Best Financial Tips from Mothers

Mothers know best. We have heard this age-old saying before. Yet, how many of us are willing to admit that it is true?

It is normal to have little spats with our beloved mothers, some of us more than others. However, we would be lost without her unconditional love and support. In honor of Mother’s Day, here is a list of some of the best financial advice that several public figures received or gave as mothers themselves.

#1: NICKI MINAJ

Rapper, singer, and song writer Nicki Minaj gave birth last 2020. Her stellar career and experiences led her to value her worth. She once said: “One thing I learned along the way in business is the necessity for you to be unapologetic about asking for how much money you deserve.”

Image Credits: pixabay.com

Do not stop negotiating your pay once the company has absorbed you!

#2: JILLIAN MICHAELS

Jillian Michaels led contestants of the Biggest Loser to new heights with her expertise as a personal trainer. Both her parents always said:

“If you want to give someone money, then give it, but don’t give away anything you can’t afford to lose.”

Her parents imparted that she should never borrow or lend money to others. Lending money, especially to people closest to you, is a tricky situation due to the lack of a written contract. Sometimes, it is difficult to ask for the money that your friends or relatives owe you. Thus, be prepared to lose money on several occasions.

#3: DOUG LEBDA

LendingTree CEO Doug Lebda said that his mother “told me there was no free lunch. If I wanted to do all the things my friends were doing, I needed to pay for it myself – so go figure it out.”

Teaching your children responsibility at an early age can help prepare them for the future. As a mother, you can reward the household tasks which your child completes.

#4: ALEX RODRIGUEZ

Alex Rodriguez is well-known for his professional baseball career. He has since transitioned to being the Chairman and CEO of A-Rod Corporation. His mother thought him to be industrious and hardworking.

“There was no one in my life growing up more industrious than my mom. She worked two jobs – as a secretary during the day, and a waitress at night – to support me and my siblings and allow me to pursue my dreams.”

#5: PAMELA HABNER

Pamela Habner is the CEO of U.S. Branded Cards for Citi. Her mother’s most powerful financial advice was “to bet on myself and double down. Be an independent woman with the resources to take care of myself – no matter what.”

Image Credits: pixabay.com

It is important to invest in yourself and grow your knowledge. You do not need to be dependent on someone to succeed in life. Do things that excite you! My mother is a lifelong learner whose motivation comes from within.  She still takes webinars and furthers her education to this day. Whenever you do something that you are passionate about, you will never lose a reason to do what you must do.

Sources: 1 & 2

 

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Avoid these parenting mistakes when disciplining your kids

a displeased mom and angry child

When we think we’ve got it all figured out, our lovely children delight in turning our lives upside down with their erratic moods and behaviors. Nonetheless, we must remember the typical disciplinary blunders, particularly when correcting our children in unfamiliar areas, to guarantee that our actions and thoughts are beneficial and that we can stop harmful habits from blossoming.

Read on to avoid these parenting mistakes when disciplining your kids.

Bribing

You might be inclined to use the lure of sweets at the checkout counter to stop your child’s breakdown in the supermarket. This technique might succeed, but only for the time being. Bribing a child for poor conduct is essentially encouraging negative habits, so don’t be shocked if your kid starts whining the next time he or she wants anything.

Actionless

Set boundaries and stick to them, because leniency and counteroffers all imply that compliance is a choice. To encourage children to respect rules, set clear expectations, and intervene when those conditions are not met. Begin with courteous commands if you want your child to accomplish things like pausing computer games and finishing schoolwork. Compliment when they follow through and impose a “penalty” if they don’t.

High expectations
disciplining in public

Image Credits: parents.com

Young kids have yet to establish impulse control or the etiquette necessary in public areas such as restaurants and shopping malls. When your child deviates from the usual, consider the fact that they aren’t seeking to be a nuisance; they just don’t know what to do in the scenario, therefore exploding won’t help. Because children are born imitators, modeling or calling attention to something we would like them to do can likely help them succeed.

Long-windedness

It is not useful to give an extensive description of your child’s unacceptable conduct. Kids, especially those in primary school who are improving their attention spans, can quickly lose track of talks that go too far in-depth. Make things as simple as possible for your child by breaking them down into fundamentals. Clarify what the conduct was and why it was incorrect with younger ones and address what went awry with older children using various scenarios that may have resulted in better decisions.

Setting a bad example

You advise your teenager not to lie, yet you habitually do so to avoid joining a school volunteer event or attending an insignificant lunch meeting. You scream at your kids and implore them angrily to talk respectfully to one another.

The concern here is that we are frequently blind to our actions and forget that the little ones are watching and learning from us. Be a prime example of the conduct you want your child to mimic as often as possible. If you violate one of your standards occasionally, explain the situation to your kid, discuss how you could have acted differently, and respond with better grace next time.

Getting kids to obey might feel like an impossible endeavor since children are capable of pushing against the boundaries of their environment to learn what is tolerable and what is not. This may be perplexing for parents who feel compelled to constantly raise the stakes to turn every encounter into a teachable moment. Keeping the aforementioned missteps in mind, nevertheless, can assist parents in developing a disciplinary system that is fair, effective, and encourages a child to learn the right things when the opportunity presents.

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Here’s a glance at Singapore’s new private home sales for Q1 2022

Belgravia Ace

Watching the property market, especially for new private home sales this year? Before we take a glance at 2022, allow us to refresh your memory on December 2021’s stats:

In the wake of new cooling measures and the regular year-end slump, new private property sales in Singapore plunged 58% in December 2021 compared to November that same year. Overall sales, nonetheless, recorded an eight-year high in 2021. Experts believed that purchasers who were not subjected to the Additional Buyer’s Stamp Duty (ABSD) scheme will boost demand this year. These are first-time purchasers or people who have sold or plan to sell their current residential property to purchase another.

Fast forward to 2022, here’s a glance at Singapore’s new private home sales for Q1 2022.

January: Rose by 3.5%

In January, new private house sales in Singapore increased by 3.5%, following a significant drop in December 2021. Ikigai and Belgravia Ace were the only two launches in January, and the latter strata-landed development sold 77 apartments at an average caveated amount of S$4.4 million.

The majority of the customers, according to a Huttons Asia official, were first-time buyers who were unfazed by the cooling measures. He went on to say that the purchasers’ capacity to spend more than a million for the downpayment and stamp duties indicated either adequate cash flow or a hereditary transfer of wealth.

February: Fell by 22.5%
Royal Hallmark

Image Credits: royalhallmark.com

Sales of new private residences decreased 22.5% in February, owing to a combination of cooling measures and global uncertainty related to the Russia-Ukraine crisis. Other barriers might include increased loan rates, property tax increases in 2023, and fewer housing alternatives as a result of this year’s lower lineup of project debuts.

The single February launch, Royal Hallmark, fared quite well though, selling about one-third of its units despite cooling measures and some uncertainty brought on by the Ukraine conflict. The percentage of transactions worth more than S$2 million also remained unchanged. In other words, affordability remained steady, owing to the market’s substantial liquidity.

March: Rebounded by 20.7%

According to recent reports, new private house sales increased by 20.7% in March, following a significant drop in February. Last month, the private housing markets showed signs of improvement, with developers selling more properties. This might be a response to the relaxation of safe management requirements, allowing more people to view show flats. As a consequence of the greater visitor traffic, the number of deals closed increased.

According to an OrangeTee & Tie spokesperson, there were no big project launches above 200 units in March, and existing projects continued to reduce their unsold inventory as buyers returned to the market. The US interest rate rises, on the other hand, may raise mortgage rates and encourage more purchasers to re-enter the market. Some on-the-fence purchasers are likely to lock in house loans before interest rates rise too much since a sharp increase in the cost of borrowing might push some upgraders out of the sector.

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Your Guide to Home Renovation Costs in Singapore

One of the most expensive possessions that you can acquire in Singapore is a home. Given that it is an investment, people want to make their home as comfortable and presentable as possible. However, doing a home renovation can cost you a lot.

HOW MUCH DOES IT ACTUALLY COST?

In Singapore, the ultimate cost of renovation depends on the several factors. Firstly, the type of home will determine the scope of renovation. This refers to whether you live in a condominium, an HDB flat or a landed property. The next factor is the age and condition of your home. The extent and type of renovation work for a brand new BTO differs from a decade-old resale flat.

Thirdly, the type of materials to be used for the renovation must be considered. It is up to you to choose affordable or high-end materials. The contractor or interior design firm is also up to you. Shop around to find the firm that suits you best. Lastly, your total cost will be influenced by how much work you want done. Starting with a blank canvas can cost more than renovating a single room.

You can expect to pay from S$5,000 to over S$100,000 when you are renovating a 4-Room HDB flat (i.e., approximately 90 sq m). Remember that all the aforementioned factors will influence the renovation costs. In fact, Qanvast stated that the average 4-room HDB BTO flat renovation was estimated to cost about S$43,000 to S$45,000 in 2020. Since renovating a resale flat is more extensive and expensive, the expected cost was from S$45,000 to S$52,000.

WHAT ARE YOUR LOAN OPTIONS?

If you are looking for financial aid, you will apply for a renovation loan. Renovation loans are different from personal loans. With personal loans, you receive the money in cash. The institution does not know what you are going to do with the money, so it is riskier for them to lend it to you. As a result, personal loan interest rates are generally high.

On the other hand, renovation loans work by giving the money directly to your contractor. Because the bank knows exactly what you are going to do with the money, they can charge you lower interest rates. Renovation loan interest rates are usually less than 5% p.a.

Before you can apply for the renovation loan, you need to have the contractor’s invoice or quotation signed by both parties. Renovation loans can let you borrow up to S$30,000 or 6 times your monthly income, whichever amount is lower. You can repay this in monthly installments.

HOW CAN YOU REDUCE YOUR RENOVATION COSTS?

Image Credits: pixabay.com

 

#1: Determine what you want.

Not all design styles are created equal – some cost more than others. Experts suggest that the most affordable style is the Scandinavian interiors as it involves simpler aesthetics and fewer built-in carpentry.

Knowing which design style you want, and which rooms you want to renovate will help you determine the total renovation costs.

#2: Paint your walls.

You can save money by painting your walls or an accent wall instead of using wallpaper or building a feature wall.

It is a practical choice if you want to change your home’s look every couple of years. You see, wallpaper or stone are notoriously difficult to remove.

#3: Have less built-in furniture.

Carpentry can take up a substantial chunk of your renovation costs. To reduce your expenses, you can make a list of your top five carpentry must-haves. Your priorities must revolve around custom solutions that require real design work that you cannot easily purchase. For things that you can easily purchase, you can buy as you go along with the renovation.

#4: Compare the available renovation firms.

There are a myriad of renovation, interior design, and contractor firms in Singapore. Different companies tend to provide different price structures. It is best to research all the available options to find the best company that suits both your budget and preferences.

#5: Keep or sell unused items.

When renovating your home, you may find some unused items such as excess paint or wood. It is recommended that you sell these items to make some money. This money can be used to reduce your overall renovation costs.

Sources: 1, 2, & 3

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Budget-friendly Gifts For Your Beloved Girlfriend, Under S$50

Gift-giving is not always easy! If your partner is interested in gadgets, there are hundreds of options from kitchen gadgets to the latest iPhone 13. Apart from the wide variety of options, your gift will depend on the occasion. Fortunately for you, here is a list of gift ideas that you can present on any occasion. Most of these items are available online too!

#1: STARTER KIT FROM FENTY SKIN

Launched in 2020 by superstar Rihanna, Fenty Skin was created to fill in the gaps that exist across all skin types and tones. Fenty Skin is a cult favorite brand along with its predecessor Fenty Beauty. Give your special someone the gift of beauty by purchasing the Total Cleans’R Remove-It-All Cleanser. This is a 2-in-1 makeup remover and cleanser that gives you the luxurious deep clean you deserve. Its creamy lather removes dirt, oil, pollution, and long wear makeup without harming your skin. It costs S$21 at Sephora.

#2: HOMEMADE CHOCOLATES

The artisan chocolates that you can buy at specialty shops are a complete waste of money when you can make a box of chocolates by yourself. Even beginners can still make homemade chocolates as a gift.

Start by laying classic-shaped or square crunchy mini pretzels on a baking sheet. Then, place one bar of chocolate on top of each pretzel. Pop these in a pre-heated oven for about five minutes or until the chocolates begin to soften. Take these out of the oven and allow them to set. Do not worry about the price tags as the ingredients can cost you less than S$6 at your nearest supermarket.

#3: SURPRISE CAR CELEBRATION

Birthdays, anniversaries, or Valentine’s Day can be celebrated in your own home. Set up the surprise before your partner goes to work. Use the back of your car as your creative space and put banners, streamers, and balloons inside. These decorations cost less than S$10 at Shopee or Lazada.

#4: ENCHANTING DIFFUSER SET

Help your lover find her inner peace with different essential oils or diffuser sets. Gifting a diffuser will allow her to create an at-home spa vibe.

If you are looking for a classic calming aroma that can fill your space with relaxing notes, then you can get the HOOGA Reed Diffuser. It is non-electronic and extremely easy to use. The capacity is 200 ml. Price starts at S$19.90 at Lazada.

#5: BEAUTIFUL TRIO OF SUCCULENTS

Aspiring plant moms will be delighted with a trio of succulents. Marked by experts as the best type of plants for beginners, your girlfriend can enjoy fresh houseplants delivered straight to her doorstep.

The World Farm or Hua Hng Trading is one of the largest garden centers in Singapore. Prices here are usually cheaper than most nurseries and they readily stock the bestsellers such as succulents (from S$3), herbs (from S$5), and flowering plants (from S$9).

Image Credits: unsplash.com

Whether you are celebrating an anniversary or a birthday, the expectations can be high while your funds are low. If your bank account balance limits what you can spend on, consider the items on this list. Have a romantic day without spending too much!

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