MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Time Management Tips: Work Smart, Play More

Time is the only commodity that money cannot buy. No matter how organized you are, you can only utilize twenty-four hours a day.

We must manage ourselves and maximize what we can do with the time we have. Let us appreciate how precious time is. Afterwards, let us move on to the next time management tip.

#1: CREATE A TIME INVENTORY

Track your daily activities to get an accurate picture of how much time you spend on various tasks. Creating a time inventory will help you know which activities you should cut down on. This is the first step to effective time management.

You see, many of us are timewasters. We spend too much time reading emails, posting on social media, browsing the web, messaging our friends, and making personal calls. Do your best to spend your time on more productive activities.

#2: SET ACHIEVABLE GOALS

If you have a pile of tasks on your desk, no amount of time management will help you accomplish it all. This is where prioritizing comes in. Use the four Ds of time management: Do, Defer, Delegate and Delete.

Do refers to tasks that are important and urgent. Prioritize these tasks.
Defer refers to tasks that are important, but not urgent. Place this at the bottom of the pile.
Delegate refers to tasks that are urgent, but not important. Delegate these tasks to others.
Delete refers to tasks that are neither urgent, nor important. Can you get rid of these tasks?

#3: WRITE A TO-DO LIST

Carrying a to-do list at work or at school is a time saver. If you have a trusty list, you will never wonder what to do next. A list keeps you motivated and focused. It also provides satisfaction whenever you tick off something from your list. Lists enable you to monitor your progress to ensure that you are on the right track. So, write a to-do list for the day.

Image Credits: unsplash.com

#4: USE TIME MANAGEMENT TOOLS

Whether you are using a planner or a smartphone app, you can speed up the process by planning your tasks with time management tools. These tools will help you plan out how you will spend your time in the future. A software program such as Outlook can help remind you of the events that will soon take place. While your smartphone’s clock app can help you time your tasks.

#5: MAKE A REALISTIC SCHEDULE

A physical planner or a digital timetable can help track your to-do list or important meetings for the day. There are many time management apps that can help you organize your schedule such as the calendar app on your smartphone. Think of the period that you are most alert and put the important tasks on that time block.

When you are planning out your schedule for the week, please do not forget to find time for socialization. Working smart means that you will have more time for fun and for sleep. Most people need about 7 hours of sleep to remain focused at work.

#6: GET IN THE HABIT OF SETTING TIME LIMITS

As you manage your to-do list, you can set time limits for the tasks. For instance, you can set a limit of one hour to answering and reading emails. Stick to the limit! This will help you minimize time wastage.

Image Credits: unsplash.com

Sources: 1 & 2

Delicious CNY Goodies To Bring Home To Your Family Reunion

Apart from spending time with your family and collecting ang bao, eating scrumptious Chinese New Year (CNY) snacks brightens up the festivities. Usher in the Year of the Tiger with these roaring goodies from adorable tiger buns to classic pineapple tarts.

#1: IKEA SINGAPORE’S CNY OFFERINGS

From January 17 to February 28, IKEA Singapore will delight its guests aesthetically pleasing confections such as mala-infused dishes and tiger-themed buns. Try the Little Tiger Buns with Kaya Filling ($2), Mandarin Orange Chocolate Cake ($4), IKEA CNY Donuts ($7.80), and Plant Balls with Mala Spaghetti ($8). These goodies are available while stocks last.

Image Credits: ikea.com/sg

You can also take home their pre-packaged snacks including Bak Kwa ($23.80 for 500g) and Mandarin oranges ($11.80 for 24 pieces).

#2: RED SAKURA’S HELLO KITTY SNACKS

Good news for Hello Kitty fans! Taiwanese confectionary brand Red Sakura and its Hello Kitty snacks are available at selected stores in Singapore. Get your sun cakes and butter cookies at Prime Supermarket (Tampines branch) or at Shopee.

Image Credits: redsakura.com.tw

Keep your eyes peeled as some of the Red Sakura snacks come with Sanrio merchandise such as plates and mugs! For example, the Red Sakura Hello Kitty Mini Cookies tins are sold at $7.90 in Shopee. These come in assorted flavors including butter, chocolate, and earl grey.

#3: BEE CHENG HIANG’S BAK KWA

You can always count on Bee Cheng Hiang for a variety of CNY goodies such as pineapple tarts and golden floss rolls. But of course, it houses its sought-after dried meat product Bak Kwa.

This year’s selection starts from $34.80 for 600g of Minced Pork Bak Kwa, $37.20 for Chilli Pork Bak Kwa, and $43.20 for Applewood Sliced Pork Bak Kwa. Choose a flavor that suits your preferences. You can even go for the fancy Gourmet Pork Belly option.

Image Credits: beechenghiang.com.sg

Just add the delivery fee of $6 when ordering on their website.

#4: NASTY COOKIE’S S’MORES BITES

Nasty Cookies offers a twist to the CNY food slate with its S’mores Bites. Its S’mores Bites consist of buttery chocolate chip tarts, which are topped with rich chocolate spread and toasted marshmallows. Every bite has a mixture of chewiness, crunchiness, and sweetness.

Image Credits: nastycookie.com

S’mores Bites will be available online for $28.90, from January 17 onwards.

#5: FAIRPRICE’S PINEAPPLE TARTS

Another staple in every household during CNY is the delicious pineapple tarts. Pineapple tarts are rich, buttery pastry filled with pineapple jam. It is impossible to stop at just one piece, so you might want to purchase a few tubs for the party!

FairPrice has an array of pineapple tarts from various brands. Halal and Vegan options are also available. Prices start from $3.92. Check it out.

Image Credits: pixabay.com

Happy Year of the Tiger, 2022! Celebrate the auspicious Lunar New Year with an assortment of takeaway delicacies and goodies in this list.

Exit With Grace – Here’s How To Quit Your Job In 2022

When shifting jobs, professionals should communicate their decision to quit with respect and gratitude. Leaving professionally and ensuring that you do not burn any bridges is the best way to welcome new opportunities ahead. While it may be entertaining to quit in a grand public gesture, it should probably stay as a dream.

Here are five helpful tips that you can employ when you lodge your resignation this 2022.

#1: BE DIRECT

After days of careful contemplation, you realized that you are ready to leave your post. Make sure that your supervisor and co-workers are not surprised by a general announcement. Notify your direct supervisor through written and verbal communication. While some companies prefer to receive a four-week notice, others are satisfied with a two-week notice. Review your employee contract to read about the resignation period.

Be direct when communicating the reasons for leaving. Consider not only what is best for you and your new employer, but also what is best for the company you will be leaving.

#2: GIVE AT LEAST 2 WEEKS’ NOTICE

Employers generally accept a two weeks’ notice of departure. Sharing your decision in advance will give the supervisor time to sort things out. Elements such as your pending projects and status of assignments can be transitioned strategically.

In contrast, departing abruptly could have negative consequences such as leaving a poor impression and having co-workers wonder what happened wrong.

#3: CREATE A RESIGNATION LETTER

Make a resignation letter that is clear and concise. Thank your employer for the opportunity and state when your last day of work will be.

If you are leaving over a possible legal claim (e.g., allegations of workplace safety violations), you must speak to a lawyer first. Remember that anything in writing could be used against you.

#4: TRANSITION YOUR PROJECTS

What are your current projects and assignments? List these down. Determine which items will end when you leave, and which will need to be assigned to someone else. Discuss these projects to your direct supervisor and provide substantial data, reports, files, and contact information. You may need to train your replacement too.

#5: MAINTAIN PROFESSIONAL RELATIONSHIPS

Maintain professional relationships, if possible. Connect with key people from your previous organization through their LinkedIn profiles or email addresses. Make it clear whether you are open to being contacted with questions about the pending projects after you are officially gone. Alternatively, you can connect with these people virtually.

Image Credits: pixabay.com

Sources: 1 & 2

7 Financial Resolutions That You Can Fulfill This 2022

For the lack of a better term, the period between 2020 to 2021 was “rubbish”. People all over the world had to deal with the adverse effects of the pandemic. Unexpected economic and social shifts occurred. Nonetheless, most of us are ready to bid farewell to the yesteryears.

While many Singaporeans are committing to eat healthy and to exercise more, here are seven financial resolutions that you can consider for a more prosperous year.

1. BROADEN YOUR FINANCIAL KNOWLEDGE

Books and audiobooks provide opportunities to broaden one’s financial knowledge. You can enter the inner workings of great entrepreneurs and investors by reading though the pages of books such as “The Intelligent Investor” by Benjamin Graham, “The Psychology of Money” by Morgan Housel, “Rich Dad Poor Dad” by Robert Kiyosaki, “Think and Grow Rich” by Napoleon Hill, “Raising Financially Fit Kids” by Joline Godfrey, and “The Richest Man in Babylon” by George S. Clason.

Create an achievable list of all the financial books that you want to finish within the year. Set a realistic goal for the number of pages that you can accomplish each week. Start now!

2. CUT DOWN YOUR WATER CONSUMPTION

Singaporeans do not typically worry about clean and fresh water. However, the global supply of consumable water is getting scarce with each passing year.

Consider reducing your water consumption by turning off the tap while brushing your teeth, using less water while gardening, installing a water-saving shower head, and only washing your clothes when necessary. Minimize your expenses and help save the Earth.

3. COOK MORE MEALS AT HOME

Increase your savings by cooking from scratch. Find recipes online or ask your loved ones for their specialties. Cooking more meals at home can reduce your restaurant or take-out expenses.

Calculate your food savings and consider putting the extra cash to your emergency fund or to pay off your debts.

4. BE PROMPT AT ALL TIMES

Time is a valuable resource. There is a reason why it goes hand in hand with money. As the job market becomes increasingly competitive, most companies have minimum tolerance for employee tardiness. Keep your source of livelihood by always being on time.

You do not need to exhaust your resources or skills to remain prompt. Simply set an appropriate alarm and adhere to your organization’s schedule.

5. UPDATE YOUR BENEFICIARIES

With the uncertainties of the modern world, it is important to revisit your beneficiary designations. Adding a beneficiary to your accounts and policies can help ensure that your assets will go to your desired people. Align your will (i.e., last will and testament) to your accounts and insurance policies.

6. SEARCH YOUR HOME FIRST

Search the contents of your home, before committing to a major purchase. There are many ways to use your resources. You just need to be creative and hands-on!

For instance, you may use your old drawer as your baby’s diaper changing table. You can also spruce up your walls by purchasing Very Peri wallpaper online.

7. MAKE THINGS SIMPLER

All of us are drained because of the massive chaos that recent years have brought. Reduce your worries by cancelling or closing the accounts or cards that you no longer use. Then, set up automatic transfers.

Image Credits: pixabay.com

Some financial institutions allow the employer to automate your salary in your bank account. Patronizing this method will lessen the temptation of immediate spending.

Make A Personal Budget In 6 Easy Steps

A personal budget is a financial summary that tracks your income and expenses for a certain period, which is typically a month. The word “budget” is often associated with limited spending, but a budget does not have to be restrictive to be effective.

Having a personal budget that you can review on a regular basis enables you to prevent overspending. Start with these six simple steps.

#1: GATHER ALL YOUR FINANCIAL STATEMENTS

Get a bird’s-eye view of your financial situation by gathering all your financial statements. Include your bank statements, investment accounts, recent utility bills, credit card statements, receipts from the previous months, loan statements, and other receipts. The more information you can retrieve, the better.

#2: DETERMINE YOUR MONTHLY INCOME

Determine how much you make in a month. If you have a fixed salary, you will find information in your pay slip. If you get paid bi-monthly, you simply need to multiply your pay slip into two.

If you have more than one job or you are self-employed, you must determine your net income differently. Calculate your net income by examining your two most recently filed tax accounts. Add the two figures of your net profit together. Then, divide the total by twenty-four. The definitive answer is your average monthly income.

#3: CREATE A LIST OF YOUR MONTHLY EXPENSES

There are two types of monthly expenses – fixed and variable expenses. Fixed expenses are expenses that you encounter every month such as rent, car payments, and utility bills. While variable expenses change from month to month. Variable expenses include groceries, gifts, and shopping.

Write down a list of all the expenses you expect to have during a month. Do not forget about the childcare, transportation, and entertainment costs.

#4: TOTAL YOUR MONTHLY INCOME AND EXPENSES

Get the total of your monthly income and monthly expenses. If your income is higher than your expenses, you are off to a good start. You will have extra funds that you can put aside for retirement savings or debt repayments.

If your expenses are higher than your income, you need to make some changes. Find out which categories you are overspending on.

#5: EVALUATE YOUR SPENDING HABITS

Add up your total spending per expense category. Which category do you overspend on? You can get the percentages per category to understand how much of your income is going where.

#6: MAKE NECESSARY ADJUSTMENTS

After covering steps one to five, you will be able to highlight the spending areas that you need to eliminate or reduce. For instance, you can cancel your gym membership or lower your handphone’s postpaid plan.

Image Credits: pixabay.com

Amend your budget and align these changes to your financial goals.

Sources: 1 & 2

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