How to avoid festive buys you’ll regret

In the past year, I’ve definitely felt the pinch of inflation. Prices of everything have gone up, from train and bus fares to our everyday economic bee hoon. In fact, less than half of the 2,000 working adults surveyed by OCBC recently said they could still splurge on what they like beyond daily essentials, reports Invest editor Tan Ooi Boon.

But planning for your retirement remains a priority even with the higher cost of living, he says. Instead of randomly deciding on an amount you should save, he suggests that keeping track of your monthly expenses would be a more accurate way of devising your game plan for retirement.

The festive season this month is a good chance to make some prudent financial decisions. Before you pounce on that Shopee or Lazada 12.12 deal, think about what’s fueling your desire for that product, says assistant business editor Alyssa Woo. Is it the holiday atmosphere or the time-pressured environment that limited-time offers create?

Sharing her own experience of busting her monthly shopping budget, she lays out tips that could help you avoid an impulse purchase you’ll regret.

What are some ways you save on your monthly expenses? Tell us more at [email protected]

And again, HeadSTart will be getting a new look in a weeks’ time. We’ll also be coming to you on Tuesdays, instead of Mondays.

In the meantime, enjoy the other stories in today’s newsletter too, and have a good week ahead!

— Rosalind Ang, Journalist

’Tis the season to avoid impulse buys

The festive holiday atmosphere can prime people for pleasure-seeking consumption, making them prone to impulse purchases, found Alyssa Woo.

askST Jobs: Do longer promotion cycles disadvantage you for your next job?

Organisations with longer promotion cycles tend to have more structured career paths and better defined performance metrics, reports Tay Hong Yi.

How will salaries grow in 2024?

What are some advice for talents whose pay increases didn’t outrun inflation in 2023? Tay Hong Yi finds out in this podcast.

‘It starts with trust’: Should firms do away with MCs?

Calls to abolish the need for an MC are often accompanied by concerns of abuse, absenteeism and moral hazards, says the writer.

More of The Straits Times’ career and personal finance coverage

Me & My Money: Tech exec follows code of making modest gains in areas he is familiar with

• Take a conservative approach with wealth management, says Mr Loh Zhuo Jun, chief technology officer of a fintech start-up.

S'pore households financially healthy, but rising costs a worry

• People have been saving less and credit card debt has been creeping up, data from the Department of Statistics showed.

More spending less on lottery, risky investment as inflation bites

• Higher borrowing costs is also a factor leading to more prudent spending among working adults, found Tan Ooi Boon.

Brace yourself for a riskier world in 2024

• Some of the risks include a global economic slowdown and widening geopolitical tensions, says Vikram Khanna.

Thank you for reading this week’s round-up of ST’s career and personal finance coverage. Have a great work week ahead.

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