examine what is delaying your son’s reading development. There are the following possibilities: social/emotional, psychological and developmental.

Social/emotional: If he is not reading because he is having a difficult time at school (i.e. with peers, teachers, separation anxiety, etc.) then this is something that can be easily remedied by involving teachers (integrating him more effectively in the classroom cliques) or his peers (i.e. by inviting them to a sleepover, taking them to an amusement park, etc).

Psychological: Your son maybe averse for some reason to reading. It may not be stimulating or fun enough. Then, when we add the constant reminders that parents often do e.g., “it’s time to do your homework”, or “you can’t go swimming until you finish your reading comprehension”, he may wish for you to believe he can’t read at all to delay the unpleasant consequences of having to read.

Another reason may be related to attentional issues. If he has younger siblings who need more attention, he may temporarily regress to get mommy to sit with him while he reads.

Developmental: Your son may be coping with a learning difficulty. The causes of such difficulties are not well established but it seems to be a real biological/developmental problem. Your son is not being a rebel but he truly has difficulty with stringing sounds together, reading sentences or making sense of the words on his book page.

Click here to read Part 2: Once you identify one or more of the core problems affecting your son you can now be proactive.

Source: Help, My Son Still Can’t Read! (Part 1/2)

Cyprus the Perfect Holiday Destination (Part 2/2)

Where To Travel: Cyprus (2/2)
The weather is but one factor that makes this beautiful island so appealing to the countless people who return year after year

Click here for Part 1

For people who just want to relax without being hassled Cyprus is the perfect holiday destination. With miles of sandy beaches and delightful secluded bays you are sure to find somewhere to chill out whilst you enjoy all that Cyprus sun. The island is steeped in centuries of rich cultural history so there is more than enough to keep even the most enthusiastic culture vultures occupied. If you want to see more of Cyprus whilst on your holiday be sure to check out the many excursions that are on offer to all those places of interest. Or even better, you could take advantage of some of the excellent Cyprus car hire deals and enjoy the freedom of seeing Cyprus at your own pace.

However you decide to enjoy your holiday in Cyprus whether it’s relaxing on the beach or taking in the vibrant night life of the many bars and resturants the island has something for everyone. From pretty little coastal resorts tucked avoiding the hustle and bustle to the thriving holiday towns with every possible amenity. Until you experience Cyprus for yourself you can never completely fathom why so many holiday makers return to her beautiful shores year after year. In fact some of those visitors have so fallen in love with her that they have purchased a home of their own there but that’s another story. Enjoy Cyprus!

Source: Cyprus the Perfect Holiday Destination (Part 2/2)

Cyprus the Perfect Holiday Destination (Part 1/2)

Where To Travel: Cyprus (1/2)
The weather is but one factor that makes this beautiful island so appealing to the countless people who return year after year

By: Kev Moore

Cyprus is just about as far south as Greece extends before you reach the Middle East and Egypt. This is why the island is blessed with over 320 days of glorious Mediterranean sunshine every year and the temperature seldom drops below 18c even in winter. That’s if you can call December to February a winter at all. So if it’s sunshine holidays you are after then perhaps you should consider taking your next vacation in Cyprus. The weather is only one factor however that makes this beautiful island so appealing to the countless people who return there year after year for more of the same.

Once you arrive in Cyprus you could be forgiven for thinking that you have in fact landed back in the U.K. but in some alternate reality because Cyprus as often been referred to as England with the sun. Most Cypriots speak excellent English as a second language and it’s taught in all the schools even at primary level. They drive on the left and all the road signs are in English as well as Greek so getting around is much the same as back home but without all the congestion or hassle. perhaps this is why so many ex pats settle in Cyprus to enjoy their retirement in the sun.

There is good reason why Cyprus is so “English” and why so many Cypriots embrace English culture so readily in fact there are two factors that have influenced Cyprus in this way. The main reason Cyprus is so English is due to the British occupation of the Island from 1923 to 1960 after which time Cyprus became a stand alone republic although an agreement was reached allowing Britain to keep several military bases as sovereign or crown property. Another strong influence has come from the large Anglo Cypriot community which established itself in the U.K. during the years of British rule especially around the London area. As many of these “English” Cypriots have returned home they have brought the British influence of business and culture with them too. Despite this European influence Cyprus still retains its own culture both in language and customs which is what makes it so unique.

There aren’t many places left in the world where you can leave your doors unlocked or walk the streets in the dead of night without fear of molestation but Cyprus is one of them. The island boast one of the lowest crime rates in Europe which makes it a great place to live. Sure there are “bad apples” where ever you go and Cyprus has its share too but they are a minority and the Cyprus authorities have been known to permanently expel some criminals from the island altogether. If you are one of those people who also hate being accosted by street vendors forcing their tat onto you and your family take heart because the authorities are pretty strict there too.

Click here for Part 2

Source: Cyprus the Perfect Holiday Destination (Part 1/2)

Spa Review: Aramsa Spa (PART 2/2)

SPA REVIEW
Aramsa Spa: A Lush Haven In An Urban Jungle
Click here for Part 1

By Kareena Ally | reprinted from www.streetdirectory.com
Photos Robert J. Steiner

SPOILT for choice, I opted for the Lavender Drizzle. Attended by Ivy, the therapist, the session started with a foot wash. We then proceeded to the treatment bed for an oil-prep, followed by a lavender floral exfoliation. Then, it was off for a warm shower in the adjoining outdoor garden amidst the greeneries and nature. The shower facility, which included a sunken bathtub, was designed to be hidden from prying eyes or high-rise building heightens.

Then, it was an hour of blissful Aramsa Touch massage. To my delight, I was serenaded not only by the soothing background music but also by the melodic chirping of birds and sounds of nature. The therapy ended with a relaxing facial, which enhanced my overall therapeutic spa experience.

The SD Advisor’s take on Aramsa Spa
The whole spa experience left me feeling totally rejuvenated. As a person who loves nature and spa, this combination is heaven sent. Indeed, how often do we, considering our hectic lifestyle, take time to appreciate the bounties of nature?

At Aramsa Spa, one gets to enjoy a “room with a view” while relaxing and, at the same time, nurturing one’s well-being. Moreover, it is a spa getaway within Singapore that all the bells and whistles you’d normally get in spas overseas. Best of all, it comes at a fraction of what it may just have cost you for a quick getaway – you can use the extra money for additional pampering.

Kareena Ally is a former school teacher and a holder of Master of Social Sciences degree. She is pursuing her writing career while being mother to two boisterous boys. Kareena has a keen sense of humour, enjoys traveling, reading and meeting people and is a fan of online shopping. She has a knack for finding good buys and an eagle vision when it comes to value-for-money deals.

Source: Spa Review: Aramsa Spa (PART 2/2)