"Joie de vivre"
a French phrase that means the joy of living, the enjoyment of life.
For everyone, there are different life stages – meeting the love of your life, getting married, buying a house, renovating your home, having children, perhaps starting a business and finally, retirement. Each stage of life is immeasurably important and they each come with their own set of challenges. Some of them might catch you financially unprepared.
With the increase in costs of living in Singapore, unexpected financial emergencies often occur. These huge events in life usually call for a large some of money, costing thousands and more. Being completely prepared for all the financial challenges in life is not an easy task.
Each stage of life comes with its own joys and challenges. Learning how to navigate each challenge is what makes life worth living.
Starting An Adult's Life
This is the stage where we are in tertiary education or when we just entered the workforce. We begin our careers, meet all kinds of people and take charge of our own finances and bills. Along the way, we may find our partners that we wish to spend the rest of our lives with and that brings marriage and weddings.
Weddings are magical and beautiful. They are significant once in a lifetime events and it is costly to have the best wedding possible. We all want to get the best hotels, cakes, dresses, engagement rings, food and photographers and celebrate the event with lots of guests. All these usually cost a huge amount.
A honeymoon is a must-have for couples who have just gotten married. Most couples leave for their honeymoon right after the wedding to spend quality time with one another. A trip to see the Northern Lights, the Eiffel Tower in Paris, the lovely beaches at Maldives or simply a trip to beautiful Bali to create magnificent memories.
Once married, the couple will usually purchase their own house. Most Singaporeans would choose to get a BTO or a resale flat. They will have to make the downpayment and most would choose to take on a housing loan to finance their purchase. Although the house will become an asset, the purchase costs associated is very steep.
Shortly after, the couple will find themselves expectant. Being parents will be a truly exciting and life-changing experience. However, having babies come with huge additional costs. Delivery charges, baby furniture, clothes, food, diapers and formula are some of the costs you have to be prepared for.
Along the years, parents will want to take their careers to the next level. They may seek to become managers or bosses. Some parents choose to start their own business or some will choose to enhance their expertise with further studies (such as through SkillsFuture).
As we age, our body starts having problems though thankfully, Singaporeans’ medical insurance will cover most things. Unfortunately, there are necessary medical procedures that may not be included by insurance schemes. Medical emergencies requiring large sums may happen and paying thousands immediately will be difficult for some families.
Planning for Retirement
Part of midlife planning is making sure that you reduce or eliminate debt so that you can save more money for the future. Future goals include saving for your children’s higher education and for your own retirement. It is necessary to ensure that you have enough money once you retire.
Death is a topic that many would avoid talking about but it is inevitable and a part of life. When our family members pass on, we would want them to rest as comfortably as possible. If we were to pass on, we wouldn’t want to cause our family any trouble. Preparing your finances well for any situation is essential.
In all these instances, it is important to know that lifestage financing loans can lend you a hand. A good lending partner will help you go through the different stages of life smoothly without having to stress out about money.
More often than not, people are caught off-guard financially during the different lifestages. Thousands of dollars are needed for these paramount life events.
Lending Bee’s Lifestage Financing Loans
Life is beautiful and going through life, there will be different priorities and occasions. There is a time for everything. Weddings, honeymoons, buying a house and welcoming children. The major events in life often cost a huge sum of money and not everyone will be financially prepared for it. Weddings, honeymoons, purchasing a house, having children are just some of the expenses we have to cater for.
With all these events and bills to pay, it may be overwhelming.
Understanding the needs of both Singaporeans and foreigners, Lending Bee has designed our very own Lifestage Financing Loan. No matter which stage of life you are at, Lending Bee is here to support you financially.
So, What Is It About And What Does It Cover?
Lending Bee’s Lifestage Financing Loan helps you cover the costs for all your major life events. Be it your wedding, honeymoon, buying a house or child delivery, our loan accommodates. We lend you a hand financially so that you will be able to live life fully and enjoy the most of it.
Our Process Is Simple – Just 3 Steps
Apply anywhere and we will get back to you within an hour. Efficient and reliable, we help you make progress in life.
Understanding how urgent certain situations can be, we make it a priority for us to approve your loan within hours should all the necessary documents be submitted.
All these events in life cost thousands of dollars and not everyone will be able to afford these immediately. A wedding could easily cost anywhere between $30,000 to $70,000, a home in Singapore costs at least $300,000 and a baby delivery costs up to $8,000. To assist everyone to have a higher standard of living, Lending Bee’s Lifestage Financing Loan allows one to loan up to $100,000 with a repayment period of 36 months. Our interest rates are kept as low as possible and are available for all kinds of life situations you may face.
What Are The Life Stages That Require Financing?
Here are some of the stages of life that can require financial assistance:
1. Getting Married
Every lady dreams of her wedding day. Therefore, if you are planning to marry, you can expect that there will be massive costs associated with that. Most people will have a guest list of about 100 or more guests and on average, a wedding with that many guests can cost between $30,000 to $60,000. This amount depends on the kind of wedding one wants to have. In some instances, for those with extravagant taste, the amount can go up as high as $100,000.
Most of the people who get married are relatively young. They may not have the financial capability to pull off such a grand wedding. Hence, a good lender will be happy to offer you financing for your wedding so that you can ease the stress of planning it, and you can repay it in manageable amounts over time.
What comes next after a wedding is a wonderful and beautiful honeymoon with your partner. Based on a survey done in Singapore, most couples prefer to plan a vacation that lasts at least 2 weeks. Those who want to go to exotic places should plan on spending between $5,000 and $9,000 for a honeymoon. These places could be Egypt, South Africa or further long-haul destinations such as USA or Europe.
If you are looking for something less costly, yet still memorable, you should consider heading out to Thailand, Philippines of Indonesia. The costs are lower for these destinations. Luxury resorts for these places may cost $300 per night, but it is still more affordable as compared to exotic places. Flight tickets to places like Japan and Korea range between $600 to $800 though accommodation might be expensive; ranging between $200 to $300 for a room.
3. Buying A Home
Getting a home is probably the biggest purchase of your life. Most couples will choose to purchase a house as soon as possible so that they are no longer paying for rent for a home they will never own. A 4-room BTO flat will go for about $310,000 on average, and the price fluctuates depending on the area. Other than that, the couple must also consider the option fee, a 10% downpayment, stamp duty, legal fees, caveat registration fees, conveyancing fee, fire insurance and the home protection fee. The amount needed up front can creep up and if you don’t have the amount saved, you may need to borrow from a licensed moneylender or use your CPF for the 10% downpayment and fees.
4. Home Renovation
Renting a room (otherwise known as the common room) within a private apartment typically begins at a cost of S$800, with monthly rentals for rooms in government housing flats starting at S$500. These costs are affected by the size of the room and location of the apartment. Common rooms do not come with a private toilet.
5. Preparing For Your First Baby
Having a baby is exciting, but it comes with very many costs. Even though you may have the cost of delivery catered to, you must think about preparing the baby’s nursery, purchasing a crib, and buying all that the baby will need. Cribs can average about $160, but a high end one can go for as much as $1,600. Strollers can start at $375 but can also be as high as $1,000 if you are looking for a high-end option.
A Moses basket can cost as high as $800. A sterilizer which is used to make sure that the baby’s utensils remain sterile can be as high as $650, and if you will be purchasing formula, a 900gm can last the newborn between 5 and 7 days depending on consumption, will cost about $29. Around $269 will be spent on a play pen, baby bouncer, baby chair, baby walker and the like. A changing table goes for about $59, on and on the costs go until they add up to a significant amount. The best thing to do is add them all up and find out how much you require to prepare for your newborn. If you come up short, a lifestage financing loan can help you go through this transition stress free.
6. Medical Care
In Singapore, the government has done a good job of making sure that its citizens have medical cover. Their efforts include CPF, Medisave and Medishield to name a few. However, there are certain conditions and treatments that may not be covered and are quite costly. As people get older, they may face medical challenges or would like to improve their appearance and health. Most times, cosmetic treatments will not be covered and you will have to come up with the costs yourself. Dental cosmetic procedures can run into thousands of dollars which may have to come out of your own pocket.
For example, the costs associated with morbid obesity are not covered by insurance. Weight loss surgeries in Singapore can be very expensive and some people might need to undergo this process due to health issues. Some of the procedures are:
- Gastric Band (Lapband) – $17,000 in a private clinic, and $4,700 in a public hospital.
- Sleeve Gastrectomy – $14,000 in a public hospital, while private hospitals charge between $30,000 and $36,800.
With such high costs, it is imperative to have a lender who can be willing to lend you the amount that is not covered by insurance if your savings cannot close the gap.
Cosmetic surgery covers many areas including the following:
- Liposuction – $2,000 to $3,800 for each part of the body or area that they work on. They usually will do 5 parts minimum which brings the cost to $15,000 –$34,000.
- Double eyelid surgery – costs between $2,000 – $3,000.
- Nose thread lift – costs $2,000 – $3,000.
- Rhinoplasty – costs between $4,000 – $5,000.
- Facelift – costs about $9,000.
- Breast augmentation – costs between $15,000 – $16,000.
These costs are quite high but if as you get on in years you may feel the need to improve your physical appearance by having cosmetic surgery. A licensed moneylender can quickly and easily loan you the money you need for the procedure which you can repay over time.
7. Debt Repayment
With time, you will find that you need to plan finances better to prepare for other changes in life. It could be putting together money to pay for your child’s college, or trying to get your finances in order so that you can plan better for retirement. Paying off debt is a big part of that. According to a study carried out by Value Champion, the average Singaporean Household had a debt of $57,637 per capita. With that kind of debt, it is no wonder that most people are looking to get rid of their current debt. Debt consolidation is a brilliant idea for people who are drowning in many small debts. Whether they are loans from friends, or credit card debt, you can take a personal loan, pay them off and then work with one low monthly payment instead.
In addition to making a single payment, you get to pay a lot less in interest which saves you a lot of money in the long run. This is especially so if the debt is mainly credit card debt. Moreover, once you take a personal loan to consolidate the debt you will know that when the loan tenure comes to an end you will be out of that debt. Consolidating debt does amazing things for your credit score. Instead of always making late payments, or maxing out credit cards, you can consolidate the debt and work on rebuilding your credit all over again. With time, your credit score can get become a lot better.
8. Starting A Business
Starting a business is one of the dreams that most people have. They live for the day when they will break out of employment and become their own boss. Starting a business can be quite expensive though because it calls for startup capital, and in addition to that, working capital to keep the business up and running until it breaks even. Unfortunately, most businesses in the initial stages of the business tend to have a shortfall of cash. This means that they need to have a friendly lender who is willing to support them during this stage of life.
Recurring costs include payroll, rent, and utility bills. These are the ones that often require financing from time to time. If you find that you have need to make ends meet financially, speak to your lender and get the money to pay them off on time. You really don’t want to have overdue bills since they can easily affect your credit rating in a negative way. Additionally, you don’t want to be known for not paying your workers on time. This will affect employee morale, which in turn could be bad for your business. It’s a domino effect. If your account receivables look good, you can often get financing to enhance your cash flow.
9. Funeral / Bereavement
They say that death and taxes are inevitable. When you lose a loved one, which happens to all of us at some point, you will need to cater for funeral expenses as a family. In Singapore, the costs are dependent on the type of funeral you have. Some people opt for a cremation, others bury on the same day while others take a few days before burying, while others still prefer a sea burial. The range of funeral expenses for most people in Singapore ranges between $1,300 and $8,400.
Every stage comes with its own financial demands that must be met. With a good financial partner, you can easily access the lifestage financing that you need, and you don’t have to stress over any of it. Lending in Singapore is regulated by the government for your own protection, so dealing with a licensed moneylender means that you will be in good hands.
Borrow With Confidence.
With Us, You Can.