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Financial Planning Tips for Flight Attendants in Singapore

For some people, the job of a flight attendant seems rather glamorous. After all, these people appear fashionably dressed and wheeling around their chic-looking suitcase at the airport. Not only that, but they have a chance to travel to various destinations all year round. Indeed, it is a job that is envied by jet-setters who want nothing more than to check out their favorite cities on the planet – and all for free!

It is true that the basic pay for a flight attendant is pretty decent. This is the case, at least, for those who work for Singapore Airlines. So, it does seem like a dream job for travel enthusiasts out there – to tour every single year and not have to worry about plane flights and accommodation budget. As a bonus, you are surrounded constantly by good-looking, sophisticated and young colleagues who are at the same time your companions during your travel. What more can you ask for?

Unfortunately, some flight attendants fall into several financial mistakes by not setting their purpose right from the start. Those who think that they will have this good-paying job for a long time tend to become more lax with their spending habits, until they find themselves concerned about accumulating so much debts over a period of time. They may even end up taking out one loan to the next from a bank or a licensed money lender because their funds have already run dry.

The “You Only Live Once” Syndrome

How would you feel about making $4,500 monthly, allowance included, and having a chance to fly and travel to multiple cities every week? Sounds like a dream, right? Not to mention the opportunity to go to different shops from various countries and buy luxury items at discounted rates. You can get yourself that 6-figure bag from Paris or an elegant and super expensive watch in Switzerland and who knows what else can catch your eye during all that shopping while abroad!

Then, there is the excitement an thrill of partying and bar-hopping at popular and posh clubs on the planet that the average Singaporean only sees on YouTube or hear about from their friends. There are just so many things to explore and discover about the world that flight attendants have an easy access to without having to pay a huge price.

Peer pressure may also be a thing that is likely to prevent you from saving some money and just blowing your allowance and income. How can you possibly say no to your travel companions when they all want to party and shop? Feeling left out is something no one wants to experience, so if they shop, wine, and dine, then so do you.

But think about this – the job of a flight attendant is a short-lived career. You will not always have that job, and once you lose it, so will all the access to shopping abroad, travelling, and your income. This is why before you end up regretting things, be sure to save up some cash and think about your future instead of just living in the current moment. It surely does not hurt to put away some money for the rainy day and for your retirement.

It Is Still a Job

You see, behind all the fun and glamour that flight attendants are exposed to, this is STILL a job. This means that you make a living for yourself and your loved ones. Without that job, you will have nothing to pay the rent, utilities, food, and perhaps even support the needs of your family. With this understanding, it only makes sense to realise that you should never even consider rationalising your decision to spend more than you have to.

It is also worth noting that even if you are overseas, this does not mean you are on a holiday. This is a part of your job, so it is not even practical to spend all that money while you are abroad. Spending more than what you earn does not do anyone good no matter what his or her job may be. Always remember that there are consequences for the things we do, so if you go beyond your budget, then the time will come for some serious money issues. Just think about what might happen if you suddenly lose your job, and you have hundreds or even thousands of credit card debts that you need to pay. This is a major disaster for sure!

Save Up and Feel More Secure

As we can never tell how our future might turn out, saving money is ever important to have some kind of a cushion once emergencies strike. Also, wouldn’t it be nice to someday have your very own HDB flat? A place that you can finally call your own does not only help boost your sense of security, but this is also a great investment for you. Then of course, if you plan to get married someday, having some cash would be great to fund this significant moment in your life.

Spending less means saving more. That’s just a simple equation that you have to remember if you are looking to find a way to increase your savings and secure your future. You can start by visualising yourself 5 years from now. Where do you think you will be, and how do you envision your life to become? Perhaps you want to have your very own home, a wife and maybe even a child or two. If these are your hopes for the future, then it is smart to begin your financial plans as early as now.

In case you are not very clear about what you want to become in 5 years, this does not give you any excuse to avoid saving. Keep in mind that you are still responsible for yourself – your health and safety. So, building an emergency fund is one thing you need to do with your salary. Try saving about 6 to 9 months of your salary’s worth in the bank, so you can have some cushion in case you suddenly need to deal with retrenchment or a serious illness.

Fast-Forward to the Future

Do you imagine yourself staying as a flight attendant for a long time? If you do not really plan on remaining in this job for too long, then you will have to start saving for potential new careers in the future.

Perhaps you want to enter a different field, and you need to acquire knowledge and skills relevant to a new career to make yourself qualified for it. This is why studying is necessary for this purposes, and it will definitely involve money. Whether you wish to pursue IT, interior design, or other fields, you must be able to fund your education and undergo training before you can make your dreams come true. In Singapore, a degree should cost you at least $25,000. But aside from that, there are living expenses to think about, which means it would be safe to assume that the total cost will reach up to $36,000 in addition to the schoo tuition.

Sounds like a lot of money? This is why it helps to start saving as early as now if you have this kind of goal for the future.

Aside from your hopes of shifting to another career, you will have to be prepared for the fact that other jobs may not pay as much. To prevent setbacks to your living expenses and savings, you should put away some money in the bank that could be used in case your income does not suffice. But at the same time, try to limit your expenses and eliminate debts as much as possible to avoid any shock that a lower income from a different job may give you.

The future may still seem a little far away, but it is a wise and practical move to be prepared for it no matter where you are in life right now. This is your best weapon against emergencies that may come your way, so you will no longer be caught off guard and still stay afloat even during tough financial crises.

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