Save Big By Cooking Your Own Meals

On average, it is about five times more expensive to order food from a restaurant than cooking your own meal at home. It is no secret that eating out can snip your budget in a short span of time. However, many opt to place their orders online through food delivery apps due to their busy schedules or lack of talent in the kitchen. I cannot deny the convenience that Food Panda or GrabFood sells!

Eat better food and save money in the process by following these kitchen suggestions.

#1: PREP MEALS IN BULK

My significant other’s mother leads an efficient life by prepping meals on Sundays. She cooks three to four dishes, which can be reheated whenever one pleases. Try cooking boiled eggs and steamed vegetables that will last for two to three meals. This way, you and your family will be able to enjoy your cooking even when in a hurry.

Simply label the food accordingly and pop it in a freezer bag or a microwaveable container. Serve this pre-cooked meal with fresh sides and you are ready to go!

#2: USE A SLOW COOKER

On the other hand, my partner’s father seems to be fascinated with the slow cooker. He cooks ribs and fish using a slow cooker and vacuum seals these meals to last for a little over a month. Imagine that!

Using a slow cooker is a money saver. You can cook larger meals with enough leftovers to freshen up your second meal. Moreover, it enables you to purchase less expensive and tougher meat because it acts as a tenderizer.

#3: CREATE WITH WHAT YOU HAVE

Challenge your creative juices by cooking food with the ingredients available in your kitchen. It is easy to build your meals through daily grocery shopping. However, regularly cooking what is already at hand enables you to maximize your resources and minimize food wastage.

Curb your spending by scavenging the vegetables and meat available in the fridge. Consume food that will go bad soon before if it is too late!

#4: BUY WHAT IS ON SALE

Last but not the least, you may travel through the grocery aisles to purchase items that are on sale. Use this opportunity to purchase chicken breast or salad dressings, which are on sale. Purchase extra pack or pieces whenever possible to secure your future cravings.

I cannot deny that our modern generation consumes things in an instant! When we want things, we want them now. This increases the chances of ordering out and slimming your funds. Hence, you must learn the power of delayed gratification.

Image Credits: pixabay.com

You cannot always eat what you want, but you can make most of what you have.

Sources: 1, 2, & 3

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Beginner’s Guide To Credit Cards

DEFINITION

Swiping a credit card is the polar opposite of using a debit card. The latter allows you to spend the money that you already have in your checking account. While, the former lets you borrow money from a financial provider. You have to pay an interest at the end of every billing statement.

Be forewarned that having a credit card does not equate to having “free” cash around. It only means that you are expected to pay back whatever you borrowed at a given period of time. Furthermore, you are held responsible to check whether you are spending within the maximum limit.

MECHANISM

How do credit cards work? As a responsible owner of a credit card, you must know the mechanism behind owning one.

Firstly, you must apply for a credit card. Research on which type of card suits your needs the best. Choose a card based on your eligibility, your credit score, your annual income, and your lifestyle. One credit card may have an annual fee, while the other may have a discounted fee for the first year.

Secondly, you must wait for the financial provider’s approval. Major credit card companies often use online services for their card applications. Thus, you will he able to review your application results immediately. Once approved, your financial provider will send you a physical card.

Thirdly, you must make purchases with your card. To spend online, simply enter your credit card number and other additional information (e.g., CVC at the back of the card). Your balance will add up as you spend. Remember to keep an eye on your credit card limit.

The last step is for you to review your billing statement and pay promptly as you have agreed.

SUGGESTION

For beginners, some of the best credit cards this year are as follows. You can count on the American Express Platinum Credit Card for rewards, OCBC 365 Card for dining benefits, and Citi VISA PremierMiles Credit Card for travel miles.

A. American Express Platinum Credit Card lets you reap these benefits:

* Receive 1 Night Stay at Swissôtel The Stamford Singapore worth S$529 upon Annual Fee payment.
* Receive an additional Samsonite Sigma 76cm Expandable Spinner worth S$600 when you spend S$4,500 within the first 3 months of Card Approval.
* Receive S$20 CapitaVouchers each, for the first two approved Supplementary Cards.
* Enjoy Love Dining @ Restaurants privileges which offers up to 50% savings on food orders at a handpicked selection of popular restaurants.
* Love Dining @ Hotels offers you exceptional year-round privileges and savings of up to 50% on food bills for unlimited visits at selected 5 star hotels around Singapore.
* Enjoy a complimentary drink with purchase of at least one item from the merchant’s menu at over a dozen fashionable bars in Singapore.

To qualify, you must have a minimum income requirement of S$50,000 per annum for Singapore Citizens and Residents and S$60,000 per annum for Expatriates. Terms and conditions apply.

B. Citi VISA PremierMiles Credit Card lets you collect travel miles, which you can use in renowned airlines’ frequent flyer and hotel loyalty programs. These include Krisflyer, Asia Miles, and Qantas. You will be rewarded fast as you spend with your card. Terms and conditions apply.

C. OCBC 365 Card is best used for dining. It has a cashback promo that allows you to reap rewards whether you dine internationally or locally. Here is a layout of the rewards:

* 0.3% cashback on ALL spending
* 3% cashback on TELCO bills, local supermarkets, and online purchases
* 3% to 6% cashback when you dine in restaurants island-wide
* 5% cashback on petrol purchases
* Up to 18.3% discounts at petrol stations
* 3% cashback on medical spending – under Child Development Account
* Complimentary travel insurance (up to SGD $800 coverage)
Terms and conditions apply.

Image Credits: pixabay.com

Be wise when choosing your first plastic card! 🙂

Sources: 1 & 2

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Unique Business Ideas For Year 2020

Envisioning a business framework can be a mind-bending task. You need to come up with a simple or an unusual idea that will bring profitable margins. Opportunities are bountiful, but many people have difficulty in recognizing them. What separates a successful entrepreneur from others is his or her ability to see and seize the opportunity.

On that note, here are some unique business ideas to consider next year.

#1: LOGO DESIGNER

As I was watching a renowned Tattoo artist review the different tattoos seen in cinema, I realized how important branding and logos are to a person or a business. It emphasizes ones beliefs and sends out a message. Help your clients send out the “right” message by designing their logos for them. Offer your design services to help businesses brand their materials or products.

#2: VINTAGE RESELLER

The entrepreneur behind the fashion maven Nasty Gal started out as a vintage reseller. She thrift shops and sells vintage items online for a higher premium. You can do the same by curating your own vintage or pre-loved collection.

You do not have to actually make or own your products in order to showcase your creativity. Simply resell these items online and use your photography skills to attract more customers in Instagram, Carousell, and beyond.

#3: HEAD LICE REMOVER

Bugs and pests are nasty! Fortunately, you can make a fortune out of it by providing “removal services”. Head lice are out there and come when you least expect them – scavenging on your child’s hair. With a few medicated shampoos and oils as well as a set of combing tools, you will be able to help several mothers out there!

#4: MANNEQUIN SELLER

Whether you acquired mannequins by chance or by choice, you can re-sell or rent them out to businesses or individuals who need them. Is there a retail store coming up in your neighborhood? Offer your services with a discount to start a professional relationship. Who knows? They might branch out in a year or two.

#5: JEWELRY VENDOR

Josh Opperman started his website called I Do, Now I Don’t when he was left by the woman he was supposed to marry after a three-month engagement period. When he took his fancy ring back to the jeweler, he was offered US$3,500 for it. He refused ad he paid over US$10,000 for its original price. Imagine that!

Image Credits: pixabay.com

Hence, he opened a website that allows people to sell their engagement rings for a friendlier price that the jewelry store. Think of it as Carousell or Craigslist for fine jewelry. Now, you may adapt the same business framework and put a local twist to it.

Sources: 1 & 2

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4 Ways Marriage Can Affect Your Finances

One of the most important decisions you will ever have to make is choosing the person to whom you get married to. Getting married will not only shape your entire life, but also your finances. It is critical to choose the right partner that can bring you happiness and influence your finances in a positive light.

That being said, here are four ways marriage can change your finances:

DIFFERENCES IN FINANCIAL HABITS

Whether you marry a Singaporean or a foreigner, many people discover their partner’s financial habits later on. Some of these habits can be deal-breakers. Unpleasant financial habits include overspending, lack of savings, and gambling addiction.These lead to arguments and trust issues. However, you must not pack all your bags yet!

Being caught up in a financial dilemma with your spouse can be difficult as your financial values are taught while young. Therapy and financial planning could help. As can being completely honest with each other while you play with your financial strengths.

COMPLEXITIES OF INSURANCE POLICIES

You have two options when it comes to insurance. You can either hop on your spouse’s insurance policy or reap the benefits of your own employer-backed insurance policy. More often than not, insurance policies offered by your employer is cheaper than the policies that you buy for yourself. Your best bet is to choose the policy that benefits both of you the most.

Another factor to consider is the possibility of needing specialized insurances like pet insurance policy or travel insurance policy.

CREATION OF PRENUPTIAL AGREEMENT

If you are engaged to be married or are in the first months of matrimony, there may be a chance that you have already started combining your bank accounts. In any case, you should discuss your financial values and wealth plan to direct your future. A prenuptial agreement can be created to protect your assets in the event that your marriage fails or your spouse passes away.

By specifying your shared assets, you can both determine how possessions and debt will be divided upon separation. You will be able to determine how much you will pay for alimony and how much you will provide for child support. Furthermore, you may discuss how you will share each other’s estate.

IMMEDIATE EXPENSES OF MARRIAGE

It goes without saying that the wedding can cost you a lot of money. The upfront costs of matrimony can set you back by S$75,000 to S$100,000 on average. This amount includes purchasing a house and celebrating a wedding.

Image Credits: pixabay.com
Is your combined savings ready for that? With these major expenses come preparation. You must eliminate certain expenses to ensure that you create your dream life together.

Sources: 1 & 2

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Good Family Money Practices To Abide To

As year 2020 fast approaches, many of us rethink our past decisions and practices. Among these decisions and practices are the ones that greatly affected your finances. How did the past year influence your financial circumstance?

Discussions about assets, incomes, properties, and investments will come up whenever one thinks about wealth planning. A holistic financial planning approach can help improve your relationships in the coming year, including your family dynamics.

Katherine Dean, head of Family Dynamics for Wells Fargo Private Bank, once said: “When families communicate regularly and work on financial issues together, they often develop shared goals and a healthy sense of purpose.” An effective wealth plan not only helps with straightening out your household, but also with deepening your family relationships.

#1: SPENDING PLAN

Everything starts with a neatly laid out plan. Sit down together as a family to develop a household spending plan. You may opt to avoid using the word “budget” as it may highlight sacrifices and the pains of cutting back. Instead, focus on what is important to your family and the spending categories that you care less about. Cut down on the latter and explain to your family members why you must do so.

#2: CAREFUL USAGE OF WORDS

When it comes to conveying a message, it is vital to send out the proper signals. Choose your words carefully, especially when dealing with children. Saying “we cannot afford that” may send the confusing messages to young children. Some children may worry about their family’s financial state and its lack of capabilities to support the family’s necessities. Instead, try explaining why you choose not to spend your money on lavish toys in the aisle. Explaining the value of money and prioritizing expenses can help children learn more about managing money.

For instance, you may encourage your children to create wish lists when their birthdays come. Help them save for it by completing chores. This highlights the importance of saving and the practice of delayed gratification.

#3: IDENTIFICATION OF FAMILY VALUES

Recently, I sat down with my team to discuss the effect of having a shared goal fueled by our work values. Our personal work values affect how we work and how we interact with our colleagues. In the same way, our family values affect our family wealth plan. Having shared intentions and beliefs about money is one of the most effective ways to reach your long-term goals and to avoid making expensive financial mistakes.

Shared family values differ from household to household. For instance, one family may be committed to improving their eco-friendly lifestyle while the other is committed to improving their adventurous lifestyle. Once you pinpoint your common values, you will be able to direct your shared family wealth plan.

#4: SAVING AND SPENDING TOGETHER

You are a team – do not forget this. When it comes to tackling purchases that will greatly affect your household, it is best to spend and save together. Your new computer or your family trip to Bali can help show your kids the value of saving money. Get a piggy bank or a savings jar and add your loose change each week.

Image Credits: pixabay.com

Show your kids how savings can grow in time. When you have saved enough, teach your children how to get the most out of their money. Bring them along while you shop around.

Sources: 1 & 2

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