Celeste Elle, Author at MoneyDigest.sg

5 ways to lift pressure off your nervous system

Amid the prolonged pandemic, it feels like stress is building up more quickly than ever. Between school, work, family, and current events, nothing seems to be letting up.

While the psychological effects of constant stress and anxiety can be crippling, the truth is that physiologically, our nervous system takes a big hit every time our stress mounts.

What is the nervous system?

The nervous system is a core part of our body that helps us function daily. Cleveland Clinic defines it as our body’s command centre.

It explains: “Originating from your brain, it controls your movements, thoughts and automatic responses to the world around you. It also controls other body systems and processes, such as digestion, breathing and sexual development (puberty).”

Hence, when it’s not in good shape, every part of us suffers. The best way to ease up on that stress is to try and give your nervous system a break actively. However, it’s something that might seem easier said than done.

Thankfully, there are some scientific methods you can rely on to help you stay calm and lift pressure off your nervous system! Read on.

#1: Apply pressure

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Didn’t we just mention that we will introduce some methods to help you lift the pressure off your nervous system? Yes, don’t get us wrong when we say to apply pressure. Hear us out.

The nervous system is a bundle of nerves that spread throughout our entire body and are responsible for our sensation and perception of pain, temperature, and many other experiences.

When our nervous system is in overdrive, one of the easiest ways to immediately calm it down is to apply pressure to many nerves at once to smoothen out the sensory overload.

According to Healthline, pressure gives the brain proprioceptive input, leading to a calming effect on our nervous system. To achieve the outcome, you can purchase compression items of clothing, a weighted blanket, or even request a tight hug from a loved one!

The abovementioned methods can help soothe your nerves and drown out excess sensation.

#2: Get moving

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We’re not contradicting ourselves when we say to get moving. That’s because physical activity is another proven reliever of nervous system overload.

Whether it’s the act of shaking off or even just a simple exercise, physical activity releases positive hormones that can help our nervous systems process surplus energy and generally achieve a more harmonious balance.

Based on a Harvard Medical School article, regular aerobic exercise can provide stimulation and calmness and even counter depression and dissipate stress. Cardio is an excellent way to achieve stress relief quickly, but something as simple as a stretching routine can also facilitate.

#3: Take a warm bath

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Do you know that heat has been a natural pain reliever for many people starting from the ancient days?

Contact with heat, whether through a sauna, a heating pad, or even just general sunlight, can help reduce pain, cramping, inflammation, and even induce endorphins, the chemicals that support happiness and relaxed feelings.

“Your skin releases endorphins in response to the soothing warm water the same way that endorphins are released when you feel the sun on your skin,” says Dr Bobby Buka, a dermatologist based in New York.

A hot bath is a great way to put your oversensitive self on rest mode until you feel rejuvenated enough to return to the busyness of life.

#4: Concentrate on your breathing

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Breathing is one of the easiest ways to calm down your nervous system immediately. Are you aware that your natural breathing rhythm frequently changes throughout the day?

If you’ve noticed you’re suddenly anxious, stressed, or out of breath, you’re likely experiencing a quicker breathing rate as well. The right way is to pause and start taking deep, cyclical breaths that draw on your entire lung capacity.

This should help reset your natural breathing rhythm and return to a sense of overall equilibrium. Even if you’re not facing any immediate source of stress, it’s still wise to practise daily breathing exercises to improve lung health.

#5: Decrease caffeine intake

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Though coffee can help boost your metabolism and help you digest faster, it fires up your brain’s receptors and makes everything shift into hyperdrive. When it comes to lifting pressure off your nervous system, that is a clear no-no.

The more caffeine you drink, the more strain you put on your nervous system. Give your nervous system a break by easing up on caffeine! You will notice how much easier it is for you to rest afterwards.

And of course, other than a better sleep, going caffeine-free has its own set of benefits. This includes having a better absorption level for micronutrients, lowering the risk of heartburn, and may even help keep wrinkles at bay!

Final thoughts

Our nervous system is working hard every single moment to make sure we function right. Isn’t it fair that we give it some tender loving care too?

If you want your entire system to take you through the rest of your life on earth without any significant problems, heed some of the above tips to lift the pressure off it.

Tips on overcoming analysis paralysis in investments

Many people face analysis paralysis when making decisions. Do you know what the term means?

According to Healthline, analysis paralysis is a type of overthinking which results in a neverending loop of “what if this, what if that” scenarios.

Vicki Botnick, a therapist from California, shares that our decision-making process usually involves a list of options. As we progress, we begin narrowing this list down, removing choices that are unfeasible. But a person with analysis paralysis will often find themselves trapped.

“They feel ever-expanding, endless, and all equally probable,” she adds.

What is analysis paralysis in investments?

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Putting things into perspective in the financial realm, analysis paralysis makes perfect sense too. In this case, it refers to a situation where you overanalyse investments so much that your ultimate decision becomes paralysed. You end up freezing and are not able to make a move.

Sounds familiar? Do you find yourself not acting on the plan you have made after all those time spent in planning? If you are stuck on making a decision, then it is about time you stop being in a state of analysis paralysis.

Investing is not that difficult if you’ve done your due research. The only thing you probably need right now is the courage to jump in and start! While it’s not guaranteed that you will make money or succeed, take heart if you have a promising investment strategy.

For those who are still sitting on the fence and waiting for the right moment to take the first step, this article will help you. It’s time to hold back no more and get your head in the game.

#1: Don’t be a perfectionist

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Those undergoing analysis paralysis often end up waiting for the perfect scenario. You need to know that such occasions don’t come by often, and you will only end up wasting time and effort.

For example, some investors were sitting on the fence of Netflix Inc (NASDAQ: NFLX). Yes, while it’s true that they have burnt billions to build the business, with many questioning their business model, 2021 might be their year to becoming self-sustainable.

If you’d trusted your guts with Netflix against what other investors thought, then maybe you wouldn’t have to deal with their recent share price spike of over 10%. Be a perfectionist in investing, and we assure you there will be a slow success.

#2: Narrow down on what matters

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Many time, overthinking happens when you don’t have an idea of what to focus on. That is why we’re suggesting that you narrow down on what matters. In other words, prioritise the main objectives regarding your investment strategy.

Let’s say you’re considering between these three:

ETFs that track benchmarks
Growth technology companies
Value consumer discretionary companies

Rather than going with all at one go, it would be wise to start investing with just one or two to get your engine moving.

This perfectly leads us to the next point.

#3: Scale as you go

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Whenever you are thinking about investing, try to start with a small amount. Don’t get fooled by “experts” who advise you to go big or go home.

So, what is the right amount to start with? We think a few hundred dollars is an ideal sum if you’re new to the venture. Once you’re comfortable dealing with the market fluctuations, you can gradually increase the stakes with higher-risk investments.

Starting small is a direction that works not just in investments but life in general too. This is especially true if you’re entering as a greenhorn.

#4: Cut out neighbouring negativity

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Image Credits: The Balance Careers

It also pays to not dwell too much into the negative news about losing your money.

The main point here is that if you have a sound strategy, then all is well. You don’t need to listen to friends or neighbours who are discouraging your idea of investing money in the stock market.

While other people’s pitfalls are good to know, shut it out if you know it will only hold you back. Ultimately, it’s your money you’re playing with, and you possess the key to unlocking the door of investments.

#5: Welcome a little impulsivity

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Don’t get us wrong when we say to welcome a little impulsivity. We assume that you’ve spent a considerable amount of time crafting a solid investment strategy. If so, then maybe what you need is that little nudge of impulsivity to get started.

Research done by automated investment firm Stashaway revealed that impulsive investors who withdrew their money during a market correction lost about 2.2% on average. That’s why we want to reiterate that hasty investments will do you no good in a general sense.

Please don’t take this piece of advice out of context.

Final thoughts

The stock market will not stop for you. As Professor Karyl Leggio of Loyola University Maryland rightly points out, “The reality is you aren’t able to time the market. Over time, you miss more opportunities than you save by trying to time the market.”

Continue letting analysis paralysis grab hold of you, and you will be missing out on several golden investment chances. Recognise that you don’t have to be a perfectionist to begin. Focus on what matters, start small, and don’t get buried in negativity.

Take that little spontaneous step forward, and good luck!

How to stay focused on your financial goals

We’re down to the final week of February. Do you already find yourself struggling to put away some money for the upcoming months ahead?

You’re not alone. It’s harder than most people think to stay focused on their financial goals, and we’re here to lend a hand in finding your way forward.

Stay on this page if you want to find out more on ways to stay focused on your financial goals amidst the prolonged pandemic.

Factor in your dreams for the future

Do you know that many people don’t plan for the future because they don’t take enough time to dream about their financial goals and what they can hold?

Pondering over what you want to achieve this year and beyond can help you stay on track to reach it. For instance, are you looking to buy a house? Or are you looking to pay off your loans in two years?

Figuring out what you want to achieve will assist you in crafting a game plan to get there.

Be realistic and take concrete steps

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Some of us come up with lofty dreams when planning for the future. Perhaps you’re trying to achieve your goals too quickly without considering the finances you have available. Or it could be that the dreams themselves aren’t that reachable based on your current financial status.

If your dreams aren’t attainable, you will find yourself sidetracking on your financial goals down the road. So, plan your next steps based on your available budget and be practical about what you can or cannot do.

For example, if you have plans to buy your first home in the future, these are some real questions to ask:

How much do I need to save?
How to set aside this big sum?
Do I need to create an emergency fund?
How to grow my pot of savings?
Should I maximise my CPF?
Can I maintain a healthy credit score?

Take concrete steps (no matter how small) if you want to stay focused on achieving your financial targets.

Tweak your plans if necessary

If there is anything that the COVID-19 situation has taught us, it’s that life throws us lemons sometimes unexpectedly. Always be ready to rethink your financial goals should more lemons be thrown your way.

Maybe you’re expecting an unplanned baby, which means there will be changes in money priorities in the years to come. You don’t have a lot of time to make adjustments because once the baby arrives after 40 weeks, there will be significant changes to your lifestyle.

With that said, your immediate focus should then be on how to survive the first year financially. Take it one step at a time, and you will eventually get there.

Keep your eye on the finishing line

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You’ve designed your financial future for a reason. When you forget what that reason is, it’s easy to get distracted and go off course. To stay focused on your financial goals, make sure you keep an eye on the finishing line. That’s what you’re working towards.

Several banks in Singapore like OCBC and DBS allow you to save a sum automatically each month. This automated savings will be a great tool to help you gather your money for that big purchase in the future.

Final thoughts

Your financial goals matter, and to keep that at the forefront of your mind, you will want to consider the tips mentioned in this article. Read this if you require more motivation to reach your saving targets!

How to steer clear of financial infidelity against your partner

Money plays a vital role in all relationships. When it comes to finances, secret-keeping, impulsive spending, and poor money management habits often spell trouble for unsuspecting couples.

For those who aren’t exactly sure of what financial infidelity means, it simply refers to “cheating financially”. Here are a few necessary steps you and your partner can take to avoid financial infidelity in your relationship.

#1: Communicate openly and honestly

“Operate in complete transparency and communicate as frequently as possible,” advised Douglas Boneparth, a certified financial planner and president of Bone Fide Wealth in New York City.

While it’s not necessary to bring up finance topics on the first date, it’s important not to shy away from money conversations. This is especially so when your relationship starts moving towards a long-term commitment.

Sidestepping these sometimes-uncomfortable talks will have a snowball effect that can lead to expensive consequences.

Though it can be difficult initiating the first discussion surrounding finances, take heart that you’re working towards a healthier relationship. These conversations will eventually become routine.

#2: Be transparent about incomes

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Whether you have a stable salary or your income is dependent on commissions, bonuses, or unpredictable clients, share it upfront. You owe it to your significant other to be transparent about what you bring to the table or can offer in the future.

Being candid about pay will allow you and your partner to budget accordingly. This might mean cutting back on frivolous spending or forgoing impulsive purchases, but your relationship will benefit from financial security.

#3: Settle for joint or separate accounts

Make sure you and your partner are on the same page when it comes to your bank accounts. Are there plans to merge accounts or split your incomes down the middle? Be sure to make a point of discussing your plans and intentions with your significant other.

If you decide to keep everything separate (which is okay), it might be a good idea to keep one account joined for paying shared expenses. This way, you can be sure your budget is being put to good use, and both are paying their fair share.

#4: Play a part in financial responsibilities

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When both members take part in the household budgeting, the secrets and deception that lead to financial infidelity are less likely to happen.

For example, one of you can take care of the bill payments while the other keeps track of retirement savings. Just be certain that each of you is involved in the process and the loop of your financial status.

Splitting the responsibilities also help prevent placing all the burden on one party, who might feel like the “bad guy” if they have to say no to that staycation or lifestyle purchase in the future.

#5: Never hide your spendings

If one partner is a spendthrift and the other is a saver, it can lead to rifts in your relationship. Be honest with your partner about the desire for big purchases and discuss whether you can afford it.

Likewise, avoid expensive shopping trips without your significant other’s knowledge or agreement. While a little retail therapy may seem like harmless fun, the credit card bills can add up fast, and the deception will often drive a breakdown of trust in the relationship.

Final thoughts

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According to a financial therapist in North Carolina, there are many reasons why financial infidelity happens. It could be due to a financial trauma in the past, a conflicted relationship with money, or insecurity.

Whatever the reason might be, be mindful that small things add up. A lie told today will lead to more lies and secrets going forward. Don’t let money issues be a deal-breaker in your relationship. It’s not worth the heartbreak.

Top tips on how to pay off credit card debt quickly

Getting your first credit card is often a liberating experience for many. The idea of having that financial freedom in your wallet and being able to buy almost anything on credit is exciting but sometimes dangerous.

Without financial discipline and careful planning, debt can rack up fast. One missed payment can turn into two, and suddenly interest pools up until you’re staring at a balance you can’t imagine paying back.

Here are some top tips on how to pay off your credit card debt quickly, if that is you.

#1: Settle smaller debts first

Having several debts to pay is a stressful encounter. We could all do with a little motivation, no?

Organising your debt priorities from the smallest to the largest can help nudge you to continue paying off your credit card debts and reap the rewards of a debt-free life in the future.

#2: Go past minimum payments

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Maybe you’ve read somewhere or heard from someone that minimum payments are sufficient to help you “get by”. But merely making minimum payments every month is a dangerous practice.

What you want to do is to go beyond minimum payments to prevent your credit card from accumulating a tremendous amount of debt over time. It will also keep your credit card debt from growing out of control.

Over time, these payments will help break down your “debt snowball” and keep things at a manageable level.

#3: Take advantage of a balance transfer

Interest rates are among the quickest ways we see credit card debt expand without our knowledge or awareness. If you have a large credit card debt you can’t anticipate paying off any time soon, but it’s gathering a lot of interest, you can apply for a balance transfer credit card.

So what’s a balance transfer? A balance transfer is similar to a short-term (up to 24 months) 0% interest loan, often via a credit card or credit line account. It will allow you to transfer your debts to an interest-free account and stop collecting high interest on your existing debts.

The main idea here is that you’re kind of taking a short-term loan with an interest-free grace period so you can avoid paying rolling interest payments on your credit card debts.

Speaking of which, you can also consider taking out a personal loan.

#4: Apply for a personal loan

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You can apply for a personal loan if you are seriously in a pinch and need to get rid of your credit card debt fast.

Upon approval, you will receive a cheque that you can use to pay off all of your outstanding credit card debts. However, you will be responsible for paying back that loan, which usually relies on its own set of repayment requirements.

The advantages of getting a personal loan include a possible lower interest rate on your debt and a fixed repayment period (up to 84 months) to clear it off. With that said, usually, individuals with excellent credit scores, high salaries, or loan amounts can enjoy the lowest rates.

You can refer to more pros and cons of using a personal loan to pay off your credit card debts here before deciding if it’s suitable for you.

#5: Opt for debt settlements

If you’re sure that you won’t be able to pay back the entire balance of your credit card but want to try and eliminate them, it might be time to write an appeal letter to your creditor.

Also known as debt settlement appeal, it’s the most fuss-free form of debt settlement, and you won’t need a lawyer for it. But do prepare supporting documents like your income and CPF statements to accompany your written appeal.

Apart from debt settlement appeal, these are other debt settlement options in Singapore:

Discounted lump sum settlement

Instead of an instalment payment plan, you will negotiate with the creditor for a lower total amount that your owed sum. As the name suggests, you must pay the agreed amount in one bulk quantity.

Debt consolidation plan

By choosing this method, a single bank or financial institution will settle your outstanding debts on your behalf. In return, you will pay back the bank in fixed monthly instalments. This plan is only applicable for Singapore citizens and permanent residents with a specific income cap and assets value.

Debt management program

Credit Counselling Singapore (CCS) provides this program for borrowers in severe financial hardship and cannot pay for unsecured loans due to banks and authorised moneylenders.

Debt repayment scheme / Bankruptcy

Bankruptcy is often the last resort after you’ve exhausted all your options. One may also be placed on a debt repayment scheme, a pre-bankruptcy scheme, to avoid bankruptcy.

For more details, please click here.

Final thoughts

until debt tear us apart graffiti on a brick wall

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Though a credit card can be a significant source of financial relief, the debt can build up quickly and cause enormous problems for people who don’t know how to manage it.

Tackle your credit card debt head-on and pay them off quickly using the abovementioned trustworthy techniques to minimise the odds of you reaching bankruptcy.