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Straits Times
7 hours ago
- Business
- Straits Times
Young & Savvy: Having a savings plan can help you cross life's milestones easier
Saving up for big expenses can be tiring, but it's also satisfying to see her efforts come to fruition, says the writer. SINGAPORE – Although we had budgeted about $60,000 for our home renovation, speaking to various contractors made my husband and I realise that our budget would quickly rise to $80,000. The factors that drove up our renovation costs include soundproofing the master bedroom, as my husband is sensitive to loud noises, and installing window grilles that are safe for cats that we plan to adopt. The biggest expenses for most people often occur shortly after they enter the workforce. This is especially so for young couples who are starting their lives together. In the Singapore context, we all know too well that when this major life milestone takes place, many young couples end up spending the bulk of their savings on their new homes, renovation costs and, yes, wedding expenses. As someone who has been in the workforce and earning a full-time salary for not more than five years, I was initially very worried about how I would afford all these things. Over the past year, my husband and I came up with a plan to work towards paying for these milestones. Firstly, we set aside a fixed amount of about $2,500 every month for upcoming expenses, and this sum goes into the joint bank account that we opened to save for big expenses. Some people might prefer saving what's left of their salary at the end of the month, but I've found that saving at the start of the month works better for me. Top stories Swipe. Select. Stay informed. Singapore Asean needs 'bolder reforms' to attract investments in more fragmented global economy: PM Wong Singapore CPF members can make housing, retirement and health insurance plans with new digital platform Singapore CPF's central philosophy of self-reliance remains as pertinent as ever: SM Lee Singapore Credit reports among personal data of 190,000 breached, put for sale on Dark Web; IT vendor fined Asia Dalai Lama hopes to live beyond 130 years, much longer than predicted Singapore Tan Cheng Bock, Hazel Poa step down from PSP leadership; party launches 'renewal plan' Sport Liverpool will move on after Jota's tragic death, but he will never be forgotten Singapore Rock climbing fan suddenly could not jump, get up from squats Each month, my husband and I also discuss our investments, CPF contributions and bank balances. These numbers are all laid out neatly in an Excel spreadsheet, thanks to my partner, who loves planning and organisation. The spreadsheet shows us how much we have as a couple. While such sessions do not have to be monthly, scheduling a 'finance date' now and then is a good way for couples to keep their savings and investments on track. It is prudent to look ahead because there is nothing worse than being hit with an unexpected increase in essential expenses that you have no money to pay for. A case in point is the possible 30 per cent jump in our home renovation costs. My first reaction to big upcoming expenses used to be: 'How can I possibly afford that?' By laying out my finances clearly – seeing all the numbers in black and white – I now have more confidence in planning so that I can meet my financial milestones. During our monthly session, we also talk about our upcoming milestones and decide the budget for each one. This allows us to start saving for each milestone early and even leave some room for us to revise the budget, such as by reducing non-essential spending if necessary. Understanding your priorities can also help you save some money – it's not financially possible to have the best of everything and it's about making the best use of what we have. So singling out what's most important to you can ensure that your hard-earned money is spent on things that matter to you. For example, we decided that being able to house our cats safely and having a quiet master bedroom to sleep in every night would be more important than having fancy tiling for our home. As we plan to live in our first home for many years, it makes more sense to ensure that we spend a bit more on quality fixtures that will last longer. I also set aside money for our emergency fund every month, which has about three to six months' worth of our average monthly expenses. This is in case of job losses or sudden spikes in medical expenses. Let me share a useful shopping tip which I have personally found to be very effective in not only helping me save more every month, but also makes it less painful to cut down on expenses. It starts with changing your mindset when it comes to spending on things that you probably like but are not crucial to your day-to-day use. So before I make the decision to buy, I tell myself that I will delay the purchase by one week and see if I still want the item then. Just by going through this mental exercise, I have successfully resisted many non-essential purchases. Indeed, I have found it more fulfilling that I have succeeded in saving more each month, simply by not giving in to impulse shopping. I've also dialled back on agreeing to too many overseas trips with friends, as even short weekend getaways can quickly add to expenses. While it's important to save up for life's big milestones, I've made it a point not to compromise on the enjoyment part of life. After all, what's life without bubble tea a couple of times a week and spending money on things that make me happy, like cute K-pop merchandise. Saving up for big expenses can be tiring, but it's also satisfying to see my efforts come to fruition – being able to afford what is truly important to me. I hope my future cats will enjoy their new home as much as we do.
Straits Times
7 hours ago
- Sport
- Straits Times
Djokovic hits century to lead veterans into last 16, Krejcikova crashes
Sign up now: Get ST's newsletters delivered to your inbox Tennis - Wimbledon - All England Lawn Tennis and Croquet Club, London, Britain - July 5, 2025 Serbia's Novak Djokovic in action during his third round match against Serbia's Miomir Kecmanovic REUTERS/Toby Melville LONDON - Seven-times champion Novak Djokovic scored his 100th match win at Wimbledon and led the march of the old guard into the last 16 on Saturday while an ailing Barbora Krejcikova's title defence ended in defeat and tears. World number one Jannik Sinner was at his ruthless best yet again as the Italian gathered momentum in his quest for a maiden All England Club title while American Ben Shelton and Australian Alex de Minaur announced themselves as dark horses. Djokovic is on an altogether different plane as he looks to capture his eighth title to match Roger Federer's record on the pristine lawns of London and his 25th major overall to surpass Margaret Court on the all-time list of champions. The 38-year-old showed exactly why Wimbledon could be his best chance of achieving the elusive targets when the 2023 and 2024 runner-up dismantled Davis Cup teammate Miomir Kecmanovic 6-3 6-0 6-4 in a little under two hours. A ton of victories put him among elite company as the sixth seed became only the third player to achieve that feat at the tournament after nine-times champion Martina Navratilova and Swiss great Federer. "Wimbledon is a favourite and a dream tournament for not just myself, but probably the majority of players. Growing up, most of the kids dream of playing here and winning here," Djokovic said. "I've been blessed to do it multiple times. Any history that I make in my favourite tournament, I'm blessed." Top stories Swipe. Select. Stay informed. Singapore Asean needs 'bolder reforms' to attract investments in more fragmented global economy: PM Wong Singapore CPF members can make housing, retirement and health insurance plans with new digital platform Singapore CPF's central philosophy of self-reliance remains as pertinent as ever: SM Lee Singapore Credit reports among personal data of 190,000 breached, put for sale on Dark Web; IT vendor fined Asia Dalai Lama hopes to live beyond 130 years, much longer than predicted Singapore Tan Cheng Bock, Hazel Poa step down from PSP leadership; party launches 'renewal plan' Sport Liverpool will move on after Jota's tragic death, but he will never be forgotten Singapore Rock climbing fan suddenly could not jump, get up from squats Grigor Dimitrov, the Bulgarian 34-year-old, also scored his 100th match win across the four Grand Slams when he quelled the challenge of Austrian Sebastian Ofner 6-3 6-4 7-6(0). Joining him was fellow veteran Marin Cilic, the Croatian 36-year-old getting past spirited Spaniard Jaume Munar 6-3 3-6 6-2 6-4 to book a meeting with Italian 22nd seed Flavio Cobolli who took apart big-serving Czech teenager Jakub Mensik 6-2 6-4 6-2. While Cobolli may not be relishing a meeting with the tricky Cilic, his compatriot Sinner will welcome the chance to test his metronomic hitting against Dimitrov's elegant approach in what promises to be a classic. SUBLIME SINNER A sublime Sinner booked that clash with a 6-1 6-3 6-1 hammering of Pedro Martinez. The top seed, who has lost just 17 games in his first three matches, equalled the professional era record for fewest games dropped to make the Wimbledon fourth round along the way. "About the games lost, this is whatever," Sinner said, his grounded nature coming into sharp focus. "I'm not looking on these kind of records. I know everything can change very quickly from one round to the other." After the unexpected high of last year's title triumph, Krejcikova came crashing down when she was beaten 2-6 6-3 6-4 by American 10th seed Emma Navarro in a disjointed Court One contest. The distressed 29-year-old Czech, who has endured her share of injuries this season, was in tears as she prepared to serve to stay in the tournament at 3-5 in the deciding set before eventually crashing out. "It was tough, neither of us played our best tennis, she was dealing with some injuries and I was dealing with whatever I was dealing with," Navarro said, adding that it was difficult to focus when her opponent was struggling. "It's not easy to be composed. Part of you is saying just put a bunch of balls in the court and that's all you need to do. But then you trick yourself into not playing the way that you want to play." Krejcikova's exit and 2022 champion Elena Rybakina's 7-6(6) 6-3 defeat by Danish powerhouse Clara Tauson means a first-time women's champion will be crowned at the Grand Slam for the eighth consecutive year. Iga Swiatek will hope she can be the one after the five-times major champion secured a 6-2 6-3 victory over American Danielle Collins, whose compatriot Hailey Baptiste crashed to 18-year-old Russian Mirra Andreeva 6-1 6-3. Shelton gave Americans something to smile about when the powerful left-hander made quick work of Hungarian lucky loser Marton Fucsovics 6-3 7-6(4) 6-2 while De Minaur swatted aside Dane August Holmgren 6-4 7-6(5) 6-3 to go through. REUTERS
Straits Times
9 hours ago
- Sport
- Straits Times
Dimitrov single-handedly flying flag at Wimbledon for old-school backhand
Sign up now: Get ST's newsletters delivered to your inbox Tennis - Wimbledon - All England Lawn Tennis and Croquet Club, London, Britain - July 5, 2025 Bulgaria's Grigor Dimitrov in action during his third round match against Austria's Sebastian Ofner REUTERS/Isabel Infantes LONDON - For tennis purists the sight of a single-handed backhand pinging off the centre of a racket is a joy to behold but it is becoming rare and Grigor Dimitrov, one of the best exponents of the shot, believes it could soon vanish. The 34-year-old former world number three describes hitting a one-handed backhand as like hitting the jackpot and the shot has helped him to career earnings of more than $30 million. He used it to great effect on Saturday as he beat Austria's Sebastian Ofner 6-3 6-4 7-6(0) in front of an appreciative Court Three crowd, reaching the last 16 of Wimbledon for the fifth time with his 100th Grand Slam match win. But with eight-times Wimbledon champion Roger Federer, Richard Gasquet and Dominic Thiem all retired and Stan Wawrinka in the twilight of his career, the single-handed backhand club has a shrinking membership. Of the current top 20, only Italian Lorenzo Musetti does not have a double-fisted backhand, the stroke that most juniors these days are taught to hit. It is even rarer in the women's where a double-hander now seems almost obligatory, although the slice is still played single-handed. "The backhand with one hand is the same thing over and over again. Once you hit it, it feels like jackpot," Bulgarian Dimitrov, the only man left in the singles with a one-handed backhand, told reporters. "Listen, I think over the course of the next years we will see it less and less. That's just how it is. The tennis has sped up so much. Everybody is hitting harder, stronger, off both wings. There's not enough time." Top stories Swipe. Select. Stay informed. Singapore Asean needs 'bolder reforms' to attract investments in more fragmented global economy: PM Wong Singapore CPF members can make housing, retirement and health insurance plans with new digital platform Singapore CPF's central philosophy of self-reliance remains as pertinent as ever: SM Lee Singapore Credit reports among personal data of 190,000 breached, put for sale on Dark Web; IT vendor fined Asia Dalai Lama hopes to live beyond 130 years, much longer than predicted Singapore Tan Cheng Bock, Hazel Poa step down from PSP leadership; party launches 'renewal plan' Sport Liverpool will move on after Jota's tragic death, but he will never be forgotten Singapore Rock climbing fan suddenly could not jump, get up from squats Putting two hands on the racket to drive a backhand enables players to be more stable through the shot and deal with higher balls and for many it is a simpler, more repeatable action. Dimitrov, who will face top-seeded Italian Jannik Sinner next, said he would never change. "I'm always forever going to be a one-handed guy, whatever I say. I'm so biased that it's probably the worst question to ask me," he told reporters. "You can still capitalize on that. Of course, there are many strengths, especially on a grass court. "I would say being able to hit a decent slice on grass court sets you up right away with the next shot. "Everyone keeps saying it's a lost art of it. But it's not really that lost because if you manage to navigate that, let's say, wing for a one-hander, you'll be able to get a hold of it. "Do you have to work way more with your body? Yes." Swedish great Bjorn Borg was a trailblazer of the double-handed backhand as he won 11 Grand Slam titles in the 1970s and early 80s while American Jimmy Connors made it his trademark, but in those it was a rarity in men's tennis. Now it has come full circle. When Greece's Stefanos Tsitsipas dropped out of the ATP's top 10 to leave it devoid of single-handed backhands, Swiss maestro Federer described it as a painful moment. "That's a dagger right there," he said in March. "I felt that one. That one was personal. I didn't like that." REUTERS
Straits Times
11 hours ago
- Business
- Straits Times
Ghost factories are a warning sign for US green manufacturing's future
WASHINGTON – The vast tract of land off Route 85 was meant to be a symbol of Made-in-America manufacturing. A billion-dollar battery factory was going to rise, bringing thousands of new jobs. The business announced, 'Get Ready Arizona,' the governor said the state was thrilled and even the US president gave the project a shoutout. But here, in the boomtown of Buckeye, less than an hour away from Phoenix, the 87 ha lot sits empty. Work on the site had started, said Mr Shelby Lizarraga, who manages the gas station next door, 'but then it went all quiet.' Four years after the fanfare, battery maker Kore Power abandoned its plans for a plant in Buckeye. The company's chief executive officer stepped down and a promised US$850 million (S$1 billion) federal loan was cancelled. Kore isn't alone in its dashed ambitions. In Massachusetts, a wind turbine cable factory set to be built on the site of a former coal power plant was scrapped. In Georgia, the construction of a facility that would have made parts for electric vehicle batteries was suspended more than halfway through. And in Colorado, a lithium-ion battery maker said it wouldn't go forward with its factory there, at least for now. They're among the dozens of planned green factories that have been cancelled, with more delayed or downsized, all hit by soaring costs, high interest rates and slow-growing EV demand. About 9 per cent of the US$261 billion in green factory investment announced since 2021 has been shelved – most of it since President Donald Trump returned to office in January – according to research firm Atlas Public Policy. Energy Secretary Chris Wright has said his agency doesn't plan to move forward with some of the big-dollar loans that had been made to green manufacturing plants during president Joe Biden's term. Now there's another, major threat to the sector: Mr Trump's massive tax-and-spending package , which rolls back Mr Biden's generous green subsidies. Top stories Swipe. Select. Stay informed. Singapore Asean needs 'bolder reforms' to attract investments in more fragmented global economy: PM Wong Singapore CPF members can make housing, retirement and health insurance plans with new digital platform Singapore CPF's central philosophy of self-reliance remains as pertinent as ever: SM Lee Singapore Credit reports among personal data of 190,000 breached, put for sale on Dark Web; IT vendor fined Asia Dalai Lama hopes to live beyond 130 years, much longer than predicted Singapore Tan Cheng Bock, Hazel Poa step down from PSP leadership; party launches 'renewal plan' Sport Liverpool will move on after Jota's tragic death, but he will never be forgotten Singapore Rock climbing fan suddenly could not jump, get up from squats Signed into law by Mr Trump on July 4, it phases out credits for producing solar and wind energy years before they were designed to expire. It also ends federal tax credits for electric vehicles this September instead of in 2032. Under Mr Biden, a Democratic Congress passed the Bipartisan Infrastructure Law in 2021 and the Inflation Reduction Act a year later, setting aside hundreds of billions of dollars in incentives for clean-energy projects. New factories were announced from South Carolina to Michigan to Arizona, set to churn out EVs, batteries and clean-energy parts. Biden and Democrats sought to bring manufacturing back to the US and make the country independent of, and competitive with, fast-electrifying China. Many of the projects would be in red and purple states, shielding the policy against GOP attacks – or so the thinking went. That idea has now collapsed. (Among the members of Congress who voted for Mr Trump's Bill was Paul Gosar, a Republican who represents Buckeye.) Mr Trump said at the signing that the country 'is going to be a rocketship economically.' But fallout is likely to include more clean energy projects and the jobs they provide, or could have. Tesla CEO Elon Musk had lambasted the package on X as 'severely damaging' to 'industries of the future.' The US pulling back now means it will lag other countries that have invested in green technologies, and that will hurt economic growth and boost reliance on overseas manufacturers long term, said Ms Hannah Hess of Rhodium Group, a research firm. 'There's also the risk of stranded investments, a sizable amount,' she said. US President Donald Trump shows his signature on the 'Big Beautiful Bill Act' at the White House in Washington, on July 4. PHOTO: AFP Lithium-ion battery manufacturers like Kore face strict rules on using foreign components, plus knock-on effects from the solar and EV credit phaseouts. Because of the former, fewer grid batteries will be installed over the next decade, according to the research group Energy Innovation. The demise of the EV credit will likely dent consumer appetite for electric vehicles – and by extension, demand for the batteries they run on. Buckeye – a former farming town named by settlers from Ohio – is a hotbed of building activity. Close to the Kore site is the suburban sprawl that's come to characterise the Phoenix area's rapid growth. Concrete is being poured in foundations and piles of rebar are stacked on construction sites, where tracts of desert are being transformed into new neighbourhoods. Executives at Kore had scoured 300 sites across the country before settling on Buckeye. Land was cheap, it was close to major West Coast ports and Arizona's dry climate wouldn't impair the chemistry of lithium-ion batteries. The company announced its factory in 2021, planning to start construction that year and roll out batteries in 2023. It would be Buckeye's biggest employer, creating 3,000 jobs. But as executives drew up construction plans, inflation hiked costs, while rising interest rates made financing more expensive. And the project got mired in the same slow permitting that stalls projects nationwide. Costs swelled to US$1.25 billion from US$1 billion, so the company made adjustments to control expenses – even downsizing the factory – and worked aggressively to keep the project alive, Kore's current CEO Jay Bellows said in a telephone interview. 'We were trying to move as fast as we could,' Mr Bellows said. 'But ultimately, the costs were just really high.' The battery maker later got a loan commitment from the Energy Department. Kore ended up getting approvals to move forward with construction in 2024, almost a year after it had wanted to start producing batteries. And then uncertainty loomed over the fate of federal green incentives if Trump were to win the election. In Buckeye's city hall, about 10 minutes away from Kore's site, Mayor Eric Orsborn sensed that things were amiss. The project's timeline kept getting longer and delays dragged out. 'Things slipped a little bit more, a little bit more,' he said in an interview in his office. Kore then said it was ending its plans to build in Buckeye, 10 days after Mr Trump was sworn in. It's one of 53 out of 715 green factories announced since 2021 that have been cancelled, according to Atlas Public Policy. The outlook for green enterprises has darkened as policy shifts unsettle manufacturers, with EV makers feeling it the most, said Mr Matt Shanahan of Marathon Capital, an investment bank focused on the energy transition. 'The rules have changed,' he said. The pace of cancellations and delays depends on how the market reacts to the law, he added, but early-stage projects are especially at risk. 'To break ground on a new facility – I think it's very challenging right now.' Energy storage may remain more resilient thanks to surging data center demand, he said. Kore is now on the hunt for an existing building to move into, with power and infrastructure in place so it can save money and get to market faster, Mr Bellows said. Looking back, he said he learned the need to move more quickly and efficiently. The company tried, he said, but 'it's a long, arduous process' to go from dirt to a fully operating factory. Even so, other green facilities in the region are forging ahead. In Queen Creek, another fast-growing community that's about 80 miles to the west of Buckeye, construction is underway on a US$3 billion EV battery facility by LG Energy Solution. Cranes tower over the sprawling site, while bulldozers kick up plumes of desert dust as forklifts scuttle by. The project has faced its own challenges – construction was paused for some time last year as the company scrapped plans for a bigger plant. But now the factory is set to open next year, and LG plans to employ 1,500 workers there by 2027. The company said in an April press release that it aims to contribute to a 'local battery ecosystem' and that it will hire locally. 'It's a manufacturing powerhouse,' Queen Creek Mayor Julia Wheatley said in an interview, adding that the town is seeing strong interest from companies looking to move near the plant. On a Monday in late June, the empty Kore plot scorched in 100F-plus heat. Nearby, desert gave way to parcels of farmland, discount stores and palm-tree-lined neighborhoods. Dairy cows took shade from the heat, while trucks stacked with hay bales hurtled by. Across the road, Mr Joe Skoog, who runs a trucking company, said he would have liked to have pitched his business to Kore had the factory gone ahead. But he didn't see the cancellation as much of a setback for the growing region. 'Come back in five, 10 years' time, and there will be more manufacturers and warehouses, and fewer farms,' he said. Orsborn, Buckeye's mayor, said he was disappointed, but not disheartened. He enthused about Buckeye's population boom, fueled by Californian transplants, the big-box retailers and movie theaters opening up and how Kore's shovel-ready site – with power, water and infrastructure now installed – is now even more attractive for other businesses that want to move in. 'Maybe another green energy one will,' he said. BLOOMBERG
Straits Times
13 hours ago
- Climate
- Straits Times
Central Texas floodwaters recede as rescuers continue search for victims
Sign up now: Get ST's newsletters delivered to your inbox Vehicles partially submerged in flood water following torrential rains along the Guadalupe River in San Angelo, Texas. - A frantic search continued on July 5 for about two dozen people still missing from a century-old Christian girls' camp in central Texas after flash floods in the area killed at least 24 at the start of the US Independence Day weekend and prompted the rescue of hundreds of others. In a break for rescue crews, authorities said floodwaters on July 5 were receding in the area around the Guadalupe River, about 137 km north-west of San Antonio, where at least 237 people were rescued, with more than 100 by helicopters. Another 23 to 25 people from the Camp Mystic summer camp were missing, most of them reported to be young girls. The river waters rose 8.8m rapidly near the camp. The US National Weather Service said that the flash flood emergency has largely ended for parts of Kerr County in south-central Texas Hill Country, about 105 km north-west of San Antonio, following thunderstorms that dumped as much as a foot of rain early on July 4. A flood watch, however, remains in effect until 7pm local time on July 5 (8am on July 6, Singapore time) from the San Antonio-Austin, Texas, region, with scattered showers expected throughout the day, said Ms Allison Santorelli, a meteorologist with the NWS Weather Prediction Center in College Park, Maryland. 'In terms of the Guadalupe River, the extreme floodwaters have receded,' she said. 'It's no longer at extreme flood stages. And we're not expecting additional impacts.' At a news conference late on July 4, almost 18 hours after the July Fourth crisis began, Texas Governor Greg Abbott said search-and-rescue operations would press on through the night and into July 5. Top stories Swipe. Select. Stay informed. Singapore Asean needs 'bolder reforms' to attract investments in more fragmented global economy: PM Wong Singapore CPF members can make housing, retirement and health insurance plans with new digital platform Singapore CPF's central philosophy of self-reliance remains as pertinent as ever: SM Lee Asia Dalai Lama hopes to live beyond 130 years, much longer than predicted Sport Liverpool will move on after Jota's tragic death, but he will never be forgotten Singapore Tan Cheng Bock, Hazel Poa step down from PSP leadership; party launches 'renewal plan' Singapore Rock climbing fan suddenly could not jump, get up from squats Life Japanese food in Singapore under $20: 5 hawker stalls serving restaurant-quality sashimi and donburi Mr Abbott said resources devoted to the effort would be 'limitless'. President Donald Trump said on July 4 that 'we'll take care of them,' when asked about federal aid for the disaster. Mr Dalton Rice, city manager for Kerrville, the county seat, told reporters on July 4 that the extreme flooding struck before dawn with little or no warning, precluding authorities from issuing advance evacuation orders as the Guadalupe River swiftly rose above major flood stage. 'This happened very quickly, over a very short period of time that could not be predicted, even with radar,' Mr Rice said. 'This happened within less than a two-hour span.' State emergency management officials had warned as early as July 3 that west and central Texas faced heavy rains and flash flood threats 'over the next couple of days,' citing National Weather Service forecasts ahead of the holiday weekend. The weather forecasts, however, 'did not predict the amount of rain that we saw,' Mr W. Nim Kidd , director of the Texas Division of Emergency Management, told a news conference on the night of July 4. REUTERS
