How to Create a Strong Christmas Budget

Do you want to scale back on Christmas spending this 2022? Money might be tight this year or you just want to save more. Here is how you can enjoy the holiday season on a budget! Discover our top ways to save money with these money-saving ideas.

#1: CREATE A CHRISTMAS BUDGET

A Christmas budget will help dictate your spending habits. Start by listing your monthly income. All money your household brings in each month is income. This will include your side jobs. Then, write down your expenses.

Include all gifting expenses, saving goals, essentials, and non-essentials such as entertainment and restaurant budget. Lastly, you must subtract your expenses from your income to equal zero. Having zero as the end amount means that every dollar needs a job! There will be no room for accidental spending as every dollar will be put to effective use.

#2: SHOP EARLY

Do not wait for the best year-end promotions to start your Christmas shopping. Sales come all year long! Grab Christmas decorations on clearance in February. When you are mindful of your list throughout the year, you will be able to spread out you’re spending and stress.

If you missed the chance of shopping early this year, remember that January 2023 provides another opportunity!

#3: CHOOSE TIME OVER MONEY

As the old saying goes, “It’s the thought that counts.” The thought of spending time together is better than any physical gift. You can save money this year by being intentional and present in whatever way you can. Value experiences over gifts and clutter.

#4: GIVE FEWER GIFTS

Cut down your gift list! Trim down the list because you are obliged to give to everyone in your social circles. You have to be strategic when it comes to choosing whom to give your presents to. You cannot just pass gifts around at a family gathering and skip some people.

Image Credits: pixabay.com

#5: USE CASH

Instead of charging your Christmas gifts to a credit card, reduce your expenses by buying gift cards or by using cash. Having cash will ensure that you are mindful with your spending. Stick to your shopping list and your budget! This avoids credit card bill shock in January. You do not want to start the year by paying interest on your debts.

#6: BUY ONLINE WHEN YOU CAN

Buying online will ensure that you skip the transportation fee. You can even have the gift delivered directly to your recipient. If you are buying gifts online, look for flash sales and coupon codes. Often, you will be rewarded with a percentage off. Just make sure that you are buying from a reputable website.

#7: CRAFT HOMEMADE GIFTS

Consider making presents instead of buying them. It is best to stock up on craft items while they are on sale. If you plan to create handmade Christmas gifts, start earlier in the year. You can make gift baskets, soaps, bath salts, baking mixes, and succulents.

Image Credits: pixabay.com

Let your kids join your Christmas DIY activities to ignite their creativity and awaken the spirit of Christmas!

Sources: 1 & 2

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4 Spectacular, New Places to Explore in Singapore

Grab your favorite cup of hot chocolate or peppermint mocha and treat yourself with a trip to these spectacular, new places in Singapore! Let the good times roll with your friends and family members ’tis Yuletide season.

#1: STROLL DOWN ORCHARD ROAD

From now until January 2, 2023, Orchard Road glistens with streetlights and big Christmas trees. Take beautiful pictures with your loved ones as the entire stretch is dazzled with fairy lights, towering Christmas trees, and plenty of festive props. You can start from Plaza Singapura and end at Tanglin Mall.

Image Credits: facebook.com/VisitSingaporeANZ

Head down to Tanglin Mall for some winter wonderland glamour. This mall is a popular attraction for kids and young at heart. Near here is the Forum The Shopping Mall, which has pink neon lights decor that glows magically at night. While strolling some more, you will see Wheelock Place. Wheelock Place will draw you to its star-shaped illuminations suspended within its structure. Lastly, you will experience luxury with ION Orchard’s enormous star-shaped tree topper from Dior. This is your perfect backdrop for an IG snap!

#2: WITNESS THE CHANGI AIRPORT CONNECTOR

Witness the Changi Airport Connector light up in bioluminescence until Jan. 31, 2023. The 3-kilometer-long festive installation is called the Dino Glow. The Dino Glow greets its guests with a trail of 1,100 levitating jellyfish beneath the T2 Skytrain tracks. Along the park connector are 4,000 dandelions and 3,600 mushrooms, which leads to a 40-meter tunnel of lighted arches. The dinosaurs at Jurassic Mile are also decked out in festive gear. The light-up runs daily from 7pm to 1am.

Image Credits: Changi Airport Group

Apart from these, there will also be local food, burgers, and desserts. Some are blue too! There will be blueberry bubble tea and blue donburis. The food trucks are open every Friday, Saturday, and Sunday from now until Jan. 1, 2023 at 5pm to 10pm.

#3: APPRECIATE HYPERREALISTIC ART AT ARTSCIENCE MUSEUM

Patricia Piccinini: We Are Connected exhibition reimagines reality at ArtScience Museum until Jan. 29, 2023. It features more than forty artworks and installations by contemporary artist Patricia Piccinini. Guests will be amazed by the strange reality where human-animal hybrids exist. Through her life-like sculptures, Patricia explores the advancements in biotechnology such as genetic engineering. Ticket prices range from S$16 to S$21.

Other activities at ArtScience Museum include the guided tours of the exhibition, which are available in Mandarin and English. Additional fees apply.

#4: PLAY AT THE GREAT BAY FIESTA

The Great Bay Fiesta displays attractions at Marina Bay, which runs from now until Jan. 1, 2023. The 20,000-square meter space includes four main event segments: The Great Cirque des Cascades, The Great World Carnival, The Great Food Fiesta, and Ice Magic: The Great Fantasy on Ice.

As someone who has never watched circus acts before, you will be impressed by the various performing acts that the Great Cirque des Cascades offers throughout its 80-minute runtime.

Image Credits: facebook.com/cheekiemonkies

At -10 degrees, Ice Magic: The Great Fantasy on Ice is the closest winter experience you can have in Singapore. The indoor ice playground will delight your children and their peers. Admission to the Great Bay Fiesta is priced from S$10. Additional payment applies for the activities.

 

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Reasons Why Couples Argue About Money

Money issues are some of the main reasons why people end up in divorce court. Money is a touching subject that plays a vital role in any household. If you have enough money, you will be able to meet your basic needs and have some measure of happiness.

There are many reasons why couples have trouble communicating about money. Here are some of them:

#1: DIVERSE MONEY EXPERIENCES

Some Singaporeans have opportunities to learn money management skills growing up; many did not. Money is tight for some, so as adults, people may take steps to avoid the consequences of not having enough money.

How money matters were discussed and handled in previous relationships will affect how people handle their money in their current relationship. Learning how to make wise choices is important.

#2: DISSIMILAR COMMUNICATION STYLES

There are different communication styles that people typically use. While some are passive, others are aggressive. Passive communicators avoid expressing their thoughts and feelings about money. They often feel resentful, anxious, or even hopeless. Aggressive communicators overly express themselves in a powerful manner. These people dominate money conversations.

Lastly, assertive communicators share their thoughts and feelings respectfully. These people know how to listen and reflect on what they are hearing from the other person. Aim for this type of communication style.

#3: DIFFERING MONEY VALUES

When it comes to finances, we tend to spend money on things we value. For instance, a person who values security spends his money on insurance. If someone values freedom, he may throw caution to the wind with their money and spend impulsively.

We decide what our values are through experience, which means they could change throughout our lives. Some factors that influence our values include our educational background, culture, age, gender, socio-economic conditions, marital status, and other expectations.

#4: NEED FOR CONTROL

If you are in a relationship where both people want to be the head of finances, problems can ensue. Different ideas of how control looks like affects how we see our financial futures. Some of us have more controlling personalities than others. However, what if both of you are controlling?

Image Credits: unsplash.com

#5: INCOMPATIBLE SPENDING HABITS

If she likes to eat out and you like to cook at home, the two of you do not see eye to eye about how to spend money on food. Discuss household responsibilities and learn how each other feels. Find a middle ground where you both compromise.

#6: COMPETING SAVING HABITS

A saver and a spender can have different dynamics at home. The saver needs to understand that the spender wants to live a comfortable life, while the spender needs to be more careful and realistic with money.

#7: DISPARITIES IN INCOME

It can be challenging to get along if one person earns substantially more than the other. One of the best solutions for this situation is to let each person pay for bills based on the percentage of total income they earn (per month).

Do not let these seven elements become obstacles that get in the way of your relationship. Create a schedule for regular money discussions.

Sources: 1 & 2

 

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How to Be a Good Money Influence on Your Friends

Friendships can benefit you in encouraging you to live healthier, elevating your quality of life, and lifting your self-esteem. Your friends should help you to be the best person you can be. You should do the same. Here are a few tips on becoming a good financial influence on your friends.

#1: SHARE YOUR EXPERIENCES WITH OTHERS

In 2013, researchers found that solitary experiences brought just as little happiness as the material things. Social experiences, on the other hand, were more valuable to the participants. Compared to possessions, we worry less about what others will think of our experiences, and they do not generate the same kind of regret. Consider sharing your experiences with your close friends and family members.

#2: SPEND MONEY ON THE RIGHT PEOPLE

A 2011 study showed that participants who recalled spending $20 on someone close to them reported feeling more positive emotion than those who recalled spending $20 on an acquaintance. Spending money on the right people is important for your financial health.

Allocate your dollars so your friends or family members can benefit without you feeling detached or drained.

#3: PAY YOUR BILLS ON TIME

Serve as a good example by paying your bills on time every month. Paying your bills on time helps you avoid late fees and prioritizes essential spending. On-time payment history can also lift your credit score and improve your interest rates.

#4: SAVE MONEY TO AFFORD BIG PURCHASES

Can you imagine constantly asking your friends for money? Certain kinds of loans and debts can drown you. Big purchases such as purchasing appliances and furniture can best be completed by cash.

When you buy in cash, you avoid generating interest and creating a debt that requires years to pay back. In the meantime, you can save money in your bank account and watch the power of compound interest.

#5: SET SMART GOALS

A person with financial goals can provide a good direction for himself and those around him. Setting goals helps you lay out your “why”. It also gives you something to work towards for.

Image Credits: unsplash.com

As you set your financial goals, keep in mind that you want them to be SMART. Break down your big goals into small, easily digestible chunks.

Sources: 1 & 2

 

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How To Save Money When You’re Single

Managing your finances as a single man or woman has both its advantages and disadvantages. As such, you have the freedom to choose how you intend to save or spend. On the other hand, married individuals have the safety net of a second income.

The benefit of managing your money when you are single is freedom. There is no one else to check in if you want to spend your Christmas bonus on a trip to Europe. Complete freedom cannot happen when you are married. Living off peanut butter and bread may sound reasonable to you, but your spouse and children may disagree.

When it comes to the disadvantage, you do not have a partner to offer accountability. Moreover, you do not have a safety net of second income should an emergency such as job loss occur. You need to figure out how to pay for food, loan payments, rent, and other expenses alone.

Hence, you must start managing your money by creating a budget.

#1: SET A BUDGET

Control your finances by creating a budget. You can try the 50/30/20 method. With this strategy, you allocate 50% of your income for fixed costs, 20% for savings and debt repayment, and the remaining 30% for your non-essentials. Adjust these percentages when necessary.

#2: FIND AN ACCOUNTABILITY PARTNER

We all need help. If you are single and you are having trouble with staying within your budget, you can find an accountability partner. Here is a helpful phrase: “It is not in the budget!”

#3: MASTER YOUR MEALS

You may be tempted to simply order takeout or eat at restaurants, but this strategy can easily get expensive in the long run. Cooking your own meals can save you a lot of cash. Search online for budget-friendly recipes for one person.

#4: MAKE YOUR GOALS HAPPEN

Set specific, measurable, time-sensitive, and attainable financial goals. Put them into writing. It will be easier to stay motivated when you can read these goals on a daily basis. For instance, you can create a list of goals and stick it to your fridge or make a desktop wallpaper out of it.

Image Credits: unsplash.com

Sources: 1 & 2

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