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How to keep your food budget below $600

Continuing from the article on “How to maximise your life with a $3,000 paycheck”, this article will be focusing on the ways to stretch a $600 monthly food budget. This is the first in a five-part series on how to optimise the use of funds allocated to each of the budgets.

Image credit: theonlinecitizen.com

1. Indulge in hawker fare

The most economical way to tempt your tastebuds would be to indulge in hawker fare. The average price for a meal complete with a drink is approximately $5. Given 23 working days in a month and 3 meals a day, the total expenditure for this category would thus round up to $345. While Singapore’s climate may be unforgiving to hawker fans, we should not be quick to dismiss the perks of having affordable yet scrummy delights at our convenience while being loud and comfortable with our friends sharing plates of delectable food.

Image credit: 123rf.com

2. Hunt for food deals & be a fan of credit cards

Nowadays, hunting for the latest food deals is an easy feat. Websites like deals.com.sg and moneydigest.sg have sprouted up to help consumers stretch their every dollar. At the same time, credit card companies are collaborating with food retailers to bring greater value to the table. Do not ever belittle the bang for the buck you can actually accumulate from these massively discounted meals.

For an income earner of $3,000, while it is unrealistic to dine in lavish cafes and restaurants every single day, it does not hurt to spoil yourself on weekends with the various credit card dining promotions. Imagine the euphoria from treating yourself to half-priced cakes or main courses on a budget of $240 for the 4 weekends?

While the sum of $30 to be spent on meals on a relaxing Saturday/Sunday may seem inadequate, it is actually double the weekday budget, meaning you have the discretion to spend more. Also, don’t forget that you have the privilege of waking up late on a lazy weekend and skipping your breakfast. Go for brunch instead!

Alternatively, you can spend your weekend budget customising your home-cooked meals with your loved ones. The truth is, if everyone in the family were to pool their weekend budgets together, the spending power would increase tremendously. This would translate to a wide variety of mouth-watering foods presenting a tantalising spectrum of flavours, sights and smells for feasting.

How to maximize your life with a $3,000 paycheck

With S$3,000 for a monthly salary, many fresh graduates do not think that is enough to spend nor save. But think again. As a bachelor or bachelorette earning $3,000, you are already better off than many others beset with hefty household bills. So, for someone fresh out of school with no dependants or minimal financial liabilities, maximizing your life with your $3,000 paycheck may be attainable and here is how we can approach this mathematical sum with the help of Maslow’s hierarchy of needs. According to Abraham Maslow, a renowned American psychologist, inherent human needs are fulfilled in the following priorities, starting from physiological needs, safety needs, love/belonging needs, esteem needs and finally, self-actualization needs.

Need(s) fulfilled: Physiological
Image credit: ss3singapore.wordpress.com

1. Spend 20% or $600 on irresistible meals that are simply affordable. Fortunately, it is never a hassle to find them in the heartlands or the CBD areas which serve to satisfy your hunger pangs after a half day of hard work! Alternatively, you can prepare your own nutritious and palatable meals within the budget!

Need(s) fulfilled: Love/belonging, safety
Image credit: en.wikipedia.org

2. Spend 10% or $300 on delighting your beloved family, partners and friends. Rope them in for a laugh by watching a hilarious movie, enjoy a hearty chat over a scrumptious meal or simply participate in a sport that all of you relish.

Need(s) fulfilled: Love/belonging, safety, physiological, self-actualization
Image credit: todayonline.com

3. Save 50% or $1,500 for your upcoming big ticket items. In Singapore, your residential property is probably your greatest prized asset. Your lifetime of savings and efforts will be manifested in your small but cozy HDB flat. At the end of the day, it is the family warmth that truly matters in the home, not so much about the size. Depending on your risk appetite, a portion of the 50% may be used for investment purposes to earn a return over the inflation rate. As easy as this may sound, engaging in due diligence is key to making or breaking it.

Need(s) fulfilled: Love/belonging, safety, esteem
Image credit: huishilicious.wordpress.com

4. Set aside 10% or $300 as an emergency fund. Life is filled with surprises. You never know what will happen tomorrow. Putting aside 10% of your income may seem wise to buffer yourself against uncertainties. Take for example an unexpected invitation to your superior or colleague’s wedding or baby shower. An emergency fund boosts your readiness and willingness to share the joys, build a stronger rapport and put you in a better position to win people’s hearts.

Need(s) fulfilled: Physiological, safety
Image credit: graphichive.net

5. The last 10% or $300 is reserved for miscellaneous expenses such as transport fares, therapeutic services and new merchandises. After a month’s worth of toiling, you definitely deserve some pampering. Indulge in a massage to relieve yourself of the piled-up stress from work. Recharge before moving on to the greater things in life.

The good news is that the higher level needs such as the esteem needs and self-actualization needs often do not pose a material constraint on your financial resources. By living within your means while maintaining optimism, you gain the understanding and respect of your peers and family members. Through demonstrating your forthcomingness in celebrating others’ blissfulness and successes while realizing the relentless quest for material wealth does not always lead to happiness, you would have already achieved the moral high ground.

How To Avoid Losing Money To High-Pressure Or Hard Sell

You might have encountered a salesman who constantly pushes a product for you even if you expressed feelings of indifference towards it. This aggressive form of sales or advertising is called “hard sell”. A hard sell, or high-pressure sell, encourages a consumer to purchase a product or a service in a short period of time such as when you are trying to sell a limited car model.

The advantage of hard sell is that it is direct and it helps earn quick bucks. Its disadvantages include customer annoyance and customer avoidance (as some may sound like a scam).

When caught in a situation where high-pressure sell is present, remember these following tips:

UNDERSTAND

Before coming to a decision, it is best to understand the product or service in the eyes of trusted individuals or previous customers. Ask as many questions as necessary.

LOOK AT THE FINE PRINT

Read the fine print such as hidden charges and product risks to avoid adverse side effects and unwanted circumstances.

LEARN TO SAY “NO”

Do not let your momentary emotions and wants dictate your purchase. If the product or service is really unnecessary, learn to say “NO”. For the pushy telemarketers, firmly tell them that you are not interested and end the conversation on the dot.

KNOW YOUR RIGHTS

If you have been sold a financial product that you did not sign up for or if a telemarketer calls you harasses you with numerous calls, file an appropriate complaint.

Now, if you are a marketer that is trying to avoid the hard sell approach, remember these following tips:

RESEARCH

Assess your target market and focus on building your brand rather than using threatening marketing tactics.

BUILD A STRONG RELATIONSHIP WITH THE CUSTOMER

If you are hard selling, the tendency is for the consumer to look for a similar service or product that is less pushy. To avoid this, build a strong relationship with the customer by engaging him or her with a good experience. This will create loyal customers in the long run.

(Image credit: George Redgrave via Flickr)

Sources: 1

Increase Your Sales Through Social Influence

As the technology advances, the presence of social media became inevitable. With this in mind, the marketing department must up their game by creating and showcasing a credible online persona for the company and its products or services. A great online persona will attract more people to the website, boost the brand’s loyal consumers, and increase the number of new consumers.

The efficiency of this social influence is due to the Bandwagon Effect. Bandwagon Effect is a phenomenon that occurs when people do something predominantly because others are doing it. Social media allows the consumers to talk about a brand and its competitors. Using this tool to your advantage can help boost your sales.

In fact, Engage Selling‘s C. Francis once said that sales of US$30,000-250,000 were once made due to finding opportunities in LinkedIn or Twitter.

HOW TO BOOST YOUR SOCIAL INFLUENCE?

1. INTEGRATE TESTIMONIALS

Integrate honest testimonials by using the company’s website, Facebook, Twitter, Blog, or other social media accounts. This is a way to show the clients’ great experiences – making the company be as relatable as possible. People are more likely to be patronizing a product if they heard about it from an existing satisfied client.

2. ENABLE CLIENT’S REVIEWS AND RATINGS

Truth be told, whenever I am about to watch the latest movie or eat from a new cafe, I would search for the previous reviews and ratings first. This is because I want to get my money’s worth by choosing the best and the most affordable products or services out there. Adding this feature to your website will allow direct feedback to increase your credibility. This is what e-commerce websites such as Amazon or eBay strive for.

3. FEATURE YOUR AWARDS

If your company won an award or has been featured in an article or two, post them up for everybody to see. Through this, it will show a new consumer that your brand has shines from the rest because your product or services are outstanding.

4. PUT SOCIAL MEDIA WIDGETS OR PLUGINS

Adding social media widgets or plugins that enable the consumer to share your content is important as it optimizes the traffic that will only come back to your company’s website. One example of it is “ShareThis” (get the code here– for free). It is important that your valued clients see the number of likes, shares, or followers. A hint of trust to the brand increases, as they will see their friends patronizing the same product or service.

Image Credits: mkhmarketing via Flickr

To sum it up, a sure-fire way to increase your brand’s desirability, profits, and consumer interaction is to boost your social media influence.

Sources: 1, 2, 3, & 4

Common Career Mishaps Young Employees Make

On your first full-time job after graduation, you are bound to make minor to costly mishaps. Keep in mind that it is okay to make these mistakes especially at the beginning of your career. It helps you to learn and as you bounce back, you will be tougher than you ever were before.

On that note, here are the Common Career Mishaps Young Employees (In Their 20s) Make…

1. WAITING GAME

First on the list is the irrational belief that you will magically land your dream position without any ounce of effort. No matter how skilled you are, you need to search for the job yourself. Some people maybe lucky as companies personally look for them after they graduated, however what if you are not one of them? Worry not. By working hard, you can achieve your goals and so much more.

And, once you are accepted for the job, do not forget to dress for the part. There is no right or wrong way to dress except if the company provides the uniforms. Nevertheless, the best thing for you to do is to wear conservative or non-revealing clothes in the first few days then adjust from there.

2. NEGLECTING THE IMPORTANCE OF NETWORKING

Resources and connections play a huge part especially in the business, marketing, and advertising world. Being able to keep in touch with your fellow graduates will help a lot. As young professionals, it will benefit you to attend networking events to increase your knowledge about the working environment. Also, having access to job opportunities at a young age is indispensable.

3. FAILING TO NEGOTIATE

Being fresh to the “working scene”, you may be prone to underrate your worth. This is why it is important to evaluate your skills, education, and experiences. Find out the average salary per year through PayScale.com. It provides salary information for a particular position from its global online database. For example, the average pay for a Sales Representative at Pharmaceuticals is S$46,006/year.

And, if you already got the job yet you feel underpaid and overworked, ask for a pay raise. If you do not ask then you would not get it. Realize that your bargaining strength is all in your head. You can do it!

4. LEAVING A JOB TOO SOON

There is nothing inappropriate with leaving a job unless you have not taken everything into consideration. When faced with a difficult situation at work, young employees often think that quitting will solve it.

You may be away from your annoying colleague but you are faced with unemployment and debt. Is it really worth it to quit? In this situation, it is best to weigh-in the benefits and consequences of your future actions first.

5. LETTING YOUR INFLATED EGO AFFECT YOUR CAREER

Your huge ego can translate in your Resume/C.V., your interview, and your actions. Instead of only boasting your strengths, find the skills that can help the company to improve and put it in your Resume/C.V.

Lastly, do not overestimate your abilities because you are merely starting a journey. Ask politely if you do not know how to solve an issue. This simple gesture can save the company hundreds of dollars.

Image Credits: Sara Ashley via Flickr

Sources: 1 & 2

1. Indulge in hawker fare

2. Hunt for food deals & be a fan of credit cards

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