SINGAPORE: A lively discussion followed after a local Reddit user asked, “What are some of the biggest financial mistakes or money wasters?”
u/yandao2000 wrote on r/askSingapore on Sunday (Sept 3), “We know the usual sales guy spending too much on his car, racking up credit card debt, gambling etc… What are some other ways we may be unknowingly wasting money or something that will hurt us financially in the long run?”
Nearly 200 Reddit users have commented on the post so far. A number of them shared stories of family members or friends who’ve actually gone bankrupt.
“My dad was a hardcore saver, he was a business owner and earned near five figures a month. Turning on the lights, fans or appliances at home will earn us nags. We don’t spend time together on special occasions, holidays or family events so everyday is like a normal day to us. He also works 364 days a year and only 1 off day during CNY. He saved millions till one fine day he lost it all in business and became a bankrupt. Now he has nothing to show for all his life’s hard work, no fond memories, no enjoyment of the fruits of his labor,” wrote one.
The uncle of another commenter at one point was a millionaire but “became a bankrupt but soon started a company and became a professional karang guni.”
For one netizen, “signing up for a gym membership well knowing i won’t show up” was a big money waster.
Another agreed, writing, “Think I wasted S$2.5k in un-utilised gym memberships in recent years. Worst financial decision yet.”
For some, having a wife means spending more money.
“It’s my lifestyle in choosing food especially when I’m with my wife… When I am alone, my meal can be $5 a day but when I’m with her, $50-100 a day lol I know…,” chimed in a commenter.
One contributed a whole list of money-wasters.
“Buying trendy clothes and not enough of the classics. Same goes for fast fashion clothes that don’t last instead of better-made pieces,” wrote one.
“Going for the wrong course and in a career I don’t have interest in, then realizing I wasted 6 years in a career with stagnant pay + enduring a toxic work environment,” said another.
“drinks like bubble tea, starbucks, coffee bean – all at least $5-9 a cup. x 20 days a month is like $100 and more. i switched to bringing my own water bottle and refilling and if i want a drink, i usually just get from kopitiam,” one added.
For another, it was cars and luxury items.
/TISG