Money Makeover: Ng Hui Quen

If you are fretting about how you would ever be able to afford that dream home, or have enough to see your children through university, or even save enough for retirement, here’s help. As a prelude to our Money Makeover “reality” series on how to gain control over your finances, Nanzinc.Com interviews Ng Hui Quen, 30, an assistant architect, who attended the LiFE programme run by Wealth College, upon which Money Makeover is based.

By: Audra LIm

What prompted you to sign up for LiFE?
Although I save regularly, I realized that even after working for more than two years that I still do not know how to manage my finances. My fiancé and I plan to get married in 2011, and are still not financially stable. We wanted to do something to improve our situation yet do not know how to go about it. This prompted me to sign up for LiFE.

What did you have to commit to when you joined the programme?
I had to attend classes on time and follow the tutor’s instructions, such as recording every single daily expense in order to see my financial pattern, and deposit coins into a piggy bank every day.

LiFE to me is…
… achieving a balance between money, family and friends, career, health and my inner world. The focus cannot be on career at the expense of family and friends, resulting in negative vibes in my inner being, and creating obstacles in my life’s journey.

Describe your financial habits before, and after LiFE.
Previously, I used to not bother about the difference of 10 or 20 cents in my purchases, but after LiFE, I realized that these little things do come up to a sizeable amount in the long term. I am now more conscious about my daily expenditure and where each cent I earn goes to. For example, I used to eat at a foodcourt near my office, but now, I would go to a foodcourt further away where I can have the same meal, but at a cheaper price.

What were the key life-changing lessons you learned?
1. That I know when I should spend, what I should save on and which area I should take care of.

2. That there should be balance in life – money, while good, is just one part of life. LiFE taught me how to manage both my finances and my life.

3. That I should just do it, and not wait. I like to do handicraft, but when I have ideas on what to create, I usually either take a long time to get round to it or never get it done. So for example, I went ahead to design a poster capturing the energy of one of our LiFE coursemates, and ended up selling it to a Taiwanese friend while on a recent trip to Taiwan. I actually made money while on holiday!

Women are increasingly successful these days, but sometimes in a fix when it comes to their finances. If you could offer 5 specific tips on what woman can do to gain control over their finances, what would they be?
1. Manage your money – know your wealth model (how much to save, how much to spend, how much to invest, how much to spend for protection schemes etc). Women should know where their money goes.
2. Do not spend future money, especially if you do not know how to count the interest of repayment.
3. Do not put all your eggs in one basket, such as investing in just one area.
4. When you know how to earn money, you should also know how to spend it! Work hard but also play hard. Being rich does not mean we cannot spend money or go on holidays. We should love ourselves first before we love others.
5. Have two bank accounts. One is for depositing regular savings in, while the other is purely for expenses. Set a limit on how much should go into the expenses account. By separating the two, it will protect against overspending while ensuring that our savings grow.

The LiFE program is a comprehensive, highly practical and effective financial wellness program that has won rave reviews from participants all over the world. You can get more information at www.wealthcollege.com.sg.

If you are interested, LiFE program for the public are being planned over two whole-day sessions on Saturdays, 10 and 17 July 2010 at $450* per person (with lunch and refreshments provided) and a complimentary Money Personality Profile Report.

* This is to be consistent with the pricing of the Singapore National Employers’ Federation who run this program monthly for their members and non-members.

Nanzinc.Com’s Money Makeover Series will begin soon! Watch this space!