How To Exercise Self-Control When Shopping?

The ability to regulate and alter your responses to avoid undesirable behaviors and increase desirable ones is called self-control. Self-control helps you achieve your long-term financial goals. Studies showed that having self-control can be important for your health and well-being.

People use a myriad of terms for self-control such as discipline, determination, willpower, grit, and fortitude. The ability to delay gratification and resist unwanted urges is self-control.

Achieve your long-term financial goals by reducing your spending. Start by applying self-control when you shop.

#1: SHOP WITH A FRIEND

Shopping with a friend is a good strategy for dealing with compulsive spending. Salespeople are trained to play the role of your friend to encourage you to buy more. Hence, having your friend along can help you weigh your options.

Compulsive and impulse shopping play on your complex emotional urges. Avoid shopping while you are angry, sad, or hungry. If you are feeling these states, you cannot rely on the internal resources that are used to curb your impulses.

#2: CARRY CASH AROUND

It is easy to get carried away when you are paying for the items via credit card. Increase your awareness while you are shopping by opting for cash. Paying by cash slows down your transaction because you must think about your purchase.

When you pay with cash, the impact of buying is more dramatic. You are forced to see and feel what is happening to you now.

#3: HAVE A 24-HOUR RULE

Although you are eyeing an item for a while, ensure that you are getting a good deal by setting the 24-hour rule. Ask the physical store to hold your item for at least 24 hours. This will give you enough time to think about the item before purchasing. This rule can be applied to online stores too. Put the item in your cart and wait for the next day to buy it. Do you really need to buy it?

The ability to delay gratification or to wait to get what you desire is an important part of self-control. Delaying gratification involves putting off short-term desires in favor of long-term rewards.

#4: STEER AWAY FROM TEMPTATION

Reduce the temptation by going on shorter shopping trips or by visiting fewer websites. Spending less time window shopping can help reduce the number of products you see and like. By exposing yourself to fewer temptations, you will have more energy to make thoughtful spending decisions.

Image Credits: pixabay.com

Sources: 1 & 2

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MOE Teachers and Allied Educators to Get up to 10% Salary Increase from October 1

Over 37,000 Ministry of Education (MOE) teachers, allied educators, and kindergarten teachers will get a 5 to 10 percent increase in their monthly salary from October 1, according to MOE. In a press release last August 16, MOE said that 35,000 education officers, 1,600 allied educators, and 800 preschool teachers in MOE-run kindergartens will receive the pay bumps.

The salaries for teachers and allied educators were previously reviewed in 2015, while the scheme for preschool teachers in MOE-run kindergartens was last introduced in 2019. MOE’s current move will ensure that the educators’ overall salary packages remain competitive, so that it can continue to attract and retain good educators.

Aside from this, the 30-year retention plan for teachers will also be enhanced. Moreover, teachers who do not hold key personnel appointments could also be eligible for a higher salary ceiling from next year, with the introduction of a general education officer (GEO) 5A substantive grade.

ENHANCED RETENTION PLAN

MOE’s 30-year retention plan for education officers, also known as the CONNECT Plan, will also be enhanced by about 20% from next year. Currently, a flat rate quantum between $3,200 and $8,320 is set aside for officers each year. The amount depends on their length of service. Payouts comprising a portion of the money accumulated are given every 3 to 5 years of their career.

From 2023, MOE said that the annual deposit quantum and payout ratio will be increased to better support the education officers in the earlier years of their career.

NEW SALARY GRADE

To better recognize the contributions of well-performing teachers who do not hold key personnel appointments (e.g., subject head or senior teacher), MOE will also establish a new general education officer (GEO) 5A substantive grade from 2023.

Image Credits: pixabay.com

MOE highlights that “teachers are the core of our education system”, which is why the Ministry will continue to provide opportunities for educators to learn and develop themselves throughout their careers.

“This includes providing in-service courses to help teachers deepen their content mastery and pedagogy, as well as exposing teachers to diverse experiences outside the classroom through external work attachments,” said the Ministry.

Sources: 1 & 2

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How to Start Your Fitness Journey at Home

For many Singaporeans, 2022 is the year of health and wellness. It takes a second to decide that you are worthy of change. Start by completing a ten-minute workout and feel the difference after a couple of weeks.

#1: EXAMINE YOUR FITNESS LEVEL

How fit are you? Testing and recording your baseline fitness scores can give you benchmarks to measure your progress. Evaluate your flexibility, body composition, aerobic fitness, and muscular fitness by recording the following:

a. Body Mass Index,
b. Pulse rate before and after walking two kilometers,
c. Time it takes you to walk or run two kilometers,
d. Amount of standard or modified pushups you can do at a time,
e. Waist circumference, and
f. How far you can reach forward while seated on the floor.

#2: KNOW HOW MUCH EXERCISE IS RECOMMENDED

The general weekly exercise recommendation is at least 150 minutes of moderate cardio or 75 minutes of intense cardio and two days of strength training. Increase the health benefits of your exercise routine by increasing the minutes of cardio per week.

#3: RESEARCH ON THE TYPES OF EXERCISE

The common types of exercise include cardio, strength training, flexibility training, and HIIT (high-intensity interval training). Cardio exercises raise your heart rate and make your breathing faster. It refers to activities that are aimed at improving your endurance and stamina such as jogging and swimming.

Strength training refers to any type of activity that uses resistance to build muscular strength. Next, flexibility training refers to exercises that help maintain and improve passive range of motion. Lastly, HIIT consists of intense bursts of exercise followed by rest intervals. Choose a blend of exercises that suits you.

#4: CREATE YOUR OWN FITNESS PROGRAM

You need to have a concrete plan if you wish to exercise daily. Consider your fitness goals when designing your fitness program. Having clear goals can help you measure your progress and stay motivated.

As beginners, you can start cautiously and progress slowly. People who have injuries or medical conditions can consult their doctors or therapists first. These professionals will help design a fitness program that gradually improves their strength, endurance, and range of motion.

#5: ASSEMBLE YOUR EQUIPMENT

Start by choosing athletic shoes that support the activity you have in mind. For instance, running shoes are lighter in weight than cross-training shoes. The lightness of running shoes will help you dash when you run a lap.

If you are planning to invest in exercise equipment, choose items that are practical and user-friendly. You can also download fitness apps to track your distance, track calories burned, and monitor your heart rate.

Image Credits: pixabay.com

What are you waiting for? Get started on your fitness journey now!

Sources: 1 & 2

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Your Concise Guide to Insurance Terms

Represented by a policy, insurance is a contract in which an individual or entity receives reimbursement or financial protection against losses. It is a cushion against the risk of financial losses that may result from the damage to the insured property or injury caused to a third party. The company pools clients’ risks to make payments more affordable for the insured.

That being said, here are some terms that you must familiarize yourself with.

1. ACCIDENT

An accident is an event which occurs by chance. It is unforeseen, unexpected, and unplanned. This results in injury and property damage, which can be covered by the insurance.

2. ADDITIONAL INTEREST

Additional interest refers to the individual, partnership, or corporation other than the actual named insured. This individual, partnership, or corporation has an insurable interest. For instance, adding an employer’s name to an employee’s policy for the company car.

3. APPRAISAL

Appraisal is an estimate of property value or the extent of the property damage. Appraisals are provided by the authorized persons and are performed to determine the value of the property at the time of loss.

4. BENEFIT

The basic principle of insurance is that an individual should not end up in a better financial or physical state because of a loss. Hence, a benefit is partial compensation for lost wages or disability.

5. CANCELLATION

Cancellation is the termination of an insurance policy before the end of the stated period. There are three ways in which cancellation can take effect. These are namely: to surrender the original policy by the insured, to write a notice to the insured by the company or agent, or to sign a “Lost of Policy Release” by the insured.

6. CLAIM

The claim is a request for indemnification or compensation. A first party claim refers to the request for indemnification due to a loss involving only the insured and his or her insurance company. While a third-party claim refers to the indemnification of a loss by someone other than the insured for the damage alleged to have been due to the insured.

7. DEDUCTIBLE

The deductible is the amount a policyholder agrees to pay before the insurance company covers a loss. The insurance company pays the balance of the loss up to the limits of the policy.

8. DEPRECIATION

Depreciation is the allowance taken for age, wear and tear, and obsolescence of any item. The depreciation factor is applied to the replacement value at the time of the loss and not to the original cost of the item.

9. ENDORSEMENT

It is a printed or otherwise written statement attached to the insurance policy to alter, delete, or add coverage, terms, or provisions. Changing circumstances usually require that alterations be made to an existing insurance contract.

10. PREMIUM

Premium is the amount of money an insurance company charges in return for providing coverage at a specified length of time. There are distinct types of premiums such as the additional premium, earned premium, gross premium, and minimum premium.

Image Credits: pixabay.com

When it comes to insurance, there are many terms, words, and phrases that you should know. Use this list of insurance definitions to better understand what each term means.

Sources: 1, 2, & 3

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5 Things to Consider Before Getting a Personal Loan

Personal loan is one of the most sought-after loans in Singapore. With a personal loan, you can borrow funds from a financial institution and pay them back in fixed instalments over an agreed period. However, you typically need to meet a minimum income requirement and to pass a background check on your credit history.

Generally, it is much cheaper to get a personal loan rather than borrowing money from a moneylender. Moreover, you will need to submit a lesser number of documents compared to other types of loans such as car or home loans. These factors contribute to the popularity of personal loans.

Apart from these, consider the following points before getting a personal loan.

#1: PERSONAL LOAN HAS A MINIMUM INCOME REQUIREMENT

The eligibility for personal loan incorporates your income and your age. You need to pass the minimum income requirement (e.g., S$30,000 per annum) and the age requirement (i.e., usually under 60 years old). These strict requirements ensure that you will be capable of paying off the loans and that you will be paying on time.

#2: PERSONAL LOAN IS NOT FOR EVERYONE

Now that you know the basics of personal loans, you must remember that it is not for everyone. You need to contemplate the purpose of the loan before getting one. Compute for the monthly fees and other charges.

You see, it is better to use your extra funds if you intend to use the loan for lifestyle desires. Lifestyle desires include purchasing a new gadget or booking an international cruise. On the other hand, you need to carefully assess your business plan and financial situation if you intend to use the money for business and investment.

#3: PERSONAL LOANS CAN MAKE OR BREAK YOUR CREDIT STANDING

Examine your credit standing as it affects your personal loan application. Paying your dues on time is one way to keep your credit score on the good side. In contrast, accumulated monthly charges and overdue payments add red flags to your credit score. As a new applicant, carefully consider the terms and conditions of the bank.

#4: PERSONAL LOANS COME WITH SERVICE FEES AND OTHER CHARGES

Do not be fooled by the attractive loan prices flashed by the banks and financial institutions. You can end up paying more money due to service fees and other charges. You will pay the monthly fees along with the effective interest rates. If you plan to pay by cheques, returned checks can also be charged. Thus, new applicants must consider other forms of payment such as mobile banking.

#5: PERSONAL LOANS SHOULD BE YOUR LAST RESORT

Building an emergency fund is a part of the fundamentals of being financially savvy. When an unfortunate event takes a toll on your finances, you still have reserves. If your emergency funds have depleted, personal loans should be your last resort.

Avoid spending your personal loan to impress other people with your new gadget or with a grand getaway. Spend your extra funds on your lifestyle desires instead of borrowing money.

Personal loans have a variety of advantages and disadvantages. We hope that you can manage your finances well if you decide to avail yourself of a personal loan in the future.

Sources: 1 & 2

 

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