The thought of upcoming renovation expenses, coupled with the realisation that I'll need at least $1 million more to meet my eventual retirement needs, is anxiety-inducing at times.
This comes even though I've been saving and investing regularly, and putting a lid on my monthly spending.
Of course, it's necessary to plan for the future and consider our various financial commitments. But is there such a thing as worrying too much about money?
The internet loves to coin new terms for age-old situations, and one of the latest that has surfaced in personal finance discussions is "money dysmorphia" - where someone is insecure about his financial situation even if it is stable.
Mr Jeffrey Yap, head of investments and wealth solutions for South-east Asia at HSBC Global Private Banking and Wealth, said there is generally a perception among individuals that their financial conditions are not ideal. "They wonder, 'Do I earn enough, do I save enough, do I invest enough to meet my consumption and retirement needs, or to be financially secure?'"
Ms Tan Siew Lee, head of group wealth management at OCBC, said individuals might feel financially insecure if they grew up in a background where scarcity was prevalent, for example.
"Having high levels of debt, such as (personal) loans, or a looming big purchase like a home renovation may also feel overwhelming, especially if one is living beyond their means to keep up with the lifestyle of their peers," she said.
Money dysmorphia might lead us to make poor financial decisions, said Mr Yap. "If you haven't properly planned your finances, up to a stage where you feel there's a big gap, then you'll tend to go for risky investments.
Esta historia es de la edición October 13, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición October 13, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Jung Ho-yeon takes on Hollywood in Disclaimer
The drama series marks the Squid Game star's first English-speaking role
French pianist Helene Grimaud plays with time
Acclaimed French classical pianist Helene Grimaud, who has earned a reputation for playing by her own rules, thinks there should be no contradiction between freedom and fidelity.
Eisner Award winner submitted her comic as practice
Erica Eng submitted her web comic Fried Rice for the Eisner Awards on a whim in 2020.
Two-time Booker Prize nominee almost gave up writing
Acclaimed Canadian novelist Esi Edugyan has had first-hand encounters with the vagaries of the publishing and book-selling worlds.
A frank, and funny, work about the female body
Cat Bohannon wrote her best-selling non-fiction debut Eve: How The Female Body Drove 200 Million Years Of Human Evolution (2023) while also having two children, completing a doctorate and surviving the Covid-19 pandemic.
SILAT WILL MOVE 'UPHILL'
SSF chief plans to improve governance, selection process and coaching quality
One C'ship lets go of 'a few dozen employees'
Mixed martial arts (MMA) organisation One Championship has laid off a number of employees - including those from its Singapore headquarters - on Oct 16.
EPL pays highest price for injuries
Players in Germany's Bundesliga are most likely to be injured among Europe's top five domestic leagues, but the English Premier League bears the most injury-related costs, according to a report published on Oct 16.
Cantona slams 'scandalous' decision to axe Ferguson
Manchester United's most successful manager Alex Ferguson will step down as a global ambassador after the club's part-owners Ineos ended his multi-million pound contract.
PROFLIGATE PORTUGAL LACK MAGIC: COACH
Martinez's men can't find way past stubborn Scotland, but have one hand on q-final spot