MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Surefire Ways To Save Money As A First Time Parent

Congratulations on becoming a new parent! Welcoming another human being into this world can change your life in many ways. Most of these changes are for the better. While, some changes are challenges too.

I am referring to the hefty price tag attached to child-bearing and child-rearing. You have to spend about S$8,000 to S$18,000 a year for that.

You read that right! You will be spending five figures on groceries, clothes, toys, diapers, hospital visits, and daycare. With a growing list of expenses, you must rethink how to manage your financial life after having a baby. Here are some tips to help you out:

SHAKING THINGS UP

You and your partner have had a working budget for years. And this household budget seem to work fine. However, you have to reset your budget once the baby comes. Your pooled incomes, savings, and investments shall cover your child’s expenses.

Begin by saving for the delivery by taking up Medisave’s Maternity Package. Using Medisave for childbirth can help offset the cost of your hefty delivery. Roughly, you can claim about S$450 per day on hospital stay, S$900 on prenatal expenses, and S$750 to over S$2000 on surgical procedure.

For instance, you wife had a Cesarean delivery and was hospitalized for two days, you will be able to claim about S$900 on prenatal expenses, S$900 on hospital stay, and S$2,150 on surgical procedure. This sums to about S$3950 worth of claims.

FILLING THE PIGGY BANK

It comes as no surprise that education will take a huge toll in your expenses for the years to come. Thus, setting up an education fund for your beloved can help you in the long run. While taking up an education loan is always an option, the cost of schooling gets higher each year. You must start saving money along with the arrival of your little one.

A scenario close to my heart is the effects of my uncle’s death. My uncle is the breadwinner and his son has not yet finished his schooling. As he continue his secondary education, he finds it difficult to fuel his financial resources. If only my uncle set up an education fund beforehand!

Saving up for your child’s education can cushion potential financial bumps. This way, your child will not have to compromise his or her education.

SETTING UP A CAPSULE WARDROBE

Along with the trends of minimalism and sustainable living comes the existence of the capsule wardrobe. A capsule wardrobe enables to the owner to keep key pieces that he or she can mix and match in the years to come. The only challenge when it comes to toddler is that they grow up so fast!

Matching outfits or assorted clothing can be adorable to look at! However, your infant does not need twenty sets of outfits! He or she will grow out of these clothes faster than you can post about it on Instagram. Thus, you must limit your child’s wardrobe. Allow a set of basic items with interchangeable colors and patterns to full your drawer. You do not want to spend on designer clothing that your child will surely ruin with stains and other mishaps!

Image Credits: pixabay.com

Here are just some ways to save money as a first time parent. Make it a habit to check children’s websites and forums for ways to create your own baby food or to conduct your own reading class. Nothing is impossible with a little determination from a parent!

Sources: 1 & 2

How To Beat The Holiday Spending Traps

As Labour Day approaches, the holiday promotions are in full swing! Shoppers everywhere are bound to be pummeled by the retail and other service promotions. Not every deal is a good one. Some are simply put there to confuse you. This is why, you have to beware of these 5 holiday spending traps.

ATTRACTED BY THE FREEBIES

Do you really want a free canister after purchasing three boxes of cereal? That is too much for a single consumer! You see, freebies usually come with a price. A free voucher to be used later on sounds like a sweet deal! However, it requires shoppers to drop some money first.

Be careful with retailers who encourage you to spend more to get a product or a service that you would not actually have bought.

TANGLED BY THE HIDDEN COSTS

Decorations and food are typical categories that affect your holiday budget. Aside from this, there are other hidden costs that can sail your budget elsewhere.

More often than not, the holiday season is sprinkled with hidden costs. For instance, Christmas Day comes with postage for holiday-themed cards or packages. You are bound to send some gifts to your loved ones, clients, or supervisors. Not to mention, some offer host or hostess gifts.

Image Credits: pixabay.com

Thus, you must determine how much money you are willing to spend on a certain holiday. Create a budget and stick to it. Allow a small portion of your budget to cushion unexpected or hidden holiday costs.

DISTRACTED BY THE SELF

I, for one, am eager to purchase personal gifts when I spot some tempting holiday sales. Great Singapore Sale can lure me to spend more money on self-gifting. However, self-gifting can quickly turn to overspending.

If you have room in your budget to accommodate these impulse buys, go for it. Otherwise, you must take note of what you want and assign to others as a wish-list. Many will be grateful for the heads up!

PARDONED BY REWARDS

Just because you can get rebates from shopping does not mean that you have to spend regularly! Credit cards can help consumers to get more bang for their buck. But, this desire to acquire rewards should not justify the act of mindless spending.

Paying the interest on a balance you cannot afford to pay off cancels out the value of your accumulated rewards. Thus, you must use your rewards in conjunction with a savvy holiday spending plan.

CONSUMED BY PRESSURE

Holiday spending is influenced by the expectations of other people or the expectations of oneself. Retailers know that you are shopping under pressure and some may take advantage of it. This is a big one!

Retailers know that you do not want to fight the crowds who line up in Orchard Road. You would rather get out as fast as possible than to get bombarded by a huge number of people, right? Well, this is why they conveniently display the sale items in the middle of the aisles and near the checkout line. Do not give in!

Image Credits: pixabay.com

Even expert shoppers can get tangled with these holiday shopping traps! So, keep these in mind for Labour Day shopping.

Staycation Ideas That Won’t Break The Bank

By definition, staycation is a holiday taken at home or near your own home. Taking a much needed rest after countless hours of work is truly rewarding. However, the thought of spending on your short vacation may pull you back. Fret not! Budget or time constraint will not stop you from traveling within the wonders of our country.

STAYCATION FOR THE FAMILY

There are two local hotels that offer family packages perfect for a staycation. These hotels are Park Hotel and Village Hotel. The former entices you with two rooms for the price of one! What’s more? Park Hotel Clarke Quay has an exclusive family package that enables children under the age of 12 to stay there for FREE! This package includes breakfast, complimentary kid’s meals, in-house amenities, internet access, and weekend room upgrades. Book a room at parkhotelgroup.com to spend more time with the ones you love.

Now, the latter emphasizes on the nostalgic aura exuded by the Village Hotel Katong. For a little over S$250, you may enjoy a memory-inducing accommodation for two adults and two children. Take your children to the olden days by playing a free Singaporean family game set or by immersing yourselves in authentic Peranakan high teas. This ultimate staycation embodies the #throwback that Millennials overuse today. Booking period for this package is until December 30, 2019!

STAYCATION WITH FRIENDS

There are two ways to go about it – you can either camp out or slumber in. For camping out, you may consider forming a tent at East Coast Park. Skate or cycle your heart away, before indulging in a barbecue feast or picnic by the view. Having no bicycle is not a problem as you can rent from there.

For squads who prefer staying in, you may consider staying at Hotel G or Hotel Mi. Hotel G’s wide selection of 308 rooms are categorized from Good to Greater. Oh! I forgot to mention the affordable rates that start from S$128. The place is a surefire steal considering that it is nestled between Bugis and Dhoby!

I am sure that you are wondering about Hotel G‘s aesthetics. The rooms are decked out in an artistic or rather vintage-style manner. Its gym sways to the industrial design with its grey brick walls and monochromatic portraits. Burning calories through the punching bags, treadmills, and cycling machines is tiring. So, relax at the bar called Ginett. It serves up French wines that cost about S$6 at least.

Lastly, you may score a room for about a hundred-dollar a night at Hotel Mi. It stretches your buck as you can enjoy the in-house amenities such as the pool and the gym. The rooms are airy with a delightful modern look. However, the real steal is its superb location. It is merely a minute away from the Downtown Line. Spoil your options at it is surrounded by a slew of cafes, marts, and stores!

Image Credits: pixabay.com

Sources: 1 & 2

Organic Beer, Is It A Thing?

The 90s gave birth to iconic trends such as tattoo chokers and cropped tops. Along with these trends was the invention of the organic beer. In America, two breweries reign supreme when it comes to organic beer. These two where Lakefront Brewing Co. in Milwaukee and Eel River Brewing Co. in Northern California. Now there are a handful of brands to choose from.

It is easy to call something “organic”, but what does it mean exactly? A beer can put the organic seal if it meets the following guidelines:

a. it is at least 95% organically produced (i.e., without GMOs, pesticides, and synthetic fertilizers)

b. the brewery must prove that the remaining ingredients are not available in sufficient organic quantities or organic form

A beer can still be labelled “made with organic…”, if the brewery used at least 70% of organic ingredients excluding salt and water. Beyond this, a beer can be given a 100% organic certification if the entire process including cleaning and making materials was organic. Such beers are understandably rare!

Image Credits: pixabay.com

Why Should You Drink Organic Beer?

It comes as no surprise that drinking organic beer helps support agriculture. Beer is made with grains, fruits, vegetables, spices, yeast, and water. You can help keep the groundwater clean, reduce the toxic air pollution, and protect the organic farmers when you buy ingredients that are produced organically. If you already subscribe to organic meat and organic produce, why not switch to organic beer too?

Let us focus on the price of organic beer. In most cases, its price is the same as many craft beers. This enables you to enjoy the healthy taste of beer at budget-friendly prices.

Further research in the organic beer industry led me to the discovery of Bison’s Chocolate Stout. It is a product made with Peruvian cocoa from Bison Brewing Co. Aside from this, you may also try Bison Brewing Co’s Honey Basil beer or Organic Hop Cuvee West Coast Ale. Sweet beers quench my preference for sweet alcoholic beverages.

You may also try Lakefront Brewery’s Chad. It is a product that exudes a special bitter taste with a spicy flair. You may have guessed that the product was brewed by a cellar-man whose name is Chad.

Nonetheless, you may check out the organic alcoholic beverages at your nearby supermarket or by visiting alcohaul.sg.

“I wanted to create a beer that connected my healthy, active lifestyle with my social life, and bring it all together.” —Smart Beer Founder Gabriel Heymann

Can You Make Your Own Organic Beer?

The short answer is “YES”! Simply round up these ingredients: malted grain, hop, water, and yeast. Then, follow the instructions found in organicauthority.com.

Sources:1 & 2

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