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What is lifestyle inflation? How do you avoid it?

In finance terms, we hear about inflation all the time. But what about lifestyle inflation? This is essentially a kind of habit, and both its presence and the problem it causes can be sneaky.

Simply put, lifestyle inflation happens when your pay increases or you undergo a promotion and your costs of living rise as a result. This alludes to those expenses that aren’t necessary. If you think “oh, that won’t happen to me”, be careful. It’s not called “lifestyle creep” for no reason because it creeps up on you!

Don’t fall into the trap of spending more money as your lifestyle changes. Here are some realistic tips to keep you on the lookout.

#1: Know your weaknesses

We’ve all got that one thing that we tend to splurge on. Perhaps it’s a shopping spree at weekends. Or it could be a weekly high-end restaurant date with boo. If you’re honest about the splurges you’re most likely to make, it will help you stay strong against them.

#2: Be careful with credit cards

Image Credits: AsiaOne

To keep your financial health in check, be careful not to overspend on credit cards. Be mindful that you’re going to have to pay it all back (with interest) one day, so think twice before that big swipe.

For folks contemplating getting a credit card, read this article to consider some situations before applying for one.

#3: Be ready for it by having a plan

The biggest mistake that many make is to underestimate its ability to be crafty. It’s just a few dollars here, and a few dollars there, so it shouldn’t be that big a deal? Well, that’s precisely what it means to get off on a wrong foot.

Make sure that you plan for lifestyle inflation to happen. Expect the unexpected because the only way you will notice it is when it starts to impact your financials. And trust us, it will.

#4: Stick to your budget

Image Credits: Forbes

One helpful advice to keep your spending in line is to stick with the same budget you’ve been using before your salary increases.

None of your other spending categories has a reason to increase, after all, so make sure your accounts match what they should be at the end of the month.

We like to use an excel sheet to watch our budget and spending habits. Having a document to pen down your expenses is a sure way to help you eye your monthly paychecks. With the extra savings, you can decide for yourself if you’re ready to venture into investments.

#5: Let yourself off the hook once in a while

Okay, so this goes against the tips above, but it’s essential!

If you set aside a small amount of money every week or month to feed your spending urges, you will be able to last through the entire marathon. That’s because you aren’t sacrificing anything and it’s only fair that you reward yourself after a tough week at work.

Think of it as a strictly monitored allowance.

Final thoughts

Image Credits: arktoswealth.com

Lifestyle inflation might be something that you notice after it has already snuck into your life. If that’s the case, that’s no reason for panic.

All you need to do is use the bits of advice shared in this article to deflate it back to where it should be again. Hold fast to it, and you will be on your way to significant savings that you can tuck away for a financially sound future.

Avoid These Job Interview Red Flags

As we ring in the new Year of the Ox, there are several personal and professional milestones that we can climb. You are not alone in the battlefield of job hunting. While some interviews are pleasant, others can leave you disappointed. Throughout my career in the education field, I have been in both sides of the story.

I was able to interview talented teachers as a Directress and was able to sit through countless of interviews myself. When an interview turns sour, what do you do? You can either run away to other opportunities or settle for less than what you deserve. It is easy to walk away from a bad interview when you feel that you have more opportunities waiting in store. However, there are some people who have taken positions despite the red flags. These people are worried that they might not get another job. Given the current situation, I cannot blame them!

If you are caught in this situation, it is likely that you will feel emotionally and physically worn out as the months pass. Consider politely refusing an offer and search for better opportunities instead. On that note, here are some red flags that will make you run away from an interview.

#1: WHEN THE INTERVIEWER IS LATE

It is understandable that hiring managers will encounter emergencies from time to time. Being late for a couple of minutes is forgivable. However, not respecting someone’s time is rude and bad for business. Most hiring managers need to give themselves at least 10 minutes of prep before the candidate comes in. They use this time to read the C.V. and to prepare the application forms of the candidates. If your interviewer is late during the appointment, imagine how they will act as your boss.

#2: WHEN THE INTERVIEWER SAYS INAPPROPRIATE WORDS ABOUT YOUR PREDECESSOR

While it is appropriate for the interviewer to describe the current roles in the department or how the company is structured, be cautious when the interviewer starts to badmouth the person who left. Speaking poorly about a person they are replacing shows a view of his or her character. I cannot guarantee that the interviewer will not do the same thing to you.

#3: WHEN THE SCHEDULING IS DISORGANIZED

It is common to experiences a few missteps when it comes to the interview scheduling process. It is not simple to coordinate multiple people with strict schedules. Moreover, managers and leaders are often pulled into last-minute meetings. These are normal. However, you need to be concerned when they reschedule over and over again. This shows that they do not value your time or that you must adjust your schedule to accommodate to their needs.

#4: WHEN THE COMPANY OR ORGANIZATION HAS A HIGH TURNOVER RATE

Do your research before a job interview. Check LinkedIn to see what the working culture is like and which of your friends may have worked at the given company before. If the interviewer mentions that they are refilling the role for the second time this year, it is important to ask why. If the turnover rate is high in an organization, please proceed with caution.

#5: WHEN THE INTERVIEWER DISPLAYS OFFENSIVE BEHAVIOR

Inclusion, diversity, and equity play a crucial role in a company. A workplace free from racism, sexism, harassment, discrimination, and political intolerance is ideal. In reality, these exists in varying degrees in different companies. Be observant when it comes to offensive behaviors during your interview. Exit politely, if necessary.

#6: WHEN THE INTERVIEWER IS CONFUSED ABOUT YOUR ROLE

Is the interviewer belittling your profession? Is he or she confused about your role? Be concerned! Your responsibilities and duties must be given to you clearly. The leaders and the rest of the team must be completely aligned with the company’s vision, mission, strategy, and roadmap.

Image Credits: unsplash.come

Sources: 1 & 2

8 Ox-picious Items To Purchase This 2021

#1: SINGPOST’S OX-THEMED STAMPS

Last month, SingPost released a set of stamps that marked the arrival of the Year of the Ox. This year’s stamps featured two graphical illustrations of the ox by artist Lim An-Ling. She previously designed the 2020 Year of the Rat and 2019 Singapore Bicentennial stamp sets. The set of mint stamps has two denominations namely, 1st Local (S$0.30) and S$1.40. These stamps are part of a new collection of SingPost Zodiac stamp series.

#2: LIFEBOUY’S DISNEY TSUM TSUM OX HAND SANITIZER

Lifebouy released an exclusive hand sanitizer featuring the ox, rooster, snake, and Fu. This collection also offers designs with other Zodiac animals. It is up to you to choose which is the most “incredi-bull”. You can get your own hand sanitizer in Lazada, FairPrice, FairPrice Online, Watsons and Watsons Online for as low as S$3.25.

#3: PANDORA OX CHARM

I, for one, am a collector of Pandora charms. I am amazed by the wide selection of classic charms, collaboration charms, and limited-edition charms that Pandora houses. This year is no different! Pandora’s Chinese New Year 2021 Collection features an ox charm, a Fortune Cat charm, a mahjong dangle charm and other huat symbols. It retails from S$89 at sg.pandora.net.

#4: TWG TEA GREEN OF FUJIAN TEA

If you have S$48 to spare, you can enjoy the TWG Tea Green of Fujian tea pack. It is a blend of green teas from a remote garden on the celebrated Tai Mu Mountain of Fu Ding in Fujian Province. Let abundance and prosperity enter into your Year of the Ox by checking the nearest TWG Tea Salons & boutiques or by visiting TWGTea.com.

#5: SEPHORA OX COLLECTION

Are you looking for a beautiful yet cow-venient palette that can take you from day to night? Look no further than the Sephora Ox Collection Eyeshadow Palette (S$45)! It features highly-pigmented matte and pearlescent eyeshadows. You can pair your shimmering eye look with the soft pink satin lipstick in their Ox Collection (S$26). The Petal Pink Satin Lipstick has a smooth and silky texture. Get yours at sephora.sg.

#6: BIODERMA SENSIBIO H20 MICELLAR WATER (CNY LIMITED-EDITION)

After applying your makeup, you may cleanse your face with the Bioderma Sensibio H2O Micellar Water. Its packaging showcases a grazeful ox. This CNY limited-edition product was designed for sensitive skin. You can buy this festive bottle at Watsons, Guardian, Lazada, and Shopee.

#7: STARBUCKS’ OX-THEMED COLLECTION

Starbucks welcomed the Lunar New Year with their ox-themed collection. It showcases a combination of mugs, tumblers, bearistas, and seasonal snow globes. All these products feature intricate ox prints and designs. The price of these products range from S$18.90 to S$62.90.

#8: CNY GIFT TINS BY YOKU MOKU

The 2021 Chinese New Year limited-edition tin box by renowned Japanese confectionery brand Yoku Moku costs about S$48. The box contains an assortment of cookies such as eight pieces of matcha butter cookies and eight pieces of Cigare. Cigare are delicate cookies rolled with a vanilla flavor and buttery crunch. These treats are packed in a beautiful red tin. Order yours at yokumoku.com.sg.

Image Credits: unsplash.com

Sources: 1, 2, & 3

NUS Business School has an online digital marketing course priced at S$1855

According to Research and Markets, Southeast Asia’s digital advertising market is expected to grow by 13.93% and reach over $15.3 billion.

This alone indicates the forecast and power of digital marketing that will evolve over the years alongside the modern consumer.

By harnessing the potential of using marketing tools and technologies to connect with customers, you’ll be able to create vital strategies that will grow your business.

Overview of the course

NUS Business School, together with online education provider Emeritus, has designed a “Digital Marketing: Strategies, Models, and Frameworks” course to give you in-depth knowledge of understanding how customers behave with digital technology.

With this information, you can use the right methods to craft the best digital strategies for the broadest customer reach.

“This programme will bring together the art and science perspectives of digital marketing. It introduces you to an understanding of how customers behave with the immense use of digital technology, so with the help of psychology, you will be able to use frameworks and tools available to craft digital strategies to better reach, engage and retain customers,” said Dr Doreen Kum, Associate Professor, Marketing, NUS Business School.

Program details

Start Date: 23 February 2021 (Tuesday)

Duration: 2 months (4 to 6 hours per week)

Fee: US$1400 (approx. S$1855) (GST payable for Singapore residents)

Certification

For a two-month online course, S$1855 is not a small sum. Averaging out, a month will cost you slightly less than S$950. For those who can’t pay in full at one go, you will be glad to know that there are flexible payment options with instalment plans.

Executives looking to seek promotion with reputable certifications should seriously give this a thought. That’s because you will be awarded a verified digital certificate by NUS Business School.

Here’s what you can put up on LinkedIn upon course completion:

Course trainers

You will be taught by professionals like Dr Doreen Kum and Ang Eu Gene from NUS Business School.

There will also be presentations and interviews from guest speakers of crucial industries. This includes:

Ryan Lim, Principal Consultant & Founder, QED Consulting
Althea Lim, Group Chief Executive Officer of Gushcloud International
Aaron Su Director, Global Product Marketing, Republic of Gamers, ASUS

This is a great platform to connect with trainers and experts through video lectures and impactful assignments. You will also gain the perfect opportunity to engage in real-world practices with fellow participants on discussion boards.

If you’re determined to build a brand for your company, make use of customer analytics, or want to create better solutions for your clients, this course is designed for you. It can also benefit you if you have a career in:

Sales and marketing
Business and marketing
Public relations, brand and communications
Consumer-driven industries like banking and finance, healthcare, retail, IT products and services, education, and automotive

What you will learn

Module 1: Transformation in Marketing

You’ll look at how digitisation is impacting the marketing world and observe digital consumer behaviours.

Module 2: Reaching Customers: Digital Marketing Channels

Learn about various consumers’ journeys and personalities and examine different strategies for engaging them through media and content.

Module 3: Engaging Customers: Social Media

Harness social media as a tool to engage your customers and find out how to build a brand, curate content, and create a personalised experience.

Module 4: Targeting Customers: Planning for Paid Advertising on Digital Platforms

Create highly optimised, goal-oriented paid campaigns that follow up with post-conversion strategies.

Module 5: Targeting Customers: Advertising on Digital Platforms

Craft paid advertising campaigns on some of the most popular social media platforms, like Google, Facebook, YouTube, and Instagram. You’ll also learn how to market via email.

Module 6: Measuring Success: Digital Marketing Metrics and ROI

Marketing is nothing without the numbers. Familiarise yourself with an excellent framework for metrics and measurements that will produce a superb ROI through experiments and multi-attribution tracking.

Module 7: Planning and Executing a Digital Marketing Strategy

Learn how to create a digital marketing strategy from start to end through an optimised and complete framework.

Module 8: Technology and the Future of Digital Marketing

Everything comes in full circle when you look at marketing’s fundamental role in generating business growth and examining its future position regarding GenZ and technology.

“In addition to the up-to-date theoretical framework and foundation of digital marketing, you will learn and experience cutting-edge digital advertising and marketing methods that are highly practical. We are excited to bring you a unique combination of academic theories and practical tactics for your success in digital marketing,” commented Ang Eu Gene, Consultant/Trainer, NUS Business School Executive Education.

Case studies

Apart from the well-planned modules mentioned above, all course participants will also be exposed to real case studies. This includes famous brands like:

Dove
Porsche
L’Oréal Paris
Giant Supermarket
The Edison Hotel (a boutique hotel in Penang, Malaysia)

Upskill and upgrade

The “Digital Marketing: Strategies, Models, and Frameworks” course will equip you with some of the most powerful skills to leverage consumer behaviour and grow your business in today’s increasingly digitalised world. Through qualitative and quantitative work taught by industry experts, you’ll be ready to take your business endeavours to the next level.

Before we sign off, here’s a gentle reminder that the course commences on 23 February 2021 (Tuesday). Apply now before it’s too late!

How to manage money problems in a marriage?

Realistically speaking, financial issues are going to present itself at some point and time in a marriage. This is probably true even for the filthy rich. Dealing with them as a couple can either help you grow closer together or further apart.

But think of it as an opportunity to practice money management techniques to build a more robust and financially secure future.

With that said, do you find yourself yelling at each other when financial issues pop up? Are you looking for help?

Here are some ways to truly deal with money problems in a marriage.

#1: Know your partner’s credit score

Image Credits: NFCC.org

We have to put this upfront because a couple should lay this foundation ideally before marriage. But even for those who’ve recently tied the knot, it’s not too late. Let Steven Yoda, a partner with a divorce firm, tell you why.

Yoda mentioned that identifying your partner’s credit score can give you insight into their past financial decisions. Money is often a common source of stress in a marriage, so knowing your partner’s money-handling habits can go a long way.

But at this point, do you know what a credit score is?

According to the Credit Bureau Singapore, a credit score is “a number used by lenders as an indicator of how likely an individual is to repay his debts and the probability of going into default. It is an independent assessment of the individual’s risk as a credit applicant.”

Now that you’re aware of the definition, be mindful that your partner’s credit score will not affect your personal credit score. However, it can influence your credit access after marriage because the lender will consider both parties’ credit scores.

In short, a low credit score will lead to higher interest rates and fees on your credit card or loan. But if things happen to go astray…

#2: Don’t play the blame game

Image Credits: The Telegraph

Even if you feel as though your partner is spending way too much on Starbucks, don’t play the blame game. That’s because there’s no end to it. Both should acknowledge the lack of finances to cover individual or family expenses as the root of the problem.

Just like any other bumps in your marriage, you should approach it as a team. Face the jarring issues together as a unit rather than dissolving into a blame game on who’s spending too much.

#3: Take the lead to communicate

Image Credits: unsplash.com

When you or your partner spots a potentially money-focused storm on the horizon, schedule a time to sit down and talk. This could range from anything from reduced work hours to the desire of changing jobs.

“To minimise and prevent those issues from becoming bigger problems in your relationship it is important to start with the simple act of having conversations about money,” highlighted Maggie Reyes, a marriage mentor and life coach.

The sooner you prepare yourself for financial issues, the more well-rounded your solution is likely to be too. Panic and stress are never good companions for handling money issues, and to counter it; you want to have a plan in place before it starts spiralling downwards.

#4: Get on the same page

Image Credits: unsplash.com

“Most financial issues in marriage come down to one main factor: both partners have different core values about money,” a certified counsellor explained.

First thing’s first, you need to make sure that you and your partner are on the same page about money and its value. Most of us have different understandings of the importance of money, and it takes some effort to understand where the other party is coming from as two halves of a whole.

For instance, you might be okay dealing with a little debt, but your partner may not be comfortable at the idea of it. So, if they start to see the build-up, it can be their source of severe distress.

When both partners aren’t careful in dealing with the disparity in money perspectives, this issue may burst into other areas of the relationship. Whatever those differences in values may be, it’s essential to put one into another’s shoes and find a compromise.

#5: Stop the problem from travelling

Image Credits: unsplash.com

With consistent money problems, it’s easy to resent the other person and their spending habits. Perhaps you fear that they are hiding money from you and siphoning it into a secret account. Or, maybe they’ve got a personal credit card and are overspending without keeping you in the loop.

You know what? Stop your paranoia in its tracks! The moment financial problems turn into trust issues; it will impact your marriage. Have faith in your partner if you want them to return the favour.

Final thoughts

Money, and lack of it, can make even the strongest couples weaken and crack from stress. If you approach finances with a level head and as a strong, loving duo, you can overcome those issues in time to come.

Nothing is too difficult to solve. Take heart!