Anna Agoncillo, Author at MoneyDigest.sg

How To Deal With The Toughest Questions About Money

Nurturing an honest and educational discussion about money is highly encouraged. It is helpful to share personal saving tips and ways to cushion the challenging economy. However, it is easier to travel deeper into the conversation as you get more familiar with someone.

A nosy or rude question about money can push your pleasant discussion into an inaappropriate territory. Prevent judgment or unsolicited advice from coming by considering these approaches:

#1: HOW MUCH MONEY DO YOU MAKE?

One of the most shocking encounters in my life was when my uncle’s neighbor directly asked how much I made. This is an inappropriate question to ask to a person you met for the first time. I wore a smile on my face and firmly said: “I am sorry, but that is personal. It is not something that you need to be concerned with.”

You may approach the same situation in a lighter manner by saying: “I earn enough to cover my needs and reasonable wants.”

#2: HOW MUCH MONEY DOES YOUR SPOUSE EARN?

When you are exercising a in-depth disclosure with your friends, it is easy to slip an invasive question from time to time. One person may ask how much your spouse earns per month. Divert the topic by saying: “We make enough money to enjoy your pleasant company today.”

If you are unsuccessful in changing the course of the conversation, politely state that you do not discuss financial matters outside of your marriage.

#3: ISN’T THAT TOO EXPENSIVE FOR YOU?

A concerned family member or a close friend may bluntly ask you about an item he or she perceives as hefty. Alleviate the worries of your “asker” by elaborating how good you felt about your purchase. Also, you may share how much thought you exhausted before purchasing the said item.

I shall illustrate this scenario in the following dialogue below.

Gabby: How can you afford to purchase the new GoPro?
Jayden: I did my research. I shopped around Singapore to find a camera that I really desire. Do not worry about it! This GoPro is still within my budget.
Gabby: Okay lah!

#4: HOW MUCH DID YOU SPEND FOR YOUR FLAT?

Real Estate in Singapore is a tricky subject. People may judge you for either spending too much or too little for your nest. Stay on the safer side by keeping your answers vague. Consider saying something along these lines:

a. It is more that we expected, but less that the actual asking price.
b. It was above our asking price, but within our budget.

Sway away from this matter by inviting the person as your guest in your upcoming housewarming.

#5: MOM AND DAD, ARE WE RICH OR POOR?

Children are immensely curious by default. As early as primary school, they begin to define themselves by observing the similarities and differences between them and the society. Their friends may brag about how much they have, but your child cannot fully appreciate what rich or poor actually means. This is why it is your responsibility to shape your kid’s definition of what it means to be well-off.

You can impart that the essence of being rich does not necessarily equate to a household’s net income. For instance, you may say that your family is rich in the love and presence of each other.

#6: HOW MUCH DO YOU EXPECT TO EARN IN THIS POSITION?

The juiciest job interview questions are related to salary. Your potential employer may ask you about the specific range of expected salary in order to make an offer. It is best to utilize a positive and direct response to avoid triggering the interviewer’s tougher side.

Image Credits: pixabay.com

Say that I was put in this situation. My response will be: “I would greatly appreciate if you could make an offer that is based on the budget for this position. We can negotiate from there on.”

Sources: 1, 2, & 3

8 Marketing Emails That You Need To Encounter

Are you doing everything you can to maximize the benefits of your email campaigns? Consider sending out these types of emails.

1. WARM GREETINGS

Upon signing up to the mailing list, it is advised to send out an automated “welcome” email. Most clients are keen to open this type of email the most. So, ensure that you create a good first impression to enhance the image of the company.

2. RECURRING SUBSCRIPTION

Enclosing a newsletter in an email can help your clients understand your latest products and other offerings. It must be sent out in regular intervals in order to build a loyal subscribers and to exude reliability.

3. SPECIAL SHOWCASE

An event invitation email is a good tool to promote an upcoming or ongoing event that the company is hosting. Motivate your clients to register by highlighting the reasons why the event is worth their time. Do so by adding quality visuals or illustrations.

4. SHARING STATUS

For companies thriving in the e-commerce scene, sending order status emails is important to keep the clients in the loop. This type of email includes significant details such as confirmation, shipment updates, tracking number, and delivery date. Sending these nurtures trustworthiness.

5. THOUGHTFUL MESSAGES

Connect with your clients on a deeper level by greeting them during special days. Often dubbed as anniversary emails, this type covers the anniversary of the company, the client’s birthday, and the public holidays. Combine these emails with promotions, promo codes, or a one-time deal to increase engagement.

6. REWARDING PARTNERSHIP

A co-marketing email is sent out when 2 or more companies work together to fulfill a mutual event, task, or promotions. Its bottom-line is to use the existing clientage of one company to widen the reach of the other.

7. CLIENT CONVERTER

To blast a content that aims to turn your existing subscribers into established clients, you may use a “lead nurturing email“. A series of interconnected emails with useful content makes up a lead nurturing email. This type may be time-consuming, but it is highly rewarding.

8. DEDICATED SEND

As the name suggests, dedicated emails focus on a singular topic (e.g., a product or an announcement). It marries the best email marketing techniques – an opportunity to be highly shareable, personable, and potent.

Image Credits: pixabay.com

In most cases, the most efficient email marketing strategy includes the mixture of all these types. Make the most impact by allowing the client to choose which emails he or she can receive.

Sources: 1 & 2

Impress Your Future Employer By Asking These Questions

Most of the Singaporean interviewers that I encountered gave me the opportunity to ask a couple of questions after they were done grilling me.

Asking great questions can help you stand out from the crowd! So, you better come prepared.

WHAT MUST AN IDEAL CANDIDATE HAVE TO THRIVE IN THIS ROLE?

You need not be a people person to have the significant realization that most people appreciate being actively heard. Opening with this question exudes that you have a basic grasp about what the role entails. And, you want to widen your understanding. Keep the conversation flowing by asking on the specific skills and qualities that are needed to become successful in this role.

If the interviewer responds in an enthusiastic manner, you may have an opportunity to discuss more about your background.

WHICH DEPARTMENT AM I SUPPOSED TO BE WORKING WITH?

This stimulating question lets you learn more about the organization. The interviewer will enlighten you about the company culture and your immediate colleagues. If you dislike the “type” (i.e., large or small group) of people who you are working with then, you may not fit well into the organization. A simple query such as this may help you to determine whether you must pursue the position or not.

Acting curious and interested can help you engage the attention of the interviewer.

WHAT DO YOU ENJOY MOST ABOUT WORKING HERE?

Most people love to dwell upon the topics which revolve themselves. I am not saying that Narcissism is prevalent, nor am I saying that being conceited is normal. It is undeniable that we are typically interested in sharing our own thoughts and experiences. Ask this question to encourage the interviewer to disclose in a positive manner.

This question shatters the exterior wall of the company as it highlights the inner culture. It allows you to absorb certain information that is hard to assess from the outside.

HOW CAN I CONTRIBUTE TO THE SUCCESS OF THE COMPANY?

Some candidates have this “brilliant idea” that behaving politely and answering all the interviewer’s questions properly can land them the coveted position. They are wrong! Interviewers can easily forget you if you do not evoke their intellect.

To make your interview memorable you must take the conversation off script and ask sensible questions such as this. Towards the end of the interview, ask how you can potentially improve the company upon receiving the position. This query shows that you are envisioning a brighter future with them.

Image Credits: pixabay.com

Sources: 1 & 2

4 Things That Millennials Don’t Mind Paying For

Oh how exciting is the progressive generation of the Millennials! Scholars defined the beginning of Generation Y as 1977 – 1981 while its end as 2002 – 2008. As you welcome 2017 with open arms, you will be amazed to know that they have more buying power than any other surviving generations.

The Millennials’ spending patterns are certainly unique to them.

#1: SMARTPHONES

Due to the heavy emphasis on economy in the Lion City, it is normal for students to possess part-time jobs to boost their allowances. These part-time jobs serve as an additional revenue to finance entertainment, travel, and school needs.

When I was a student, I worked every weekend in a Pilates studio along the stretch of the crowded Orchard Road. The money that I earned was wasted on cosmetics, movie tickets, and clothing. Boosting my perceived social status was on the top priority. Saving money merely followed.

Image Credits: pixabay.com

I remembered exchanging conversations with a friend of mine who only took the job at Häagen-Dazs to purchase the Samsung handphone that he has been eyeing on. Like my friend, having a cool smartphone is a must for the younger generations. They just cannot function without their trusty gadgets! Furthermore, smartphones usually serve as a means of communicating with others. We all know how much Millennials love to dwell and share their lives on social media.

#2: COSMETICS

I can attest to the undeniable trend of young women embracing the wonders of cosmetics. In United States alone, the expected revenue for the beauty industry was expected to exceed US$62 billion (about S$89 billion). Personally, I adore treating my face as a canvas as with many Singaporean women.

Image Credits: pixabay.com

Whenever I am out with my sisters or with my friends, a trip to the nearby Sephora is always a part of the “to-do list”. My sister (a certified member of the Generation Y) did not mind if she spent S$68 on Benefit’s limited collection called Dolly Darling. She knew how happy I would be if I saw my favorite Hoola Matte Bronzer and POREfessional Face Primer. My face sparkled with glee as I opened this precious holiday collection. . Do you enjoy makeup as much as I do?

#3: HEALTHY FOOD

I came from a family whose mindset valued essence of health and wellness. Some of my relatives are Licensed Doctors, Fitness Instructors, and other healthcare professionals. I try my hardest to make healthier choices due to my exposure to this kind of environment. Apart from myself, are other Millennials keen on changing their food regimen for the better? The answer is YES.

According to a Forbes article: “Millennials still prefer cheaper food, and want it to be convenient. But they are also more willing to pay for fresh and healthy food, and are willing to go to great lengths to find it.”

More than the previous generations, Millennials were more likely to seek organic food. Investing on organic produce that is GMO-free and freshly grown with fewer pesticides sounds like a good idea yet pricey idea. Do not get me wrong! If you know where to look, you can get affordable organic vegetables and fruits in local grocery stores or online shops.

#4: EXPRESS DELIVERY

Patience is not exactly a part of every Millennial’s vocabulary. It is the rise of the digital age. We all want things instantaneously and in our own terms. Sometimes, we act like raging children whose main mantra shouts: “I want it. I want it right now!” This behavior was supported by the Shop.org survey. It found that Millennials, compared to other generations, were more likely to pay extra for same-day delivery on their online purchases.

Image Credits: pixabay.com

Are you an avid fan of express delivery? Search through your previous receipts to find out more about your spending habits.

Sources: 1, 2, & 3

How Frugal People Can Save On Home Improvements

Many people dream of reinventing their nests to blissfully usher the New Year. Whether you intend to make DIY projects or something massive, you will need more money and consideration.

On that note, here are four tips to help you save as much of your hard earned cash as you possibly can:

WHY WALLPAPER MAY NOT DO THE TRICK

Owing to its unique geographical location near the equator, Singapore experiences a tropical climate characterized with high humidity and abundant rainfall. It is not advisable to decorate your walls with wallpaper as the distinct climate can make it discolored or curled up.

Bestowing your walls with wallpaper is not only expensive, but it can also face the risk of discontinuation of products. You will have to endure the sight of inconsistent patterns or the hefty cost of redoing your entire flat. Prevent this from happening by opting for painting instead.

PLAN YOUR BUDGET IN ADVANCE

Planning ahead can be a lifesaver! Just imagine a driver who ignored the steps of adjusting the side mirrors, locking the doors, and fastening the seat belt. Accidents occur everyday and you must not take the risk. It may seem rehearsed or limiting at first glance. But, you will reap its benefits soon after.

Know what renovations you desire to make. Getting a LED mirror might be more cost effective than buying a separate light to pair with your mirror. Prevent going beyond what you can realistically afford by researching the costs of the materials and labor. Shop around the physical and virtual stores if you have to! Lastly, add a cushion of at least 20% to your intended spending. Say you want to repaint your walls for S$2,000. Be prepared to spend about S$2,400 as additional costs may rise.

SHOP DURING SALES AND CLEARANCES

Frequent your local home improvement, hardware, and home decor stores as much as possible. Expect that your first couple of trips can be overwhelming. You may not find significant bargains right away! Do not give up just yet.

Take your time to review the prices of the materials or products that you intend to buy and compare these with the online retailers. For instance, Horme Hardware has an ongoing “Chinese New Year Promotion” until January 18, 2017. Shoppers will be rewarded with free delivery.

NEGOTIATE WITH THE CONTRACTORS

Before committing to a team of contractors, negotiate well to earn the best deal. Avoid partnering with contractors who offer insanely low prices for their services. You may end up hiring a different contractor to fix the flaws of your previous contractor. Follow your common sense! It may know when things are getting “too shady”.

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Collect at least three quotations from reputable contractors in Singapore. Then, discuss about the probable discounts that can compete with the raging market.

Sources: 1 & 2

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