Reasons Why Couples Argue About Money

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.

Sources: 1 & 2

 

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How to Be a Good Money Influence on Your Friends

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.

Sources: 1 & 2

 

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How to build trust with your suppliers: A step-by-step guide

cold calling with a script

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)
man on a phone call

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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.

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A smooth trip ahead: How to keep the peace when traveling with a new friend

Peace sign by Golden Gate Bridge

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
two ladies looking at their laptop

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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.

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Get hired now: Writing an outstanding cover letter to grab a hiring manager’s attention

sample cover letter

You’ve polished your resume and you’re ready to apply for your dream job. But there’s one more critical piece of the puzzle: the cover letter.

An outstanding cover letter can make all the difference in helping you stand out from the competition and land an interview. It’s your opportunity to show off your skills, share your passion for the job, and explain why you’re the perfect person for the position.

So how do you write a cover letter that will get hiring managers’ attention? Check out our tips below.

Research the company and tailor your message

Your cover letter should start with a strong opening statement that explains why you want the job and what you bring to the table.

Be sure to mention the job title and where you found the position. And most importantly, personalize the letter. This shows that you’ve taken the time to learn about the company and that you’re truly interested in the opportunity.

Include some of your personality

When it comes to writing your cover letter, think about including some of your personality.

After all, this is your opportunity to introduce yourself and show the hiring manager that you will be a great addition to the team. How do you do that? Do it through a story or two from your career that demonstrates your skills.

For example, if you’re applying for a customer service position, talk about a time when you went above and beyond to help a customer. Or, if you’re hoping to work in marketing, share the lessons you’ve learned from a successful campaign you spearheaded.

By allowing your personality to shine through stories like these, you will help the hiring manager see that you don’t just have the skills and experience they’re looking for, you’re more than that. And that’s always a good way to start a conversation.

Understand who you’re writing to
man using his laptop

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Bear in mind who you’re writing to. After all, you want to make sure that your letter is tailored to the person who will be reading it.

Ideally, you should address your cover letter to the hiring manager by name. If you can’t find the name of the hiring manager, search through LinkedIn. If all else fails, use “Dear Hiring Manager” as a last resort.

Keep it concise and relevant

Focus on the qualifications and experiences that relate to the job you’re applying for.

The hiring manager will appreciate it if you can communicate concisely, in four paragraphs or fewer, why your skills make you a great candidate for the role.

You don’t need to go into all of your experience, just a few relevant points, and remember: focus on the job description requirements. Any non-relevant information should be left out as it will only add clutter and confusion to your letter.

How to end your cover letter

Now that you have the main body of your cover letter sorted out, it’s time to start thinking about how to artfully conclude it.

To make a lasting impression, you should always express a bit of your passion and confidence. Everyone wants a motivated employee, so why not let them know that’s exactly who they’re getting?

When wrapping up your cover letter, show appreciation for the reader’s consideration (and time) while also taking a gentle interest in the next steps. For instance, you can close by saying something like:

“Thank you for your valuable time and consideration. I look forward to hearing from you regarding the next steps in this process.”

By crafting a confident yet courteous conclusion to your cover letter, you can make an even bigger impact on hiring managers and increase your chances of landing a job interview.

In summary, a well-written cover letter can make a big difference in whether or not you get hired. Follow these tips to write an outstanding cover letter that will grab a hiring manager’s attention and help you land the job you want.

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