4 Financial Tips For Stay-At-Home Parents

Quitting your job to run the household is a significant decision that you and your spouse must mutually agree on. The two of you need to make considerable changes in your lifestyle. On the financial aspect, here are some things that you may dwell upon:

#1: SHY AWAY FROM THE TERM “ALLOWANCE”

Take a trip down memory lane to visualize your primary school years. Was it carefree or stressful? One thing is for sure! Most students depend on their parents to sustain their financial needs. An allowance is given to regularly meet a student’s daily expenses. Calling it allowance highlights that the parents are in control of the child’s financial situation. The mere definition of the word signifies an amount that is permitted for a specific purpose.

If a parent is working and the other is a homemaker then, try shying away from the term “allowance”. As I said, it exudes a sense of authority over the dependent party. You do not want that! As much as possible, you need to cultivate maturity and respect in your relationship. Opt for friendlier terms such as personal budget or entertainment fund.

#2: CREATE A COOPERATIVE BUDGET

It is unfair to strictly control the budget of your spouse and the entire family just because you are the breadwinner. It is important to recognize that running the household is as important as bearing the salary. Staying at home to take care of your children saves cash that might otherwise be spent on child care. This contribution is often overlooked by the society. Turn the tables around by allocating money for the you and your spouse’s personal needs.

Decide on an equal percentage of the breadwinner’s income. This equal percentage will go to the anticipated expenses such as clothes, grooming, and gifts.

Image Credits: pixabay.com

Image Credits: pixabay.com

As Manisha Thakor, the author of Get Financially Naked: How to Talk Money With Your Honey, once said: “When both feel they have the daily freedom to treat themselves…household well-being prospers.”

#3: CONSIDER DIVING INTO INVESTMENTS

You put your cubicle job aside to fully commit on raising your children. This comes with lots of changes including the division of your time. With your newfound hours to spare, educate yourself on efficient ways to grow your savings.

Consider diving into the world of passive income. Investing your money on passive income allows you to reap profit while you sleep. Passive income includes dividend stocks, bonds, and index funds. It is crucial to read about the different types of investments to suit your preferences. For instance, people who can only tolerate low risks may invest their Ang Bao money on the Singapore Government Securities (i.e.,local bonds).

Related Article: How To Start Investing In Singapore

#4: BECOME AN ENTREPRENEUR

With our access to modern technology and other tools, you can accomplish the tasks of a stay-at-home parent and an entrepreneur. Earn extra money by creating an online business. You do not have to break the bank to set up your own online shop. Free websites such as Carousell and Tictail enables you to showcase your products. Furthermore, these platforms have a growing following of audience or customers already.

Image Credits: pixabay.com

Image Credits: pixabay.com

Do you love to make cupcakes, jewelry, or essence oils? Turn your hobby into your own business. The possibilities are endless.

Sources: 1 & 2

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How To Generate Cash Using An Instagram Account

Social media has infiltrated our lives in ways that our ancestors cannot imagine. Let us focus on one platform – the trendy Instagram (IG). Instagram offers you the opportunity to widen your income or to receive free products by posting photographs. Contrary to popular belief, earning money thru this venue is not limited to becoming an influencer.

There are many methods to capitalize on your IG presence. Here are just of them:

METHOD #1: POST REGULARLY ON INSTAGRAM

To make decent amount of money on the side while feeding your Instagram addiction, you can consider becoming an influencer. Start by treating your feed as a C.V. (Curriculum Vitae). Strategically curate your account to invite as many brands as possible. The wider your feed or portfolio is, the better.

Maintain your Instagram presence by using consistent posting schedules, pristine images, and witty captions. Andrea Chong’s account is an example of a strong local influencer. Remember that you attract the brands that match the content of your feed. For instance, you may be hired as a brand influencer for a detox tea if you exude enthusiasm toward fitness.

METHOD #2: SELL YOUR WORK

You have a knack for photography. If you have numerous quality images that companies and individuals may want to pay for, you can display it on renowned websites such as Shutterstock. Another (relatively uncommon) option is to upload your portfolio on Instagram.

Make sure to add a watermark and a detailed caption to each of your image. This will not only protect your rights, but it will also clearly direct your potential clients.

METHOD #3: TAKE ADVANTAGE OF THE SLIDESHOWS

Do you own a budding small business? Well, you better listen up! This method allows you to establish the diverse angles of your brand using a single post. You do not have to pay for an upgrade.

Instagram has solidified its status as an efficient platform for sharing singular square-shaped photographs. Instagram did its best to sway with the dance of modern technology. It has since expanded to adding videos and time lapses. Furthermore, the Facebook-owned company introduced the slideshow feature. Users can post up to 10 pictures that will appear in one post. This move seeks to help advertisers (like you) to tell sequenced stories. Ensure that your photos follow a unified theme or filter.

METHOD #4: EMPLOY AFFILIATE MARKETING

Various websites display their partners with sidebar banners. This type of publicity is called affiliate marketing. The same principle applies when you are rolling out your affiliates over to Instagram. Affiliate marketing will enable you to receive commission for the products or services that you will promote. Use catchy hashtags and high-resolution images to drive more traffic to the affiliate code or URL.

Step up your game by mentioning the brand on your Instagram stories. Simply edit the text and type “@” followed by the brand’s username. A notification will be automatically sent to the brand’s inbox right away.

Image Credits: pixabay.com

Image Credits: pixabay.com

BONUS TIP: You can promote “flash sales” by posting on your 24-hour Instagram stories!

Sources: 1,  2, & 3

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Wise Hacks To Save Money On Your Next Cruise Booking

As the popular song goes: “Cruising is made for love.” The appeal of boarding a cruise echoes to the hearts of many Singaporeans. Before booking your next Royal Caribbean International or Princess Cruises trip, consider these tips to knock a few bucks off your total spending.

SPOT A GOOD DEAL

Sales and promotions are prolific in the cruise industry. Short-term deals leading up to the sail dates can help you save a decent amount of money. However, you must be cautious about the eye-catching deals that offer up to 50% off and beyond. These attractive savings may be due to the sudden bump in the ticket prices just before the sale.

The savviest way to spot a good deal is by tracking the prices for several weeks. When a sale comes up, you will know how it fares compared to the average prices. Find deals by subscribing to a cruise line’s or a travel agency’s electronic newsletters.

DO NOT SKIP YOUR FITNESS REGIMEN

Being on a vacation is not an excuse to skip your fitness regimen. Skip the overpriced classes offered by luxurious gyms in Singapore and opt for the complimentary sessions held on the deck. Picture yourself taking the hottest Zumba craze as you float above the serene seas. Alternatively, you may bring your own yoga mat and watch a free tutorial from your laptop.

DETERMINE ALL THE INCLUSION

Much like the type of boarding pass you carry on air, the boarding pass on sea constitutes to certain inclusions. Understand the terms and conditions of your pass before booking anything. Who knows? You might save more money by letting go of some unnecessary add-ons.

TAKE ADVANTAGE OF THE FREEBIES

If the ship is hosting an art auction for all the guests, you can drop by to appreciate art while sipping free booze. Relax and enjoy. You are not obliged to purchase an artwork, nor are you obliged to pay for the flowing champagne.

DO IT YOURSELF

If you are planning a quick getaway for a period spanning to 5 days, consider washing your own clothes. Cruise lines will gladly was your clothes for about S$3.50 per item. This number can quickly add up! Use the self-service launderettes or wash your clothes in the bathroom sink instead.

Simply pack your own detergent and hang your clothes in the shower. Only wash the items that you are going to reuse and wash the rest when you get home.

EMBRACE THE SELFIES

In a world where we are practically glued to social media, posting photos while on a cruise is a must! Many ships have their resident photographers that are willing to charge you about S$30 per frame. Rather than splurging on the “official cruise photos”, take turns in playing a photojournalist.

Image Credits: pixabay.com

Image Credits: pixabay.com

Doing so will help you save more money without missing an Instagrammable moment.

Sources: 1,  2, &  3

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How To Earn Decent Money Using Your Smartphone

Before I plunged into the online freelancing, I never fully understood why companies are willing to pay for individuals who can participate in various activities. Said activities include shopping online, watching videos, reading advertisements, or using smartphone applications.

Soon I realized that the online competition is fierce. So, companies needed to reach their customers using creative ways. They need us! Download from a wide selection of apps to earn money from your product or service.

BY DRIVING PEOPLE AROUND

Uber – Available on Android and iOS

Are you sufficiently familiar with the Singapore roads and regulations? Consider earning extra money by becoming a cab driver. Having a car is not a strict requirement as many Uber drivers rent their cars. In fact, Uber Singapore has a list of preferred rental partners.

Uber, an app founded in San Francisco, connects drivers to riders. Its worldwide demand is growing as the days go by. There are many advantages to becoming an Uber driver. Firstly, it can earn you a decent amount of money. For instance, full-time drivers reportedly make about S$2,500 per month after all the deductions.

Secondly, you get to enjoy the flexibility in your schedule. There is no minimum or maximum hours of work. Lastly, you are in control of where and when you want to work.

BY SELLING YOUR THINGS ONLINE

Carousell – Available on Android and iOS

More and more Singaporeans are making quick bucks by selling their underused, preloved, or unused items online. Scavenge through your home to spot anything valuable. From books to clothes and furniture to paintings, you can take advantage of Carousell.

Carousell is a global marketplace app with a simple premise. Users start by snapping and describing their items. Then, they will chat with potential buyers to close the deals. Seek a form of payment that is convenient for you and the client. Some people prefer to meet-up, while others opt for wire transfers.

BY JOINING THE PACT

Pact – Available on Android and iOS

Looking for an efficient motivation to help you follow through your weightless resolution in 2017? The search is over as GymPact brings you the Pact app! It has been featured on The New York Times, CNN, and ABC News.

Image Credits: pixabay.com

Image Credits: pixabay.com

Pact allows its users to pledge a specific amount alongside the set of days that they plan to work out. Users who do not stick to the said goal must pay for each day they miss. You earn cash for staying healthy and get paid by “inactive” Pact members. Are you up for the challenge?

BY COMPLETING VARIOUS TASKS

Upwork – Available on Android and iOS

Modern technology reinvented the cubicle-bound workplace with the introduction of freelancing. There are websites and applications that allow people to reap the opportunities for online freelance work. You can easily accomplish these tasks from the comfort of your own home.

Upwork (previously called as Odesk) can help you whether you are an expert in writing, administrative work, marketing, advertising, legal work, illustrating, engineering, or web design. Payment is painless because Credit Cards, PayPal accounts, and Bank Accounts are accepted. Download the free app to see for yourself.

BY SUBMITTING YOUR PHOTOS

EyeEm – Available on Android and iOS

You do not need to carry bulky professional cameras in order to capture stunning moments. Today’s smartphones are equip with high definition cameras with sound quality. For instance, the iPhone 7 showcases an innovative camera that includes the ability to capture in low light and in RAW photos.

Turn your artistic vision into cash by downloading EyeEm right from your phone. EyeEm is one of the largest photo-markets, with over 18 million creators worldwide. You can sell your photos for approximately S$28 (US$20) to S$350 (US$250). It is not that bad!

Image Credits: pixabay.com

Image Credits: pixabay.com

What’s more? All of these apps are FREE!

Sources: 1 & 2

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Can changing your name actually lead to better fortune in your life?

Singaporeans usually need a good reason if they want to change their names. They don’t usually change their names on a whim and fancy, and most people won’t change their names more than two times during their lifetimes.

There are different reasons why people change their names in Singapore.  Some people can’t stand their hanyu pinyin names and want it removed. Some people want to add an English name if they weren’t given one at birth and some people think that changing their names can actually lead to better fortune and prosperity in life.

In particular, those Singaporeans who believe in feng shui tend to be the ones that believe that a well chosen name can lead to a fresh start in life, as well as be a significant reason for success in life itself.

These people usually believe that their existing names do not support their “Ba Zi”, a Chinese system of fortune-telling. This system is based on the 12 stages of the life cycle and the inter-relationship of the constructive and destructive cycles of the 5 elements.

In Singapore, there are many geomancers who provide such naming services and there is a large contingent of Singaporeans who have changed their names based on such belief, including a number of local celebrities. For example, some local celebrities such as May Phua and Edmund Chen have changed their names. It has even been mentioned that Zheng Ge Ping enjoyed greater career success after changing his name!

So can changing your name actually lead to more career success and prosperity in your life?

There are some people who swear that the first step on the road to their success in life was through changing their names. There are also those who are highly skeptical of such claims. Personally, I believe that people create their own lot in life. Naturally driven and motivated individuals may seek out every additional avenue to achieve success, and such avenues could include changing their names after consulting a feng shui master.

Perhaps it’s not necessarily so unusual that such people would go on to achieve the career success and prosperity they sought in the first place.

How do you go about changing your name in Singapore?

If you have set your mind on changing your name in Singapore, and consulted a feng shui master on the most appropriate name for yourself, that’s not the end of the name changing process. You’ll still have to find a lawyer or law firm to execute a deed poll for you.

Essentially, what this means is that you’ll have to sign a document drafted by the lawyer or law firm stating that you wish to change your name, and this document has to be signed in the presence of a lawyer. After that, you’ll have to head over to the Immigration and Checkpoints Authority to register your new name and to change your NRIC identity card.

Author Profile: Shen is a writer for Deed Poll Singapore, a website where Singaporeans can find affordable Singapore deed poll lawyers.

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