Spend on gifts that give more this year!
There are many things in life that we can spend money on. Some of them are good things worth their value and others not so much. Since the year is still young, we thought to share some of our views on what are the top things worth splurging on this year. If you’re going to max out your credit cards during the year, it may as well be for the best reasons!
1. Splurge on a good, solid company.
When we talk about splurging on a good company, what we are referring to is to buy its stock and becoming a shareholder of the company. Most people’s primary reason for buying a stock is to see its stock prices increase. Aside from that however, there are other good reasons worth purchasing the stock of a good company for. Some companies provide consistent dividends on their shares that you can enjoy on a regular basis. For example, can buy 1,000 share of Singapore Press Holdings (SPH) for about $4,000. While this is not a small amount, SPH does give out on average about $200 – $250 per year in dividends on that amount of shares. Think about it, if you are already paying for the newspapers you purchase from them on a regular basis, wouldn’t it be better to simply buy the stock of the company, and then use its dividends to be paying for these products? The same concept is applicable to other companies such as SingTel and SMRT. On top of that, you may enjoy capital appreciation (and if you don’t you can simply hold on to these stocks and enjoy the dividends) and be invited to a once-in-a-year lunch with its top management during the Annual General Meeting. Not too shabby if you ask us.
But as always, do your research on which company to invest in and what we have shared here is not an endorsement of any particular company nor are we giving any investment advice.
2. Splurge on a hobby or skill that will further your career.
Many people underestimate this until it is too late. The right hobby can take you far in your career. For example, picking up golf is essential for people in the top tier of management. With the growing trend of corporate golf tournaments being organised in Singapore, not being able to play the game excludes you from countless networking sessions and potential business development opportunities.
For those at the start of their career, do not discount games such as Texas Hold’em poker, especially when played with the right people. Important small talk do take place in such social settings. You may just land your next job while losing a small bet in this environment.
Learning a new language that you always wanted to can also open more job opportunities or career advancement in the future. So don’t procrastinate any longer on signing up for the French or Japanese classes that you always wanted to.
3. Splurge on a holiday with people you like.
With the Sing Dollar at one of its strongest level in history, if you ever thought of a road trip down in Australia or a tour in Japan with your favorite people in life, do it this year. Exploring a new country with your favorite people in life can be an experience worth far more than the amount you spend. It doesn’t need to be luxurious or have itineraries packed with tons of stuff from tripadvisor to be enjoyable. Plenty of budget airlines can also take you to your favourite destination at a fraction of the cost that main airline carriers charge. If you are on a shoestring budget or tight schedule, a weekend stay-cation can be the ideal alternative. Be sure to check out websites such as Groupon to get favourable rates.
4. Splurge on taxi rides.
Sick of taking public transportation and want to buy a car? Think again. Even with the fare hikes in recent years, taking a cab in Singapore is still considered relatively affordable, especially for a developed nation. The average fare of about $20 – $30 (excluding booking fees) to take a cab during peak period is reasonable, especially since most Singaporeans do not tip the drivers. Compare that with the cost and problems of driving in Singapore. Expensive fuel, stressing over your cashcard balance, the sadistic COE prices and a host of parking-related woes including being stuck in a shopping mall for an hour because the car ahead refuses to drive off. We will choose the cab, thank you very much.
5. Splurge on your loved ones.
2014 is as good a year as any to be splurging on your loved ones. While spending money is definitely not the only way to express your love and affections, nobody can fault you if you choose to do so. For example, flowers on Valentine’s Day may be sold at cutthroat prices, but will bring a smile to any girl who receives it. Likewise watching a good theatre play or an F1 race at Marina Bay will cost good money. It does however provide a platform to build shared experiences and memories that can never be taken away. And that’s definitely money well spent. So go ahead, take a couple of hits on your bank balance this year, you can never buy back happiness or a loved one’s smile you miss out on this year. However we always include in every article that you should be prudent, and we said take a couple of hit, not a dozen hits, every week.
Have a great 2014!
This article was written for and first appeared on Mothership.sg.
Top photo from here.