I once lost money that could’ve bought me a brand new 5-room HDB flat

Imagine buying a brand new 5-room HDB apartment. Now, imagine losing all that money instead. Yep, that happened to me.

During a time when my physical and mental health were both taking a hit, I found myself in a confusing, in-between phase of life in 2021. I was grateful to have a roof over my head (and food on the table), even if it wasn’t my own. And I was especially thankful that I had built up enough work experience over the years to stay employable.

I had zero sense of financial literacy despite having a Bachelor's degree. I had been repeatedly gaslit and ended up falling prey to multiple scams. Those who knew about this called me names like "stupid" and "worthless". My self-esteem became non-existence. I criticized myself for being so vulnerable to manipulation... until at age 40 when I learned the reason for my gullibility.

Here's what helped me get my finances back on track

Disclaimer:

I'm not going to talk about investments. I'm not a financial planner or wealth guru, neither would I consider myself a fin-influencer. Here, I'm going to share the basic money management tips that helped me rebuild my finances. Do talk to a licensed financial planner if you need help to sort out your personal situation.

My situation at that time: I was 'homeless' as a newly divorced woman (no children), facing job insecurity, and feeling obliged to maintain a monthly allowance for my retired parents.

• Having clarity of my financial situation. How much cash do I have in my purse? What is my savings account balance? Is the bank charging a fee if I do not maintain a certain minimum balance? Am I sufficiently protected with my current insurance coverage? Would it cheaper if I pay insurance premiums on an annual basis? How much can I save each month from my take-home pay after taking into account the necessary expenses? I carefully track every dollar and cent, and saved 40-60% each month after deductions.

• Get ahead of what's coming and unavoidable. Setting aside a monthly allowance for my retired parents. How much outstanding credit card bill am I expecting to pay off in the coming cycle? On the average, how much do I incur each month for food, transport, health, and mobile data plan? Have I fully paid my personal income tax and insurance premiums for the year? What medical appointments have been scheduled, and how much would they likely cost? Are there any costs that can be negotiated, or paid later without a penalty?

• Trimming the non-essential expenses. With more telcos in Singapore, can I find a more competitive mobile data plan? Do I need to subscribe to so many entertainment platforms and software packages for my family? Are they even using? Do I need to buy books, or can I read from the library? Do I need to eat out X number of times a week? Can I nudge myself to keep each meal below SGD 5, and bring a water bottle everywhere? There was even a period where I refuse to leave the house... costs can quickly add up with the social pressure to spend when you're out with friends.

• Maximizing my savings. As I spend a lot on household groceries at Fairprice supermarket, I decided to get a TRUST BANK account and credit card. If you are interested to sign up with TRUST, download the Trust Bank SG App on the App Store or Google Play Store, tap on "Get Started" and key in my referral code C941VYDT, so we'll both get awarded (rewards depends on the promotion at the moment). Find out more on Trust Bank SG website. Terms and conditions apply.

• Taking better care of my physical health. Earning a living can be stressful, but I do not wish to be diagnosed with another cancer and undergo through treatment again. I figured, with better health, I would less likely fall sick and incur medical fees. I'm still working on my weight so there is less strain on my knees, less risk of heart conditions, and thus less likelihood of hospitalization. Thankfully my health showed signs of improvement, and I was able to switch from private providers to the public system. When I was out of work, and later support 3 of us with my pay, I was eligible to apply for the blue CHAS card. The subsidies helped a lot especially with my complex chronic conditions.

• Taking better care of my mental health. Gratefully, my new employer back then offered free mental health support through their corporate plans. I learned that mindfulness is not a woo-woo practice and became my receptive of the resources and tools available. Now, I have a better handle on my anxiety and fears, and am a mental wellbeing advocate in my workplace. If you do not have access to such resources, check out MindSG within Health Hub. Calm Collective also offers a free, safe and non-judgmental space for peer-to-peer sharing sessions.

Finally, I asked myself. What is enough? What is my definition of success? The things I'm looking for in life are different from the material wants that many people are after. Perhaps the numerous ordeals, one after another, in a very short period, made me better appreciate what I have, and want out of a rat race. Autistic burnouts have become increasingly frequent for me with the onset of perimenopause symptoms.

I had a good conversation with a new friend yesterday, and conclude there ought to be a more sustainable way to earn a living in Singapore. And if non-existent now, my entrepreneur friend declared to pioneer this one day soon. Looking forward!