MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Improve Your Business With Employee Engagement

Do you want to increase your employee’s happiness, safety, participation, and good health? Then, you have to be familiar with the term called “Employee Engagement”. Employee Engagement is an approach designed to ensure that employees are committed to the organization’s values and goals. This later leads to organizational success.

The benefits of Employee Engagement are tremendous.

For instance, a study examined 168 engaged and disengaged employees to measure their stress levels and health indicators. Findings showed that engaged employees reported lower stress as well as improved cholesterol and blood pressure readings. Not only that, they engaged employees are proven to perform better by producing better results. Lastly, research showed that engaged employees have a lower chance (i.e., 5 times less) of experiencing accidents at work than their disengaged counterparts.

Having this in mind, you must know that Employee Engagement is one of the most important things to manage and to measure an organization. Measuring employee engagement may seem like a challenge as it focuses on specific areas of the organization’s strengths and gaps. This shall be observed in a personal and a group level through monthly or yearly surveys.

To boost and manage the employee engagement, here are a few steps you may take:

1. ACKNOWLEDGE THEIR STRENGTHS AND CAPABILITIES

Recognizing the employee’s strengths and capabilities does not always have to be monetary. A respectful acknowledgement of the contributions they have made is enough. Never forget to give your employees flexibility to explore how they can contribute best by allowing feedbacks.

2. CREATE TRANSPARENCY

An organization with transparency creates a room for engagement and a sense of significance. Transparency exists when the leader is comfortable enough to share his or her success to the team.

3. EMPOWER THEM

To enable active participation, put your employees in the position of influence. For example, let them lead a project and choose whom they want to collaborate with. This simple deed will make them realize their own potentials.

Image Credits: thetaxhaven via Flickr with Creative Commons License

Sources: 1, 2, & 3

Do Not Let These Feelings Drain Your Money

“Emotional Spender: Someone who spends money freely to satisfy his or her feelings at the moment.”

Whether the feelings or emotions are positive or not, letting these dictate your purchases may potentially lead to a disaster. Ask yourself, are you one of them? Another interesting characteristic that an emotional spender has is the regret after spending. This is sometimes due to spending more than one can afford. Fortunately, you can change for the better!

The first step you must take is to identify the problem by figuring out what emotions or feelings trigger your snap financial decisions. Then, use budgeting to guide you as you stop this nasty buying habit.

Here are some of the emotions that may affect your free spending:

1. ANGER

Let us start the list off with Anger. Shopping while you are angry makes you more likely to take risks. This is because purchasing while you are angry can make you feel empowered. For example, if you are angry with your spouse, you can just grab your credit card (i.e., from your joint account) and not care about how much you spend on clothes. An expensive revenge indeed!

Solution: Making yourself feel better by filling the void inside you is not a good move. Instead, lock yourself in a room, play your favorite song, and write down what you feel. Do these things to help you simmer down and avoid emotional purchases.

2. BOREDOM

Having too much time in your hands can make you spend more. Shopping, a very pleasant activity can keep you busy and make you feel occupied. So, it may act as a substitute for other fulfilling and productive activities. For example, if you work from home, it is natural to have a few hours to spare. As leisure, you decided to go on shopping trips since shopping is not only a boredom buster but also an activity you can do alone.

Solution: Find a fun hobby or activity to occupy you when you are bored. You may try cooking different pasta recipes or catching up on your favorite TV shows. Toggle.sg lets you watch episodes of your favorite shows at Channel 5, Channel 8, Channel U, Okto, Suria, and Vasantham – at no cost!

3. HAPPINESS

How can a positive feeling make you splurge your paycheck? Well, it is possible if you want to celebrate a milestone (e.g., promotion, raise, or graduation) in a grand fashion. According to research by Harris Interactive, 53% of people are guilty of celebratory shopping. This goes to show that shopping in a good note is normal but it may come with expensive price tags.

Solution: Celebrate a momentous event within your means. Having an intimate gathering of your closest loved ones is better than having a huge graduation party at a 5-star hotel. It is okay to indulge once in a while as long as you have money to spare. You deserve it!

CONCLUSION

Spending the money you either do not have or you can well spend elsewhere to satisfy your emotional needs only create more problems than solutions. If you set up a budget with a room for reasonable indulgence then, it is acceptable to spend. After all, that is how personal finance should work.

Image Credits: Antoine K via Flickr with Creative Commons License

Sources: 1 & 2

Exciting Places To Explore At Bugis Area With S$30 In Your Pocket

The Bugis Area, spanning from Bras Basah to Fort Canning, is not only rich in business establishments but is also abundant in cafes, bookstores, museums, and activities that you and your companions can enjoy. Even with a budget of only S$30!

1. FOR DELECTABLE DESSERTS

In 2014, a Japanese dessert shop called Tai-Parfait graced Singapore at the Bugis Junction. Brought by Dining Innovation Singapore, Tai-Parfait boasts its Taiyaki – a Japanese original fish-shaped pancake filled with sweet red bean paste…for only S$2.20. What’s more? You can also put ice cream, fruits, and other toppings on your dessert.

For example, you may try the Matcha Azuki Tai-Parfait for S$5.50. It is a chocolate-filled Taiyaki topped with Matcha cream, Green Tea ice cream, and Azuki. Sounds delicious, doesn’t it?

Image Credits: https://www.facebook.com/TaiParfait

Image Credits: www.facebook.com/TaiParfait

Go ahead and get your very own Tai-Parfait desserts at Bugis Junction, #B1-03A.

2. FOR BODY TONING AND MUSCLE STRENGTH

Have you wanted to burn more calories without having extreme muscle stress? Then, try water exercises, especially the Aqua Spin. Aqua Spin, suited for all levels, is believed to fight diabetes and obesity. Aside from this, your blood circulation, muscle strength, and cardiovascular fitness will improve.

A session will not cost you a fortune as a one-time trial is priced at S$25. Spin away at YWCA Fort Canning Lodge (Swimming Pool at Level 3), 6 Fort Canning Road, Singapore 179494!

3. FOR THE GENUINE BOOKWORM

The Bras Basah Complex is the one-stop-shop for budget printing services and cheap books. The bookstores here are filled with a myriad of non-fiction books, fiction books, magazines, textbooks, children’s books, graphic novels, and so much more! Support the Evernew Bookstore’s book fairs that offer second-hand books for as low as S$2-5!

Image Credits: https://www.facebook.com/evernewbook

Image Credits: /www.facebook.com/evernewbook

With prices as low as that, how can a genuine bookworm ever leave?

4. FOR THE LOVE OF TOYS

A visit at the MINT (Moment of Imagination and Nostalgia with Toys) Museum of Toys will help you relive the treasured memories of your childhood. With its collection of over 50,000 vintage toys originating from over 40 countries as far as United Kingdom, Bulgaria, and Germany, it is no surprise that the value of the entire museum is over S$5 million.

Admission rates are as follows:

Children (Aged 2-12): $7.50

Senior Citizens (Aged 60 years and above): $7.50

Adults: $15.00

Interestingly, some of the toys that you may see are the 1903 Steiff Teddy Bear and the 1953 Britain’s Queen Elizabeth II Coronation Set.

https://www.youtube.com/watch?v=8epZlJ73GVY

For more information about the MINT Museum, check out emint.com.

Sources: 1 & 2

Excellent Places To Find Low-Cost Uniquely Singaporean Souvenirs

If you are traveling Singapore for the first time or if you are visiting relatives overseas, it is great to have a uniquely Singaporean keepsake with you. Looking for the keepsake or souvenir can be a challenge when your budget and time are constricted. But, not anymore! The key is to find the famous bargain shopping places that can be easily accessed. Thus, your shopping trip will only take a few hours of your day.

With that in mind, here are places where you can find affordable Singapore souvenirs:

1. LUCKY PLAZA

There is no doubt in my mind that bargaining is widely acceptable in mostly all the shops at Lucky Plaza. This shopping center is conveniently located at Orchard Road so, you can simply drop by while you are cruising along the huge stretch of malls. The varieties of souvenirs that you can buy are abundant with a price starting from S$2.

2. PENINSULA PLAZA

Nearby the tourist spots such as Asian Civilisations Museum, the Esplanade Theatres, St. Andrew’s Cathedral, Parliament House, and Funan DigitalLife Mall, Peninsula Plaza proves to be a go-to shopping center for cheap keepsakes such as magnets, postcards, bags, and key chains. The prices of these keepsakes range from about S$3-25.

Image Credits: Riza Nugraha via Flickr with Creative Commons License

3. BUGIS STREET

A well-known bargain hub located opposite Bugis Junction is called Bugis Street. It houses a variety of shops that sell souvenirs such as clothing, bags, accessories, cups, magnets, chocolates, stamps, and so much more. The prices of these items range from about S$3-30. You may freely bargain with some stall owners.

Now, if you have no idea what to get for your friends and family, you may try to shop for these items:

1. SINGAPORE PRESSED PENNIES

Almost all the popular tourist attractions have automatic pressed penny machines where it is priced at about S$2 per penny. The engraved design of the coin features the name of the place where the souvenir was taken. For example, it is available at Universal Studios Singapore, National Museum of Singapore, Singapore Zoo, and Gardens By The Bay.

2. ANYTHING WITH THE MERLION

The Merlion represents the roots of Singapore being a “Lion City” with its lion head while the body of a fish represents Singapore’s dawn as a fishing village. With a souvenir featuring the national icon – the Merlion, your gift recipient will surely appreciate where it came from. Prices of Merlion merchandise such as chocolates, key chains, magnets, snow globes, mugs, and picture frames range from S$2-20.

Image Credits: instagram.com/agoncilloanna

These Merlion-based are available at all souvenir shops.

Marriage With Credit: ‘Till Debt Do We Part?

Whether you like it or not, along with your marital vows comes the union of your finances. Your partner’s financial habits can either boost or ruin your financial future especially if he or she has a pile of debt. One’s credit history can affect several facets of your life such as loan eligibility, loan rates, and job applications. This is why it is important to openly discuss about your credit history and to plan your future finances together.

Here are some steps you may take…

1. HAVE A TRANSPARENT DISCUSSION

To prevent unforeseen monetary issues, understand each other’s view by explicitly discussing your differences on financial issues. For example, if your partner is a saver then, he or she may view money as an important currency that shall not be wasted.

Then, for honesty’s sake, show a copy of each other’s credit report. Know what your debt and income are actually worth so that you can realistically plan on how to pay for the remaining debt. Your partner’s lack of credit history will reflect on your credit score if you combine accounts.

2. PRACTICE THE ART OF MINDFULNESS

Gone are the days when Mindfulness is practiced solely for meditation. You heard that right! Actively paying attention to the present situation can affect your finances. As you are aware of what is happening in the present, you can make better decisions about money no matter how important it is. For instance, you will keep your credit score healthy because you are aware of the billing schedules. Also, having a present mind will allow you to be vigilant in checking whether the statement breakdown (e.g., phone bill’s data usage) is accurate.

3. LIMIT THE USE OF CREDIT CARD/S

It takes no genius to conclude that overusing your credit card will jumpstart your credit. So, if you cannot say farewell to the plastic card, you might as well limit your usage. As much as possible, keep your usage to a minimum, 25% below your credit limit is a good start. Then, pay off the balance monthly. Examine your progress together as you end the month.

Image Credits: Gareth Williams via Flickr with Creative Commons License

May these simple steps pave way for a happy and credit-free marriage!

Sources: 1 & 2

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