3 Tips To Conquer Singapore’s Holiday Shopping

The Holiday Season should not be the primary reason to live out as a Crazy Rich Asian while shopping. Yes! Buying gifts can show how much you love or appreciate a person. However, you do not have to be a big spender or an impulsive buyer to offer meaningful gifts. Take it as a challenge that you can cheerfully give without regrets!

Be a smart shopper this Yuletide Season with these tips.

#1: GOT MY BUDGET LOCKED DOWN

One’s daily or monthly budget rarely includes Christmas gifts and New Year tokens. Instead, these short-term expenses come at the end of the year. The seemingly convenient placing of this expense may lead to mindless or unthoughtful spending. You might as well go all out due to the year-end sales in Orchard Road, right? Wrong! You will realize the impact of your yuletide expenses as the new year chimes in. It is not ideal to start 2019 with a financial shock!

Set a reasonable amount that you can spend on shopping for gifts. Remember that the price tags do not dictate the value of the gifts!

#2: KEPT MY EYES PEELED FOR THESE STORES

Do you know what Popular Bookstore and Muji Singapore have in common? They both house some of the most useful yet affordable items that you can find! Keep your eyes peeled with aesthetically pleasing and inspiring gift ideas such as journals, organizers, bottles of aromatherapy, and travel bags.

Who knows? The book you picked can just spark personal development! My personal favorite is Malcom Gladwell’s “The Tipping Point”. Or, the envelope organizer you gave can ignite one’s financial discipline.

#3: SET A SPECIFIC DATE FOR SHOPPING

Whether you are shopping virtually online or physically in stores, only shop when you made time for it. Allotting a specific date and time for shopping can help you avoid impulsive purchases. You see, smart shopping entails plenty of calculation and decision-making. You need to put careful thoughts on what you are going to buy and to whom you are buying it for.

Amp up your savings by considering these local bazaars:

A. Bugis Junction Christmas Market

Imagine being in the center of the biggest Christmas bazaar in Bugis! You will overwhelmed by different food, retail, and carnival game booths. Get your phones ready because there will be some Instagram-worthy opportunities courtesy of the place’s magical lights and vibrant colors. The Christmas Market runs until December 30 from 12 nn to 9 pm.

B. The Great Christmas Village

Back by popular demand, the Christmas Village at Ngee Ann City Civic Plaza will run until December 26. It includes amusement rides, a Santa House, a meet-and-greet with Santa Claus, and other retail booths. Festivities start at 11:30 am daily!

Image Credits: pixabay.com

Happy Holidays from all of us at Money Digest! 🙂

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How To Survive Awkward Holiday Gatherings

This is the season when party invitations pour in. From family gatherings to company celebrations, the holiday cheer assails you from every angle. Not everyone holds the cheerful tune in the same manner.

If you have social anxiety or have a tendency to be awkward during parties, then you are not alone. Many people experience “holiday anxiety”. Here are some ways to deal with it…

#1: EMBRACE THE SMALL TALK

Whether you like it or not, small talk is the core of social gatherings. If you label yourself as a person who is not good at conversation, you might be so stressed about the things you say that you end up saying nothing at all. Navigate through casual conversations by preparing for it.

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Share at least two interests or experiences. Or better yet, dwell on the new things that you can learn from the person that you are talking to. Focus on the other person. Ask simple questions such as “What keeps you busy?” or “How do you see your field changing a few years time?” You may also ask a couple about the story of how they met.

#2: ACCEPT THE PARTY DYNAMICS

Be honest with yourself! You probably get along better with your friends than your family or co-workers. That is completely understandable. You have chosen your friends based on your compatibilities. Being with them this holiday season can be a breeze!

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While, family members are fixed whether you are like-minded or not. Accepting this fact can help you quit expecting to get along with everyone. Instead, focus on loving your family in spite of your differences.

#3: BE OPEN TO STRANGERS

Parties are the breeding grounds of strangers. I know that you are way beyond the “stranger danger” stage, but you might be worried about meeting new people. The anticipation of interacting with strangers can stimulate personal questions such as will you be boring or weird during the conversation. Stop ruminating about these thoughts!

Remember that a conversation is a two-way street. It is not your duty to carry the talk the entire night! If the person seems uninterested or less chatty, he or she may be tired or preoccupied. Who knows? This person may be socially awkward too.

Image Credits: pixabay.com

Above all else, you must do your best to stay present in the moment. Post your holiday photos a day or two later. You do not need to compete online or keep up with the people who brag about how amazing their holiday experiences are!

Sources: 1 & 2

 

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Practical Strategies To Beat Inflation

Inflation is a sign of a healthy economy as it shows that the country’s wealth is growing. During inflation, you will experience periods of price surge. This is the perfect time to be more conscious of your spending. Do not worry! Inflation rates will eventually taper after several months. When this happens, your wallets can have the sigh of relief!

Ultimately, here are some strategies that you can employ to beat the inflation.

LET YOUR MONEY WORK FOR YOU

Let’s face it! To outpace inflation, having a high-interest savings account or long-term time deposit is not enough. Consider sparing some of your money to investment options that are safe to grow in spite of inflation. I am referring to asset classes such as mutual funds or pooled investments. Nowadays, many financial institutions in Singapore offer mutual funds at friendly rates. Read this article to learn more.

SLASH YOUR TRANSPORT COSTS

The Singapore government has declared this year as the Year of Climate Action. Take a page out of this initiative by getting on board with the public transport. You will not only save money by taking the bus or the MRT, but you will also minimize the carbon footprints.

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People who own cars spend around S$2,600 per year on petrol. Not to mention, there are other accompanying costs of car ownership such as parking and road tax. Taking public transport could diminish your costs significantly! Use your extra money to combat the price surge due to inflation.

CULTIVATE YOUR EMERGENCY FUND

An emergency fund is an account for funds set aside in case of events brewing from personal financial dilemma (e.g., loss of a job or having critical illness). When inflation rates elevates, your emergency fund becomes an added cushion to cover the sudden increase in the prices of goods.

It will keep you secured until you can adjust your budget. Experts recommend that you build an emergency fund covering your expenses for at least six months. If you have a family, then covering nine months’ worth of expenses would be a better target.

HUNT FOR GROCERY DEALS

A major chunk of our expenses is allocated to food. Whether you like it or not, inflation affects all goods differently. For instance, the cost of food rose faster than the general rate of inflation between September and October 2017. This price hike held across all types of food, from dairy products to vegetables.

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To get the best prices on food, you may use price comparison websites (e.g., diffmarts.com) or use online coupons. Spot the latest deals to bring down the cost of your basket!

Sources: 1 & 2

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Celebrate These “Small” Financial Achievements

Do not underestimate the strength of your “small” wins. These are pivotal to tracking incremental achievements and working towards larger goals. You see, most financial goals (e.g., purchasing a flat or saving for retirement) can take a long time to achieve. It can be too intimidating!

Breaking your goals into finer pieces can help you visualize your financial path. What’s more? It can motivate you to work harder.

#1: MOVING INTO YOUR FIRST FLAT

Living alone can be challenging in the first few months. However, nothing replaces the feeling of independence that comes from cultivating your own place. You are free to march to the beat of your own drum – within the bounds of the building management or the landlord. Sometimes, it can get lonely to live by yourself. Your bravery to take the plunge is an accomplishment on its own.

#2: PAYING OFF YOUR DEBTS EVERY MONTH

Along with growing your wealth, you must diminish your mountain of debts. Start spending and saving wisely to cover your monthly balance per month. Are you capable of paying it fully? If so, then consider doing it. Nonetheless, contributing a significant amount to your debts will enable you to maximize your retirement contributions.

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Think about that!

#3: GETTING A PAY RAISE

Words cannot encapsulate the wonderful feeling of being recognized and paid for one’s hard work. We are quick to press the “Like” or “Heart” button on Facebook whenever someone announces his or her promotion. It is a celebration indeed! But, remember that you do not have to wait for your coveted moment to begin celebrating. Every pay raise counts! Pour yourself a well-deserved drink and bask in the glory of your accomplishment for a night.

#4: INVESTING IN YOURSELF

Whether you are advancing your degree or continuing your certification in the field, you will more likely to increase your earning potential by receiving further education and training. Not to mention, you will widen your network and knowledge in the process.

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Increasing your professional value by investing in yourself can ignite your ability to achieve long-term independence. Hence, I encourage you to set some money and time this cause.

Sources: 1, 2, & 3

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How To Deal With Friends Who Are Big Spenders

With about 183,737 millionaires and over a thousand of insanely rich people in Singapore, you will come across some big spenders in your lifetime. Some of these people may be considered as your friends. How can you socialize with these people, if you cannot spend money as freely as they can?

KEEPING UP WITH THE NEIGHBORS

When you are surrounded with rich friends who love to splurge, it is understandable to feel envious at times. However, you must not linger excessively on this thought. The mere act of comparison can exhaust your energy. Constantly comparing what you have or what you do not have can contribute to your attitude towards money.

You must accept the fact that you are not as wealthy as your friends. What’s more? Keeping up with them can be detrimental to your finances. Apply the Negative Visualization exercise instead. Negative visualization entails imagining what will happen to your life if you have nothing. How can you survive without a job or without a spouse to support you? Doing this exercise will make you realize how blessed you truly are.

SOCIALIZING WITHOUT SPENDING

While your friends may be fulfilled with every swipe of their plastic cards, this may not be the case for you. Resist overspending by avoiding temptations. Opt for entertaining activities that do not require you to break the bank.

Outdoor activities such as cycling or hiking require little money to release some happy hormones (i.e., endorphins). You may also book a yoga class or a trip to the museum. Have a cup of coffee or tea afterwards.

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Do your best to enjoy intimate and inexpensive settings that will take spending off the table. Indulging in fancy restaurants or spa appointments occasionally is perfectly fine. These are some of life’s pleasures that are worth paying for, anyway.

SAYING NO TO FREELOADERS

Economically speaking, there is a considerable division between you and your affluent friends. They may be capable to cover your expenses but, you should never ask them to do so. Only accept their help during special occasions.

If they offer to lend you some cash, contemplate on whether you can pay them back or not. Discuss the payment procedures and terms surrounding it. Do not feel bad if your friend suddenly takes back the offer. Ultimately, you must not take advantage of someone’s generosity.

When all is said and done, try to give something simple in return. You may present a token of your gratitude or treat him or her out to a delicious meal.

COMMUNICATING IN AN OPEN MANNER

If you are constantly hanging out with big spenders, you need to be transparent with them. It is easy to talk about current events or Korean bands, but it is challenging to discuss about money. Even the best of friends can be drive apart due to money matters. Few people can openly admit that they cannot afford something. Feelings of shame can take over.

While spending money is typically associated with power, your wallet will thank you after being open to your affluent friends. Tell them that you cannot afford another hundred-dollar dinner two nights in a row. Genuine friends will back off once you let them know that you cannot spend money as freely as they can.

FOCUSING ON FRIENDSHIPS ALONE

Genuine friendships focus on the relationships between people rather than their net worth. Your income or capacity to generate money does not define your identity. If your friends belittle you because of your financial limitations, then you must reconsider your relationships with them. Is it healthier to disconnect? Is it better find friends who are more accepting of your financial situation? Ponder on these. Remember that genuine friends will help you rise up, and not drag you down!

Image Credits: pixabay.com

It may be difficult to rebuild your relationships at first, but you are always better off hanging out with friends who do not rub their wealth in your face. Surround yourself with people who will serve as your financial inspirations. Learn and ask tips from them regarding management of cash flow, investment portfolio, and business.

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