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?
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#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.
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.
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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.
2022 has undoubtedly been a tough year for equity markets with global indices such as the S&P 500 down approximately 18% year to date.
A falling market can present interesting situations to different investors, and some would now see the glass as half-full. For instance, they may view cheaper valuations as a safety net that offers a larger margin for error. For investors who are thinking of starting their trading journey now, they can consider exploring with OCBC Securities. A wholly owned subsidiary of OCBC Group, OCBC Securities is a brokerage in Singapore that offers reliable services with transparent upfront fees. Now with their newly revamped iOCBC mobile app that comes packed with a myriad of user-friendly features, an even more seamless investment journey with iOCBC awaits.
Here are 5 new features on iOCBC that can help you spot timely trading opportunities:
1. Intuitive interface throughout the entire trading journey
For those who trade, they will know that every second counts. From the overall look and feel to small thoughtful details, the iOCBC Trade Mobile App is now designed intuitively for traders to trader smoother and faster. To start with, the biometric capabilities allow you to login and submit orders in a flash.
When browsing the markets, their predictive search bar with suggested results can help you to find the security you are looking for quickly, and also show you other similar instruments that are available on the iOCBC platform.
You can then add tickers to your watchlists from various convenient points through the app such as the search results and order ticket. Customise your watchlists to your preferences with collapsible columns to choose what information you want to see upfront or hide, and easily organise your watchlists with the drag-and-drop function.
As a new investor, making your first few trades can be incredibly stressful. With iOCBC, fret not as their trade order form comes with pre-built order validity checks. For newbies, this is very helpful as it will automatically display possible errors upfront by ensuring valid lot size and price range. Seasoned traders will benefit from this as well as it helps to reduce chances of fat-finger errors and also speed up your order placement.
After your orders are placed, tracking them is a breeze as the orders page is cleanly designed with colour coding to easily distinguish between buy and sell orders. Filter your orders by status (active, filled and unsuccessful) and see exactly how each order is filled and at what time with a detailed order log.
2. Gain market insights
The iOCBC mobile app is packed with features to help you spot trading ideas and validate them with your technical analysis. Their professional-grade yet easy-to-use charts powered by TradingView comes with more than 100 Technical Analysis indicators and over 50 smart drawing tools to support you in identifying actionable technical patterns. Investors can also choose to discover new trading ideas effortlessly with iOCBC’s trading tools – Market Statistics, ChartSense and StockReports+. StockReports+ is especially helpful for new investors as reading these reports will help them gain valuable sectoral insights. With in-depth market analysis from industry reports, coupled with charting tools ready at disposal, these could help to elevate trading performances.
3. Manage your portfolio like a professional!
How would one know how well he/she is doing without keeping score? Not to worry, an investor’s portfolio is updated in real-time for timely monitoring as part of holistic portfolio management on the iOCBC mobile app. Amazingly, various types of corporate action events including stock splits, dividends and rights issues are tracked so that the average cost of holdings, realised profit and losses will be adjusted accordingly.
4. Know the fees you pay upfront
Whilst you might have heard of other brokerages having hidden fees that customers may not be aware of, you will be glad to know that OCBC Securities has always been upfront about the fees that it charges to investors. With something as critical as your trading portfolio, you would want to know what you need to pay for and trade with peace of mind.
5. A reliable and secure platform
Lastly, OCBC Securities is a wholly owned subsidiary of OCBC Group, and OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance! OCBC Securities offers reliable, secure end-to-end encryption trading and custodises your foreign shares with a renowned global service provider. With more than 35 years of experience in the industry, OCBC Securities has always been a brokerage that priorities their customers’ needs. Customers of OCBC Securities are provided with a dedicated Trading Representative to guide and assist them on their queries and even discuss market ideas. For beginners, this means you will have someone to handhold you to start your trading journey.
The article is published by MoneyDigest and does not represent OCBC Securities Private Limited (“OSPL”)’s view on the matters mentioned. All views or information expressed or provided in this article belong to and are that of the writers and are for information purposes only. They do not take into account the specific objectives, financial situation or particular needs of any particular person. You should not make any decisions without independently verifying or assessing the contents. No representation or warranty whatsoever (including without limitation any representation or warranty as to the accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OSPL and it should not be relied upon as such. OSPL does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. OSPL shall not be responsible for any loss or damage howsoever arising, directly or indirectly, as a result of any person acting on any information provided herein.
Trading in capital markets products and borrowing to finance the trading transactions (including, but not limited to leveraged trading or gearing) can be very risky, and you may lose all or more than the amount invested or deposited. Where necessary, please seek advice from an independent financial adviser regarding the suitability of any trade or capital markets product taking into account your investment objectives, financial situation or particular needs before making a commitment to trade or purchase the capital markets product. In the event that you choose not to seek advice from a financial adviser, you should consider whether the capital markets product is suitable for you. You should consider carefully and exercise caution in making any trading decision whether or not you have received advice from any financial adviser.
When you’re starting a business, one of the most important relationships you will build is with your suppliers.
After all, they’re the ones who will help you get your products to market. But how do you go about building trust with them?
Here’s a step-by-step guide to help you get started.
Establishing a relationship
Suppliers are more likely to trust you if they feel like you’re a company they can do business with long-term. If you can establish a good relationship with them, it will be easier to get the supplies you need in the long run.
Learning your supplier’s T&Cs
Before you even start negotiations, take the time to learn your supplier’s T&Cs.
This document will outline everything from delivery timelines to payment terms, and returns. You must be both on the same page before things get too far along.
By understanding your supplier’s business model, you will be able to better manage your expectations and negotiate. For example, if a supplier is used to dealing with larger businesses, they may not be willing to offer the same terms and conditions to a smaller business. Or, if a supplier is used to longer delivery timelines, you will need to be patient.
Communicating clearly with your supplier(s)
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Communication is key. After all, you can’t establish a trusting relationship if you’re not clear about what you need and expect from them.
Here are a few tips for communicating effectively with your suppliers:
Set expectations early on, and make sure both parties are clear about what’s required. This will help to reduce any guesswork on either side.
Establish a communication plan, and make sure to speak regularly. This will help keep the lines of communication open and will help ensure that both parties are always up-to-date on the latest developments.
Articulate openly and honestly, and be prepared to listen to your supplier’s feedback. This will help foster a trusting relationship in which both parties feel comfortable sharing information and working together for the benefit of everyone.
Effective use of data to optimize your supply chain
If you want to optimize your supply chain, you need to make sure that your data is in good shape. This means having a system in place to track your supplier relationships, so you can see what’s working and what’s not.
There are a few different ways you can use data to optimize your supply chain:
Find new suppliers who might be a better fit for your needs.
Negotiate better terms with your suppliers, based on their performance.
Track the performance of your current suppliers, so you can see which ones are meeting your expectations and which ones are falling short.
When it comes to building trust with your suppliers, there are a few key things to keep in mind. By following the abovementioned simple steps, you can develop a strong relationship with your suppliers and ensure that you’re getting the best possible products and services to keep your business up and running.
Traveling with a new friend can be a great experience, but it can also be daunting.
How do you avoid conflicts from arising? How do you make sure that you both have a good time?
Below are some tips to help make your next trip with a new friend a success.
Practicing compromise
You’re both there to enjoy yourselves, what’s the point if you’re constantly butting heads?
Resolving conflicts is all about remaining calm on the issue at hand. Take a step back, and try to figure out why the conflict is happening in the first place. Is one person trying to take over? Are you not agreeing on what to do or where to go?
Once you’ve identified the source of the conflict, it’s time to compromise. Maybe it means one person gets to decide on dinner and the other picks the movie. Or maybe you take turns choosing activities each day. The possibilities are endless, but the goal is always the same: to consider the needs of both.
Respecting personal space
Everyone travels differently and has different comfort levels.
While you may be excited to explore every inch of the city, your new friend might prefer to take things a little slower.
Respect their comfort levels and don’t try to push them outside of their comfort zone. If they’re not interested in going out to a club, don’t get mad—just find something else to do.
Pay attention to their expressions and body language. If they’re not keen on talking, give them some space. If they’re looking uncomfortable, back off. Be considerate of each other’s feelings. If someone is tired or doesn’t feel well, be understanding and allow them to rest.
Keeping the conversation going
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Before your trip, agree on boundaries. What are your expectations? How much downtime do you want? What are your triggers?
This way, there are no surprises once you’re on the road. And, if a conflict does arise, you would have already talked about it and be able to think before you speak.
Remember: long-haul travel is already tiresome enough—you don’t need added tension from a fight with your travel buddy.
Dividing planning tasks for the trip
Divvy up the tasks so that everyone has a chance to contribute and feel like they’re a part of the planning process.
If you’re the one who’s been tasked with finding accommodation, for example, you can look for hotels or Airbnbs that are centrally located and close to public transportation.
If your travel buddy is in charge of finding activities, they can look for things that would be of interest to both of you and make sure there’s the right mix of activities planned for each day.
And if you’re both struggling to agree on what to do, there are always compromise options like using a travel app that allows you to plan out your days together step-by-step.
By doing this, you can each add in the activities that are most important to you and make sure everyone is happy with the final itinerary.
Communicating priorities and expectations
Lastly, reduce the chances of conflict by communicating your expectations and priorities before you even start packing your bags.
If you like to be on the go from sunrise to sunset, but your travel buddy prefers a more relaxed pace, it’s better to know that upfront.
The same goes for other essential details like how much you’re comfortable spending on activities or where you like to stay (budget hotel or five-star resort?).
It’s also important to respect each other’s communication styles. Some people are perfectly happy planning every minute of the trip, while others prefer to go with the flow.
If you’re a planner and your friend is more laid-back, try to find a middle ground that works for both of you. Maybe you can plot the big-picture stuff and leave room for spontaneity when it comes to the day-to-day details.
When traveling with a new friend, the best way to avoid any potential conflict is to communicate openly and honestly. Let your new friend know what your travel plans and expectations are, and be willing to compromise when necessary. By establishing some ground rules and communicating effectively, you can avoid any potential problems and have a smooth and enjoyable trip to come.
