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5 Surefire Ways To Waste Money

Many posts on financial websites concentrate on the positive topics such as the effective ways to spend money and the healthy financial habits of successful people. However, these articles may not highlight the negative habits and practices that cost you money. And some people really need a wake -up call!

To help prevent unhealthy behavior as well as to add in the scarce literature on this topic, here are 5 Possible Ways To Waste Your Money:

1. GIVING IN TO DESIGNER GOODS

As you walk past the Orchard Road, you saw the huge crimson sign that said: “SALE”! Your highly elated self rushed through the counter and bought the first branded bag you saw. The rush was amazing but it did not last for long. The next day, you saw an email from Zalora that they are having discounts on Michael Kors’ watches. The Silver Steel Bradshaw watch used to cost S$439 but it is retails for S$307.30 now. Again, you got excited and bought it right away.

Do really need a new designer watch and a new branded bag when you have dozens at home?

These deals may seem like a bargain at the moment; however, it is just excess spending in hindsight. This is why you must list down all your necessities and stick with it.

2. AVOIDING NEGOTIATION

Although most people know that they are worth more, they are afraid to negotiate for a higher salary. By doing so, they are letting an opportunity and hundreds of cash slide.

Negotiating your salary is a game with all of its players attempting to dominate each other. Dominate the game by researching all the needed information. Go in-depth about the complete aspects of the job and the company. Also, collect data about the average pay and accurate salary opportunities in your position.

3. SHOPPING AT ONE STORE

It may be convenient to complete your shopping list at one place but it can also cost you more. Instead of getting your produce, office supplies, and toiletries at the nearby grocery store (e.g., FairPrice or Cold Storage), consider exploring other options such as the bookstores (e.g., Popular or Kinokuniya) and dollar stores (e.g., Value Dollar or Daiso). Visit the dollar stores for trivial things such as cleaning supplies, greeting cards, clothes pegs, and pet accessories.

4. BUYING BABY CLOTHES REGULARLY

Believe me when I say that babies can have sudden growth spurts so, it is unnecessary to buy loads of baby clothes in advance. It goes the same for shoes, as socks will be sufficient to keep their cute toes warm.

Start saving for baby clothes by asking your friends and family if you can have their child’s outgrown clothes. You will not only help your friends or family members to de-clutter their space but you will also save more.

5. INDULGING ON LUXURY BEAUTY PRODUCTS

With the society’s obsession towards physical appearance, it is no surprise that people spend so much on beauty products. There is an abundance of luxury beauty products in countries such as Singapore, Dubai, United States, and Hong Kong. This is one example:

As you can see Tati, YouTube’s famous beauty guru, disliked her experience with the ridiculous US$330 (S$441) Givenchy Le Soin Noir Lace Face Mask. She could have just purchased a S$2 Korean Snail mask and achieved seemingly similar results.

Sources: 1 & 2

How Much Shall You Spend On A Gift Without Looking Cheap?

While scouring the land for the one-of-a-kind gift, keep in mind that you must remain financially savvy. You may be tempted to go over your budget since you want to make the recipient feel special or you do not want to come across as being cheap. However, your gifts need not to be expensive to put a smile on someone’s face.

It is hard to put an exact price tag on the perfect gift as it all depends on a set of factors, namely: the amount you can afford, the budget you set, the current occasion, and the giver’s relationship with the recipient.

THE AMOUNT YOU CAN AFFORD

I read a good financial nugget from Manisha Thakor of The BAM Alliance. She said that if you cannot afford to buy the item in cash at the very moment then, you cannot afford to buy it. Simply, she wants us to be realistic when it comes to what we can and cannot afford. So if you are shopping in the mall, it is best to use mainly cash to regulate your spending. And if you are shopping virtually, convert that money as a gift card. When the gift card is maxed out, you will be done shopping.

THE BUDGET YOU SET

Just because the person gave you a lavish gift does not mean that you must do the same. If you budget does not allow you to go beyond S$50 for a gift then stick with your limits. Being stuck on debt just to keep up with a superficial appearance is never worth it.

If you are following a strict budget, you can allow your creative juices to pump. For example, your make-up obsessed best-friend wants to purchase the ridiculously costly and highly sought-after Kylie Lip Kit. You know that the product and shipping costs will exceed S$50. Then, you searched online for quality yet affordable dupes (equivalents) such as the NYX’s Soft Matte Cream lipsticks. These only cost S$12 so you went to Sephora and purchase four beautiful colors!

THE CURRENT OCCASION

The current occasion also dictates how much you shall spend. To illustrate this, let us take the Singapore’s “red envelope” gifting tradition into the table. For Chinese New Year, an amount of S$2-20 is common to give for children while it ranges to about S$8-S$88 for adults. On the other hand, the minimum Ang Bao amount for wedding banquets is S$50. This is why it is important to take the nature of the occasion into account. For corporate events, you can consider shopping from specialized online stores that offer corporate gifts or door gifts.

THE RELATIONSHIP WITH YOUR RECIPIENT

To whom is the gift for? How close are you to him or her?

Image Credits: pixabay.com

When it comes to giving the “perfect” present, it really is the thought that counts. If you are able to purchase a gift that translates how well you know and care about the person, you have done your job right. Start by determining what the person’s hobbies and interests are. From there, you can think of some gift ideas that will fit your budget.

Sources: 1 & 2

3 Amazing Museums In Singapore That Offer Free Admissions

When I was an adolescent, I perceived museums as fancy institutions which superior intellects frequented. The only time I get to visit one is when the school requires us to go on educational trips. However, times have changed. Technological advances paved way for museum to share their unique pictures on social media. The public interest for art has risen. Let us be honest, you probably saw those hippie youths taking their #OOTD snaps at the famous local museums.

Aside from the picturesque interiors, museums are places in which cultural, scientific, and artistic treasures are displayed. Each one has its own characteristics and values. Personally I find these local museums to be worth my time:

1. ASIAN CIVILISATIONS MUSEUM

Website: acm.org.sg

Asian Civilisations Museum (ACM) is my favorite local museum. Nestled at the mouth of the Singapore River, ACM will take you on a journey of historical discovery as they preserve the heritage of Asia. ACM’s 14,000 square meters space are filled with 11 thematic galleries that boasts with about 1,300 artifacts from China, South Asia, Southeast Asia, and West Asia. During my visit there, I was amazed the abundance and diversity of the Buddha statues as well as the 12 zodiac animal heads donated by Jackie Chan.

Image Credits: instagram.com/agoncilloanna

To shake things up, they accompany the permanent exhibits with special exhibits that are changing throughout the year. In fact, the current exhibit now is called “Once Upon a Time in Asia: The Missing Mouse”. It is a free exhibit that is recommended for children and the young at heart.

Rates:

Citizens & Permanent Residents: FREE
Visitors aged 6 and below: FREE
Foreign students, seniors, and PWDs: S$4
Others: S$8

2. SINGAPORE ART MUSEUM

Website: singaporeartmuseum.sg

Probably the most popular museum among the youths is the Singapore Art Museum (SAM). SAM houses a great collection of contemporary Southeast Asian art ranging from sculptures and paintings to installation art and moving media. They regularly collaborate with the leading international museums to cover both the local and international art practices.

Image Credits: instagram.com/agoncilloanna

Exhibitions change every few months. At the time of my first visit, I got to enjoy an interesting exhibition called Medium At Large. Now, they are showing the 5 Stars (Art Reflects on Peace, Justice, Equality, Democracy and Progress) exhibit. In this exhibit, I was particularly amazed with their larger than life art installation called the “Bloodline of Peace”.

Rates:

Citizens & Permanent Residents: FREE
Visitors under 6 years old: FREE
Foreign students, seniors, and PWDs: S$5
Others: S$10

*Everyone gets to enter for free every Friday from 6pm – 9pm.

3. NATIONAL MUSEUM OF SINGAPORE

Website: nationalmuseum.sg/

What do you expect from Singapore’s oldest museum? Nothing but prime history and culture of course. If you are interested in Singapore’s rich history, this museum shall be on the top of your list. Established in 1887, the National Museum of Singapore fuses the elegant neo-classical building with the new additions of glass and metal.

While visiting National Museum of Singapore I greatly enjoyed the “Singapura: 700 years” Exhibition. It consisted of six nostalgic sections from the Archaeology in Singapore to the Independent Singapore. Currently, they are displaying the “Celebrating Radio: Sounds” until July 17, 2016.

Image Credits: instagram.com/agoncilloanna

After indulging on art and history, satisfy your tummy with their selection of cafes and restaurants. Or, visit their retail space to pick up a cultural souvenir.

Rates:

Citizens & Permanent Residents: FREE
Visitors aged 6 and below: FREE
Foreign students,seniors, and PWDs: S$5
Others: S$10

Sources: 1 & 2

How To Avoid Online Dating Scams And Losing Money

People you meet online are not always who they say they are.

In 2007, a Singaporean woman was jailed for an online dating scam amounting to about $45,000. A married woman named Maliha Ramu used a false profile to begin an exploitative relationship with Bharani Indran who lives in United States. After Ramu promised to marry Indran, he began to send her money for her “mother’s funeral expenses” and “friend’s wedding expenses”.

Protect yourself from getting conned like so by using these tips to recognize when you are being scammed:

1. BACKGROUND SEARCH

Upon meeting someone you like online, do a profile search through Google and an image search through TinEye. TinEye allows you to upload a photo and retrace where it came from. I suggest you save the person’s profile picture or ask for some photos yourself. As for the profile, he or she will be virtually searchable on Google unless this person lived under a rock for the longest time.

If the person sent you a photo that looks like something from a magazine, be a little more suspicious. And if the person’s own online profile does not match the pictures you researched then keep your warning signals up.

2. PERSONAL EMAIL

Some online dating scammers are not interested with starting an long-term deceitful relationship with you, they merely want to send you with marketing mails and other spams. These scammers ask for your personal email address and never get back to you after that.

Aside from providing your personal email to people whom you are certain of, avoid these people by creating a separate email for your online dating activities. This way, you can easily delete or cancel your supplementary email if you start getting loads of spam mails.

3. INSTANT SOULMATES

If a person says that he or she loves you and wants to marry you after 20 minutes of chatting then, it is clearly a scam or you may just be messaging with an infatuated teen! You should know from your experiences or that of others that love is more than just a feeling. It is something that develops through time after several dates and conversation exchanges. It is built on mutual respect and trust.

If a person declared his affection for you without even seeing you in person or through video-chat, then it is probably a lie. Their underlying agenda will show soon after.

4. PIGGY BANK

A person is scamming you if he or she repeatedly asks you for money through an online dating site. These con artists can come up with various reasons such as family funeral, medical emergency, and mugging to make you send cash. It does not stop there! He or she may also ask you to send some gifts to help alleviate a financial hardship or to help prove your love.

So be wary of sending money to strangers especially using wire transfer or other electronic currencies because money transferred via these channels are hard to recover.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

3 Brain Traps That Make You Spend More

Our brains are hugely interesting yet highly complex. Although it may seem like you have everything under your conscious control, your unconscious mind can play some tricks on you. It may trap your judgment with errors called cognitive biases. Cognitive biases are flaws caused by memory, statistical, and attribution errors.

Understanding and recognizing these biases in yourself is useful when managing or spending money. Awareness of these biases is the first step!

1. STATUS QUO BIAS

As I was looking for a new laptop online, my choice leaned towards the brand that I have been using for more than 4 years – the MacBook. Its competitor had touch screen, 360 bendable monitor, and is running on the new Windows software that enables you to download countless of Apps. For its specifications, the latter was the best choice but I still preferred the Macintosh.

This cognitive bias is called the Status Quo Bias. It occurs when you prefer a product that you know and had been using for a long while even if there is clearly a better option available. It maintains the status quo and avoids change.

2. FAMILIARITY BIAS

Similar to the Status Quo Bias, Familiarity Bias exists when you prefer the products and services that you are exposed more of. Are you only buying something for this reason? I hope not. Often smaller companies that are not able to afford costly advertising provide cheaper and more innovative products.

Image Credits: pixabay.com

3. ANCHORING BIAS

Anchoring bias occurs when you rely and focus heavily on the first piece of information you receive. This can potentially dictate your spending habits.

For instance, the first “Moroccan Argan Oil 200ml bottle” you saw online was worth S$100. Without knowing that retailers spend money on ads for their premium products, you quickly established a high benchmark. You are more likely to spend more than you would have if the very first product you saw in the search engine was worth S$20 (a real bargain)!

Instead of getting sucked into the effects of these biases, use your brain to your advantage by employing tricks to spend less and save more.

Sources: Time.com and Psychology of Love, Money, & Life (eBook)

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