How to Save Money with Your Partner

After an amazing 12 years together, my husband and I finally tied the knot last year. Before embarking on this new chapter in our lives, we made sure we were financially prepared. Are you financially prepared?

When couples get married or move in together, they naturally take on shared responsibility for each other and their finances. Nonetheless, money-related misunderstandings can arise, which is why it’s essential to address them.

To help iron out these common money problems, let’s explore some practical financial tips for couples. Remember, there’s no one-size-fits-all rule, so these tips are here to guide you and your partner in achieving your financial goals together.

BE OPEN

Right from the start of your relationship, it’s essential to be open and honest about where you both stand financially. If one of you is dealing with debt or has specific financial goals, discuss it openly. Take time to understand each other’s money habits, like spending tendencies and risk tolerance. You don’t have to have identical attitudes towards money, but finding a middle ground through compromise can be beneficial. Addressing these issues early on will prevent misunderstandings and arguments down the road.

CATEGORIZE YOUR EXPENSES

Not all expenses need to be shared. While bills, groceries, and travel costs are typically shared, individual expenses like personal shopping or sending money to family back home remain separate. By clearly identifying your expenses, you can streamline money management and reduce complexity.

PRIORITIZE AND SOLVE ISSUES

Discuss what financial goals are achievable for both of you in the long term and identify problems that can be resolved immediately. For example, if different earning capacities are a concern, consider starting a small business together or exploring additional income streams. Whenever possible, prioritize reducing debt, as this will save you money on interest in the long run.

MAKE A BUDGET PLAN

A budget plan can be a lifesaver when it comes to managing your expenses. Decide on a reasonable amount to spend on everyday items, take-outs, entertainment, and personal expenses. Also, include bills, debt payments, irregular expenses, and contributions to your emergency fund in the budget plan. This step is especially valuable for young couples looking to stay on top of their expenses.

TAKE ACTION

After discussing, analyzing, and crunching the numbers, it’s time to create an action plan. Determine who will handle the primary bookkeeping responsibilities to ensure that all bills are paid on time and accounts stay in good standing. However, it’s essential to keep the non-bookkeeping partner informed about your financial progress.

Once you have identified and addressed your pain points and financial objectives, develop a comprehensive action plan with a clear timeline. This plan may involve the following steps:

1. Establishing a joint savings account.
2. Exploring opportunities for additional sources of income.
3. Gradually settling smaller debts.
4. Conducting thorough research on investment options.
5. Making a structured plan for significant purchases.

Image Credits: unsplash.com

Lastly, don’t forget to reward yourselves along the way! Even after being married, my husband and I still make time for regular dates and save up for enjoyable activities like travel and relaxing spa treatments.

Remember, open communication, understanding, and teamwork are the keys to successfully managing your finances as a couple. By following these financial tips, you and your partner can build a strong financial foundation together and enjoy a prosperous future.

Sources: 1 & 2

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4 Food Trends Making Waves in S’pore

1. NO NEED TO WIPE TABLES, BUT RESPECT IS KEY

In a recent announcement, the National Environment Agency (NEA) clarified that diners at public eating areas in Singapore are not obligated to wipe their tables after use. However, it’s crucial to show respect to the workers by not leaving any litter behind on or around the tables. “These include tissues, wet wipes, shells, drink cans, and bones,” the agency added. This reminder followed an incident captured on social media where NEA enforcement officers had a discussion with a diner outside Tekka Market and Food Centre in Little India last week.

I, personally, have friends and relatives employed in the F&B (Food and Beverage) industry. In this field, known for its dynamic and challenging nature with shifts spanning 12 hours at times. So, let’s help the F&B workers out! They would greatly appreciate it if you would clean up after eating.

2. SINGAPOREANS’ HIGH SALT INTAKE & RISING BLOOD PRESSURE LEVELS

A concerning trend has emerged in Singapore, where nine out of ten residents are consuming more salt than recommended. Surveys conducted by the Ministry of Health and Health Promotion Board revealed that the prevalence of high blood pressure has nearly doubled since 2010.

Additionally, fat intake among Singaporeans increased from 94g in 2019 to 100g in 2022, underlining the impact of lifestyle choices on public health. Thus, it highlights the significance of maintaining fitness and embracing a balanced diet as integral components of a lifestyle, rather than merely indulging in hobbies.

3. ICONIC DESSERT BRAND SARA LEE FACES UNCERTAIN FUTURE

Sara Lee, the beloved Australian dessert brand known for its delectable pound cakes, is facing a precarious situation. The iconic frozen desserts company has entered voluntary administration due to rising costs.

Despite being profitable from May 2021 to July 2022, increased expenses led to price hikes across all products in May. This news has left many netizens shocked and nostalgic, as Sara Lee has been a household name in Singapore for years.

4. MCDONALD’S 1980s MENU RESURFACES ON SOCIAL MEDIA

A blast from the past took over social media when a user, by the name of “Boon Wee”, shared McDonald’s menu from the 1980s. The menu was posted on the “Heritage SG Memories” Facebook group. It featured a variety of burgers, fries, shakes, sundaes, and the iconic apple pie.

Image Credits: Boon Wee via facebook.com

Interestingly, soft drinks were priced as low as S$0.50, and the famous Big Mac was a mere S$2.35. Now, soft drinks start at S$3.15, while the Big Mac starts at a whopping S$7.25. The post garnered significant attention, with netizens expressing surprise at the inflation rates and the use of traditional Chinese characters in the 1980s menu.

Sources:1,2, 3, & 4

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How to Efficiently Deal with Office Disputes

During my time as an HR staff at a conglomerate, I came across some office disputes that were truly varied and even a bit crazy. Picture this: two ladies screaming at each other while I tried my best to mediate and listen to both sides. On top of that, there were complaints of stealing and accusations of betrayal against the boss. It became clear to me that I couldn’t simply trust anyone. Office disputes are rampant, and it falls upon the HR department and management to mediate and enforce company policies.

Now, many of us have been taught to avoid conflict at all costs, but sometimes, facing conflict can be surprisingly productive. So, we’re here to teach you how to handle conflicts in the office productively and efficiently.

1. Deal with conflict promptly, don’t put it off. Confronting conflict head-on can be tough, but delaying addressing it can harm employee productivity and engagement. Encourage a culture of accountability that encourages you and your employees to take responsibility for difficult conversations.

2. Determine the type of conflict at hand. Start by identifying the cause of the conflict and figure out if it’s related to tasks, relationships, or values. Knowing the specific type of conflict enables you to use appropriate tactics to resolve it. Skipping this step might lead to wasting time on irrelevant issues. By pinpointing the root cause, you gain a deeper understanding of how the conflict arose in the first place and can get both parties to agree on what the disagreement is really about.

3. Encourage respectful and mature communication from both parties. Before the discussion begins, ensure everyone commits to being respectful. Set ground rules that forbid aggressive language, yelling, and other immature behaviors. By doing so, you can calmly and effectively handle any workplace conflict.

4. Brainstorm possible solutions as a team, not individually. When managing conflict processes, having a common objective, which is resolving the issue and preventing it from resurfacing, is crucial. It can be tempting to tackle workplace conflicts alone, but involving your team is essential for achieving lasting resolutions. Encourage your employees to get involved, and they’ll feel a sense of ownership that can prevent future conflicts.

5. Create an action plan and follow through. Once you’ve brought workplace conflicts into the open, it’s time to truly resolve them. Like any other work goal, this requires a concrete plan and commitment to seeing it through. The specifics of the plan don’t matter as much as the dedication to resolving the conflict effectively.

Image Credits: unsplash.com

In conclusion, conflict is a natural part of our day-to-day lives. Whether it’s disagreements with family, friends, or coworkers, managing and resolving conflict at work is crucial for meeting organizational goals. Embrace conflicts as opportunities for growth and learning, and remember that handling them with a human-centric approach can lead to stronger and more harmonious workplaces.

Sources: 1 & 2

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Does Doing Good in School Predict Our Career Success?

Singapore places significant emphasis on Science, Technology, Engineering, and Mathematics (STEM) education, with the government investing in research and development to foster innovation and technological advancements.

The educational system in Singapore follows a structured progression: six years of primary school are followed by four to six years of secondary school, and then one to three years of postsecondary education. At the beginning, the primary school curriculum is uniform for all students from years one to four. Once students reach years five and six, they have the option to take individual courses at either the foundation or standard level, with foundational courses designed to provide greater support.

When you were studying, did you feel the pressure of local education? Did your parents highlight how important and hefty education was?

Recent research by economist Kirabo Jackson and colleagues highlights that certain schools excel not only in raising standardized achievement test scores but also in cultivating interpersonal skills such as assisting others, as well as intrapersonal skills like effective time management for studying. In a Forbes article penned by Jacquelyn Smith, the concept of adults returning to school for career enhancement is explored. The article cites Laura Vanderkamp, an author, who suggests that many individuals believe further education can aid in achieving career aspirations, such as higher earnings, career advancement, or transitioning to a new field.

Pursuing an undergraduate or graduate degree equips individuals with applicable skills and knowledge for their professional roles. For instance, a business administration degree program imparts best practices in accounting, facilitating a comprehensive grasp of the financial aspects of one’s work. Similarly, a management program teaches principles of leadership and conflict resolution. This knowledge encompasses both factual and practical dimensions, proving valuable in current roles and future ambitions.

Beyond factual knowledge, these academic pursuits impart nuanced yet crucial skills, often referred to as “soft skills.” Proficiency in communication, teamwork, critical thinking, and problem-solving are integral parts of this skill set. You can use these soft skills to further improve your approach at work. These abilities contribute not only value to an organization but also establish a foundation for personal growth, providing individuals with the readiness and competence to take progressive steps toward their aspirations.

Research co-authored by Nobel Prize-winning economist James Heckman underscores the significant role of personality in predicting success. Academic grades capture personality traits like determination, diligence, and self-discipline—attributes conducive to achievement. In contrast, IQ alone merely accounts for 1% to 2% of income disparities.

Although links between academic performance and career success exist, notable gaps persist. Leadership and comfort with risk, crucial traits for reaching the pinnacle of business success, aren’t fully reflected in grades. Nevertheless, education instills a robust work ethic. An article from Six Sigma Online at Aveta Business Institute emphasizes the positive message conveyed by ongoing education:

The initiative to expand one’s knowledge is highly regarded by supervisors and business executives. Such a proactive attitude signals an individual’s potential to contribute further to the company’s growth.

Image Credits: unsplash.com

Demonstrating a strong work ethic and unwavering commitment to goals fosters management’s optimism regarding an individual’s sustained success within the professional environment.

As you can see, education plays a crucial role in shaping a person holistically. This encompassing development encompasses facets such as personality, work ethics, soft skills, knowledge, and more. These elements collectively empower individuals to thrive in their careers.

Sources: 1, 2, & 3

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How to Stop Negative Thoughts About Money

How do you feel about money? It’s a question that often goes unasked, yet our emotions wield significant influence over our financial decisions.

For those struggling with their finances, negative thoughts about money can become a formidable barrier, fostering feelings of frustration and resentment.

But here’s the catch: if you hate money, how can you ever expect to have more of it? To change your financial situation, you must first change your mindset. In this article, we will explore effective ways to overcome negative thoughts about money and cultivate healthy financial habits.

#1: CHALLENGE YOUR BELIEFS ABOUT MONEY

Begin by challenging your beliefs. Ask yourself whether your perceptions are grounded in facts or mere assumptions. Are there examples of individuals who have achieved financial success without compromising their values? Challenge the notion that financial prosperity is inherently tied to negative consequences.

#2: SWAP NEGATIVE THOUGHTS WITH POSITIVE AFFIRMATIONS

Swap out self-limiting beliefs with positive affirmations. Instead of saying, “I’m not good with money,” embrace a more constructive outlook like, “I am capable of learning how to manage my finances.” This shift in language can have a profound impact on your mindset and financial decisions.

#3: ELIMINATE THIS ONE PHRASE

Banish the self-defeating phrase, “I cannot afford this.” Perhaps, your parents instilled this phrase in you when you were young. Repeatedly uttering this phrase programs your mind for scarcity. Instead, adopt a more empowering vocabulary. Remember that our words and thoughts shape our lives. As a famous saying goes, “As a man thinks in his heart, so is he.”

#4: CHALLENGE THE FEAR OF DESIRING WEALTH

Don’t let the fear of being perceived as greedy deter you from striving for financial success. We all desire prosperity in different forms! Desire for wealth does not equate to greed. Understand that money is a tool, and increasing your income does not make you inherently selfish. Embrace the idea that financial stability allows you to contribute positively to your own life and the lives of others.

#5: EMBRACE THE RISK OF LOSING MONEY

Successful businesses often require calculated risks and investments. Overcoming the fear of losing money is crucial to growing your wealth. Instead of letting fear paralyze you, focus on making informed investments. Seek opportunities that align with your financial goals and remember that smart risk-taking can lead to substantial rewards.

#6: ACKNOWLEDGE EVIDENCE OF CONTROL

Shift your perspective by actively seeking evidence that you are in control of your financial situation. Shift from a negative perspective to a more positive one. Celebrate even the smallest victories, as they signify progress.

Image Credits: unsplash.com

Transitioning from name-brand to generic cereal to save S$2 is a win. Paying bills on time is a win. Opening a savings account, even without an initial deposit, is a win. Each positive financial action you take reinforces your control over your finances. Transforming your money mindset is essential to achieving financial success. Start today, and watch your financial outlook improve as you cultivate positive thoughts about money.

Sources: 1 & 2

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