How To Fool Yourself Into Saving Money

If money could talk, my wallet would be having a farewell party. I am not exaggerating! The weight of the Yuletide Season has been hard on my budget. You see, we are constantly bombarded with flashy sales and social gatherings.

The materialistic temptations becomes harder to resist due to the year-end bargains. Not to mention, the convenience of swiping a credit card makes spending easy!

Fortunately for you, there are other strategies that you can employ to save money. See how much you can potentially save with these four money tricks!

PUSH THE AUTOPILOT

How can you spend money that you do not see? This is no “vanishing coin act”! Instead, I am referring to automating your savings. Setting up an automatic transfer to your savings account can help you fulfill your financial goals. Whether you are looking forward to the night market or the BTS concert in Thailand, your expenses can be covered by your savings.

There is truth to the phrase: pay yourself first. Allotting a portion of your income to personal savings is as easy as allocating a budget for your phone bill. Upon getting into the habit of saving, you will be able to resist the temptation of spending. Ask your bank for guidance in automating your transactions.

EVERY CENT COUNTS

As I was walking to a dollar store, I saw an elderly man leaning towards the coin he just dropped. No matter how small a currency may seem, every cent counts. It is only logical to say that keeping your loose change in the course of the year can add up to a few hundreds of dollars! So, consider developing the habit of growing your cents.

Begin by getting an empty jar. You may turn it into an arts and crafts activity by having your child decorate the surface of your jar. Afterwards, empty the contents of your wallet every three days. Pour all the loose change into your decorated money jar. By December, you may exchange these coins for bills at your local bank. Growing your money jar will not only declutter your wallet, but also grow your wealth.

REMOVE THESE NUMBERS

Let us face it! Online shopping has been more prevalent than ever. The mere fact that you can get a blanket set from IKEA Singapore within three business days only shows how convenient it is to shop. The virtual market’s prompt gratification can breed addiction. Personally speaking, a friend of mine gets various packages sent on a weekly basis. It is crazy how each one comes from different parts of the world!

You open more rooms for financial vulnerability by setting up a customer account and saving your credit card information. So, consider deleting your online shopping accounts.

Adding an extra layer of difficulty while shopping gives you more time to weigh whether you really need to purchase an item or not. If you lack courage to delete the information on your own, you may ask the help of your trusted spouse. Who knows? This third party intervention may just be the solution to avoid impulse purchases.

A SINGLE QUESTION

As I was walking inside a fast-fashion store, I realized how random purchases can take a toll into my finances. Stocking up on adorable yet unnecessary items on Daiso can affect my budget for the next day. If only you can ask yourself a single question!

Do you believe that a single question can change your spending outlook? Well, it sure is possible! Who knew that a sequence of words can convince you to leave a shop without a cart full of non-essential items.

Simply ask yourself this: “Did I need it yesterday?” If you do not need it yesterday, you probably do not need to buy it today. By asking acknowledging whether an item is a need or want can help you stick to your budget.

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Saving money does not have to be a chore! May these easy tricks help you reach your savings faster than you would have thought.

Sources: 1 & 2 

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Small Financial Steps To Complete This 2019

As the new year chimes in, there will come a chance to set new resolutions or goals.

The other day, my sister and I were casually chatting about her 2019 resolutions. She reiterated how important skincare is. She seeks to apply sunblock and lotion on a daily basis. Her skincare resolutions were concrete and doable. So, I asked her why she kept her goals simple. She looked at me and said…”If I cannot follow through these simple goals, how can I complete the bigger ones? I have to start with smaller chunks.” She made a valid point.

The best way to achieve your desired outcomes is to start small. This statement applies to your financial life. On that note, here are some “small” financial steps that you may consider this 2019.

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#1: READ AT LEAST THREE FINANCIAL BOOKS

Without a shadow of doubt, knowledge is power. Research and further study on the different techniques to manage and grow your wealth will help you develop essential financial skills.

Aside from visiting educational websites such as Money Digest, you may find quality information in the nearest public library. Books are gateways to a new world. Who knows? The financial book you just pick up at the bookstore may just lead to the completion of your financial goal.

#2: ESTABLISH A WELL-STOCKED EMERGENCY FUND

Time and time again, I shared how important it is to build a sufficient emergency fund. Having an emergency fund or a financial reserve is usually perceived as a short-term financial goal. However, its personal benefits last long!

For starters, it diminishes your money worries as you will have a cushion to support your tight budget. Secondly, it can cover sudden events such as job loss or medical expense. Lastly, it exercises your ability to save money.

#3: CUT DOWN YOUR UTILITY COSTS

Utilities are essential to one’s daily life. Just because you have to spend money on utilities does not mean that you have to be lax on it. Continue to look for ways to save on electricity and phone bills. Also, you must apply money-saving techniques to cut down a basic need – water!

For instance, you may eliminate your cable bundle by subscribing to mobile streaming services (e.g., Netflix or Toggle Singapore) instead. Or, you may simply turn off the switches when not in use.

Be frugal! You will save hundreds of dollars a year by cutting costs on these mandatory expenses.

#4: HAVE SUFFICIENT INSURANCE

2018 was the year that I actively to built my insurance umbrella. I wish to continue to drive to this path in 2019. When it comes to insurance, many people either pay too much for their coverage or pay too little to cover what they need. Striking a balance between these two is a good financial goal.

A significant aspect of this goal is to find a credible and competent insurance agent, who understands your situation best.

#5: EXPAND YOUR REPERTOIRE

I was fortunate enough to have ridden a cab with a man full of wisdom. The driver was a retired Engineer who worked in Singapore and United States. In the span of his career, he observed how most of his co-workers preferred to stay in a box. They kept their first jobs due to level of comfort and security it entails.

Many of us choose to stay in our comfort zones. However, growth comes from shaking things up! If you choose to stay the same, nothing will happen. You need to embrace change.

Complacency breeds mediocrity. Open new doors in your life by learning a new skill. Let’s take my uncle as an example. To negotiate a higher salary, he furthered his skills by attending seminars and trainings. You may also further your educational background. Start small by learning a new skill from an online course.

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Fully improving yourself is often time consuming. A lot of hard work and money goes into it. But, improvements will help you take on bigger challenges and responsibilities in the future!

Sources: 1 & 2

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Surefire Ways To Save Money As A Student In 2019

As a student, keeping a budget may sound intimidating or boring. However, you must understand that having a budget is essential to enjoying your academic life. Saving extra cash while sticking to your budget will help you gain control over your finances, especially in Poly or Uni.

May the following tips aid in keeping your wallet afloat!

TAKE ADVANTAGE OF YOUR STUDENT ID

Not many of us take pride in our student identification cards (ID). Do not get me started with the image attached to it! Well, your perception may change upon knowing how powerful your ID is. The potency of your ID may pour outside the halls of the school. Many retailers offer discounts or freebies upon the presentation of the student ID. For instance, I used to take advantage of the ticket discount in the nearby cinema. While, my sister’s Alumni ID doubles as a Nets FlashPay card.

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Check with your student services department to learn more about the discounts that are readily available to you.

EAT AT HUMBLE PLACES

With a youthful spirit, dining among friends is a common pastime. Consider eating at kopitiams rather than spending your allowance on restaurants. Gain a sense of nostalgia by searching for the nearest kopitiam.

Kopitiam in shopping centers allow you to go cashless. Kopitiam cards are available for top up in denominations of S$2, S$5, S$10, S$20, S$50 and S$100. Use this card to eliminate 10% off your transactions!

LOOK FOR A PART-TIME JOB

Widening your streams of income beyond your monthly allowance allows you to save more. If your academic load and schedule permits, you may consider acquiring a part-time position. Begin by asking for the vacancies in your university.

Some universities provide students with convenient jobs such as in libraries or computer labs. The administrators at such places understand the importance of attending classes and making extra income. Otherwise, you may consider various home tutoring options.

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Fulfill your academic and financial responsibilities this coming year by finding efficient ways to stick to your budget, to save extra cash, and to widen your streams of income. Good luck! 🙂

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5 Things You Need to Know Before Investing In A Property

A property for the purpose of investment is always good to have; it is especially beneficial if you are the type of person who loves to take advantage of the ever-growing real estate market. There are countless reasons why more people are starting to invest in properties, but it’s mostly due to the fact that property investments are income avenues that only require minimal effort.

But before you even consider embarking on this journey, it is important to understand first what it is all about. Here are things you need to keep in mind before investing in a property.

  1. Consider Flipping Your Investment

Before you invest in a property, it’s best to know all the possible options you have to maximize your earning potential. One of the most common ways of making a profit is by flipping your investment.

Most property owners tend to spend a good amount of time and money performing renovations on unappealing buildings or homes. The idea is to increase the curb appeal and overall value of the property.

In real estate, flipping refers to buying an asset with the intent of selling it as soon as possible. Basically, you’ll sell the property for a quick profit instead of waiting for its value to appreciate over time.

Flipping is beneficial if you are looking to make profit fast. It also serves as a learning experience, particularly in home improvement and construction.

  1. Take the Extra Costs into Consideration

Maybe you’re looking for a longer investment and instead of flipping, you’re going to try your hand at renting. There are several factors involved once you decide to rent out space to tenants. These expenses could be the following:

  • Repairs
  • Maintenance
  • Utilities
  • Insurance
  • Taxes

Aside from that, you will have to anticipate the possibility of footing extra bills for the property or space if you do not get a tenant right away.

  1. Understand Your Purpose

Just like any form of investment, an investment property is not something you should decide on overnight. You have to know and understand exactly what your reason behind it is. You might want to consider the following:

  • Are you looking for a way to make quick cash?
  • Do you see it as a means to move forward with an investment in the long haul?
  • Do you have plans for improving the property?
  • Do you want to have it rented out to tenants or sell it for a bigger profit?

If you do not have concrete knowledge why you are investing in a property, you should not be doing it in the first place.

  1. Know the Market Status

Once you understand and decide to invest in a property, the very next thing you need to do is research about the market. This is important because it’ll give you an idea of what to expect when investing in a property.

Basically, there are numerous factors that could help determine whether or not today is the perfect time to invest. When investing in a property, you want to buy low in order to sell high. It is really simple actually. You do not want to buy a property that would disable you from selling it for a better price. To put it simply, you want to know what exactly you are getting from this property when you put it out on the market. Is it only good for renting or does it have better chances of selling? Would it be profitable if you make renovations first before putting it out on the market?

  1. Know About The Neighborhood

Another crucial factor you need to consider before investing in a property is its location. Most buyers prefer houses that are located in ideal areas.

For instance, a property situated near hospitals, schools, police stations, and supermarkets, is likely to be sold faster because of its convenience. On the other hand, a house located in an area with difficult access to necessary establishments might make it hard to attract buyers.

It is also essential to consider the neighborhood. You might want to check the following:

  • Is the place peaceful?
  • What is the crime rate in that particular area?
  • What is the level of security in the neighborhood?
  • Is the neighborhood too crowded?

Conclusion

Investing in property is clearly an interesting journey to take and there are benefits to doing so. However, it is something that you need to heavily consider since you want to make sure it does not leave you and your family in debt. If you want to benefit from this great opportunity, think about all of the aforementioned considerations carefully. Visit https://SolidIncome.NET for all your property investment needs.

 

 

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Practical Strategies To Beat Inflation

Inflation is a sign of a healthy economy as it shows that the country’s wealth is growing. During inflation, you will experience periods of price surge. This is the perfect time to be more conscious of your spending. Do not worry! Inflation rates will eventually taper after several months. When this happens, your wallets can have the sigh of relief!

Ultimately, here are some strategies that you can employ to beat the inflation.

LET YOUR MONEY WORK FOR YOU

Let’s face it! To outpace inflation, having a high-interest savings account or long-term time deposit is not enough. Consider sparing some of your money to investment options that are safe to grow in spite of inflation. I am referring to asset classes such as mutual funds or pooled investments. Nowadays, many financial institutions in Singapore offer mutual funds at friendly rates. Read this article to learn more.

SLASH YOUR TRANSPORT COSTS

The Singapore government has declared this year as the Year of Climate Action. Take a page out of this initiative by getting on board with the public transport. You will not only save money by taking the bus or the MRT, but you will also minimize the carbon footprints.

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People who own cars spend around S$2,600 per year on petrol. Not to mention, there are other accompanying costs of car ownership such as parking and road tax. Taking public transport could diminish your costs significantly! Use your extra money to combat the price surge due to inflation.

CULTIVATE YOUR EMERGENCY FUND

An emergency fund is an account for funds set aside in case of events brewing from personal financial dilemma (e.g., loss of a job or having critical illness). When inflation rates elevates, your emergency fund becomes an added cushion to cover the sudden increase in the prices of goods.

It will keep you secured until you can adjust your budget. Experts recommend that you build an emergency fund covering your expenses for at least six months. If you have a family, then covering nine months’ worth of expenses would be a better target.

HUNT FOR GROCERY DEALS

A major chunk of our expenses is allocated to food. Whether you like it or not, inflation affects all goods differently. For instance, the cost of food rose faster than the general rate of inflation between September and October 2017. This price hike held across all types of food, from dairy products to vegetables.

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To get the best prices on food, you may use price comparison websites (e.g., diffmarts.com) or use online coupons. Spot the latest deals to bring down the cost of your basket!

Sources: 1 & 2

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