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My StumbleUpon PageHave been feeling rather poor as of late. Nope, not that I've gotten my salary reduced but because the cost of living has gone up by a lot.
Prices have been creeping up slowly as of late, with news like increase in flour prices hitting the headlines, affecting even the the price that you pay for your daily slice of kaya toast! Crude Oil is also at record high prices of almost USD 100 per barrel, and even if you don't own a car or drive, these high prices will still hit you in one way or another as your daily necessities still needs to be transported, using just some simple reasoning. Yeah and for those who do drive, even more bad news! Surely you've been affected by the new ERP gantries that has popped up all over the expressways! Instead of just two gantries, I now have to pass through a total of three gantries just to get to work every morning, and that costs me at least $1.25 more per day!
The latest projection by the Singapore government says that inflation forecast has been raised to 3.5-4.5% in 2008 from just 2% this year. Effectively, it means that all the money that you have saved up in the bank earning you the 0.325-0.8% fixed deposit rate is actually losing you money instead of making you money! So hope for that pay increase coming next year, but lets just say that unless you increase you income dramatically, the extra 5-10% increment is not going to do you much good too in real economic power.
So what's then best solution? Is to start clocking more overtime work to earn more? Or is it to change a job that pays more? How about giving up your daily cup of coffee for plain water or eating in at home instead of spending more money for a good meal at a restaurant? Or worst of all, just hope and pray for the best so that you will get lucky at Toto or 4D? Get real! None of the above are long term solutions!
I guess the best solution would be to pro actively seek for alternative income streams. Depending on just stream is too risky and full of insecurity given the volatile economy nowadays, especially in the financial markets. News of the subprime mortgage crisis has yet to blow over with speculation that more banks will announce further write down and losses, and heads are really rolling among the big players of this sector. Working in one certainly doesn't put me at ease! Time to prospect for additional opportunities to keep the money flowing in spite of rising costs!
Prices have been creeping up slowly as of late, with news like increase in flour prices hitting the headlines, affecting even the the price that you pay for your daily slice of kaya toast! Crude Oil is also at record high prices of almost USD 100 per barrel, and even if you don't own a car or drive, these high prices will still hit you in one way or another as your daily necessities still needs to be transported, using just some simple reasoning. Yeah and for those who do drive, even more bad news! Surely you've been affected by the new ERP gantries that has popped up all over the expressways! Instead of just two gantries, I now have to pass through a total of three gantries just to get to work every morning, and that costs me at least $1.25 more per day!
The latest projection by the Singapore government says that inflation forecast has been raised to 3.5-4.5% in 2008 from just 2% this year. Effectively, it means that all the money that you have saved up in the bank earning you the 0.325-0.8% fixed deposit rate is actually losing you money instead of making you money! So hope for that pay increase coming next year, but lets just say that unless you increase you income dramatically, the extra 5-10% increment is not going to do you much good too in real economic power.
So what's then best solution? Is to start clocking more overtime work to earn more? Or is it to change a job that pays more? How about giving up your daily cup of coffee for plain water or eating in at home instead of spending more money for a good meal at a restaurant? Or worst of all, just hope and pray for the best so that you will get lucky at Toto or 4D? Get real! None of the above are long term solutions!
I guess the best solution would be to pro actively seek for alternative income streams. Depending on just stream is too risky and full of insecurity given the volatile economy nowadays, especially in the financial markets. News of the subprime mortgage crisis has yet to blow over with speculation that more banks will announce further write down and losses, and heads are really rolling among the big players of this sector. Working in one certainly doesn't put me at ease! Time to prospect for additional opportunities to keep the money flowing in spite of rising costs!
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