MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

5 Proven Ways to Save Money

While you may not have control over the economy, you do possess the power to influence your financial destiny through deliberate actions. With that in mind, here are five effective strategies for managing your finances:

1. EMBRACE THE POWER OF YOUR CHANGE

Begin a nightly ritual of counting your coins and bills, setting aside your loose change with dedication. As these seemingly insignificant amounts accumulate, deposit them into your savings account. Witness the gradual growth of your savings, knowing that these seemingly trivial contributions will amass into a substantial sum over time. Moreover, utilizing cash for daily expenses can foster mindful spending habits, making it more challenging to part with physical currency. While this method won’t yield instant savings, it represents a steady and reliable approach to financial growth.

2. PREPARE OF GROCERY SHOPPING

Achieving substantial savings at the grocery store requires a bit of proactive planning. Prior to your shopping expedition, assess your pantry and create a well-thought-out shopping list to fend off impulsive purchases. Learn the art of coupon hunting and enroll in loyalty programs at your local store to maximize your cost-cutting potential. Many stores offer additional discounts in exchange for contact information through their loyalty programs.

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If you possess a cash-back credit card, you could earn extra cash back on your grocery purchases. Some cards offer generous cash-back percentages, ranging from 5% to 8%. However, it’s imperative to pay off your credit card bill in full each month to avoid incurring interest and fees. Noteworthy credit cards for this purpose include the Citi Cash Back Card (providing 8% cashback at all supermarkets), HSBC Visa Platinum Credit Card (offering 5% cashback at all supermarkets), and DBS Live Fresh Card (delivering 5% cashback for online and payWave transactions).

3. IMPLEMENT THE 30-DAY RULE

Guard against impulse spending by introducing a cooling-off period between the moment you desire an item and the point at which you actually make the purchase. If you find yourself shopping online, consider placing the desired item in your cart and stepping away for an extended period, allowing time for thoughtful consideration.

If waiting for 30 days feels impractical, experiment with shorter intervals like 24 or 48 hours for smaller purchases. I, for one, have an online cart filled with 5 items that I am contemplating on buying. I will give myself a month before I start to remove items from the cart.

4. OPTIMIZE YOUR CABLE AND TELECOM SERVICES

Explore cost-effective alternatives for your cable and telecom services. This might entail downgrading your cable package or opting for a more affordable telecom plan. Additionally, consider eliminating your landline or trimming down on excess streaming services and premium subscriptions to curtail unnecessary expenses.

5. CONQUER HIGH-INTEREST DEBTS

Liberating yourself from the shackles of high-interest debts can significantly relieve financial strain. Expedite your debt repayment process by adopting the snowball or avalanche methods, enabling you to minimize the total interest accrued and free yourself from debt’s burden sooner.

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Once you’ve conquered your debts, redirect the money you would have allocated to debt payments into your savings. If your disposable income doesn’t permit extra debt payments, contemplate engaging in a side hustle to generate additional income that can be channeled toward debt reduction.

Sources: 1 & 2

Circumstances to consider before you open a joint (bank) account with your spouse

So you finally tied the knot with your sweetheart and you’re officially Mr and Mrs, the next big step is to decide in your financial journey is if you should open a joint bank account or not.

Many couples think that it’s a must to show you’re sharing your lives. But wait, don’t rush into it yet because there are a few things you should think about first before taking the plunge.

Understanding joint bank accounts

Joint accounts can help couples eliminate the administrative work after purchases, etc.

Banks may allow you to choose either a “joint account” or a “joint-alternate account”.

With a “joint account”, both of you must agree before doing anything with the money. So if you want to withdraw or transfer money, your spouse has to give you the ‘go’ sign. This can avoid misunderstandings but is sometimes quite inconvenient.

For a “joint-alternate account”, any one of you can use the money without asking the other’s permission. It’s much more convenient but requires a great deal of trust since the other person can do whatever they want with the money.

Before opening a joint account, talk to your spouse and be very clear about how much money each of you will put in, who can withdraw and spend the money, and make sure you are both alright with that.

If you’re sitting on the fence, you can always start with a smaller joint account first to test the waters. Take your time, no rush—after all, marriage is for life.

Factors favoring a joint bank account

Opening a joint bank account with your spouse has its pros and cons, but the pros often outweigh the cons for most newlyweds. Here are some factors to consider:

More transparency and trust

Having a joint account shows you have nothing to hide from each other since both of you can obviously scan the transactions anytime, anywhere. This can cultivate better trust and financial openness in the relationship.

Easier to manage household expenses

With a shared account, paying for utilities, groceries, and other household necessities becomes more convenient. No need to fight over whose turn it is to pay or chase each other to transfer the other 50%. Everything can be paid from a single account.

Shared financial goals and responsibilities

With shared accounts come shared financial goals and duties. It gives both of you a chance to sit down together, look at your combined income and expenses, and come to an agreement on budgeting, saving, and spending priorities. This presents a good opportunity to be on the same boat money-wise and paddling as a team towards common financial objectives.

Circumstances to consider before opening a joint account

Image Credits: The Independent

Of course, there are risks involved. Whether you’re newly married or have been together for a while, opening a joint bank account is a big step. Here are a few things you should think through first before combining your finances:

Difference in spending habits

If one of you is a big spender and the other prefers to save, having a shared account may lead to arguments over how much goes into savings versus spending. You will need to compromise and be very transparent about your financial habits.

Outstanding personal debts

If either of you have significant personal debts like loans or credit card balances, it may be better to keep separate accounts until they’re paid off. That way you have more control over how much goes towards your personal obligations each month.

Uneven income levels

If there is a huge difference in your income, a joint account means the higher earner’s money will subsidize the lower earner. You will need to be comfortable with this arrangement. As an alternative, you can have a shared account for household expenses, but keep separate accounts for personal spending.

Potential legal issues

In the unfortunate event of a divorce, joint accounts can get messy. It may be difficult to determine who contributed what and split the money fairly. As a precaution, you may want to look into the law that specifies how joint assets will be divided if you separate.

Opening a joint bank account is a big milestone, so go into it with your eyes open. Discuss your concerns openly and make sure you’re both on the same page about how you want to manage your shared finances. If needed, start small by pooling money for essential household expenses before combining everything. At the end of the day, the most important thing is to build trust and understanding with your spouse. If you can get that right, having a joint account will just be one of the many joys of sharing your life. But do it at your own pace, no need to feel pressured just because that’s what most people do. You do you!

Reasons why you should never share your salary with a love interest at the workplace

So you’ve been asked how much you earn from your office crush?

Well, don’t take this lightly. If they think you earn peanuts, they will probably lose interest in you faster than the time it takes to queue up for cai fan during lunch hour.

But if they realize you’re earning way much more, they may start seeing you as their ATM. Before you know it, you might be paying for everything from kopi to karaoke sessions and more.

Keep that info to yourself if you want your initial relationship stage to be based on genuine feelings and not how much dough you’re raking in each month.

The complexity of mixing love and money

Money always complicates things

When it comes to relationships (honestly, not just romantic ones), money is a sensitive topic. The more you disclose about your pay or finances early on, the more complicated things can become.

Your date may develop certain expectations about how much you should spend on dates, gifts, or the lifestyle you both can afford. This can breed resentment if those expectations aren’t met.

So if I were you, I would rather focus on connecting emotionally first before bringing money into the equation. You’re not getting married immediately, aren’t you?

Office gossip spreads like wildfire

If the two of you work together, sharing your salary info is asking for trouble. Once you reveal that detail, it’s out there and you can’t take it back.

Your love interest may let it slip to others without meaning to. Before you know it, the whole office will be speculating about why you’re paid what you are, and comparing salaries. This kind of talk often leads to hurt feelings, damaged work relationships, and a toxic culture.

Image Credits: inc.com

Best to avoid the drama and keep your pay private, especially in the early days of dating a colleague. Let your connection develop based on mutual care, trust, and respect – not numbers.

Potential for awkwardness

Same company, similar work tasks, but different salary, how do you compare?

If you earn more, your new sweetheart may feel inadequate or taken advantage of. If they earn more, you may feel jealous and wonder why the company values them more.

Rather than risk an awkward salary standoff that threatens your budding romance, don’t even bring it up. Keep things light and focus on getting to know each other outside of work. If things get serious down the road, you will have built up enough goodwill to have an honest chat about finances. For now, zip it and enjoy the mystery!

The workplace is complicated enough without adding salary and relationship angst into the mix. Keep your pay private to avoid potential discomfort, hurt feelings, or damaged egos. What you earn doesn’t define your worth, so don’t let salary differences get in the way of finding love. For now, keep things fun and salary-stress-free.

Privacy concerns

Your salary is personal info that should stay between you and your boss. No need to share with everyone, especially a new relationship.

I don’t want to be a wet blanket but If the relationship doesn’t work out, that person now knows exactly how much you earn. And if they have a big mouth, the whole office might find out too. Then how? The awkwardness and potential office gossip can cause a lot of stress.

And looking at it in a positive light, keeping your salary private shows you value your financial independence and privacy. It’s not that you don’t trust the other person, but that you want to build trust slowly over time before sharing sensitive details about income or finances.

If the relationship gets serious, there will be plenty of time to have an open discussion about earnings, budgets, financial goals, and the like. But hold off on that conversation until you’ve properly assessed if this person can truly keep discreet with private information.

Overall, there are good reasons to avoid blurting out your salary to a new love interest at work, especially in the early stages of dating. Keep things light and casual, build a genuine emotional connection first before divulging the dollars and cents.

Image Credits: cnbc.com

As we come to a close, I hope I’ve given you some solid reasons why you should keep your paycheck figures confidential when chatting with that cute colleague you’ve been eyeing. Sure, salary sharing seems harmless at first, especially when those lovey-dovey feelings start bubbling. But once those numbers are out, there’s no taking them back. And when the relationship goes south, which romances often do, you will be left with an office ex who knows exactly how much you make and can use it against you. Why give them that power over you? Keep your salary details to yourself because some things are better left unsaid when you’re mixing business with pleasure.

How to tactfully deal with a boss who keeps contacting you for work after official work hours

Got a boss who keeps emailing and calling you after work hours? Someone who seems like they don’t have a life outside the office and think you should not have one too?

Weekends are supposed to be rest days, not extensions of work weeks. But how do you speak to your boss about it without kena marked?

This one’s quite tricky.

If you keep mum, your boss will happily continue with his routine. But if you’re too direct, you might be labeled as not “hardworking”.

Well, allow us to share with you some tips, and hopefully, your boss will understand and give you more breathing space. If not, at least you know you’ve tried your best to improve the situation.

Understanding your rights and personal time

Having a boss who keeps contacting you after work hours can zap your time and energy, especially if it happens often.

As much as you want to be a team player, you need to stand up for your rights to rest and have a life outside of work.

Your mental health and work-life balance are important. Having downtime to rest, connect with loved ones, and recharge will make you even more productive and engaged during work hours.

No one, not even the most work-centric boss, has the right to intrude into your personal time regularly. Don’t feel guilty about standing up for your needs. A good company and manager should respect work-life boundaries. If yours don’t, you deserve to be in a healthier environment.

Strategies to tactfully deal with your boss

Being direct but polite is important.

Tell your boss politely but firmly that you have personal commitments after work and would appreciate not being contacted during those hours unless absolutely necessary.

Say something like:

“Hi X, I hope you understand, but I need to spend time with my loved ones after work hours. I’ll attend to the issue first thing when I’m back in the office.”

You can also set up auto-responders for work emails that will send an out-of-office message after hours.

The message can be along the lines of:

“I have left the office for the day. I will respond to your email as soon as possible during working hours. Thank you for your understanding.”

Image Credits: groovehq.com

Make sure you finish all important tasks within official work hours. Don’t leave things until the end of the day that may require input from your boss. Get things done early so they don’t have a reason to call you after!

Use “do not disturb” settings on your work devices to avoid notifications after work hours. You can also consider using separate devices for work and personal use so you can truly disconnect when you’re off.

Depending on the job nature, you may want to propose a solution, like a roster for someone to be on-call each night to handle any urgent queries. Compromise and understanding from both sides (and your teammates) will help make the situation better in the long run.

With open communication and some strategic actions, you can get your after-work life back while maintaining a good working relationship with your boss. No more going cuckoo from constant calls.

Sounds good?

Propose alternative solutions

Consider proposing flexi-work arrangements, like coming in early and leaving early. Maybe something like, those who start work at 7 am can knock off at 4 pm? This kind of staggered work hours may suit those with family commitments.

Or some teammates don’t mind starting work a little later and knocking off in the evening to avoid rush hour—10 am to 7 pm. Use everyone’s preferences to your advantage so that your boss has at least someone “on duty” between 7 am to 7 pm.

So there you have it, folks, some ways to handle that boss of yours who just doesn’t seem to respect work-life boundaries. Don’t let their behavior stress you out or make you dread checking your phone after leaving work. You have the power to stand up for yourself in a professional, constructive way. Be firm but tactful, and suggest compromises and solutions rather than just complaining over lunchtime. And if all else fails, set those boundaries yourself by not engaging with work matters after you’ve left the office. Your time outside of work is precious, and you deserve to enjoy it fully. Now go forth and slay that work-life balance dragon once and for all. The weekend is calling your name! 😉

Money Lessons to Learn from Anime Characters

My current passion revolves around indulging in anime. From the epic world of One Piece to the supernatural mysteries of Jujutsu Kaisen, the characters within these series offer a captivating glimpse into various lifestyles and personalities they portray in their daily lives.

Surprisingly, one can learn a lot about anime characters based on their approach to finances, encompassing everything from their leisurely spending habits to their creditworthiness and the purposes for which they secure loans.

ART OF FINANCIAL CONTROL (My Hero Academia)

In the realm of My Hero Academia, Ochaco Uraraka, also known as Uravity, emerges as a character whose financial acumen is well beyond her years. Hailing from a family where every yen is cherished, Ochaco never had the luxury of extravagance. Her parents frequently struggled to find stable employment, a situation that made her value every cent.

Ochaco’s prudent approach to money management is commendable. She refrains from reckless spending and has set a noble goal of using her future earnings as a pro hero to support her parents, in gratitude for their sacrifices. Her explanation of this plan leaves her friends Izuku and Tenya deeply impressed.

FINANCIAL OVERSIGHT IN THE MIDSET OF WAR (Berserk)

Within the dark and gritty world of Berserk, the cunning knight commander, Griffith, assumes the monumental responsibility of overseeing the intricate financial aspects of commanding a mercenary army. Sustaining such a formidable force demands substantial resources, as Casca once elucidated to Guts.

Although the anime doesn’t delve into this aspect in detail, it is evident that Griffith dedicated countless hours to meticulously managing the Band of the Hawk’s finances, steering clear of imprudent choices that could have led to its bankruptcy. His financial prowess is an essential facet of his leadership.

VIRTUE OF PATIENT SAVING (Laid-Back Camp)

Laid-Back Camp presents a delightful slice-of-life anime featuring high school girls with a shared love for camping. However, funding their camping adventures is entirely their responsibility, prompting characters like Nadeshiko and her friends to become financially savvy.

Nadeshiko, in particular, sets an example of patience and diligence by securing a part-time job to meticulously save for high-quality camping gear, despite its substantial cost. Her prudent financial strategy quickly pays off, and she takes pride in her ability to save for potential upgrades, such as a larger tent or a better sleeping bag.

EARNING THE HARD WAY (Fruits Basket)

Tohru Honda, the central figure in Fruits Basket, mirrors the responsible financial approach seen in characters like Ochaco and Misaki. Having limited financial resources, she appreciates the value of her earnings and abstains from frivolous expenditures, in honor of her late mother’s teachings.

Tohru dedicates herself to part-time work after school, striving to support herself independently. This determination and financial responsibility, shaped by the loss of her parents, exemplify her wisdom beyond her years.

PERPETUAL GROWTH IN FINANCES (Mob Psycho 100)

Anime characters, like real-life individuals, continuously evolve and improve. This progression might encompass mastering new techniques, gaining insights into opponents, or addressing personal weaknesses.

Image Credits: unsplash.com

In Mob Psycho 100, the protagonist, Mob, initially appears as an unassuming and weak individual. However, beneath his unremarkable exterior lies unparalleled psychic abilities. Mob’s indifference to his powers and his awareness that they don’t guarantee a fulfilling life exemplify his maturity. He understands that genuine personal growth extends beyond supernatural talents and that true fulfillment transcends external validation.

Sources: 1 & 2

Understanding joint bank accounts

Factors favoring a joint bank account

Circumstances to consider before opening a joint account

The complexity of mixing love and money

Potential for awkwardness

Privacy concerns

Understanding your rights and personal time

Strategies to tactfully deal with your boss

Propose alternative solutions

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