Dollar-cost averaging your life: Invest in yourself beyond money

“Money isn’t everything,” the saying goes. While financial security is important, it’s just one part when it comes to living a fulfilling life. True well-being involves investing in various aspects of ourselves, building a strong foundation for happiness and success.

In investment, there is a term called dollar-cost averaging (DCA)¹. What is dollar-cost averaging? It means investing a consistent amount of money at regular intervals, regardless of market fluctuations. This approach focuses on long-term growth and minimises the impact of short-term volatility.
Here’s the fun part, we can apply the DCA principle to invest in ourselves beyond just finances. By dedicating small, consistent efforts to different areas of life, we can cultivate lasting well-being.

Invest in friendships

Strong friendships are essential for providing emotional support, reducing stress, and boosting happiness. Just like financial investments, maintaining your friendships involve nurturing them. Here’s how DCA can come in:

• Instead of organising a one-time mass get-together, schedule monthly coffee dates, virtual game nights/movie nights, or even make quick phone calls to stay connected
• If you know your friends are facing some kind of trouble, send a thoughtful message, offer help when needed, or simply lend a listening ear. These small acts go a long way in building strong bonds.
• Initiate a group chat to share memes², funny stories, or quick updates throughout the week.
• Share interesting articles or job postings you think your friend might be interested in.
• Celebrate their achievements, big or small, with a thoughtful message or a small gift.
• Let your friends know that you remember important dates like birthdays or anniversaries by sending them a quick call or message.

Invest in self-learning and upskilling

Continuous learning keeps your mind sharp, opens doors to new opportunities, and helps you adapt to an ever-changing world. Apply the DCA approach by:

• Subscribing to educational podcasts and listen to them during your daily commute or while doing chores.
• Downloading audiobooks to listen to while exercising or travelling.
• Dedicating 15-30 minutes daily to read articles or blog posts on topics that interest you.
• Enrolling in online courses outside your expertise, like learning a new language, coding basics, or photography skills. With the $500 credit provided by the government³ for youths to learn a new skill outside their areas of expertise, upskilling is a lot easier.
• Attending workshops or seminars on relevant industry topics or personal development skills. Try doing something you’ve never done before, like cooking, painting, pottery, web development etc. There’s a possibility that you can pick up a new hobby.

Invest in self-care:

Physical and mental well-being are the cornerstones of a healthy life, especially when mental health issues are a growing concern among young people in Singapore⁴. Here’s how you can take care of your health in the DCA way:

Healthy eating habits:

• Allocate a specific amount each week or month for groceries, focusing on healthy staples like fruits, vegetables, whole grains, and lean protein. Gradually increase this amount as your budget allows, as you incorporate more variety and higher-quality ingredients.
• Dedicate a certain amount of time each week or month to plan healthy meals and potentially prepare some ingredients (chopping vegetables, cooking grains) in advance.
• Commit to cooking a few meals at home each week. This ensures that you know what is going into your food and it may help to save cost as well.

Physical activity:

• Engage in a 15-minute walk⁵ or a quick bodyweight exercise routine for three days of the week.
• Take the stairs instead of the elevator whenever it’s less than two floors or do some stretches during 10-minute work breaks.

Personal health check:

• Set a budget for regular check-ups with your doctor, dentist, and other specialists as recommended as one way of preventative care.
• Develop healthy habits like getting enough sleep, managing stress, and avoiding smoking or excessive alcohol consumption. These small actions can significantly impact your long-term health and potentially reduce future healthcare costs.

Mental well-being:

• If you prioritise affordability, there are online apps that offer tools, tips and resources to help with your mental well-being. There are also offline organisations⁶ in Singapore that provide free and affordable mental health counselling, including women-only counselling services.
• Start a daily journal practice, even if it’s just for a few minutes. Express your thoughts and feelings or use prompts for self-reflection. This can be a free and effective way to manage stress and improve emotional well-being.
• Invest in building a strong support system of friends, family, or a therapist you can confide in. Don’t be afraid to talk about your problems⁷ as it can be an important step towards better mental health.

More than just financial investment

Investing in yourself goes beyond the dollars and cents. By consistently nurturing friendships, learning new things, and prioritising physical and mental health, you’re building for yourself a rich and fulfilling life. Small, consistent efforts create lasting impact, just like a successful DCA strategy.

Did you know? You can also make small, incremental steps in your personal finance journey. For example, consider starting with exploring your insurance needs. By making regular premium payments, you’ll have peace of mind knowing that you and your loved ones are financially prepared if such an event occurs.

FWD Big 3 Critical Illness⁸ is an affordable, no-frills plan which provides financial protection for all stages of cancer, late-stage heart attack, and late-stage stroke – which these three critical illnesses make up 90% of all critical illness claims* in Singapore⁹. Upon a successful claim, you will receive 100% sum insured or total premiums paid (whichever is higher), providing you with full flexibility to utilise the sum for your treatment or on other commitments.