Budget-Friendly Ways To Spice Up Your Love Life

Does money and partnership mix well in the game of love? I have to admit, intimacy can be expressed in different ways. Some people showcase their affection through the money and the gems it can buy. Nonetheless, your financial well-being affects your intimate relationship.

Put a spotlight on your finances to increase your bond this 2020.

PAY YOURSELF FIRST

Much has been said about loving oneself first, before loving another. I cannot stress how your capacity to love affects the way you behave in the relationship. Think of it as sourcing water from either a full or an empty pail. The same sentiment applies to paying yourself first.

Aim to grow a robust savings first, before extending your funds to your partner or spouse. I know how tempting it is to invest all your money in your business or your family. So, start small and gradually increase the amount that you will keep for yourself.

CREATE A PLEASURE ACCOUNT

When you and your partner continue to deprive yourselves on a regular basis, you will find yourselves overspending at some point. Avoid being caught in this situation by determining your couple goals and saving for these.

Aside from setting aside a portion for yourself, you must allocate money for the both of you. Use your “pleasure account” to fund entertaining activities that both of you will enjoy. You each must put an amount that is fair to you and your partner.

GO ON FRUGAL DATES

Dates should not always be lavish and expensive. You can spice up the romance by indulging on frugal dates such as a movie-night at home or having a rooftop dinner.

You can also take your partner out for some outdoor activities. Spend some time in nature to refresh your mind and body. You can go to the nearby parks, nature trails, or the Sentosa beach. Keep things simple by unplugging completely whenever possible. Cycling or jogging around can give you a whole new bonding experience. Take this time to immerse yourselves in the present and in the company of each other.

DISCUSS MONEY OPENLY

Open communication without judgment is the best way to work through challenges without fostering resentment. Do not let your partner’s unpleasant feelings build up by communicating crucial parts about your finances.

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Discuss your current debt and professional state at least once a month. Go over your finances to determine your financial problems and figure out how to solve these problems. Moreover, you must plan out how you will achieve your financial goals. This will strengthen your relationship in the long run.

Sources: 1 & 2

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4 Ways Marriage Can Affect Your Finances

One of the most important decisions you will ever have to make is choosing the person to whom you get married to. Getting married will not only shape your entire life, but also your finances. It is critical to choose the right partner that can bring you happiness and influence your finances in a positive light.

That being said, here are four ways marriage can change your finances:

DIFFERENCES IN FINANCIAL HABITS

Whether you marry a Singaporean or a foreigner, many people discover their partner’s financial habits later on. Some of these habits can be deal-breakers. Unpleasant financial habits include overspending, lack of savings, and gambling addiction.These lead to arguments and trust issues. However, you must not pack all your bags yet!

Being caught up in a financial dilemma with your spouse can be difficult as your financial values are taught while young. Therapy and financial planning could help. As can being completely honest with each other while you play with your financial strengths.

COMPLEXITIES OF INSURANCE POLICIES

You have two options when it comes to insurance. You can either hop on your spouse’s insurance policy or reap the benefits of your own employer-backed insurance policy. More often than not, insurance policies offered by your employer is cheaper than the policies that you buy for yourself. Your best bet is to choose the policy that benefits both of you the most.

Another factor to consider is the possibility of needing specialized insurances like pet insurance policy or travel insurance policy.

CREATION OF PRENUPTIAL AGREEMENT

If you are engaged to be married or are in the first months of matrimony, there may be a chance that you have already started combining your bank accounts. In any case, you should discuss your financial values and wealth plan to direct your future. A prenuptial agreement can be created to protect your assets in the event that your marriage fails or your spouse passes away.

By specifying your shared assets, you can both determine how possessions and debt will be divided upon separation. You will be able to determine how much you will pay for alimony and how much you will provide for child support. Furthermore, you may discuss how you will share each other’s estate.

IMMEDIATE EXPENSES OF MARRIAGE

It goes without saying that the wedding can cost you a lot of money. The upfront costs of matrimony can set you back by S$75,000 to S$100,000 on average. This amount includes purchasing a house and celebrating a wedding.

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Is your combined savings ready for that? With these major expenses come preparation. You must eliminate certain expenses to ensure that you create your dream life together.

Sources: 1 & 2

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Good Family Money Practices To Abide To

As year 2020 fast approaches, many of us rethink our past decisions and practices. Among these decisions and practices are the ones that greatly affected your finances. How did the past year influence your financial circumstance?

Discussions about assets, incomes, properties, and investments will come up whenever one thinks about wealth planning. A holistic financial planning approach can help improve your relationships in the coming year, including your family dynamics.

Katherine Dean, head of Family Dynamics for Wells Fargo Private Bank, once said: “When families communicate regularly and work on financial issues together, they often develop shared goals and a healthy sense of purpose.” An effective wealth plan not only helps with straightening out your household, but also with deepening your family relationships.

#1: SPENDING PLAN

Everything starts with a neatly laid out plan. Sit down together as a family to develop a household spending plan. You may opt to avoid using the word “budget” as it may highlight sacrifices and the pains of cutting back. Instead, focus on what is important to your family and the spending categories that you care less about. Cut down on the latter and explain to your family members why you must do so.

#2: CAREFUL USAGE OF WORDS

When it comes to conveying a message, it is vital to send out the proper signals. Choose your words carefully, especially when dealing with children. Saying “we cannot afford that” may send the confusing messages to young children. Some children may worry about their family’s financial state and its lack of capabilities to support the family’s necessities. Instead, try explaining why you choose not to spend your money on lavish toys in the aisle. Explaining the value of money and prioritizing expenses can help children learn more about managing money.

For instance, you may encourage your children to create wish lists when their birthdays come. Help them save for it by completing chores. This highlights the importance of saving and the practice of delayed gratification.

#3: IDENTIFICATION OF FAMILY VALUES

Recently, I sat down with my team to discuss the effect of having a shared goal fueled by our work values. Our personal work values affect how we work and how we interact with our colleagues. In the same way, our family values affect our family wealth plan. Having shared intentions and beliefs about money is one of the most effective ways to reach your long-term goals and to avoid making expensive financial mistakes.

Shared family values differ from household to household. For instance, one family may be committed to improving their eco-friendly lifestyle while the other is committed to improving their adventurous lifestyle. Once you pinpoint your common values, you will be able to direct your shared family wealth plan.

#4: SAVING AND SPENDING TOGETHER

You are a team – do not forget this. When it comes to tackling purchases that will greatly affect your household, it is best to spend and save together. Your new computer or your family trip to Bali can help show your kids the value of saving money. Get a piggy bank or a savings jar and add your loose change each week.

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Show your kids how savings can grow in time. When you have saved enough, teach your children how to get the most out of their money. Bring them along while you shop around.

Sources: 1 & 2

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Ways to organize budget-friendly kid’s birthday party in Singapore

Kids are the bundles of joy. They bring immense happiness to the lives of the family members. Being the parent you want to shower him/her with happiness only. You want to fulfill all the dreams that the little member of your family is weaving. That’s why your kid’s birthday is also a big event for you. Birthday comes once a year and you must spend this day well and shower him/her with gorgeous birthday gifts. But again for that, you don’t always need a huge bank balance. And even when you have profuse income, why not save the money for your kid’s education rather than spending lavishly on his birthday party? So, in case you are looking out for budget-friendly or low-budget ideas to celebrate your kid’s birthday party in Singapore, then read below:

Home is the best venue:

No venue can be as inexpensive as your home. It’s free if it’s your own and in case you are already paying rent then also it’s perfect. Streaks n Strokes, My Little Climbing Room, or MINT Museum of Toys are some of the happening places to host a kid’s birthday party. But these places would be expensive and that’s why bring some elements as per the taste of your kids and decorate your home. If your kid is a fan of Minions, then, bring things like cut-outs of Minions and place them at different places. Use all your kid’s favorite superhero quotes and images as theme to give your home a perfect birthday special makeover. That way, you will save lots of money. And also remember that if you book any outside area as the birthday party venue, then, you will also need extra transport costs to reach there.

Bake your cake:

There are various online shops and local shops where you will find various designer cakes. And you also know they are costly. You can prepare the same cake at your home. All you need to do is watch a few videos on YouTube and buy the baking accessory items that are necessary. United Bakery Supplies, Bake King, and Sun Lik Trading are some of the places where you can easily find what you want. If you say that you don’t have an oven then you can always borrow that from a friend or relative for a day.

E-mail or Messenger invitation:

Save paper and also the cost of printing on your kid’s birthday party and opt for easier ways to send out your invitation. This way you will be able to contribute something to the environment also. Simply write fun and cute invitation and send them through e-mail, messenger, or WhatsApp. It will save the time of going to a press, selecting a card, waiting for them to arrive, and then sending them to everyone’s address.

Plan Food cleverly:

The best time to host a kid’s birthday party would be post-lunch hours and bring an end to it by the evening. Those ways, there won’t be any heavy meal commitment and you will save much. The kids will have their lunch while they arrive at 3-3:30 P.M. Provide lemonade or any special drink that you can make at home and after the cake-cutting ceremony distribute plates with a piece of cake, some candies, and spring roll/sandwich.

Plan activities too:

Don’t spend anything on a balloon carrying guy or a joker for entertaining the kids. Go for treasure hunt games that you can arrange yourself. Arrange quiz contest and give out nice gifts. These gifts can be anything like fresh fruits or popcorns dipped in chocolates or a box of sketch pens or crayons – that you can arrange in a tight budget.

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Save Time And Money By Following These Food Hacks

As much as we want to prepare delicious and healthy meals for our entire family, doing so can be a quite a chore!

This is why some of us opt to order in or to eat out. However, this can lead to an increased spending and to an unhealthy lifestyle. The solution is to find ways to save yourself money and time while prepping your meals. Start with these simple food hacks:

#1: EGGSPIRED

Equipped with a shopping list in one hand, I enjoy my weekly trips to the grocery. Egg is among the items that will always be present on the list. For many of us, it is difficult to tell whether a set of eggs is expired. When this happens, you either throw out edible eggs or take the risk of eating expired ones. Avoid these situations by following a simple trick:

Put your eggs in a bowl of water. The expired eggs will float and the fresh eggs will sink. Quickly grab the good eggs in the bottom of the bowl.

#2: POTATHROW

I love potatoes! Whether it be mashed or fried, potatoes can drive many people into frenzy! Say you want to fry potato wedges or mash some potatoes. It is best to spend as little time as possible in peeling each individual potato. Furthermore, you are only wasting money by peeling too much.

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So, take a sharp knife and gently run the blade around the circumference of the potato. You must break the skin without puncturing the potato. Repeat this step for each potato that you intend to cook. Place all the potatoes in a pot and add boiling water. After all these are fully boiled and drained, you may put the pot under cool water for a few seconds. This is the perfect time to gently remove the potato’s skin using your fingers. Watch as the skin slip right off as you save energy on a simple task.

#3: FREEZE-FULL

One of the kitchen tools that many of us often under-utilize is the freezer. Using the freezer efficiently to properly store your food will save you money, effort, and time. Keep this tip in mind – maintaining an empty or an almost empty freezer is a mistake! The freezer has to double its work to cool itself, which will lead to energy wastage. The coolness is retained better if the freezer a little more full.

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I am not saying that you must completely pile up items as that will restrict air circulation. Instead, you must replace what you use with new frozen food items. Practicing this cycle will ensure that your freezer is used to its fullest potential.

#4: MEATICULOUS

Meat gets ridiculously more expensive as time passes. By buying large amounts of meat when it is on sale can help you save money and time in the grocery store. You can either cook everything at the same time or store everything in the freezer into usable portions.

For instance, you may use ground beef for spaghetti sauce and chicken strips for salads. There will be no leftovers!

Sources: 1 & 2

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