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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

6 Effortless Ways To Earn Money

As a kid, I remember asking my father to get me a new toy even though I had plenty of it back home. He looked at me and told me that he cannot purchase it at the moment because “money does not grow on trees.” This old Proverb implies that it is not easy to earn money. However, the modern times enlightened me to a revolutionary realization.

I realized that there are simple, unique, and effective ways to earn money without having to commit loads of your time and exhaust your physical or mental abilities. Hence, I give you the 6 “Effortless” Ways To Earn Money…

1. SHOP FOR FREE

Ever dream of getting paid to shop? I know I had at it was amazing!

The people that shop for a living are called Mystery Shoppers. Mystery Shoppers are paid by the company’s marketing department to report about their experiences as they try the said company’s products, eat at their restaurants, or buy their goods. If you accepted a “mystery shopping” job, you will be paid for your time as well as be reimbursed for anything you bought.

Eager to be one? Check out the current job openings at Gumtree and Jobstreet.

2. ENJOY A GOOD NIGHT’S SLEEP

Sleep has been proven to improve concentration, increase cognitive function, reduce stress levels, and increase one’s Emotional Quotient (EQ). But aside from these, it can also increase your salary! An additional hour of sleep per week has shown an increase in salary by 1.5% over the length of a season. This increase is due to the positive effect of sleep on productivity.

3. DISTRIBUTE FLYERS AND LEAFLETS

You do not have to exhaust your physical and mental skills in order to distribute flyers and leaflets to others. A go-to side job by many students, distributing paper advertisements might sound like a boring task but you can earn decent cash (about S$7/hour) in a span of a few hours. Simply search at Gumtree to apply for this “promotional gig” near you.

4. COMPLETE SMALL TASKS ONLINE

If you have an hour to spare, consider joining websites that pay you for completing small and easy tasks such as signing up for websites, searching articles, making a background image, or linking URL to websites. Creating an account at Fiverr will only take you 5 minutes. With Fiverr.com, you will be paid a minimum of US$5 (S$6.70) for every project you accomplish. Alternatively, you can create an account at Microworkers.com to join more than 600,000 workers worldwide.

5. SELL YOUR PHOTOS

If you love capturing moments and have a collection of creative images that are worthy to be featured on websites then, you can try selling your photos online. Companies are in constant need for images for their websites, brochures, cards, blogs, and other projects. Start by selling your stock photography on Shutterstock or Fotolia. Each website works differently so read through the guidelines first before you commit.

6. GET PAID TO TWEET

If your overactive Twitter page boasts with a relatively large following, you can get paid for posting sponsored tweets to your followers. The rate, which typically ranges from S$0.67 to S$26, depends on the number of your followers as well as other factors such as the creation “age” of your account. An example of this service is manifested by paidpertweet.com.

Image Credits: pixabay.com

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

5 Ways To Grind Like A Boss Even When You Are Not

You may not be a boss yet but if you start acting like one, you can just snag a chance at a beaming promotion!

I am not encouraging you to point fingers and demand orders to everyone at the office. Instead, I suggest that you act like the boss that you wish to work for. Not only are you serving as an inspiring role model for your own boss but you are also giving your colleagues a glimpse of what it about to happen when you climb up the ladder.

On that note, here are some tips to act like a good boss:

1. GIVE ATTENTION TO ISSUES

Always channel your inner boss by asking yourself if there are current issues that the management needs to address.

I remember a friend of mine who started as a receptionist at a fitness studio. She used to do the attendance by typing the names of each participant in the room. Imagine doing this for a class of more than 30 people. You can easily lose count! Then she discovered a faster way doing things by assigning each participant with a bar code, which they can scan before they enter the room. The management was really pleased. A year after that, she became the manager of the studio for more than 4 years.

2. TAKE THE INITIATIVE

Good bosses have initiative and enthusiasm. Showing that you are dedicated to do every task and are taking control of your responsibilities would make people feel that you are an asset to the company.

Even without the guidance of the management, there are some simple things that you can solve by yourself. Do not waste time and get things in motion.

3. HANDLE PRIORITIES WELL

Business owners and supervisors have lots of things on their plates. Because of our competitive environment, several things pull them on different directions every single day. This is why they must handle the significant priorities first before moving on to the non-essential tasks. Do the same thing!

Start by keeping a list of all your daily tasks. Move the items up if they are really important. When a new project comes along, ask yourself about its importance and organize accordingly.

4. MANAGE YOUR MONEY

It is essential for a boss to understand the fundamentals of managing money including budgeting. A budget is your understanding of the materials needed as well as its costs – be it in the currency of money, time, and people.

Practice the basics of money management by budgeting your personal household expenses. Also, make sure that this is aligned to your financial goals.

5. EVALUATE YOURSELF

Performance appraisals help the management decide whether or not they shall give you a pay raise or a career advancement. Go inside the mind of your boss by reflecting upon your previous feedback or review. Know which areas you need to improve on and which areas are your strengths.

Do a self-assessment every few months to remind yourself about the changes that you shall make.

Image Credits: pixabay.com

KAYAK.sg reveals sky-high prices of in-flight refreshments on board of low-cost carriers

Travel search engine KAYAK.sg reveals the extent to which low-cost airlines are marking up prices

Travelers who want to enjoy a cup of coffee on board will have to pay on average 900% more than at the supermarket
The mark-up on the in-flight cup noodles is between 222% and 317% as compared to the cost at supermarkets
Airlines charge 562% more for a simple bottle of mineral water than a supermarket does

Singapore, 10 June 2016 – Travellers often expect to pay a little more than usual for snacks and drinks while flying on low-cost carriers, but new KAYAK.sg research reveals that some airlines are going overboard with mark-ups on the prices of snacks and drinks. For example, a simple cup of instant coffee costs, on average, 900% more up in the air than it would at a supermarket.

A cup of hot tea was revealed to be the worst offender. A single tea sachet can be bought in a supermarket for as little as six cents, but the mark-up for providing the same bag plus some boiling water while onboard is astonishing. Tigerair, Jetstar Asia and Scoot all charge S$4, while AirAsia charges a slightly more reasonable price of S$1.70 for a cup of tea, an average markup of 4,344%, compared to standard supermarket costs.

Breaking the bank for a sweet bite

Sky-high prices were also uncovered on everyday snack items; Scoot charges S$4 for a 40g chocolate bar – 74% higher than one would pay for the same item in a supermarket. A serving of cup noodles varies between S$2 and S$5 depending on the airline and brand, a mark-up of between 222% and 317% over the average supermarket price.

Cashing in on beverages

The price of alcoholic drinks on board is anything but relaxing. A small 330ml can of beer costs up to S$8 on low-cost carriers, compared to S$3 or under in most supermarkets. Interestingly, JetStar Asia, Tigerair and Scoot charge S$6, S$7 and S$8, respectively, for the same popular brand of Japanese beer, a mark-up of over S$160% on average, when compared to purchasing the same can at the supermarket.

Getting overboard with drinks prices

Even non-alcoholic drink prices are sure to give fliers a financial hangover. An identical bottle of water (330ml) costs up to S$4 on board compared to just S$1.40 at a supermarket, representing a 562% mark-up on average. A 330ml can of cola or a sports drink will also set travellers back; costing S$4 on each of the four major low-cost carriers flying from Singapore – a 433% mark-up, on average, over supermarket prices on the ground.

Debby Soo, KAYAK Vice President APAC said, “Low-cost carriers are providing a service when it comes to food and drink on board, which accounts for some of the mark-ups we see. However, it pays off to plan ahead and eat before you board, especially for short flights. Also, travellers should bring empty plastic bottles through security, into the boarding gates at Changi Airport, and then fill them up at the water fountains in order to stay hydrated economically while flying.”

Some of other largest mark-ups

Chocolate powder drink – S$4 (Tigerair/ JetStar Asia) vs S$0.40 – 770%
Crisps (40g) – S$4 (Tigerair/JetStar Asia) vs S$0.90 – 344%
Pretzel sticks – S$4 on (JetStar Asia) vs S$0.95 – 300%
Pulpy Juice (350ml) – S$4 (Tigerair/ JetStar Asia) vs S$1.15 – 247%

Notes to Editors:

Airline F&B prices are correct as of 16 May 2016 and are based on inflight menus on the airlines’ websites. AirAsia prices were supplied in Malaysian Ringgit and converted into Singapore dollars on 16 May 2016. Supermarket prices are based on the best prices found in three main supermarkets in Singapore and were correct as of 16 May 2016. In some cases, prices are based on multi-pack purchases.

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