Anna Agoncillo, Author at MoneyDigest.sg

Useful Tips On Raising Financially Savvy Kids

According to Investopedia, financial literacy is the “ability to use knowledge and skills to make effective and informed money management decisions”. It is an area that is often skipped in the formative educational system. As parents, it is your job to fill in the gaps.

Educating your kids to make wise money decisions earlier on will affect their finances in the long run. Consider taking these financial steps:

CONVEY THE VALUE OF MONEY

Encourage your children to absorb the value of money by using tangible examples. For instance, you may employ counting games for toddlers. Grab a pack of M&M’S and have your kids sort each one by color. Let them count how many pieces are available per color.

Once they can discriminate, introduce them to the different denominations of Singaporean money. The difficulty level of your lessons shall increase with their ages. Older children learn best with realistic examples such as an educational trip to the nearby grocery.

Take a conscious effort in providing them information about money. And, be ready to answer their countless questions. Children are innately curious after all!

SET THE RULES ON ALLOWANCE

The idea of giving an allowance is something that many Asian parents embrace wholeheartedly. While it can be a controversial subject, some experts believe that children can learn how to handle their own money by having allowance. Begin by making weekly allotments and cutting it short to bi-weekly allotments for preteens. Limiting the allotments will help your child to continually be challenged. They must think of ways to make their allowance last longer.

The next step is creating a budget with your preteens and teens. Sit down with your older children and enumerate their streams of incomes and expenses. Highlight the importance of distinguishing between the needs and the wants.

OPEN A CHILDREN’S SAVINGS ACCOUNT

What better way to teach your kid about the value of savings than by opening his or her very first account? Children nowadays were blessed with technology. This means that they can simply review their account balances and transactions online. Watching their account decline over time can instill wiser spending choices. While, watching the account grow can motivate them to save more.

Dwell on are the essence of withdrawals and deposits as well as the safety procedures of online banking. There are several local children’s savings account such as ePOSBkids Account and OCBC Mighty Savers Programme. Both do not require a minimum deposit.

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Sources: 1 & 2

5 Significant Signs That You Aren’t Right For The Job

Not everyone is blessed with their ideal occupation. However, you should not spend most of your life enduring a job that you are not satisfied with. I hope that you long-term goal is to secure a position that suits your personality and lifestyle.

On that note, here are five telltale signs that you are not suited for the job.

#1: YOU ARE CONSISTENTLY SHOWERED WITH POOR FEEDBACK.

As a university student, I had a friend who waited tables during the term break. He was transparent about his working experience. He said that he had no prior experience related to this. His fellow waiters were happy to receive decent incentives. However, he often receives poor customer comments and lower tips. The consistent negativity surrounding his performance took a toll on his confidence. Needless to say, he stopped working for that restaurant.

Let us look at the situation with shiny “objective lenses”. I knew my friend’s work ethics were good based on our group assignments. The constant negative feedback might not be due to his work ethics. And, the entire restaurant is not conspiring against him!

The solution is simple – being honest. He needs to be honest with himself. His knowledge and skills were just not suited for the job.

#2: YOU LACK MOTIVATION TO FINISH YOUR TASKS.

If you are looking for distinct “red flags” that you are not suited for your position…look no further! One of the first few flags that you may notice is your lack of motivation. When you cannot seem to complete all your tasks, this indicates that something is incredibly wrong.

Are you blankly staring at the tremendous deadlines? Or, perhaps you feel that every project seems pointless? Recognize the lapses in your motivation levels and address it.

#3: YOU DO NOT FEEL COMFORTABLE WITH THE LEADERSHIP STYLE.

Roughly 50% of the participants left the job to get away from their bosses, a study found. Whether you want to admit it or not, your relationship with the boss plays a pivotal role in your work experience. Tension may rise in several areas including employee autonomy, corporate social responsibility, leadership styles, and methods of communication. A horrible boss can make your job miserable no matter how much you enjoy its scope.

The initial interview is the perfect place to start. If you realized that your potential boss’s values and approach does not mesh with your personality, there is a significant chance that you will end up unfit for the job.

#4: YOU FEEL OUT OF PLACE.

As a child, I used to play the game called “The Boat Is Sinking”. The premise of the game can be easily absorbed. The game-master dictates how many passengers can board the boat. He or she can mutter any number, as long as the people present are sufficient (e.g., group yourselves into 2). The game ends when most people were booted out and the winners unite. Picture this game as it is parallel with the workplace dynamics.

In the workplace, we have a tendency to create divisions. You gravitate towards the group whom you trust. If your group or organization is in one page and you are in another, it may be time to explore change. Otherwise, your ideas may be completely ignored. Not identifying with the vision of the organization endangers the person-position match.

#5: YOU BECOME A STRESSED OUT MACHINE.

Employees who successfully fit the bill play to their own strengths. Whatever they are doing comes naturally to them. For the ill-fitted employees, tasks require more effort and energy. Their roles ask for strong attention to details and ability to follow precise instructions. They may feel like their job becomes stagnant or robotic.

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Constantly feeling dragged to go to work or feeling overwhelmed by your tasks can be a hint of unhappiness. Please address the situation.

Sources:1, 2, & 3

Setting Financial Boundaries With Dependent Relatives

It is alright to help your relative out of a one-time financial jam. However, if this person relies on you on a regular basis, his or her actions are indicative of financial abuse. Stand your ground by setting clear boundaries.

ACCEPT YOUR EMOTIONS

Honesty plays a crucial part in establishing financial boundaries. Begin by identifying the family members who frequently ask you for money. Examine how you really feel about their requests. There are several emotions that you can experience such as frustration and guilt. These emotions can overshadow your judgment of the situation.

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Regardless of what happened in the past, it is time to make a stand for the future of your finances. Do so by addressing your own negative and positive emotions first.

CONVEY YOUR FINANCIAL PHILOSOPHY

When understanding your financial philosophy, include your personality and lifestyle. Communicate this said philosophy when the dependent relative borrows money. Are you a person who values helping others in ways that do not involve money? As long as you bring your relatives back on their feet, I respect your decision.

Discussing your monetary views is uncomfortable. But, it is something that you must work on. You may take the subtle route by saying: “I wish I could help, but my finances are not allowing me to do that at the moment.” To take the direct route, say: “No! I do not believe in wasting my hard-earned money on that.”

LEARN TO BE A FAIR NEGOTIATOR

Let me send a wake-up call to you! Avoid feeling pressured to signing a contract or loaning cash just because the other party is your relative. Whether there are two or more people involved in the decision, negotiating is important if all the parties are to succeed.

Highlight what you are willing and not willing to do with your finances. While these people may have good intentions, you need to be fair to yourself and your finances.

PUT EVERYTHING IN WRITING

Cultivate a habit of having your financial agreements in writing. Protect yourself against legal issues by getting your deals, offers, and other financial agreements in writing. People who respect you and your financial boundaries will not have a problem with this.

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When family members are involved, money is usually tangled with issues. It is up to you to deal with these issues by setting clear boundaries. Feel free to share the positive and negative ways that money has been used in your family.

Sources: 1 & 2

Stretch Your Monthly NS Allowance In Just 4 Ways

As their ages hit 18, many male Singaporeans and Permanent Residents will undergo basic military training to mold their survival skills in rugged environments. This overall experience encompasses the National Service (NS).

Full-time National Servicemen (NSFs) are required to serve in either the Singapore Police Force, the Singapore Armed Forces, or the Singapore Civil Defence Force. It comes as no surprise that many NSFs who finished their period were more self-reliant than before. This increased independence is partly due to the management of the monthly allowance.

You read that right! NSFs are given a rank allowance in recognition of their contributions. Those with higher ranks are given more in recognition of their added responsibilities. For instance, a Recruit receives a starting rank allowance of S$560 per month. While, a Lieutenant receives about S$1260 monthly.

On top of this rank allowance, combat allowances are given to those individuals who participate in the Singapore Armed Forces’ combat vocations. What’s more? Operational allowances are paid to those individuals in front-line vocations in the Home Team. All these incentives add up!

As a word of advice, here are four ways to stretch your coveted allowance:

#1: TAKE ADVANTAGE OF THIS CONCESSION PASS

As a Full-time National Serviceman, you are entitled to a convenient way to commute. Enjoy the minimized travel expenses that NSF Concession Card can bring you. NSF Concession Card or NSF EZ-Link Card is particularly helpful if you are serving a unit far from home.

Are you curious to know how you can get one? For starters, it will be processed through your respective unit. Activate the card by heading down to any TransitLink Ticket Office and by making a minimum top-up of S$10. It is important to remember that this card can only be used until the end of your NSF period. Check the expiration date of your card at any Add Value Machine or General Ticketing Machine.

#2: STAY WHERE YOU ARE

Superior knowledge is not necessary to realize that you can reduce your travel and food expenses by remaining in the camp. You can indulge on free meals (of reasonable standards) upon your stay.

Consider staying in the vicinity every once in a while. Well, only if this is an option. I do not suggest that you do this regularly as it is healthy for your well-being to interact with other people and places beyond the unit.

#3: INCREASE YOUR INCENTIVE

Whether you like it or not, you will undergo military training for approximately two years. How about you narrow your mindset? Make an effort to improve on your physical abilities. Hit the gym more often. Your sacrifices will be rewarded as doing great on the Individual Physical Proficiency Test (IPPT) can earn you monetary incentive.

IPPT follows a three-station format including push-ups, sit-ups, and a 2.4 kilometer run. These stations are meant to measure the cardiovascular fitness and physical strength of the individuals.

#4: CULTIVATE YOUR VALUABLE RELATIONSHIPS

Upon booking out, you have the freedom to spend your money on whatever you desire. You can catch a party with your section mates. Or, stroll to Upper Thomson to have an intimate feast. Stretch your dollar by cultivating your valuable relationships instead.

Utilize your short time to reconnect with your family members or significant other. Instead of splurging your cash in one day, opt for inexpensive and entertaining activities. Try renting a bicycle (for S$6-12 per hour) and savoring the view at East Coast Park. You may also choose to have a romantic dinner and a movie marathon at home.

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Let us face it! You worked hard for this allowance. You earned it through your dedication to improve your physical abilities and to serve the country. As long as it fits your budget, reward yourself with a reasonable amount each time “pay day” comes.

How To Appear More Professional At Work

The truth is, no one is perfect! There will be days when you feel consumed by the weight of your work. In the fast-paced Lion City, there are several reasons why you may feel dragged. Perhaps you lack confidence on the management or you are too tired from yesterday’s night shift. Similar events can take a toll on your performance.

Fortunately for you, there are several steps to boost your professional image. You read that right! You can appear confident and motivated in the workplace, regardless of how you feel on the inside.

STEP 1: WEAR SHARP CLOTHES

A night before you go to the office, the first step is to ensure that you wear an appropriate attire. Portraying a professional exterior is not limited to following the strict dress code. Your choice of clothing conveys your approach to work. If you want people to take you seriously, steer away from baggy pants or indiscreet dresses. These ill-fitting articles of clothing may convey the wrong impression to your employer and your clients. Opt for tailored pieces instead.

A sharp look can only be achieved if you pull it all together. This is why you must pay attention to minor details such as the wrinkles on your top or the loose threads on your trousers. Noticing these small details shows that you are likely to see the bigger picture when faced with certain situations at the workplace.

STEP 2: ARRIVE ON TIME

As Don Marquis, an American novelist and poet, once said: “Punctuality is one of the cardinal business virtue s.” He believed that punctuality must always be insisted on one’s subordinates. I cannot agree more! It is a virtue that exudes your respect towards the people around you.

If you are expected to be in the office by 9 am, arrive before 8:50 am. If your lunch break is at noon, ensure that you will be back by 1 pm. Punctuality manifests that you are motivated to accomplish your tasks. Make it a habit to be on time!

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STEP 3: END ON A TOP NOTE

Adding an email signature is the quickest way to show that you are communicating on a professional level. I am referring to the salutations that dictate your departure. It not only provides information for future reference, but it also differentiates your message from the spams.

A simple format includes your full name, your position, your contact number, and the company you work for. You may choose to make your email signature using inexpensive generators like NEWOLDSTAMP and HubSpot.

STEP 4: DE-CLUTTER YOUR DESK

As your employer makes his rounds, he will notice the assembly of your desk. Scattered rubbish and excess litter can make your employer feel that you are distracted. It is best to keep things tidy! Start by organizing the items on your desk. Then, put the important papers in the labeled drawers or in the computer’s folders. Doing so will help you to stay on top of your projects or tasks.

Having a neat desk may seem like you have everything under control, even if you do not.

STEP 5: ASK FOR CONSTRUCTIVE FEEDBACK

Seeking constructive feedback from your superior and your co-workers is the last step. The mere act of being critique sounds scary. However, it will help your performance in the long run. Getting feedback demonstrates that you care about your job and you desire to succeed in it.

Instead of focusing on what you did wrong, focus on your strengths and the areas that you can improve on.

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Professionalism refers to having the skills and the competence expected from an employee like you. The way you present yourself influences the level of professionalism that you exude. It is challenging to remain professional every minute of the day, but it gets easier when you make it a habit. Start with the relatively significant changes mentioned above.

Sources: 1 & 2

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