Tag: finance

  • $20,000 Wedding Cancelled After Fight Between Bride And Groom

    $20,000 Wedding Cancelled After Fight Between Bride And Groom

    It was supposed to be a happy occasion at a wedding banquet in a five-star Sentosa hotel on Saturday night. But things turned sour and only the groom was present – there was no bride.

    The groom, who called the wedding off the day before, was said to have entertained guests and was not seated at the main table with family members, but with guests, reported Shin Min Daily News yesterday.

    There were also three to four empty tables, believed to be reserved for the bride’s guests.

    There were 12 tables in all and the groom, who wanted to be known only as Mr Liu, said about $20,000 had been spent.

    The 26-year-old told Shin Min that a week before the banquet, he and his fiancee, also 26, got into an argument.

    “She slapped me seven times. My shoulder and chest were also bruised by her,” he said, adding that the incident upset him and his parents.

    His fiancee is pregnant with his child. She told Shin Min that she is four to five months pregnant.

    Mr Liu said he met her when he was in a polytechnic and claimed he waited for three years before he was able to win her heart.

    After the recent argument, Mr Liu thought things through and made the painful decision to call off the wedding a day before.

    “I think the problems between two people need to be worked out first before marriage. So I informed my fiancee about it. But since the wedding banquet had already been arranged, we decided to carry on with it and apologise to the guests,” he said, adding that he treated it like a family gathering.

    “I’ve donated the money from the banquet guests’ red packets to charity.”

    Mr Liu said he had bowed in apology to guests on Saturday and read out an apology letter to seek their understanding.

    His fiancee said that she had hit Mr Liu only once, and had her reasons for doing so.

    “Before the wedding, he (Mr Liu) said again that our marriage would break apart because of our quarrelling. It made me very angry, so I slapped him. My nails had scratched him, but I didn’t hit him seven times,” she said.

    She added that her future in-laws were also difficult. This posed problems for her matrimonial matters and upset her.

    “I’m also pregnant so my emotions are not stable. And because of many problems that cropped up, I was very unhappy. I haven’t been able to rest well for two weeks.”

    The fiancee also said she could not imagine that the wedding would still take place.

    “He (Mr Liu) only wants my child and doesn’t think about marrying me any more. Even if he wanted to, it’s one-sided. His parents would not approve,” she said, adding that even if she were able to mend things with the groom, the episode would leave a scar on her.

    But Mr Liu claimed that he would not give up loving his fiancee even though the wedding has been called off.

    “I hope to take her for counselling so that she can better control her emotions and not be so violent. I’m willing to wait for her and have our wedding ceremony,” he said.

     

    Source: http://news.asiaone.com

  • Surviving in Singapore:  The Question of Money

    Surviving in Singapore: The Question of Money

    Every household has different needs and a unique financial benchmark for a comfortable living; however, we can all agree that there are certain bare necessities that none of us can survive without. And survival is the name of the game today as we set out to explore what an ordinary hard-working Singaporean needs to earn to ensure his financial security in this new age uber-expensive capitalist utopia.

    Various surveys have revealed that the average salary in Singapore falls in between the $4200-$4500 range. Unfortunately, this is an insufficient criterion to reflect the true financial status of its entire citizenship, because a country’s real economic comeuppance is encapsulated by how financially empowered its lowest earning workers are.

    While highly skilled and well-educated professionals can make a comfortable living netting between $4400-$6400 per month, Singapore’s blue-collar class still stands on shaky financial ground for most of their lives earning somewhere between $800-$2100 per month. So there we have it, the lowest of the lows in the wage spectrum – an unnerving and extremely meager $800 per month!

    Now we are truly ready to commence our journey into the underbelly of Singapore, implement the finest financial acumen and examine whether $800 a month is enough to survive our daily expenses and secure our long-term future.

    Considering the current costs of living in Singapore, let us assume the following breakdown of expenditure made by the low-income worker earning $800 a month with zero savings apart from CPF contributions:

    • Housing Rental – $225
    • CPF – $100
    • Food – $300
    • Energy bills – $100
    • Transport – $75

    Now you may exercise a plethora of nifty frugal living tips like shopping for groceries using Fair Price, opting for a shared HDB flat, availing the best credit card schemes, using the public bus transport, buying cheap Big Macs, etc., but the fact of the matter is that you can only do so much to cut down your daily expenses.

    It has been widely demonstrated that blue-collar workers suffer a progressive decrease in income as they age, which means that not only is the prospect of a comfortable retirement a statistical impossibility, but their struggle for daily sustenance will be an even more uphill battle in the future.

    One of the major bones of contention for financial security for low-wage workers in Singapore is the ludicrous pre-requisite of having at least $148,000 in their CPF before they can access it. This means that nearly 16% of the Singaporean workforce that earns a monthly wage below $1000 will never be able to reach the mandatory CPF Minimum Sum milestone.

    According to various research studies on the cost of living in Singapore, it has been proven that a single working class citizen kicking off his career in his early 20s must earn around $2000-$2500 to enjoy a sustainable frugal lifestyle without putting an axe in their financial future.

    Assuming a yearly salary increase of 4% and accounting for inflation, here is what an estimate monthly expenditure breakdown should look like for an average single Singaporean working professional who makes $2500 per month:

    • CPF – $500
    • Insurance – $500
    • Energy bills – $300
    • Transport – $100
    • Food – $300
    • Miscellaneous – $300
    • Savings – $500

    On the other hand, married Singapore workers who are planning to start a family must earn at least $7000 as collective income per month to family of 4 to enjoy a similar minimal, penny-wise lifestyle.

    Unfortunately, since almost 40% of Singaporeans make less than $2000 per month and only 35% earn equal to or more than $3,500 per month, this means that only a third of the Singaporean workforce can enjoy a financially stable lifestyle throughout their life.

    Low-income workers with a paltry monthly income below $1900 are entitled to qualify for the government-sponsored Worker Income Supplement scheme. However, even if you are over 60 and make $1000 per month to qualify for the highest possible yearly WIS payout of $3500, you will still only be able to net approximately $117 per month as $2100 will automatically be credited to your CPF account first.

    In conclusion, we have deducted that the only way for Singaporean individuals to survive the exorbitant costs of this city and keep their financial boats floating is to make at least $2000 per month if they are single and $3500 if they are ready to have children.

     

    Source: www.imoney.sg