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Instead of "Grab-bing everywhere" like he used to, freelance emcee Derrick Yip now wakes up earlier to walk to the MRT station, just one of the many saving habits he has picked up since his gigs dried up in February.

"If I walk, at least I can get the $5 voucher from the (National) Steps Challenge," the 30-year-old quips, referring to the initiative to get Singaporeans to become more physically active.

While he has managed to stay afloat, starting work as a safe distancing ambassador in late April, the past few months have made him realise one thing: "Every dollar counts."

Like Mr Yip, many young adults are rethinking their financial habits amid the coronavirus pandemic, which is also the first major economic crisis they are experiencing.

About half of the 1,000 working adults between the ages of 21 and 65 who responded to a survey by OCBC Bank last month said they suffered wage cuts, were prescribed no-pay leave or had their commission reduced.

As for emergency savings, only about a third said they had enough to last them beyond six months.

Among those in their 20s, 38 per cent said they were saving more than usual, while 30 per cent intended to increase their investments.

Both percentages were slightly lower at 28 per cent for those in their 30s.

Perhaps most strikingly, more than 60 per cent of respondents in their 20s and 30s said they have been taking up more online courses.

In comparison, only 50 per cent of those between the ages of 40 and 54, and 31 per cent of those aged above 54, said they were doing so.

Mr Loh Yong Cheng, 34, a senior client adviser at wealth advisory firm Providend, says: "Young adults (aged below or around 35), in particular, may have to be more prudent with their spending and build more financial buffer in case their parents' livelihoods are affected, as seniors tend to bear the brunt of a poor economy."

He adds: "For those in their 30s, this is also the usual phase of planning to get married or have kids, and is most likely the first time they are spending such a significant amount of money. It is paramount to have a plan and enough financial buffer for the economic uncertainty ahead."

Mr Yip, who plans to get married in June next year and pay for Housing Board flat renovations shortly after, is now saving "as much as (he) can".

He spends only about $450 a month and has cut out whatever is a "luxury", from takeaway food to store-bought coffee.

When he starts emceeing again, he intends to save about half of his income, up from the quarter he set aside previously.

"Although I had about six months of emergency funds in February, panic started to set in when all I saw on my account was a minus, minus, minus," he says. "Saving money is not just for a rainy day; it is a way of planning out my life."

Student-care teacher Saravanan Kumaran, 27, also tells The Sunday Times the circuit breaker period has helped him to cultivate stricter saving habits.

Student-care teacher Saravanan Kumaran said the circuit breaker period has helped him cultivate stricter saving habits. PHOTO: COURTESY OF SARAVANAN KUMARAN

Besides cutting down on Grab rides, he makes his own meals, instead of ordering takeaway food, which he used to do whenever his mother did not cook.

Mr Saravanan was called to work less during the circuit breaker period and lost about a month's pay, but managed to reduce his expenditure by about 40 per cent at the same time.

He says: "I am glad to see these habits carry forward after the circuit breaker as well."

Besides spending less money, young adults whose jobs took a hit are also seeking other sources of income.

For example, when Ms Wajihah Wahid, 28, finished her five-year contract as an air stewardess in April, she applied to be a nurse at Singapore General Hospital, where she had first started working in 2012.

While waiting doe a response from the hospital, she and her husband, a traffic police officer, are relying on his salary.

"We decided to buy only what we need, and not what we want, till I get a job," she says. "Most of our expenditure is on groceries, so we didn't buy new clothes even though Hari Raya just passed, and made other sacrifices like that."

Ms Wajihah Wahid (right) and her childhood friend Farah Azureen set up home bakery business Melted Batter in May. PHOTO: COURTESY OF WAJIHAH WAHID

Because she started baking more during the circuit breaker period, she and a childhood friend decided to set up Melted Batter, which sells baked goods like burnt cheesecake, cinnamon rolls and tiramisu.

"It is home-based, so there is less risk, and we buy ingredients only after we take orders, so there is no wastage," she says.

Her earnings are only 20 to 30 per cent of her previous salary, but Ms Wajihah hopes they can grow the business into "something big" eventually.

In any case, she and her husband have also committed to set aside 20 to 30 per cent of their total income in the future.

"Many of my peers thought money would always be there and that we wouldn't lose our jobs so easily, but after Covid-19, we are all talking about the importance of saving up," she says.

While their incomes have remained stable, other young adults like channel sales engineer Chong Wen Han have taken the time to reflect on their spending patterns.

During the circuit breaker period, Mr Chong says he was able to save about three times his usual amountas he realised he had a lot of "unnecessary expenditure", such as drinking and dining out.

"This got me thinking about how careless I have been with my money," says the 30-year-old, who was prompted to sign up for an investment plan. His usual commitments include his parents' expenses and car and housing loans.

He adds: "For one thing, it's better than money in the bank. Second, with a monthly commitment, I hope to continue this habit once everything is back to normal."

DBS Bank's head of financial planning literacy, Ms Lorna Tan, says the market downturn has motivated some young adults to explore investment options as they are keen to "jump on the bandwagon and pick up some bargains".

One of them is financial consultant Ho Shi Lei, who is seeing more investment opportunities.

The 24-year-old says: "Investment tools are generally undervalued now, but of course, (I need to proceed) with caution and proper planning."

It appears that the pandemic and its attendant uncertainties have sobered many young working professionals. Many have begun thinking about long-term financial planning.

Senior marketing executive Chua Yi Bei, 27, thinks her generation "is in the exploration stage of finding an effective financial habit to follow".

Ms Chua Yi Bei has bought savings plans catered for retirement.PHOTO: COURTESY OF CHUA YI BEI

They have chalked up some savings from having worked for a couple of years.

"We are exploring new ways of saving money, be it through investments or developing new habits like keeping track of our savings daily."

Claims team manager Kiki Au, 30, intends to invest more of her savings within the next year or two.

Ms Chua, meanwhile, has bought savings plans catered for retirement.

"Everyone has different habits. It's about reading up and experimenting with different kinds of financial habits. Find one that suits you the best and stick to it."

Track your expenses and budget

Knowledge is power and it is no different when it comes to your savings. Mr Laurent Bertrand, co-founder and chief executive of fintech start-up BetterTradeOff, says one must understand where one's money is going.

That means setting up a realistic budget and being disciplined in saving, including immediately setting aside 10 to 20 per cent of one's salary, and paying credit card bills in full every month.

Mr Loh Yong Cheng, senior client adviser at wealth advisory firm Providend, says: "Think about your values. From there, prioritise your spending. Know what you want your money to eventually do for you and make sure it's directed that way."

Save money for hard times

It never rains, but it pours, and in such times, one must have at least three to six months of emergency cash. Ms Lorna Tan, head of financial planning literacy at DBS Bank, says: "Develop emergency funds to last at least six months of your expenses. Your expenses should include insurance premiums and income tax - these two items are often missed out as they are annual payments."

Think long term and invest

Invest in your future - your future self will thank you for that.

To help users plan for their financial future, BetterTradeOff has created a free online platform, Up, where they can build a customised financial plan by simulating various scenarios such as buying a new home or planning a child's education.

It then projects the outcome of these decisions in relation to one's living expenses, household income and financial assets like investments.

Mr Bertrand says: "Always think long term. It often surprises people how a small amount of savings now can add up to a lot later, especially if that money is invested. Few people appreciate the compounding effect of investing on an ongoing basis. Even if it's a minimal amount, the returns are significant. This holds even more true when you're young and have time on your side."

Invest wisely

When it comes to your money, practise caution. Ms Tan says: "Do your due diligence and understand products before investing. Empower yourself with financial knowledge to make informed decisions."

She adds that timing the market can be challenging for most retail investors. "Consider adopting an approach of making regular investments in the same investment/portfolio to lower your average investment cost over time."

Shield yourself - get insurance

Finally, one needs to stay protected in a world with increasing entropy. Ms Tan says: "Review your insurance needs and ensure you have adequate insurance protection against premature death, medical conditions or disability."

Read more here:
Young professionals are rethinking their financial habits because of the coronavirus crisis - The Straits Times

Sophia A. Nelson, Opinion contributor Published 6:00 a.m. ET June 20, 2020

Though the name endures, the current Republican Party is no longer Lincoln's party that advocated freedom, democracy, and justice for all

As President Donald Trump prepared to go to Tulsa for his Saturday rally, Republican Senator James Lankford of Oklahoma proclaimed that no question this is still the Party of Lincoln.

Well, Senator Lankford, I have news for you: Todays GOP, led by Trump, is not the Republican Party of Abraham Lincoln. In fact, it is not the party of Ulysses S. Grant, Teddy Roosevelt, Dwight Eisenhoweror Ronald Reagan, either.

Instead, it is a party increasingly dominated by activists who are overwhelmingly white, always aggrieved, virulently militant about the Second Amendment (and their rightsnotto wear a face mask during a pandemic), pro-Confederacy and openly racist. That is your party, senator.

Lets be clear. This is not the party that began in 1854 as a pro-abolitionist, anti-slavery party. This is not the party that freed the slaves or passed the 13th, 14th, and 15th amendments to the Constitution. No, this is not the party whose leaderswon the Civil War, fought the Klan, and ushered in Reconstruction. This is not the party that welcomed Booker T. Washington to the White House or used federal troops in 1957 to integrate Little Rock High.

This is not the party, led by Everett Dirksen in the Senate, that helped pass the Civil Rights Act and Voting Rights Acts of the 1960s. Sadly, this Republican Party has within its elected ranks only one Black senator, Tim Scott of South Carolina, and one Black member of the House, Will Hurd of Texas. Hurd announced he was retiring in 2020, and Scott has saidthat if he runs for re-election in 2022, it will be his final term.

No, this is not your great grandfathers or even your grandfather's Republican Party. This Republican Party will be the first-ever to openly and proudlystain Lincolns legacy and embrace instead the traitors of Southern rebellion that sought to divide and destroy the Union our Founding Fathersestablishedin 1776.

This is now Donald Trumps party. And his trip to Tulsa (a city that, in 1921, was the site of the worst mass murder of peaceful black men and women in the history of America)the day afterJuneteenth (which commemorates the end of U.S. slavery) says a lot.

Sophia A. Nelson(Photo: Family handout)

Trumps conduct during the aftermath of George Floyds tragic murder has been reprehensible, cowardly, and divisive. He has made it clear to us all but most of all to his very white, very monolithic base that he is not on the side of democracy, freedom, and justice for all but, instead, on the side of suppressing free speech, tear-gassing protesters, and engaging in old culture wars that no longer resonate with a 21st century America, where more than 40% of the population is of color."

Both my maternal and paternal grandparents were Eisenhower Republicans. I was a moderate black female Republican for more than 25 years. Inspired by Jack Kemp at a college speech in 1988,I went on to work as an intern for Sen. Pete Wilson, R-Calif., and then for President George H.W. Bushs re-election campaign in 1992. Beyond that, I worked for former Gov. Christine Todd Whitman, R-N.J.And then, in 1997,as the first Black female counsel to the Republican majority on the House Reform and Oversight Committee Counsel.

History of Henrietta Wood: The Backstory: The little known story about a former slave who sued her captor and won

But once Trump was nominated and elected in 2016, I, like many moderates and centrists, became a never Trumper. I was an early senior adviser to the Lincoln Project when it launched in January 2020. And I now find myself in June 2020 disillusioned with the Never Trump movement, as it is too white and too male.

Let me say it plainly. If todays Republicans think that marching in Black Lives Matter solidarity with Sen. Mitt Romney one day, then singing Trump's praises the next day, makes you woke, then they are clueless as to the power and impact of this national moment. If todays Republicans think President Trump can throw the black community false sound-bites like I have done more for black people than any presidentwhile turningNational Guardsmen and police against peaceful protesters in Lafayette Square, then they are very wrong.

The 19th-centuryparty of Lincoln was one that stood for the unity of the union. Freedom for the enslaved. Opportunity for the oppressed. The 21st-centuryparty of Donald Trump stands for racial slurs, placing Hispanic babies in cages, telling duly-elected congresswomen of color to go back to where they came from, and hiding in a bunker during historic protests in support of racial equality and justice. It's no wonder that Mary Elizabeth Taylor, a senior State Department official and one of the administration's high-ranking African Americans, followed "the dictates of my conscience" and resigned on Thursday.

JUSTICE Act: GOP Sen. Tim Scott: I've choked on fear when stopped by police. We need the JUSTICE Act.

Make no mistake, what Trump is about to do in Tulsa is dangerous. Even if he gives lip service to racial justice and police reform, he is signaling from the pulpit of the presidency that he will preserve, protect, and defend the whiteness of America. When Republicans like Lankford harken back to Lincolns freeing of the slaves to prove they are not racist, that will not cut it in this pivotal moment for America on race relations.

Richard Nixon, with his southern strategy in 1968, accelerated the process of destroying the GOPs legacy as the party of Lincoln. Donald Trump has finished the job.

Sophia A. Nelson is a CNN commentator, journalist, and author of E Pluribus One: Reclaiming Our Founders' Vision for a United America. Follow her on Twitter:@IAmSophiaNelson

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Trump, Tulsa and the demise of Lincolns Republican Party - USA TODAY

Said Senator John Cornyn, Republican of Texas: I dont really have any comments about it, because I havent read it. I know hes trying to sell a book.

Mr. Boltons book contains some unflattering information about Mr. Trumps lack of knowledge about basic facts of world affairs and geography. The president did not seem to know that Britain possessed nuclear weapons, Mr. Bolton wrote, or that Finland was not part of Russia.

While those accounts prompted some mockery, Democrats mostly seemed frustrated at Mr. Boltons refusal to participate in the impeachment inquiry.

During the House proceeding, Mr. Bolton declined to appear, joining a lawsuit that sought a decision from a federal judge about whether he should heed Congresss request for his testimony or a White House order not to participate. Rather than engage in a lengthy court fight, House leaders wrapped up the inquiry in December without him and moved to a vote to impeach Mr. Trump on two counts: abuse of power and obstruction of Congress.

But then in January, Mr. Bolton abruptly changed course and said he would be willing to testify if subpoenaed at the Senate impeachment trial. By then, the matter was in the hands of Senator Mitch McConnell, Republican of Kentucky and the majority leader, who moved to block any witnesses from being called, a decision that Republicans upheld in a nearly party-line vote, paving the way for the presidents swift acquittal.

The fact that he wasnt willing to testify in the House and was willing to tie us up in court for a long time, but willing to tell the story to a book, to make money for a book, tells you a lot about John Boltons character, Representative Adam Schiff of California, the chairman of the Permanent Select Committee on Intelligence, said on CBS This Morning. Whether his testimony would have made significant difference in trial? It may have led to further evidence and further witnesses, but we will never know. And this is the price the country had to pay for John Bolton putting profit before country.

Senator Mark Warner of Virginia, the top Democrat on the Intelligence Committee, said he wished that Mr. Bolton had revealed his story to the panel.

See the rest here:
Bolton Unites Republicans and Democrats in Scorn Over Tell-All Book - The New York Times

Karen Gardner was perplexed when she received her mail-in primary ballot. As a life-long Republican voter and chairwoman of the Bernardsville Republican Municipal Committee, Gardner wasnt expecting to find a list of Democrats inside the envelope.

The slate of candidates was all Democrat from Joe Biden down to dogcatcher, but on the upper right it clearly stated it was a Republican ballot and it had my name and correct information on the return envelope, Gardner said.

Of the 2,400 registered Republicans in Bernardsville, 500 to 700 of them received erroneous mail-in ballots, listing the Democratic candidates instead of the Republicans.

Gardner brought the issue to the Somerset County Republican Organization on June 13. The organizations chairman Al Gaburo notified the county clerk who promised to remedy the mistake.

The error originated with Reliance Graphics, Inc., the printing company which sent out Somerset Countys ballots. Normally, the county clerks office prepares the ballots themselves, but shopped the task to Reliance this year because of Gov. Phil Murphys executive order that every voter receive a vote-by-mail ballot for the delayed July 7 primary election.

If we had had a greater lead time when we were sending out these ballots, we would have been able to do the ballot insertion in-house and this error would have been caught, Somerset County Clerk Steve Peter said.

Corrected ballots with a slip explaining the error were sent back out to all 2,400 Bernardsville Republicans on June 16. The erroneous ballots will be voided, and even so, Republican voters cannot cast votes for Democrats in a New Jersey primary. Reliance will swallow the reprinting and postage costs, at no added expense to taxpayers, Peter said.

Peter said that there was no issue with the PDF proof Reliance sent over before the ballots were mailed or with the ballots sent to the clerks office for distribution. Bob Fetterly, the president of Reliance, called it a human error, but would not elaborate on what exactly happened or why the error only affected 500 to 700 Bernardsville Republicans.

It was a misprint, Fetterly said, whose company serves six New Jersey counties, including Middlesex and Essex. Human error. We mailed over 1.5 million ballots in the last couple of weeks and 500 went astray. So we apologized for it, but it was a human error we had a success rate of 99.99 percent.

Bernardsville Republicans are displeased with the mistake and think it will undermine voters confidence in local elections as well as lose Republican votes in this primary.

There has been widespread anxiety about the 2020 election due to allegations of voter suppression and foreign interference in 2016. The coronavirus has interrupted in-person voting, adding additional strain on elections.

You cant have printer errors. I think thats a problem said Bernardsvilles Republican Mayor Jane Canose, though she explained that she does not suspect fraud.

Peter vows that the error will not happen again and that there has never been a problem when the clerks office handles the ballots.

Come November, I have implored the governor and everybody in the legislature that I can talk to that if we do have an all or mainly vote-by-mail election that that decision be made no later than August 1st so that we would have adequate time to prepare these ballots and we can do the insertion in our office to ensure quality control.

Josh Axelrod may be reached at jaxelrod@njadvancemedia.com. Tell us your coronavirus story or send a tip here.

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Misprinted ballots with Democratic candidates mailed to Republicans in this N.J. town - NJ.com

Any time you see that sort of wipeout less than six months before a major national election within the President's own party it's worth trying to answer the question of why.

Which, fair enough. But it's also worth noting that none of the 13 Democrats in the state House and state Senate who were seeking re-nomination lost. So what happened last Tuesday doesn't appear to be solely about throwing the bums (of both parties) out.

What else could have been going on?

The robustness of the Republican Party in the state means more competition. There's now an entire generation of young Republicans (and not-so-young Republicans) who understand that the only way to get into office is to beat someone in their own party. It's one of the problems that comes with being, essentially, a single-party state.

There's never a single reason for why a political cataclysm happens. Voters are complex creatures whose intentions often resist simple explanations.

But when we see something like what happened in West Virginia to Republicans last week, we all need to pay attention. Because it could be a sign of unrest -- and desire for change -- that extends well beyond West Virginia's borders.

Read more from the original source:
Something shocking happened to Republicans in West Virginia last week - CNN