Surefire Ways to Make Your Money Work for You

Money is a strong tool that can help you achieve your goals. It can provide stability for your family and allow you to save towards important milestones. To achieve these things, you must know how to make your money work for you.

Making money work for you pertains to using money to make more of it. Your financial decisions can guide you through this. Start by learning how to budget!

#1: LEARN TO BUDGET

Change the way you handle money by budgeting. When you are budgeting, you become more purposeful about where you spend your money on. You are making money do what you desire, rather than spending it without a plan.

Budgeting includes prioritizing your spending, avoiding new debt, paying off debt, identifying harmful financial habits, reducing your spending, and saving for the future. You may need to adjust your budget from time to time.

#2: ELIMINATE DEBT

Debt means your money is not working for you. Your money is going towards paying the interest. Debt creates limitations and financial burdens.

Paying off debt allows you to redirect your funds towards things that are important to you. For instance, you can save up for graduate studies or create your retirement fund. You can begin investing money and allow your wealth to grow.

#3: SAVE AND INVEST

Once you have freed yourself from debt and have extra cash, you can put your money to work by saving and investing. The amount that you will save will depend on your lifestyle, age, and goals.

In addition to having an emergency fund, you will also need to have a retirement fund. You should also consider having the following:

a. education savings
b. travel fund
c. down payment for a house
d. business capital
e. car fund
f. long-term savings for you and your dependents

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Lastly, investing in yourself is one of the best investments you can make. While you might not be able to pinpoint an actualized return on investment, you will eventually see the results in time.

Source: 1

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10 Steps To Reach Financial Wellness

Financial wellness refers to effectively managing your economic life. This concept surrounds many factors such as spending within one’s means, being financially prepared for emergencies, having a concrete plan, and having access to tools necessary to make good money decisions.

Financial security is the underlying concept of financial wellness. To help you reach financial wellness, you may start by following these steps.

STEP 1: COMMIT TO CHANGE

The first step in developing a financial plan is to determine your attitudes and beliefs about money. Be honest with yourself. Are you ready to accept the responsibility of improving your financial situation? Do you believe that you can change the way you behave towards money?

STEP 2: EXAMINE YOUR FINANCES

Examine your finances by looking at your previous statements and tracking your spending. This will give you an overview of how you are doing financially. Identify your strengths and weaknesses when it comes to managing your money. Write down your findings and feelings.

STEP 3: SET YOURSELF UP FOR SUCCESS

Choose a trusted person to conduct the day-to-day financial tasks to stay on top of things. The appointed person must be a good communicator and an organized individual. Give him or her uninterrupted time to do financial tasks effectively.

STEP 4: GET COPIES OF YOUR CREDIT REPORTS

A credit report is a compilation of your credit payment history collected across all your banks. It includes valuable information such as basic personal profile, closed credit accounts, aggregated credit limits, and aggregated outstanding balances. Credit reports provide a snapshot of your overall situation.

For licensed moneylenders, the Moneylenders Credit Bureau is the central repository of data on borrowers’ loans and repayment records. For banks and finance companies, only two credit bureaus are allowed to obtain such information in Singapore. These are Credit Bureau Singapore and Experian Credit Bureau Singapore.

Credit reports are issued by a credit bureau to banks and finance companies when they make inquiries about the client. These companies assess your creditworthiness by looking at the credit score. You can also request a copy of your report from the bureaus. Reviewing your credit reports can help you identify errors or fraudulent activities.

STEP 5: KNOW YOUR STARTING POINT

Know your starting point by calculating your net worth. Compare what you owe (liabilities) with what you own (assets). Do seek professional help when necessary.

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STEP 6: IDENTIFY YOUR INCOME

To have an accurate picture of what you can earn in the future, you can observe your previous income. Decide whether you are going to expand your income by using different streams or if you are going to stick with your current income source.

STEP 7: REVIEW YOUR DEBTS

Freedom from debt is an achievable goal. The first step to regaining control is to take a transparent look at your existing obligations. Regardless of which financial method you use, be patient and persistent when paying your debts.

STEP 8: SET YOUR PRIORITIES

Create a list of your needs and wants to help you establish your financial priorities. Financial priorities may include saving three months’ worth of expenses or saving S$3,000 for a year to fund your family vacation.

STEP 9: HAVE SMART FINANCIAL GOALS

By setting your financial goals, you are providing yourself with something to aim for. Simply remember that financial goals need to be SMART.

S – pecific
M – easurable
A – chievable
R – ealistic
T – imely

STEP 10: SECURE YOUR FINANCIAL FUTURE

Look at your retirement plan and make some necessary changes. Do not despair if you are behind on your retirement goals. You are not alone! Studies show that many households are not prepared for retirement. Fortunately for you, you can improve your situation.

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Start now!

Sources: 1, 2, & 3

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Budget-friendly Gifts For Your Beloved Girlfriend, Under S$50

Gift-giving is not always easy! If your partner is interested in gadgets, there are hundreds of options from kitchen gadgets to the latest iPhone 13. Apart from the wide variety of options, your gift will depend on the occasion. Fortunately for you, here is a list of gift ideas that you can present on any occasion. Most of these items are available online too!

#1: STARTER KIT FROM FENTY SKIN

Launched in 2020 by superstar Rihanna, Fenty Skin was created to fill in the gaps that exist across all skin types and tones. Fenty Skin is a cult favorite brand along with its predecessor Fenty Beauty. Give your special someone the gift of beauty by purchasing the Total Cleans’R Remove-It-All Cleanser. This is a 2-in-1 makeup remover and cleanser that gives you the luxurious deep clean you deserve. Its creamy lather removes dirt, oil, pollution, and long wear makeup without harming your skin. It costs S$21 at Sephora.

#2: HOMEMADE CHOCOLATES

The artisan chocolates that you can buy at specialty shops are a complete waste of money when you can make a box of chocolates by yourself. Even beginners can still make homemade chocolates as a gift.

Start by laying classic-shaped or square crunchy mini pretzels on a baking sheet. Then, place one bar of chocolate on top of each pretzel. Pop these in a pre-heated oven for about five minutes or until the chocolates begin to soften. Take these out of the oven and allow them to set. Do not worry about the price tags as the ingredients can cost you less than S$6 at your nearest supermarket.

#3: SURPRISE CAR CELEBRATION

Birthdays, anniversaries, or Valentine’s Day can be celebrated in your own home. Set up the surprise before your partner goes to work. Use the back of your car as your creative space and put banners, streamers, and balloons inside. These decorations cost less than S$10 at Shopee or Lazada.

#4: ENCHANTING DIFFUSER SET

Help your lover find her inner peace with different essential oils or diffuser sets. Gifting a diffuser will allow her to create an at-home spa vibe.

If you are looking for a classic calming aroma that can fill your space with relaxing notes, then you can get the HOOGA Reed Diffuser. It is non-electronic and extremely easy to use. The capacity is 200 ml. Price starts at S$19.90 at Lazada.

#5: BEAUTIFUL TRIO OF SUCCULENTS

Aspiring plant moms will be delighted with a trio of succulents. Marked by experts as the best type of plants for beginners, your girlfriend can enjoy fresh houseplants delivered straight to her doorstep.

The World Farm or Hua Hng Trading is one of the largest garden centers in Singapore. Prices here are usually cheaper than most nurseries and they readily stock the bestsellers such as succulents (from S$3), herbs (from S$5), and flowering plants (from S$9).

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Whether you are celebrating an anniversary or a birthday, the expectations can be high while your funds are low. If your bank account balance limits what you can spend on, consider the items on this list. Have a romantic day without spending too much!

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Co-parenting tips for couples going through a divorce

a cat looking at its owners

Unless you have dealt with pressing concerns like violence or addiction problems, co-parenting, where both parents participate actively in their children’s lives is the best way to ensure that all of your kid’s needs are being met while also allowing them to maintain intimate ties with both parental figures.

The overall well-being of kids, as well as the prevalence of anxiety and panic attacks, are all influenced by the quality of co-parenting relationships. Without a doubt, laying relationship difficulties aside and agreeing to co-parent is often tricky, more specifically after a traumatic divorce when you’re busy picking up the pieces.

That is why we could all use some co-parenting tips for couples going through a divorce.

Give an explanation

It’s critical to explain what’s going on to your kids. Some couples are so distraught about their separation that they refuse to discuss it with their children. But it’s crucial to note that humans are naturally filled with curiosity, no matter their age, and want factual information to help them understand things.

Aim for disciplinary consistency

The rules set don’t have to be identical in both families, but if you and your ex-spouse create generally similar boundaries, your children won’t have to switch between two vastly distinct disciplinary contexts. This makes it less confusing for them as they potentially rotate between two households.

Put your negative emotions aside

When it comes to co-parenting, your negative feelings must take a second seat to your child’s welfare. Forgoing intense sentiments is undoubtedly the most challenging element of learning to work effectively with your ex, but it’s also the most important.

It’s normal to be wounded during the process, but you don’t have to let your emotions control your actions. Rather, let your actions be guided by what is best for your children. If you’re upset or spiteful, consider why you need to behave with intent for it’s in the best interest of your child. Whenever you need to get nasty thoughts off your mind, maybe a session with a counselor can help.

Never put your children in a tough spot
a sad child

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You may never be able to overcome your sentiments of animosity about your split, but you can isolate them and convince yourself that these are your problems, not your child’s. When you use your kids to communicate with your ex, they become stuck in the middle of your argument.

Aim to contact your ex personally if you want to keep your kids out of your marital conflict. It’s also a good idea to avoid saying anything unpleasant about your ex-spouse to your children or making them feel obligated to make a decision. Your kid has the right to have a bond with their other parent that is not heavily influenced by you.

The cornerstone for co-parenting should be simple etiquette. Allowing your ex to know about school activities, being accommodating with your scheduling when feasible, and considering their viewpoint thoroughly are all examples of being courteous. If you have a significant disagreement, you must continue to communicate. But keep in mind not to address your disagreements in front of your child. If you still can’t arrive at a consensus, you might need to see a third party, such as a mediator.

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Don’t accept the job offer if you face these circumstances

job interview

Accepting an unsuitable job offer is a common blunder made by many job seekers. A large portion of this is attributable to the joy of receiving a contract in the first place. Finding out you’ve chosen the wrong job can be a self-searching or blaming experience later.

However, if you’ve been listening closely or questioning yourself in the right direction, you will notice warning signs along the way that point to a rotten egg. Here are some telltale indications that the job is a flop to help you avoid making a career-altering misstep.

High turnover rate

You don’t want to work for a corporation for less than a year, do you? While this is unfortunate, certain office environments are indeed unhealthy. Consider inquiring as to what happened to the former occupant of the same post. Start examining alternatives if your interviewer begins slamming past employees or mentions anything that suggests the organization has a high turnover rate.

Dodgy on inquiries

If an interviewer brushes off your questions, he or she may have something to conceal. Because an interview is a brief glimpse into what your life may be like at the organization, you should bring up both the exciting and challenging aspects of the job. Consider it a method of determining how open people at the company are. If the interviewer avoids answering any questions, it’s a warning indication that they’re intentionally concealing the facts.

Forced to compromise

Ask yourself ahead of time what attributes you want in a position, and then see if the proposed post meets all of your requirements. Don’t make a rash decision if you find yourself sacrificing on your must-haves and then justifying those sacrifices. You shouldn’t have to push yourself to fit the work in most case scenarios since it should be the other way round.

Unclear job requirements
a man drawing on a board

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The job description said that it was a marketing role when you applied. However, when you go for the job interview, you discover that it is a mixture of everything from PR to business development. Well, many current roles do combine several responsibilities into a single position.

However, gently decline the offer if your potential boss characterizes the work obligations so generically that it seems like three positions in one, and you believe they’re imprecise on essential specifics about the scope of the position.

Even if you need a position desperately, there are instances when you just have to decline and forgo those follow-up interview tests. Sometimes it’s a negative feeling, a shady interviewer, or something strange about the job requirements that give you the goosebumps. Though we can’t advise you not to accept a job because every occurrence is different, think about the above circumstances you could come across throughout your job hunt and make an informed choice before signing on the line.

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