Episode 3: Saving and investing in the future

Summary

Even with variable income, gig workers can grow their wealth through small, steady investments. This episode introduces beginner-friendly savings options — plus the common scams to avoid. We cover goal setting to keep you motivated, from celebrating small wins to tracking progress, and explore ways to diversify your income streams without burning out. Learn how to build financial security step-by-step, and why investing through MAS-regulated platforms is key to protecting your hard-earned money.

Transcript

Jacqueline: Okay, real talk. TikTok finance guru or MAS-regulated advisor?

Don: I think the answer is obviously the MAS-regulated advisor, right?

Jacqueline: Okay, now here's probably the most important principle we want to share today: Time over timing.

Don: That's such a powerful concept. What it means is that starting early with a small amount is better than waiting for the perfect investment opportunity.

Jacqueline: Yup, time in the market beats timing the market.

Don: That's such a great way to put it, right? When prices are high, your money buys fewer units. When prices are low, it buys more. Over time, it averages out and it smooths out the volatility.

Jacqueline: Okay, I know some of you are thinking right now, I will just invest when I earn more money. But here's the challenge. What if this is the week you start with just $50?

Don: Yeah, even that small amount, maybe the cost of two cai png meals invested consistently can grow over time. And more importantly, you'll start building the habit and learning about investing.

Jacqueline: Yeah, it's habits and also learning about investing, right? So some options that we wanted to share with all of you out there you can try are Singapore Savings Bonds. I mean, it's low risk, government-backed, and you can start from $500.

Don: There's fixed deposits, usually offered by most banks. It allows the users to earn fixed interest over short to medium terms. So for example, 6 to 12 months.

Jacqueline: So you can choose which one you want.

Don: Another option that's been gaining popularity over recent years are MAS-regulated robo-advisors. Syfe, Endowus, and StashAway offer diversified portfolios with low fees that you can start with $100.

Jacqueline: Okay, so just gonna take you through a quick reflection. So think about your current savings that's sitting in your bank account. Are they just sitting there? You know, just earning virtually nothing.

Don: And be honest with yourself. What would you do if your savings could earn you even a little more while you sleep?

Jacqueline: Wah, syok!

Don: Yeah, maybe enough for extra Kopi O each month.

Jacqueline: Well, remember investing doesn't have to be scary or complicated, right? Start small, start safe, start with MAS-regulated platforms.

Don: Your future self will thank you for taking that first step. Even if it's just $50 or $100, every journey starts with one step. As they say, don't be paiseh to start small.

Jacqueline: Absolutely, don't be paiseh at all. Okay, Don, what's one thing you want to afford, stress-free in the next six months?

Don: New tyres to replace my worn out ones. What about you?

Jacqueline: For me, let me see, I would think clearing my credit card balance debt would be good, instead of paying a minimum sum every month and getting charged crazy interest. I mean, imagine just being able to pay it off completely.

Don: Now let's talk about longer term goals that can really change your life. First one, how about $1000 as an emergency buffer?

Jacqueline: Okay. Now in Singapore, of course, we are always so busy with work. But imagine being able to take a week off without worrying about money. Oh, I love it. Recharge, spend time with the kids, or finally learn the hobby that you've been putting off.

Don: This could be for your SkillsFuture course, your daughter's wedding, or finally taking the family to Japan. Having this money ready means you can say “yes!” when these opportunities arise.

Jacqueline: Absolutely. So here's a very important tip. Write these goals as “I” statements, because whenever you use these “I” statements, you're really personalising them. You're making them more specific as well: “I want to — ….”

Don: Yeah. But more than that, instead of saying, “I want to save money”, think about what it's for, right? Say I'm building this buffer so I have extra cash for any emergencies.

Jacqueline: I love it. I love it. So it's not just “I want” but it's kind of like “so what can I use it for”, your visioning, for the future. Or let me add on, it will be “December family time so that we can enjoy a nice holiday together”. Right? So much more motivating.

Don: Yeah, when you make it personal like this, it's not just about numbers in your bank account. It's about your actual life and what you want to achieve.

Jacqueline: Visualization right there. And a practical tip that really works: label your savings. Or even physical jars. Like cookie jars last time we labeled, but now we put it in savings jars.

Don: Yeah, don't just have “savings account one” or “savings account two”. Call them “Tyre Fund” or “December Holiday Fund”.

Jacqueline: I like that. I really like that. And here's something that we don't do enough of. I know I definitely don't—which is to celebrate wins, even every small win. So if you complete 30 days of borrowing, that's definitely worth acknowledging.

Don: Yeah, or hitting $500 in savings for the first time. That's a big deal. Maybe treat yourself to a nice meal or even just share the good news with your family.

Jacqueline: Absolutely. Okay, reflection time again. What's one thing you want to afford without stress in the next six months?

Don: Yeah, think about it, right? Have you ever saved toward a goal you actually reached? And how did that make you feel?

Jacqueline: And don't just look at the numbers. If you see your actual dreams and goals every time you check that balance?

Don: Yyour money should work toward your life goals. Not just sit there doing nothing. Make it meaningful. Make it personal.

Jacqueline: Let's talk about something that might help you to reach those personal financial goals as you said Don, faster. One way is diversifying your income stream.

Don: Wah sounds very chim leh, but actually all it means is finding ways to earn a bit more money on top of your main job.

Jacqueline: We're not talking about working ourselves to death or becoming a workaholic, right?

Don: No lah, no lah.

Jacqueline: No no no, okay, we're talking about realistic ideas here to match your time and skills, of course.

Don: Yeah, let's start with some very practical ideas that many Singaporeans are already doing, like selling basic products online.

Jacqueline: Yup. So delivery riders especially—I mean, you can sell your delivery accessories: phone holders, thermal bags, raincoats. I mean, you understand what riders need better than anyone.

Don: Yeah, think about it. You probably already know what people in your neighbourhood need, right? And you're on the road anyway, so maybe it could be like pre-packed snacks for busy parents, i.e., botok sambal for those who don't have time to make their own.

Jacqueline: That would be so nice to have. And also that freelance skill. Everyone has skills that they use for free that someone might actually pay for.

Don: Like social media, if you're good at taking photos or posting on Instagram, many small businesses need help with their social media.

Jacqueline: You know what's the big one as well? Translation. Absolutely huge in Singapore, right? I mean, imagine—can you translate between English and Mandarin, or English and Malay? You know, there are always people who need help with these official documents.

Don: So many ideas, right? And if you're creative, you can design simple flyers, do voiceovers for small videos, or even help people write their resumes.

Jacqueline: Now, here's the important part. The test and learn approach. So you just want to try things out. Don't quit your day job and jump into the business mode immediately. Test and learn.

Don: The worst thing is to overcommit and then struggle, right? Better to start small and grow slowly. Remember, your health and well-being, that's the most important. An extra $200 a month is not worth it if you're constantly stressed and exhausted.

Jacqueline: No, absolutely not worth it. So find something that gives you energy instead of draining it. Yeah, I mean, if you love to cook, right? Well, I love to eat. But if you love to cook, selling home-cooked food can feel like fun rather than work. So a bit of reflection here again: What's a skill that you already use for free that someone might pay for?

Don: And another question. Could you earn $50 extra a week by helping someone with something small?

Jacqueline: So diversified income. I think of it as planting seeds, some will grow and some perhaps won't. But along the way, you'll learn something from every attempt.

Don: Until then, maybe think about what you're naturally good at and how you might help someone else with that skill.

Jacqueline: So there you have it, listeners. This episode has all been about saving and investing for the future.

Don: Whenever you're ready, you can start listening to our fourth and final episode, Building Financial Resilience.