8 Shopping Traps That Make You Spend More

Have you ever experienced going into a shopping mall or an online shop with a list in mind, and ended up buying more? Whether you shopped with an empty stomach or got entangled with several marketing strategies, stores can employ tricks to make you spend more. It is best to increase your awareness on the subtle, psychological, and clever marketing traps to help you save more money on your next bill.

On that note, here are 8 Shopping Traps That Make You Spend More:

#1: CHILDREN’S OPINION

As the Yuletide season approaches, many stores offered colorful options for children. Children have a strong influence on what goes inside the carts. Supermarkets purposely place cereals, toys, and sugary treats at a kid-friendly level. Avoid giving in to your child’s desires by leaving him or her at home when you are grocery shopping.

#2: VICTIMS OF FREE SHIPPING

The truth is, free shipping is not “free”. Retailers have already factored in the shipping costs before they release their prices. It is easy to be lured with “free shipping”, especially when you are purchasing several items online. You just have to pay an extra S$5 to S$10 on an item just to get the free shipping option. This ensures that you end up buying more than what you expect.

#3: HIDDEN NECESSITIES

Daily necessities such as dairy, bread, eggs, etc. are placed at the back of the store and far away from each other so you will be encouraged to travel the whole store to get it. Once you have travelled, you probably got more that what you initially needed. Consider going straight to the back of the store and keep your shopping list on hand.

#4: LURED BY THE NUMBERS GAME

Retailers are smart! Instead of putting a price of S$5 on a product, they will put an irregular price of S$4.99 or S$4.96 to make you think that you have scored a better deal. What’s more? They will also add the illusion of saving more money by buying more of their products. These seemingly small details actually work.

#5: ATTRACTIVE SALES

When you see the word “sale” advertised in a physical or an online store, you automatically think that you are getting a better deal. This may not always be the case. Just because something is on sale, does not mean that you have to buy it. Purchasing sale items overtime can get you on a trail of consistent overspending.

Sale traps include: “receive a free give when you spend…” and “buy 1, get 1 free”. The former may be giving away free items that the store could not sell. While, the latter is only useful for essential items such as food and toiletries.

#6: ENTICED BY THE AROMA

Imagine the smell of baked breads mixed with the fresh smell of flowers. Very attractive, right? This is why newly baked goods and fresh flowers are placed near the front door. The goodness of smell will surely make you feel hungry and keep your mood up!

Image Credits: pixabay.com

#7: RIGHT DAY TO SHOP

Interestingly, there is a “right” day to shop. Prices seem lower than usual during Tuesday and Wednesday. Moreover, you can get better discounts in the month of November. This month is so close to the Yuletide and year-end sales. You can also score good deals on January as retailers are trying to clear their stocks.

#8: RIGHT SIDE TO SHOP

Many grocery stores place popular items on the right side of the shelves to move shoppers from the left to the right. This is because all items throughout the store are strategically placed to follow the right path. Are you really saving more money by moving from left to right? Keep that in mind!

Sources: 1, 2, 3 & 4

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Boost Your Savings With These Lifestyle Changes

Much of the world has been given a small portion due to the grave effects of the pandemic. Sickness, unemployment, budget cuts, and other painful transitions can give us a taste of poverty. Being in this situation allows to take a closer look at our finances.

How is your financial health? Before anything else, evaluate your financial objectives and assess your spending and saving patterns. Ask yourself why you want to save and what your priorities are. This is to ensure that you know which path to take to reach your desired goals. Afterwards, review your cashflow and create an allocation plan. Move any excess funds to a bank account to help facilitate discipline against impulsive spending. Choose a bank with a high interest rate.

Other lifestyle changes include automating your finances, shopping smartly in supermarkets, switching to generic products, discussing about household finances, and going on a cash-only diet. Let us start with automating your finances.

Most bills can be paid online and many establishments have the option of setting up automatic payments. Try automating consistent payments for fixed costs such as your telecom, insurance, Netlix, or Spotify bill. This way, you will not miss a billing statement and will not incur late fees. You may also apply automation to your credit-card bills, if you want smoother transactions.

Secondly, you must use savvy shopping strategies in the supermarket such as using a coupon. Coupons can help you save a lot, especially when you are buying in bulk. Grocery tricks such as employing the numbers game – wherein they will put an irrational price of “S$3.99 or S$3.96” (instead of S$4) can trick your mind into saving more. Watch out for this!

If you are grocery shopping, it is best to shop on a full stomach. Shopping on an empty stomach may cost you a lot. Your feelings of hunger can make everything enticing, including junk food and other unnecessary items. Try eating a healthy snack before heading to the store. Your wallet and your tummy will thank you for that.

Thirdly, you may switch to generic products whenever possible. My sister and I recently went to the pharmacy to pick up some antibiotics. Interestingly, the generic brand was three times cheaper than the branded ones. You have to weigh your options and consider generic products for items such as toiletries and pet supplies. What is important to you? What are you willing to sacrifice? Only you can answer these questions.

Fourthly, you must discuss your finances with your spouse or partner. Knowing each other’s spending patterns and financial plans can help you set a life of success. Dealing with financial issues is something that most couples have to do. However, you have to do it as a team. Get comfortable talking about money, because a single conversation will not suffice. Reduce your electric and water bills by conserving water and switching off the lights when not in use. Use money-saving household cleaning hacks that enable you to make your own cleaning products.

Image Credits: pixabay.com

Lastly, you may go on a cash-only diet. This entails that you will ditch you plastic cards for a month or a certain period. It takes a lot of self-control and patience. Buy things that can only be bought through your allocated cash. When your cash runs out, you will be out of funds until your next scheduled withdrawal. Spend and plan wisely!

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How To Save For Retirement As A Young Adult

Time is of the essence. Crippled with all the uncertainties brought by the pandemic, having reserved funds can help cushion the blow of unforeseen events such as pay cuts and layoffs. Saving money is important, especially when your finances are limited. Consider saving money to grow your emergency and retirement fund.

Retirement may seem like a long walk ahead for someone in his or her 20s or 30s. However, it is best to start saving for retirement before you hit 35 years old because your priorities will change at that time. Financial priorities such as spending for a wedding, an education loan, house loan, and other major transitions may occur once you hit your 30s. Typically, you spend more money on yourself during your 20s. Why not consider spending more money for your future?

In your early 20s, you may save at least 5% of your income or sign up for your employer’s Retirement Plan. Avoid debt as much as possible and get educated about your finances. Widen your financial knowledge by reading financial books on investments and business opportunities. Pay off your debt, if necessary. It makes sense to pay off your debts or at least your high-interest debts before you save for your retirement. Not all debts are created the same. Pay off your high-interest debts first followed by the lower-interest debts.

The next step is to set up a budget. Systematically allocate your income onto distinct categories and stick to that budget. Do not spend beyond what your budget is for that month. This allows you to save regularly rather than arbitrarily. Make critical decisions about your expenses and cut down the unnecessary, especially when you hit your late-30s. Ideally, this is when you hit maximum savings. By this time you should have at least S$50,000 to your Retirement Savings.

Image Credits: unsplash.com

The third step is to seek for an employer that supports your goals. If your employer offers Retirement or Pension Plan then embrace this company benefit. As a young adult, you may also invest your money in accordance to your financial goals.

Lastly, you are saving money for your retirement to prepare for the unexpected. Contemplate and reconsider the realistic measures that are suited for you and your lifestyle. Seek the financial experts’ help as much as possible. Then, plan your exit with joy because you are well prepared for it.

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Cheap Storage Hacks To Organize Your Home

Due to the safety measures and social restrictions brought by the pandemic, we tend to spend most of our days at home. Now is the perfect time to declutter and reorganize your own space! From creating your own key holders to storing your stuffed animals, these tips will squeeze your creative juices without breaking the bank.

Use what you have as you organize your home with these cheap storage hacks:

#1: MULTI-PURPOSE FILE DIVIDERS

Do not throw your shoe boxes just yet! Shoe box, usually made of paper, is more than just a storage for shoes. It can also be used in packaging several items in retail stores or in your home. If you have a collection of bills, photos, sewing supplies, tools, and other small items, you may store it inside a shoe box for easier access.

Divide the sections of the shoe box by cutting the cover into rectangular and square pieces. Get creative! You may also cover the shoe box with a patterned fabric to echo the décor of your room.

#2: HAIR TIE HOLDERS

Let us face it! Hair ties always get lost. The solution? Store your hair ties on an empty tissue roll core. Widen the hair tie and insert it on the empty tissue roll core. This way, you will know where to find them.

Aside from hair ties, the empty tissue roll core may be used to store your cords. Prevent getting your cords tangled by tucking in the cords inside an empty tissue roll core. Put a label on the cardboard tube so you will know which cord is which.

#3: STATIONARY VASES

Jars can be ideal for preserving jams, jellies, sauces, mustards and flavored vinegars. Basically, it is storage for your food. But aside from that, you may organize your office supplies with a jar. Let the jar act as a stationary vase for your paper clips, pens, staplers, highlighters, and more.

You may also style your jar by painting it with enamel or a chalkboard paint. A chalkboard paint allows you to create a blackboard area with a durable black finish. This product can be applied to any smooth non-porous surface such as drywall, plaster, metal, and glass.

#4: STUFFED ANIMALS STORAGE AREA

Keep all your child’s stuffed animals in one area by sticking a few Velcro strips or hook-and-loop fasteners on the wall. Attach the half of the strip on a lightweight stuffed animal and the other half on a wall. Use the soft side of the Velco or the hook-and-loop fastener to avoid getting potential scrapes on your beloved little one.

#5: REUSABLE STORAGE BAGS

Tired of seeing your children’s toys scattered around? Do not forget the smaller ones such as the action figures or doll clothes that are lying on the floor. Well, re-sealable or reusable zipper bags may come in handy. The most famous brand is the Ziploc bag, but you may also use other variations of this. The see-through exterior provides easy identification of the stored contents.

Just store your child’s toys, crayons, and markers in a labeled reusable storage bag to keep it organized. You may also keep some manuals and brochures inside.

#6: FRAMED KEY HOLDERS

You will be surprised to know that a picture frame may be revamped as a key holder and a dry-erase board. Let us start with the key holder. Create your own aesthetically pleasing key holder with a single picture frame. Simply remove the glass and paint the background or cover it with fabric or colored paper. Then, attach several key hooks using a strong adhesive. Hang the frame near the exit door. This will ensure that all keys are kept in one place.

Lastly, you may create a dry-erase board with a picture frame. Stay on top of your tasks and errands with a DIY dry-erase board. Use an old picture frame and put a fabric or a wallpaper inside. Use a whiteboard or a dry-erase marker to note down your reminders on the glass.

#7: BEDDING BAGS

Tote bags, made of canvas, are usually inexpensive. Take your beddings and blankets and put it inside the tote bags for heightened organization. You may also put your old or underused clothes inside the tote bags and donate it to those who need it the most.

Image Credits: unsplash.com

Sources: 1 & 2

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All Adult Singaporeans Will Receive S$100 Tourism Vouchers In December

Highlights

  • The vouchers can be spent on local attractions, tours, and hotels.
  • No limits will be given in the number of vouchers used on a single transaction.
  • Vouchers are valid from December to June 2021.
  • Attraction operators will be able to apply for an increase in their operating capacities.

Singaporeans aged 18 and above will receive S$100 in virtual SingapoRediscovers vouchers to spend on leisure attractions, local tours, and hotel staycations. These SingapoRediscovers Vouchers will be accessible through SingPass from December and can be used to offset ticket purchases and hotel bookings until June 2021.

Permanent residents will not be eligible for these vouchers.

Adult Singaporeans will be able to purchase up to six subsidized tickets for attractions and tours – each at S$10 off too. These subsidized tickets can be given to Singaporeans under the age of 18. The validity of these subsidized tickets spans from December to the end of June 2021.

Last Wednesday, Trade and Industry Minister Chan Chun Sing said that the duration of this program is timely as it coincides with the December, March, and June holidays. He stressed that this is an “economic scheme to help our tourist attractions preserve their capabilities that have been built up over their years while they consolidate the capacity in the interim”.

Because the tourism sector was heavily affected by the COVID-19 pandemic restrictions, the $320 million SingapoRediscovers Vouchers program was part of the Government’s efforts to boost tourism in the country.

Since the SingPass is the primary mode of issuing these vouchers, it is a distinct identifier that will be less susceptible to fraudulent activities. The Government will design other anti-fraud mechanisms into the system as they work with the eventual appointed platform operators.

LARGER CAPACITY LIMITS FOR ATTRACTIONS

From September 18 onwards, attractions may apply for an increase in their operating capacity from 25% to 50%. The applications are subjected to the approval of the Ministry of Trade and Industry.

Attractions can also apply for an increase in the capacity of their outdoor shows. The maximum is five zones with 50 people per zone. These are all subjected to safety management measures.

CURRENT TOURISM STATUS

40 attractions, 214 hotels, and 438 tour itineraries were given the green light to resume operations with safety management measures in place. These numbers include Singapore’s 4 wildlife parks, hotels on Sentosa, and guided tours in Pulau Ubin. You will have a myriad of options to think about as you rediscover our own backyard.

With more than 200 deals and packages launched by the local tourism sector, the SingapoRediscovers vouchers will encourage more Singaporeans to see what the Red Dot has to offer. STB chief executive Keith Tan said that while F&B and retail businesses are part of their marketing campaigns, the core beneficiaries of these vouchers will be hotels, attractions, and tours.

What is nice about this program is that there are no limits in the number of vouchers you can use in a single transaction. The S$10 vouchers can be used across different visits or used up in a single staycation package.

The means as to how you use your vouchers is completely up to you!

Sources: 1 & 2

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