Great, this is a not here not there post. What have I got myself into..
Anyway, for those first time or would be parents, if there is any admissions needed at night, if one is able to control, please do so after midnight. Any admission before midnight , there will be a full day room charges even though one may stay the first few hours inside the delivery ward. I had disputed on this cost before, the hospital claim that since I had already been admitted, they need to reserve the bed for me, in case my baby decided to make a fast exit. FYI, I was admitted to do induction on the hindsight of my gynae who either do not know how the hospital charge or pretend he did not know, but then again he is a good gynae, at 11.30pm. I do not know the history of the child birth timing of the hospital, but to go from 1cm dilation to 10cm and pop a baby within 30minutes, I really had no idea how it can be done.
For the hospital items, please bring home whatever is allow. The pack of baby diapers, sanitary pads are included inside the bill, please take home. If possible, try to ask for a few bottles of extra formula milk, so at least one can rush to the nearest NTUC or whatever shop to buy formula milk. For me, my babies drink the same formula milk as the hospital provide.
That should be all, as the final bill from the hospital will be send to home for additional payment if any to be made.
Wednesday, November 30, 2011
Monday, November 28, 2011
Children - Preparation for the arrival
This will be a quick post of what to buy.
Breast Pump - If one intend to breast feed for long, please consider buying the medela pump in style. It make the breastfeeding journey much easier as babies are unpredictable. If one is able to afford, at least buy a electric pump, using a manual pump is really NO JOKE, especially one need to pump at 3hours interval in order to establish the supply initially.
Clothings - Babies need new clothings. Or best if one is able to get hand me down as the first few months they grow so quickly. Do not buy newborn size, my children are born BIG, they do not fit in newborn size when they are newborn. Please buy those with buttons all the way down, newborns have very soft head and fragile neck, wearing clothes thru the head is a scary experience.
Baby carrier - Buy a good one. This is a neccessity if one is going out often. I bought an ERGO brand for my #2 which I used till she was too heavy to be carried. I believe the design of this carrier enhance the bonding between the carrier and the baby. My #2 is always found napping whenever we are out, which shows she is so comfortable.
Pram - Not really needed if one had a good carrier. It blocks the passageway, hard to get into crowded train, a hazard on escalator. But the main usage is when the child is unable to sit upright during mealtime out of the house.
Milk bottles - Do I have to say more? For a peace of mind, buy those that are BPA free.
Sterilizer - For milk bottles. Have those new microwave type, but for health reasons, I rather not use them, will stick to traditional steam type.
Breast Pump - If one intend to breast feed for long, please consider buying the medela pump in style. It make the breastfeeding journey much easier as babies are unpredictable. If one is able to afford, at least buy a electric pump, using a manual pump is really NO JOKE, especially one need to pump at 3hours interval in order to establish the supply initially.
Clothings - Babies need new clothings. Or best if one is able to get hand me down as the first few months they grow so quickly. Do not buy newborn size, my children are born BIG, they do not fit in newborn size when they are newborn. Please buy those with buttons all the way down, newborns have very soft head and fragile neck, wearing clothes thru the head is a scary experience.
Baby carrier - Buy a good one. This is a neccessity if one is going out often. I bought an ERGO brand for my #2 which I used till she was too heavy to be carried. I believe the design of this carrier enhance the bonding between the carrier and the baby. My #2 is always found napping whenever we are out, which shows she is so comfortable.
Pram - Not really needed if one had a good carrier. It blocks the passageway, hard to get into crowded train, a hazard on escalator. But the main usage is when the child is unable to sit upright during mealtime out of the house.
Milk bottles - Do I have to say more? For a peace of mind, buy those that are BPA free.
Sterilizer - For milk bottles. Have those new microwave type, but for health reasons, I rather not use them, will stick to traditional steam type.
Wednesday, November 23, 2011
Insurance - Critical Illness Coverage
Had this living assurance policy that start in the year 1993. This policy under my Dad's name initially with me under the life assured. But I had transfer it to my own policy in 2010.
The coverage amount is relatively small, basic sum assured is only at 15k. A prenium of $28 is payable monthly for 74 years (WAH!!! I will be 87 by then) or until the death of life assured, if earlier, or until the life assured contracts a major illness as defined in Endorsement No. 51. Under my Endorsemen No. 51, it is still under 10 major illness. Gasp! Time to contact the advisor (the advisor who had sold us this product had quit back in 2003).
Looking at the quotation which the words had actually fade to a point, think it will be unreadable in another 5 years, and currently econnect from the Great Eastern life is under system maintainence, unable to check the cash value.
Total Prenium paid for 74 years will be 23898.30. Gasp! My prenium paid is more than sum assured!!!!
Will I be keeping this policy?
Of course! I had reviewed my whole life policy previously, my critical illness or living benefits only covers till age 64.
The coverage amount is relatively small, basic sum assured is only at 15k. A prenium of $28 is payable monthly for 74 years (WAH!!! I will be 87 by then) or until the death of life assured, if earlier, or until the life assured contracts a major illness as defined in Endorsement No. 51. Under my Endorsemen No. 51, it is still under 10 major illness. Gasp! Time to contact the advisor (the advisor who had sold us this product had quit back in 2003).
Looking at the quotation which the words had actually fade to a point, think it will be unreadable in another 5 years, and currently econnect from the Great Eastern life is under system maintainence, unable to check the cash value.
Total Prenium paid for 74 years will be 23898.30. Gasp! My prenium paid is more than sum assured!!!!
Will I be keeping this policy?
Of course! I had reviewed my whole life policy previously, my critical illness or living benefits only covers till age 64.
Saturday, November 19, 2011
Children - The beginning
After managing to stay together through thick and thin, children seem like the next milestone for some families. For those who do not wish to have any, I really envy you at this point of time. But according to Uncle CW8888, he holds different views.
Some woman do not get pregnant easily, or some may tried to follow some old wives myth counting the days to get the gender of kids they like. Nowadays, there are ovaluation strips. I do not know how they work. Basically the strip will react to certain chemicals in the urine to give positive results if one is ovaluating.
Not forgetting the pregnancy test kit. Most women will confirm using a couple of test kit to double confirm they are really pregnant before booking an appointment with the gynae.
Gynae do not comes cheap. Here is the cost for KK Hospital. This just cover the basic, vitamins and additional testing are charged extra. There are packages that are available for most gynae, which is deductable through the medishield, but take note, deducting this package charge from medishield may cause a more expensive bill when one actually delivered. If one choose to pay via cash for packages, the allowable deduction from medishield during delivery will be higher for pateints taking Ward A and B1. The difference between Ward B1 and B2 is huge, so if one intend to be under Ward B2, taking the package under medishield may not have vast difference in the cash portion of bill.
Edited: How can I forgot!!! Vitamins like folic acid during the first 3 months, calcium, Obamin (multi-vitamins) and the ULTRA expensive fish oil that is supposed to be good for the brain (FYI, this fish oil capsule is one of the most yucky I ever had eaten... and most breastfeeding mothers are actually encourage to take them throughout breastfeeding)
Maternity clothings. When women are pregnant, most start to shop for new clothings to make room for the expanding tummy. Maternity clothings are by far the most expensive clothing I had ever afford. Unless one start using pants extenders to continue wearing the pre-pregnancy bottoms.
The decision to having a baby do not come cheap. Will talk more about it later.
OT83, this post is not to encourage your decision of not having children. But a post to let you know about what costs are there if you ever decide to have one.
Some woman do not get pregnant easily, or some may tried to follow some old wives myth counting the days to get the gender of kids they like. Nowadays, there are ovaluation strips. I do not know how they work. Basically the strip will react to certain chemicals in the urine to give positive results if one is ovaluating.
Not forgetting the pregnancy test kit. Most women will confirm using a couple of test kit to double confirm they are really pregnant before booking an appointment with the gynae.
Gynae do not comes cheap. Here is the cost for KK Hospital. This just cover the basic, vitamins and additional testing are charged extra. There are packages that are available for most gynae, which is deductable through the medishield, but take note, deducting this package charge from medishield may cause a more expensive bill when one actually delivered. If one choose to pay via cash for packages, the allowable deduction from medishield during delivery will be higher for pateints taking Ward A and B1. The difference between Ward B1 and B2 is huge, so if one intend to be under Ward B2, taking the package under medishield may not have vast difference in the cash portion of bill.
Edited: How can I forgot!!! Vitamins like folic acid during the first 3 months, calcium, Obamin (multi-vitamins) and the ULTRA expensive fish oil that is supposed to be good for the brain (FYI, this fish oil capsule is one of the most yucky I ever had eaten... and most breastfeeding mothers are actually encourage to take them throughout breastfeeding)
Maternity clothings. When women are pregnant, most start to shop for new clothings to make room for the expanding tummy. Maternity clothings are by far the most expensive clothing I had ever afford. Unless one start using pants extenders to continue wearing the pre-pregnancy bottoms.
The decision to having a baby do not come cheap. Will talk more about it later.
OT83, this post is not to encourage your decision of not having children. But a post to let you know about what costs are there if you ever decide to have one.
Clearing cobwebs
The frog came out to eat the spiders. Now clearing cobsweb.
wahaahhahahahahahaha
Ok will continue writing. Had a wonderful break from writing.
wahaahhahahahahahaha
Ok will continue writing. Had a wonderful break from writing.
Tuesday, October 11, 2011
Turning 31...so what next?
I am writing this post in view of myself turning 31.
Let me re-cap what I had done so far.
Started this personal finance journey after reading a couple of books, came to realise most personal finance book talk about similar stuff.
I get to know about this thing called Magic of compounding. It simply rule of 72, it justsimple lets say u have 1000, to make this amount double, just divide 72 by the interest rate (annum) to know how long it takes. For eg, 8% per annum will be 72/8 = 9 yrs. 4% will be 72/4 = 18 years for amount to be doubled, provided all interest are not taken out and left to compund.
I read from "The richest man in Babylon" the 7 golden rules ( I may write more about it later)
Started to earn some dividends from stocks that I had owned.
Saw my portfolio decrease by 10% due to the recent volatile market.
Things I want to do for the following year:
If possible, try to increase my salary.
Try to invest more.
Learn to read annual reports, put those I learn to use.
Learn TA, if possible try to do charting to know when I should enter or exit the market
Save my dividends, currently I am eating them up.
Ok what else? I really quite clueless.
Everything starts with a small step.
Let me re-cap what I had done so far.
Started this personal finance journey after reading a couple of books, came to realise most personal finance book talk about similar stuff.
I get to know about this thing called Magic of compounding. It simply rule of 72, it justsimple lets say u have 1000, to make this amount double, just divide 72 by the interest rate (annum) to know how long it takes. For eg, 8% per annum will be 72/8 = 9 yrs. 4% will be 72/4 = 18 years for amount to be doubled, provided all interest are not taken out and left to compund.
I read from "The richest man in Babylon" the 7 golden rules ( I may write more about it later)
- Start your purse to fattening
- Control your expenditures
- Make your gold multiply
- Guard the treasures from loss
- Make of your dwelling a profitable investment
- Insure a future income
- Increase the ability to earn.
Started to earn some dividends from stocks that I had owned.
Saw my portfolio decrease by 10% due to the recent volatile market.
Things I want to do for the following year:
If possible, try to increase my salary.
Try to invest more.
Learn to read annual reports, put those I learn to use.
Learn TA, if possible try to do charting to know when I should enter or exit the market
Save my dividends, currently I am eating them up.
Ok what else? I really quite clueless.
Everything starts with a small step.
Friday, October 7, 2011
Insurance - SO's Single premium ILP
Lets do a re-cap. To know about the difference between ILP. Please refer to this blogpost
For my SO's regular savings ILP, its here
SO had 3 single premium ILPs. 2 bought via CPF-OA the other via CPF-SA.
Lets start with the CPF-SA.
Total single premium invested: $5810.
Date started: 25 March 2004.
Fund portfolio: AIA Acorns of Asia Fund
Full sum assured for standard life: $9000
Surrender value as of 28 March 2011: $7XXX.
XIRR: 4.6%
CPF-OA
Total single premium invested: $12000.
Date started: 25 March 2004.
Fund portfolio: AIA Acorns of Asia Fund
Full sum assured for standard life: $18000
Surrender value as of 28 March 2011: $16XXX.
XIRR: 4.6%
Total single premium invested: $22200.
Date started: 12 March 2005.
Fund portfolio: AXA Inspire
Surrender value as of 11 July 2011: $2XXXX.
XIRR: 4.7%
Currently, all 3 plans exceed the interest rate of CPF board.
I had plan to stop SO's CPF-OA plan only after 8 years, when this lump sum is enough to fully pay the housing loan from HDB which is 0.1% above prevailing CPF interest rate.
For my SO's regular savings ILP, its here
SO had 3 single premium ILPs. 2 bought via CPF-OA the other via CPF-SA.
Lets start with the CPF-SA.
Total single premium invested: $5810.
Date started: 25 March 2004.
Fund portfolio: AIA Acorns of Asia Fund
Full sum assured for standard life: $9000
Surrender value as of 28 March 2011: $7XXX.
XIRR: 4.6%
CPF-OA
Total single premium invested: $12000.
Date started: 25 March 2004.
Fund portfolio: AIA Acorns of Asia Fund
Full sum assured for standard life: $18000
Surrender value as of 28 March 2011: $16XXX.
XIRR: 4.6%
Total single premium invested: $22200.
Date started: 12 March 2005.
Fund portfolio: AXA Inspire
Surrender value as of 11 July 2011: $2XXXX.
XIRR: 4.7%
Currently, all 3 plans exceed the interest rate of CPF board.
I had plan to stop SO's CPF-OA plan only after 8 years, when this lump sum is enough to fully pay the housing loan from HDB which is 0.1% above prevailing CPF interest rate.
Monday, October 3, 2011
Happily Ever After? - Part 6
The real test is begining
Only after all events are over, the test is really beginning.
After almost emptying the bank account, went through all the ceremony, quarrel over the design of the flat, many couples could call it quit. But if one went through all these and stay very much in love, let me tell you the real test is just beginning.
First, marriage bring together 2 FAMILIES together. One do not marry just the other half, the other half comes with all family members whether one like it or not.
Second, marriage is the union of 2 person in love and from different upbringing. So what does this means, this means there is PLENTLY of room for conflict when you realise that the other half do not perform task that one had seen their parents perform.
Third, marriage is the time when you discover each other spending habits as well as money concept. Sometimes one do not realise how little the other party knows about money, it was only after living together doing the family budget then the cat is out of the bag.
Fourth, one came to realise : A woman married a man thinking he will change, but he never. A man married a woman thinking she would not change, but she change.
Lets talk about my experience, I never knew that after marriage, as the newest member of his extended family, I am the LOWEST in ranks. Initially I was made to babysit his nephew on order by my MIL while she went to gamble. When his aunties, uncle and cousin start digging into my dinner as they want to try the food of their competitor, I do not know how to reject, end up with 1/3 of my dinner gone after their tasting. Not forgeting the disgusting feeling that so many people had contribute their saliva into the food that was later passed back to me. My own aunties asked for permission and they just informed.
My dad is the main breadwinner for the family, my mum when she worked, she is a babysitter, contributing to a fair bit of the family expenses. My dad did all the "heavier" household chores like cleaning the fan, the lights, so after marriage I was disappointed to realise had to do EVERYTHING even when I am heavily pregnant!
I knew SO did not have good money habits. It took me some years before I came to know how bad his personal finance is. Initially we did quarrel over money quite a few times, maybe he thinks I am too young to talk to him about money, but now he came to learn that my knowledge is better than him. Wish me luck to be able to control his finances, which he claim he will when he is ready.
Only after all events are over, the test is really beginning.
After almost emptying the bank account, went through all the ceremony, quarrel over the design of the flat, many couples could call it quit. But if one went through all these and stay very much in love, let me tell you the real test is just beginning.
First, marriage bring together 2 FAMILIES together. One do not marry just the other half, the other half comes with all family members whether one like it or not.
Second, marriage is the union of 2 person in love and from different upbringing. So what does this means, this means there is PLENTLY of room for conflict when you realise that the other half do not perform task that one had seen their parents perform.
Third, marriage is the time when you discover each other spending habits as well as money concept. Sometimes one do not realise how little the other party knows about money, it was only after living together doing the family budget then the cat is out of the bag.
Fourth, one came to realise : A woman married a man thinking he will change, but he never. A man married a woman thinking she would not change, but she change.
Lets talk about my experience, I never knew that after marriage, as the newest member of his extended family, I am the LOWEST in ranks. Initially I was made to babysit his nephew on order by my MIL while she went to gamble. When his aunties, uncle and cousin start digging into my dinner as they want to try the food of their competitor, I do not know how to reject, end up with 1/3 of my dinner gone after their tasting. Not forgeting the disgusting feeling that so many people had contribute their saliva into the food that was later passed back to me. My own aunties asked for permission and they just informed.
My dad is the main breadwinner for the family, my mum when she worked, she is a babysitter, contributing to a fair bit of the family expenses. My dad did all the "heavier" household chores like cleaning the fan, the lights, so after marriage I was disappointed to realise had to do EVERYTHING even when I am heavily pregnant!
I knew SO did not have good money habits. It took me some years before I came to know how bad his personal finance is. Initially we did quarrel over money quite a few times, maybe he thinks I am too young to talk to him about money, but now he came to learn that my knowledge is better than him. Wish me luck to be able to control his finances, which he claim he will when he is ready.
Friday, September 30, 2011
Insurance - SO's regular savings ILP
I totally have no idea how much premium SO had being paying over the years.
He was a saleman's best friend, as long as one make the effort to contact him, in order to stop one from calling him, he will sign along ALL dotted lines. So to him its a WIN-WIN situation, one get to meet sales target AND he manage to get another agent off his back!!! Please do not approach SO to attempt selling, he was taught to say NO to everybody now.
Premium payments is another issue. Most of his policy, he only managed to make a few payment before policy is lapsed. But, the amount loss from all these policies are unknown.
To know about IPL, please refer to the following blogpost
SO did not have any insurance coverage when our #1 is born, then an agent friend of his took the chance to entrice him to buy a protection plan that comes with investment. Friend claimed that since SO do not have any insurance coverage and besides our son is still young then, it would be better that he sign for a low cost plan. $100 premium seem really low cost indeed (but this is bullsh*t when one compare it to term insurance.) Of course, we had no idea it was a toxic product then, but as I still think that plan that has money back was good back then.
Policy that we sign is a 65 years contract, which means we had to make a $100 prenium monthly for 65 years! Policy comes with a Critical Illness link benefit an amount of $50000 that expire together with the policy, as well as a disability benefit of $50000 that will expire when SO turn 62.
Policy comes with the following charge, a $5 monthly policy fees.
The unit allocation for the first year is 0%!!!!
2nd year unit allocation is 52%
3rd year unit allocation 52%
4th to 9th year unit allocation 103%
10th year onwards 105%
If he decided to fully surrender in the first 24months, he has to pay a fee of $150.
The insurance component , there are 2 different table and I do not know how to read it!!!
SO bought this policy in December 2005.
I do not keep a record until 2008.
For 2008 charges are as followed the adminstrative charges is $60, Insurance charges for basic and rider is $153.39. Our net cash surrender value was a shocking $344.52!
For 2009 charges are as followed the adminstrative charges is $60, Insurance charges for basic and rider is $171.11. Our net cash surrender value was $1664.28!
For 2010 charges are as followed the adminstrative charges is $60, Insurance charges for basic and rider is $195.18. Our net cash surrender value was $2465.54!
We had totally no idea what to expect at the end of the policy. But we will continue sticking to it, just taking a pinch of salt that is a form of forced savings. The last time I heard, this agent was driving a Nissan Fair lady! Wow he must be earning a lot from selling toxic product!
He was a saleman's best friend, as long as one make the effort to contact him, in order to stop one from calling him, he will sign along ALL dotted lines. So to him its a WIN-WIN situation, one get to meet sales target AND he manage to get another agent off his back!!! Please do not approach SO to attempt selling, he was taught to say NO to everybody now.
Premium payments is another issue. Most of his policy, he only managed to make a few payment before policy is lapsed. But, the amount loss from all these policies are unknown.
To know about IPL, please refer to the following blogpost
SO did not have any insurance coverage when our #1 is born, then an agent friend of his took the chance to entrice him to buy a protection plan that comes with investment. Friend claimed that since SO do not have any insurance coverage and besides our son is still young then, it would be better that he sign for a low cost plan. $100 premium seem really low cost indeed (but this is bullsh*t when one compare it to term insurance.) Of course, we had no idea it was a toxic product then, but as I still think that plan that has money back was good back then.
Policy that we sign is a 65 years contract, which means we had to make a $100 prenium monthly for 65 years! Policy comes with a Critical Illness link benefit an amount of $50000 that expire together with the policy, as well as a disability benefit of $50000 that will expire when SO turn 62.
Policy comes with the following charge, a $5 monthly policy fees.
The unit allocation for the first year is 0%!!!!
2nd year unit allocation is 52%
3rd year unit allocation 52%
4th to 9th year unit allocation 103%
10th year onwards 105%
If he decided to fully surrender in the first 24months, he has to pay a fee of $150.
The insurance component , there are 2 different table and I do not know how to read it!!!
SO bought this policy in December 2005.
I do not keep a record until 2008.
For 2008 charges are as followed the adminstrative charges is $60, Insurance charges for basic and rider is $153.39. Our net cash surrender value was a shocking $344.52!
For 2009 charges are as followed the adminstrative charges is $60, Insurance charges for basic and rider is $171.11. Our net cash surrender value was $1664.28!
For 2010 charges are as followed the adminstrative charges is $60, Insurance charges for basic and rider is $195.18. Our net cash surrender value was $2465.54!
We had totally no idea what to expect at the end of the policy. But we will continue sticking to it, just taking a pinch of salt that is a form of forced savings. The last time I heard, this agent was driving a Nissan Fair lady! Wow he must be earning a lot from selling toxic product!
Tuesday, September 27, 2011
Happily Ever After? - Part 5
Renovation
After the flat, now what? To many it is the long process of decorating the love nest. Few couples will try to DIY to buy off the shelves, some are lucky to have relatives who are contractors who decide to earn just a little just charging below the market rate, but many are not so fortunate, they had to go to those interior designer firms.
How to look for those so-called interior designer firms which majority in this market are renovation contractors who just hired 1-2 interior designer then they package themselves as design firm? First is by those furniture events, if you went to those furniture events held at Singapore expo, most of the company there deal with renovation. These firms come with free consulting, you gave them your flor plan, they will sketched out a rough plan of what to be placed at where. To achieve the showroom effect which are often no so practical, comes with a hefty price tag, not forgetting hefty electrical bills as well.
If one like what was presented, they will ask for a detailed drawing, tat is when all the cost comes in. Detailed drawing do not come cheap, each drawing can be around $100 - $500 per piece. Per piece refers to PER ROOM. So the interior designer normally ask you to sign for a renovation package. For $xxxxx amount, it includes the drawings, the customised fittings, flooring, some will throw in lightings, air con and stuff as well. But so far, lightings, windows grilles are some additional charges that is to be added to the $xxxxx amount.
How can one afford this $xxxxx amount, some will empty what left of their bank account, others may take renovation loan from the bank. The interior designer firms are also very keen to assist by doing all the supporting paperworks hoping that the good service provided may result in upgrading the package to $yyyyy since you are already taking a loan.
Maximum loan I saw from OCBC website is $30000 or 6 times the monthly salary. Interest rate is a minimum 5.38% and interest is charge monthly, with maximum repayment period of 5 years.
So in all after the wedding, the renovation process will drain the bank accounts or make one in debt.
After the flat, now what? To many it is the long process of decorating the love nest. Few couples will try to DIY to buy off the shelves, some are lucky to have relatives who are contractors who decide to earn just a little just charging below the market rate, but many are not so fortunate, they had to go to those interior designer firms.
How to look for those so-called interior designer firms which majority in this market are renovation contractors who just hired 1-2 interior designer then they package themselves as design firm? First is by those furniture events, if you went to those furniture events held at Singapore expo, most of the company there deal with renovation. These firms come with free consulting, you gave them your flor plan, they will sketched out a rough plan of what to be placed at where. To achieve the showroom effect which are often no so practical, comes with a hefty price tag, not forgetting hefty electrical bills as well.
If one like what was presented, they will ask for a detailed drawing, tat is when all the cost comes in. Detailed drawing do not come cheap, each drawing can be around $100 - $500 per piece. Per piece refers to PER ROOM. So the interior designer normally ask you to sign for a renovation package. For $xxxxx amount, it includes the drawings, the customised fittings, flooring, some will throw in lightings, air con and stuff as well. But so far, lightings, windows grilles are some additional charges that is to be added to the $xxxxx amount.
How can one afford this $xxxxx amount, some will empty what left of their bank account, others may take renovation loan from the bank. The interior designer firms are also very keen to assist by doing all the supporting paperworks hoping that the good service provided may result in upgrading the package to $yyyyy since you are already taking a loan.
Maximum loan I saw from OCBC website is $30000 or 6 times the monthly salary. Interest rate is a minimum 5.38% and interest is charge monthly, with maximum repayment period of 5 years.
So in all after the wedding, the renovation process will drain the bank accounts or make one in debt.
Saturday, September 24, 2011
Insurance - Whole life policy
Disclaimer: I am not an agent. These are just my views. This is not a call to buy.
The first policy I bought for myself after I had start my contract part-time customer service job. I was 24 then, earning a super low pay at $6 per hour, spending quite a bit as this obsencely small amount to me was very big then. The NTUC agent that I got was through the enquiry page, after getting to know several agents, he was nice...really. He did not attempt to push any product, he just ask me what I want. I told him I want something to cover my life in case anything happened to me. I remember he suggest term policy to me after knowing I just start work, but i refuse to pay and get NOTHING back in the end. So he ask me for my budget, what is my other requirement and he work around my budget. He send me a couple of quotations before coming to my house one evening for the signing of contract. He came just to deliver what I had requested, he did not attempt to sell my mother, father or other family members any products, after which he just left.
The only thing he tried to talk me into is to save a bit of money by paying annually instead of monthly. As I am still new, I refuse as the saving is so little only. (FYI, I switch to a annual payment 2 yrs ago.)
My whole life policy covers
70k for my life. Monthly premium of $85.80, a payment term of 61 years.
30k living benefits which is a critical illness coverage. Monthly premium of $13.70. Payment term of 41years. Coverage is till my 64th birthday.
This is the first coverage that I bought for myself. For all those who think buy term and invest the rest, this sum of money if I die at an older age where my dependents are all grown up, this money can be put to use to pay for my funeral. Maybe what left will be split between my kids.
The first policy I bought for myself after I had start my contract part-time customer service job. I was 24 then, earning a super low pay at $6 per hour, spending quite a bit as this obsencely small amount to me was very big then. The NTUC agent that I got was through the enquiry page, after getting to know several agents, he was nice...really. He did not attempt to push any product, he just ask me what I want. I told him I want something to cover my life in case anything happened to me. I remember he suggest term policy to me after knowing I just start work, but i refuse to pay and get NOTHING back in the end. So he ask me for my budget, what is my other requirement and he work around my budget. He send me a couple of quotations before coming to my house one evening for the signing of contract. He came just to deliver what I had requested, he did not attempt to sell my mother, father or other family members any products, after which he just left.
The only thing he tried to talk me into is to save a bit of money by paying annually instead of monthly. As I am still new, I refuse as the saving is so little only. (FYI, I switch to a annual payment 2 yrs ago.)
My whole life policy covers
70k for my life. Monthly premium of $85.80, a payment term of 61 years.
30k living benefits which is a critical illness coverage. Monthly premium of $13.70. Payment term of 41years. Coverage is till my 64th birthday.
This is the first coverage that I bought for myself. For all those who think buy term and invest the rest, this sum of money if I die at an older age where my dependents are all grown up, this money can be put to use to pay for my funeral. Maybe what left will be split between my kids.
Wednesday, September 21, 2011
Happily Ever After - Part 4
The biggest LIABILITY of all time- the FLAT
There are some who think of their flat is their biggest asset, think again. Anything that makes you pay , interests included and yet do not earn anything is a LIABILITY!
Flats today cost about 300k ( 4 room flat) for a BTO project, and much more for a 2nd hand flat.
So lets talk about BTO for now.
From what I had known as rules are like forever changing. What applies to me may not applies to anyone. For the full step by step of applying please go to HDB website
As you can see, from the start of application to be in a queue is already a $10. Some couples like my sister actually paid a few $10 before they manage to secure a decent number in a queue. Some of the queue number they obtain are simply OBSENCE that they did not even bother checking if there are any units left.
After you had manage to choose a flat, an option fee is pay to secure the booking. Even though this amount is subsequently refund if there is enough money in the CPF account. But still cash is needed.
Then comes the downpayment which is normally paid via the CPF. As I do not know how the banks work. I will share my experience with HDB. I was not working when the downpayment was made. this 10% was paid using SO's CPF and om top of that an additional $5000 was made as we are not married. (Under the Fiance/Fiancee scheme which amount will be used to offset the flat once we submit our marriage certificate.) After hearing that the HBD will empty the CPF account before any loan is offered, SO quickly emptied his CPF account by investing his money in the OA.
When we finally collected our keys like 4 years later, as my pay was relatively low and I started working for only 2 yeat plus, the amount was insufficient. SO was made to sell a part of his investment, transfer the money back to his OA to make payment for the remaining 10%. So we finally collect our keys to the flat. As SO was working as a cab driver since 2 years ago, his CPF contribution to the OA is stagnant. The loan amount taken was around 150k. So for the 30 years loan that we are able to secure, monthly payment is made via my CPF account with another $50 to be made in cash.
For couples who are both working and contributing to the CPF OA, please make sure you paid the maximum amount affordable per month so as to cut the loan period. A 2.6% interest per year is not sexy. And to my horror, after a yearly statement recieve, majority of the amount I had made, most of it had went to paying interest instead of principal sum. Luckily I change to a higher even though still lower pay job, I manage to pay for the loan solely via CPF.
4 months ago, due to 2 years of extra money in the CPF due to the good bonus recieve in 2010 and 2011, and the small excess amount accumulate over the years, I manage to make an additional payment of 9k which result in reduction of loan repayment by 1yr and 8months!
After this I had actually make a lot of noise at SO whose investment amount was like a 60k, which will cut the repayment period by years. But after I did a slow calculation, his investment returns are aound 4% which is more than 2.6% interest, so I decide to leave the money as it is. Hopefully after 8 years, this 60K will grow to pay off the flat in 1 shot. Thats when I will be more or less DEBT-FREE.
Having a huge saving is nice, but being debt-free is sexy!
There are some who think of their flat is their biggest asset, think again. Anything that makes you pay , interests included and yet do not earn anything is a LIABILITY!
Flats today cost about 300k ( 4 room flat) for a BTO project, and much more for a 2nd hand flat.
So lets talk about BTO for now.
From what I had known as rules are like forever changing. What applies to me may not applies to anyone. For the full step by step of applying please go to HDB website
As you can see, from the start of application to be in a queue is already a $10. Some couples like my sister actually paid a few $10 before they manage to secure a decent number in a queue. Some of the queue number they obtain are simply OBSENCE that they did not even bother checking if there are any units left.
After you had manage to choose a flat, an option fee is pay to secure the booking. Even though this amount is subsequently refund if there is enough money in the CPF account. But still cash is needed.
Then comes the downpayment which is normally paid via the CPF. As I do not know how the banks work. I will share my experience with HDB. I was not working when the downpayment was made. this 10% was paid using SO's CPF and om top of that an additional $5000 was made as we are not married. (Under the Fiance/Fiancee scheme which amount will be used to offset the flat once we submit our marriage certificate.) After hearing that the HBD will empty the CPF account before any loan is offered, SO quickly emptied his CPF account by investing his money in the OA.
When we finally collected our keys like 4 years later, as my pay was relatively low and I started working for only 2 yeat plus, the amount was insufficient. SO was made to sell a part of his investment, transfer the money back to his OA to make payment for the remaining 10%. So we finally collect our keys to the flat. As SO was working as a cab driver since 2 years ago, his CPF contribution to the OA is stagnant. The loan amount taken was around 150k. So for the 30 years loan that we are able to secure, monthly payment is made via my CPF account with another $50 to be made in cash.
For couples who are both working and contributing to the CPF OA, please make sure you paid the maximum amount affordable per month so as to cut the loan period. A 2.6% interest per year is not sexy. And to my horror, after a yearly statement recieve, majority of the amount I had made, most of it had went to paying interest instead of principal sum. Luckily I change to a higher even though still lower pay job, I manage to pay for the loan solely via CPF.
4 months ago, due to 2 years of extra money in the CPF due to the good bonus recieve in 2010 and 2011, and the small excess amount accumulate over the years, I manage to make an additional payment of 9k which result in reduction of loan repayment by 1yr and 8months!
After this I had actually make a lot of noise at SO whose investment amount was like a 60k, which will cut the repayment period by years. But after I did a slow calculation, his investment returns are aound 4% which is more than 2.6% interest, so I decide to leave the money as it is. Hopefully after 8 years, this 60K will grow to pay off the flat in 1 shot. Thats when I will be more or less DEBT-FREE.
Having a huge saving is nice, but being debt-free is sexy!
Sunday, September 18, 2011
Insurance - Medishield
I had blogged about getting a separate plan for both my kids. Read here
But I am too late.
My plan will renewed on 1 Oct 2011. Its too late to pull both of them out.
I can only start them on a new plan next year. My agent "promised" she will contact me in August next year.
So now I can only keep my fingers, toes crossed.
But I am too late.
My plan will renewed on 1 Oct 2011. Its too late to pull both of them out.
I can only start them on a new plan next year. My agent "promised" she will contact me in August next year.
So now I can only keep my fingers, toes crossed.
Saturday, September 17, 2011
Happily Ever After? - Part 3
The Marriage- Wedding ceremony
For some couples who had options to stay with either parents may choose to go ahead with the traditional wedding.
For those, who do not have a choice, or simply do not like the choice, may wait for the new flat, renovate the flat then they hold the wedding ceremony.
For some lucky men, this whole money draining process is SKIPPED! Maybe just a holiday and thats all!
Read: my SO is one lucky man, as I am a simple woman. I do not like to act that I am on good terms with my mother-in-law, forced to greet all the elders who came and I knew that the only day I will ever meet them, forced to smile 100 times when the photographer goes, the bride please smile brightly even after a long day, and worse wake up at 5am in the morning to start all the preparation work!
Note: As I did not have first hand experience, all these are some grumbling I had heard from friends.
What is needed for a wedding of a lifetime...
For some couples who had options to stay with either parents may choose to go ahead with the traditional wedding.
For those, who do not have a choice, or simply do not like the choice, may wait for the new flat, renovate the flat then they hold the wedding ceremony.
For some lucky men, this whole money draining process is SKIPPED! Maybe just a holiday and thats all!
Read: my SO is one lucky man, as I am a simple woman. I do not like to act that I am on good terms with my mother-in-law, forced to greet all the elders who came and I knew that the only day I will ever meet them, forced to smile 100 times when the photographer goes, the bride please smile brightly even after a long day, and worse wake up at 5am in the morning to start all the preparation work!
Note: As I did not have first hand experience, all these are some grumbling I had heard from friends.
What is needed for a wedding of a lifetime...
- Bride money. The groom had to give a token sum to the bride mother, where NORMALLY the bride mother will return a portion back to groom. Those money-eaters may demand a large sum. So far, I heard this amount varies from a token sum of a small 4 digits where the mother actually give back the groom to prepare for the banquet to a five figure amount.
- Wedding gown. Most couple actually rent from bridal shop. This expenses is expensive, mostly bundled with phototaking session inside the studio, for a limited number of photos that is nicely printed to be shown to guests who bother to flip when they attend the wedding dinner. After the actual day, they are kept in the dark and out of mind. The cheapest I heard is like $3000 which include the gown, and a cocktail dress for the bride.
- Videographer/ photographer. A grand day need memories. So to hire a photographer to be with you to record the whole process also need money. I have no idea how much they cost anyway, but they are not cheap. Depends on who you had hired, some come with their own transport and do not mind ferrying the "sisters".
- Make-up artist/ hairstylist. They are bundles as package with the wedding gown normally.
- Banquet. A small dinner normally comes with 28-30 tables MINIMUM. A decent dinner may cosy around $800 for restaurants to $XXXX for hotels.
- Tea Ceremony. It is where the elders pay a hefty price for pretend drinking. Depends on the depth of pockets, a cup may worth around $100- $200 for relatives, Parents will normally pay a higher price.
- Jewellery from mother-in-law to bride. Depends on how generous your mother/monster-in-law is. But be ensure to demand for gold jewellery. Bling bling do not have 2nd hand value.
- Banquet. Some couples may think that the banquet is a place for all the money spend to be returned. But sadly, if the bride's mother ask for a number of table, eg 10. These 10 tables ang pow, she has the right to take and not give back if they are given to her directly. The same for the groom. If the parents request for a number of tables, and the ang pow is given to them directly, they may act blur as well. And for the ang pows deposit into the box, only friends, collegues will try to let you break even. Relatives are another story. Lets say you invite your relatives who are a family of 6, do you think they will be giving you a $600 ang pow? You can smile and laugh if they decide to give you $500 so you do not lose too much. So couples with huge family size, please be prepared to make a loss.
Wednesday, September 14, 2011
Happily Ever After? - Part 2
The registration of marriage
For those who are interested to know how to start the whole ROM process, please refer to ROM website
ROM by itself is a low cost affair. It cost just $26 if either party is a pink or blue IC holder.
This small amount is only valid for couples who want a fuss-free wedding. Exchange of rings is NOT compulsory.
But people seldom wants a fuss-free wedding you see. The cost will have to include
For those who are interested to know how to start the whole ROM process, please refer to ROM website
ROM by itself is a low cost affair. It cost just $26 if either party is a pink or blue IC holder.
This small amount is only valid for couples who want a fuss-free wedding. Exchange of rings is NOT compulsory.
But people seldom wants a fuss-free wedding you see. The cost will have to include
- Wedding bands for both bride and groom. I had know people who had a huge fight over this issue, because the groom insist that they bought each other rings for the ring exchange and the bride thinks thet this should be the groom expenses for both rings.
- Clothes. Most couple either buy or rent gowns, suit for the wedding. A simple wedding, the groom does wear a new shirt doesn't he?
- Food. If they decide to give everyone who attend the ceremony a small treat as thanks for their witnessing and taking valuable time off to grace the ocassion. But if they decide to hold the ceremony out of the Registry of marriage, it may be a hotel , restaurant or even at home (refreshment for guests), food cost is to be factored in. This is according to couple budget. But restaurant package of a simple 2 hr solemnisation ceremony for 2 tables cost a few hundred bucks.
- Small ang-pow to the solemnizer if they decide to hold the ceremony outside of registry of marriage. This amount is a token sum to cover transportation, some solemnizer are known to write personal vows for the couple to exchange, and the token sum is also an appreciation of thanks.
Sunday, September 11, 2011
Insurance - Medishield, all rosy and sweet?
Please refer to my previous post on Medishield
As I had posted earlier, for SO and me to be under myshield Plan 1, both my kids had FOC coverage for Plan 2 till they are 20. For SO and me to add on Option A under myshield plus (Plan 1), they are both covered under Plan 2 Option A FOC again till they are 20. And we had add in a further Option B for them both to cover the deductibles. It all seem rosy and sweet isn't it?
FYI, I had email my agent to get INDIVIDUAL Plan 1 for both of them.
Why do I do this when Plan 2 seems good enough and it was FOC!!!
I do not know what will happen after they turn 20, will they be migrate to an individual plan since they are under myshield currently bringing along coverage for all exisitng conditions, or they will be treated as new clients that all exisitng conditions will not be viewed as PRE-exisitng conditions and therefore are excluded from coverage?
I really have no idea what will happen in another 14 years from now. So to make the best bet, I going to have them BOTH under individual coverage instead of tagging to my coverage FOC.
As I had posted earlier, for SO and me to be under myshield Plan 1, both my kids had FOC coverage for Plan 2 till they are 20. For SO and me to add on Option A under myshield plus (Plan 1), they are both covered under Plan 2 Option A FOC again till they are 20. And we had add in a further Option B for them both to cover the deductibles. It all seem rosy and sweet isn't it?
FYI, I had email my agent to get INDIVIDUAL Plan 1 for both of them.
Why do I do this when Plan 2 seems good enough and it was FOC!!!
I do not know what will happen after they turn 20, will they be migrate to an individual plan since they are under myshield currently bringing along coverage for all exisitng conditions, or they will be treated as new clients that all exisitng conditions will not be viewed as PRE-exisitng conditions and therefore are excluded from coverage?
I really have no idea what will happen in another 14 years from now. So to make the best bet, I going to have them BOTH under individual coverage instead of tagging to my coverage FOC.
Insurance - Medishield
Before I start further writing, I must DECLARE I am not an agent. This posting is based on what I have, my own opinons. The last age of entry if I am not wrong is 75.
To understand how the medishield works, please refer to the CPF website
To understand the hospital bill size, please refer to MOH
I believed in having a good shield plan. The medisave account can only assist in paying for a portion of medical fees with cap for each category, and the rest are to be paid in cash.
I do not compare shield policy, because I know if i start going around to compare while waiting for agents to submit their quotations, high chance I will not sign any even after months. If I am not wrong, read: I may be wrong, medishield plan do not pay good comissions which resulting in sales agents not too keen to push this essential product.
I am having AVIVA myshield. For some of those I know, they keep hopping from companies to companies to get what they call the best value shield plans. They are lucky as they do not have any pre-exisiting conditions YET, which will not be covered if they hop to another company.
I first sign on myshield, because SO also has it. If both parents are covered under myshield, up to 4 dependents (children) can be covered under a lower plan for free till they are 20. So it resulting in some savings. For me and SO, we are both under Plan 1, Class A fro private hospital, that makes my 2 children covered FOC under Plan 2, Class A Government Restructured hospital. Thats sound great right? FYI, KK hospital is under government restructured hospital.
2 months ago, after thinking long and hard , had pulled SO to meet my appointed agent (the agent I sign with initially had left the company). We decided to add on to make it myshield PLUS, myshield is paid via CPF medisave, myshield PLUS is cold hard cash. Under Option A, which is the co-insurance part, if both parents took up the co-insurance, the kids are covered in the lower category for free. WOO... another free coverage. For additional benefits of Option A, please refer below.
As well as fees incurred under Option A. Do note this amount is paid by cash.
Before I continue, what is co-insurance?
For a basic myshield plan, it is a straight forward as charge plan, which exclude the co-insurance and deductibles.
Co-insurance is 10% of the amount that is NOT covered under the basic plan. This amount is to be paid in cash.
I add in Option B as well. Option B just covers the deductible benefits.
Additional fees by cash to add on Option B
If we are covered for Option A and B, we literally do not need to pay any cash as ALL are covered!!!
To understand how the medishield works, please refer to the CPF website
To understand the hospital bill size, please refer to MOH
I believed in having a good shield plan. The medisave account can only assist in paying for a portion of medical fees with cap for each category, and the rest are to be paid in cash.
I do not compare shield policy, because I know if i start going around to compare while waiting for agents to submit their quotations, high chance I will not sign any even after months. If I am not wrong, read: I may be wrong, medishield plan do not pay good comissions which resulting in sales agents not too keen to push this essential product.
I am having AVIVA myshield. For some of those I know, they keep hopping from companies to companies to get what they call the best value shield plans. They are lucky as they do not have any pre-exisiting conditions YET, which will not be covered if they hop to another company.
I first sign on myshield, because SO also has it. If both parents are covered under myshield, up to 4 dependents (children) can be covered under a lower plan for free till they are 20. So it resulting in some savings. For me and SO, we are both under Plan 1, Class A fro private hospital, that makes my 2 children covered FOC under Plan 2, Class A Government Restructured hospital. Thats sound great right? FYI, KK hospital is under government restructured hospital.
2 months ago, after thinking long and hard , had pulled SO to meet my appointed agent (the agent I sign with initially had left the company). We decided to add on to make it myshield PLUS, myshield is paid via CPF medisave, myshield PLUS is cold hard cash. Under Option A, which is the co-insurance part, if both parents took up the co-insurance, the kids are covered in the lower category for free. WOO... another free coverage. For additional benefits of Option A, please refer below.
As well as fees incurred under Option A. Do note this amount is paid by cash.
Before I continue, what is co-insurance?
For a basic myshield plan, it is a straight forward as charge plan, which exclude the co-insurance and deductibles.
Co-insurance is 10% of the amount that is NOT covered under the basic plan. This amount is to be paid in cash.
I add in Option B as well. Option B just covers the deductible benefits.
Additional fees by cash to add on Option B
So whats make an all inclusive shield plan so important?
Lets say a hospitalisation fees of $10000. ( for Class A, plan 1)
So 10% co-insurance $1000.
Deductibles amount of $3000.
Claimable amount: $6000.
Amount paid in cash: $4000.
How about a $100 000 fees?
10% co-insurance $10000
Deductibles $3000
Amount paid: $$13000.
If we are covered for Option A and B, we literally do not need to pay any cash as ALL are covered!!!
It all seem so rosy and sweet. Me and SO are fully covered, my kids are as well because we bought Option B for them both.
Friday, September 9, 2011
Happily ever after? - Part 1
The proprosal.
To some woman, the only way of proposing is with a diamond ring hopefully from some atas jewellery chain preperably come with a small blue box. The ring do not need to have special design, but a nice one carat bling bling will allow your friends to understand that "HE HAD PROPOSED!!!" and let you be the center of attention for that one day out.
I had heard comments of men who are grumbling after knowing their girlfriend expectation.
"Diamond rings! And she expect it to be 1 carat because her friends' hubby proposed with a 1 carat ring!"
" Diamond ring. If I buy 1 carat but from those diamond outlet, the cost is much lower and yet the size is the same, it does not matter right"
" I do not understand why she insist on a diamond ring. She will only wear it during weekends or when we are out. Other times the ring will hinder her actions, and she is scare to be cut by the ring!"
For what I know diamond rings do not come cheap. So men, before you even pull her to apply for some BTO projects as minimum waiting time is 3 years, make sure you have enough money to afford a decent 1 carat diamond ring.
To some woman, the only way of proposing is with a diamond ring hopefully from some atas jewellery chain preperably come with a small blue box. The ring do not need to have special design, but a nice one carat bling bling will allow your friends to understand that "HE HAD PROPOSED!!!" and let you be the center of attention for that one day out.
I had heard comments of men who are grumbling after knowing their girlfriend expectation.
"Diamond rings! And she expect it to be 1 carat because her friends' hubby proposed with a 1 carat ring!"
" Diamond ring. If I buy 1 carat but from those diamond outlet, the cost is much lower and yet the size is the same, it does not matter right"
" I do not understand why she insist on a diamond ring. She will only wear it during weekends or when we are out. Other times the ring will hinder her actions, and she is scare to be cut by the ring!"
For what I know diamond rings do not come cheap. So men, before you even pull her to apply for some BTO projects as minimum waiting time is 3 years, make sure you have enough money to afford a decent 1 carat diamond ring.
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