MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

How To Land A Job In The Modern Times

What is the best way to gain the attention of the esteemed recruiters? Consistently dropping your CV in the company’s e-mail? Or perhaps, you can dive into the fresh trend of using social media. The latter is your best bet yet!

Through smart networking and creative strategies, you can get your dream job. Here are just some strategies to keep you busy:

1. ACE YOUR PROFILE

Treat your social media profiles as your striking headlines because potential employers will see these first. Highlight your key skills and prior experiences by adding sufficient information in the “Biography (Bio)” or “About Me” section. For instance, Facebook allows you to include your previous titles by editing the “Work and Education” tab.

Complete your profile by attaching a high-quality and professional photo.

2. USE THE PROFILE’S DIRECTORY TO YOUR ADVANTAGE

If you follow the coveted company’s page on Twitter or Facebook, chances are, they are linked to the current employees and employers. Follow or send a friend request to these people and treat them as your inside source. They may post job vacancies to their feeds or walls before these vacancies are widely advertised.

During the job interview, you will have a rough insight about the company and will be able to find a common ground with the interviewer.

3. BE PROACTIVE IN THE CONVERSATIONS

Take part in the healthy discussions related to the industry or the company that you have been eyeing on. You may share an article that interests you, comment on interesting threads, or open a discussion on your profile. Engage your followers by asking stimulating questions.

Respond to these comments to get a holistic perspective about a company or an issue.

4. STAY PROFESSIONAL AT ALL TIMES

Facebook is usually the first platform that hiring managers visit to get an idea of the “real” you. So unless you want them to know about your addiction to Laksa and Adidas sneakers, you must keep your profile professional at all times.

No matter how much you calibrate your privacy settings, your so-called friends can still screen grab your posts. Be careful what you put online! Remember that many of your future employers will be using social media to spy on you.

5. CREATE AN INSTAGRAM ACCOUNT

Hiring managers know that Instagram is one of the main tools that younger generations use today. To look for young talents, they post ads on Instagram. Just search through the keyword “#singaporejobs” to find lots of entries!

You may create an Instagram account that focuses on your brand. Say that you want to work in Singapore’s fashion industry. Stay ahead of the crowd by showing off your unique style through regular snaps of your #OOTD. Do not forget to tag the company’s products in the picture. This is one way for them to notice your talent and to appreciate your free publicity.

Image Credits: pixabay.com

Friendly reminder: Use the power of technology with caution. You do not want to get scammed or mistreated because you let your guards down.

Small Financial Achievements That You Should Be Proud Of

It comes as no surprise that many Singaporeans immediately turn to social media to share their achievements. Facebook and Twitter “walls” are bombarded with celebratory posts and pictures. If you feel that you have nothing worthy to share, think again! Our lives are full of achievements on a smaller scale.

Take these humble financial achievements into consideration:

SETTING UP A SUFFICIENT EMERGENCY FUND

If you are done building your emergency fund then, I am proud of you!

An emergency fund is a safety net that will cushion emergency expenses against high interest debts and bankruptcy. It is not entirely for you as you can use it to provide for your family members who are in need. The certain amount depends on your current situation. For instance, a married couple can merge their contributions and divide it into half. While, unwed individuals must cover at least half a year to stay afloat.

According to a Bankrate.com poll, participants from the younger generation did not appear to be less inclined to build their emergency funds than their senior counterparts. This goes to show that more people are opening up to the idea of shielding their future. Saving up while you are young will benefit you because time is on your side.

DEVELOPING THE HABIT OF TRACKING YOUR SPENDING

If you religiously track your spending, you must keep it up!

Noting down your daily or weekly expenses is a tedious chore, but it can help you manage your wealth efficiently. The primary reason why you need to do this is to create financial awareness. You need to know where your money is going in order to change your unhealthy spending habits. It is as simple as minimizing the income wastage.

Furthermore, it allows you to see if your spending habits match your financial priorities. Make sure to spend within your means.

ORGANIZING YOUR MONTHLY BILLS

If you are on top or ahead of your monthly bills then, you are doing your credit score a favor!

Organizing your bills goes hand in hand with the above bullet. This may either be done digitally or manually. Choose to scan your bills after you have received them and after they are paid. Store these papers in a secured hiding spot. Alternatively, you may save the scanned documents in a designated folder on your computer.

To make sure that you never miss a deadline, you may set up an auto-pay service within the companies that you pay bills to.

CONQUERING ALL THE ADDITIONAL FEES

You are fed up with the additional fees and made some adjustments with your lifestyle. I salute this action!

Being careless with your finances is forgivable in your early 20’s when you are not fully equipped with the financial knowledge and resources. As soon as you move forward in your life, you must aim to pay for what you will actually use.

For instance, it may seem insignificant to incur extra fees for withdrawing cash from an ATM that is not from your bank. However, walking a few blocks to find the right machine can save you at least S$5 (that can purchase you a meal from Kopitiam). Make simple alterations in your lifestyle in order to avoid additional fees.

PURCHASING WHAT YOU SAVED UP FOR

Congratulations! You did not give in to the temptation of swiping your credit card to complete the purchase. Instead, you eliminated unnecessary expenses and set aside cash for weeks. There is something satisfying about finally getting an item that you spent a lot of time saving for. Savor this positive feeling.

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Acknowledging seemingly small victories helps you to picture a progress in your financial journey. Psychologically, it elicits positive emotions and perceptions. The more individuals experience the sense of progress, the more likely they will be motivated and productive in the long run.

Notice these humble achievements and be proud of yourself!

Sources:1 & 2

Surefire Ways To Gain Financial Willpower

If you lack self-control or you are low in willpower, you may constantly catch yourself wondering where your paycheck went. Give these three strategies a sincere shot! You will be glad that you tried.

TAKE ONE STEP AT A TIME

To understand how willpower works, you must imagine stretching a ribbon for seven days straight. The ribbon will eventually tear. The same principle applies to your willpower – “it loses its strength when you exhaust it”.

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Willpower affects the way you spend. Compared to people who have not exerted their willpower, people who are running low on willpower spend an increased amount of money and purchased additional items. It goes to show that multiple decisions can test your willpower’s strength. Thus, it is best to take one financial decision at a time. Do not overwhelm yourself!

CHOOSE A TRUSTED ALLY

Having a depleted willpower is not a problem because you can always search for someone whose willpower is stronger than yours. Choose a trusted ally that will support you for a common financial purpose. The ally may either supervise you or help you regulate your money.

If you trust the person enough (e.g., your parent or spouse), ask him to keep your money and not give it back until you have reached your goal. Alternatively, the person can regularly ask you how much you have saved and spend in the past two weeks. Be careful who you trust!

LEAD A CASH-ONLY LIFESTYLE

One of the primary reasons why institutions advocate credit cards is that it has the ability to distract the holder from how much they are spending. This is problematic for people who lack self-control or are low on willpower. They can pay their monthly bills thru credit without realizing the consequences of their purchases, until their minimum credit card bills became huge. It will take them years before they can pay off everything!

Image Credits: pixabay.com

The solution for this scenario can be as simple as leading a cash-only lifestyle. If you do not have enough cash to cover an expense, then you must skip it or save enough money for it. Commit yourself to this lifestyle for at least eight months. When you know what you are doing, you can eventually use credit in a smart way.

Sources: 1, 2, & 3

Useful Tips On Handling Financial Jealousy

Snapchat’s latest update called the “Snap Map” shows that we have the luxury to peep into the lives of others. Social media has given us the ability to know what are “friends” are doing in real time. This constant exposure to the public lives of other people makes us vulnerable to social comparison. Well, how would you feel if you saw your friends partying without you? You may feel left out or envious. I cannot blame you!

Let us apply this act of “peeping” into the meaningful aspect of finance. Say that you have a co-worker who always wears the latest designer bags and carry the latest gadgets. Not to mention, her boyfriend owns a fancy sports car. You may perceive her as a successful person and the envy monster may kick in. However, you are only seeing one side of the story. A side that focuses on the seemingly perfect image. You do not know the half of it! Your co-worker may be caught in a downward spiral of shopping addiction and her boyfriend could be in massive debt.

Financial jealousy typically occurs when you judge a person based on the situation’s exterior appearance. Thus, my first tip is to get your facts straight. The grass is not always greener on the other end. It may seem like a person has his or her life sorted out, but money is not the answer to everything. Some people find meaning in charity and others find it in family.

Image Credits: pixabay.com

Speaking of meaningful relationships, your money habits are influenced by the people whom you interact most with. Social situations highlight what you can and cannot afford. This is why you need to choose your friends and social activities wisely. Surround yourself with people who inspire your financial future. Be with individuals who have similar money beliefs and money management strategies. Also, you may seek advice from financial professionals.

Finally, you can deal with financial jealousy by altering your perception. It has been stated that 1 in 36 Singaporeans is a millionaire. It is easy to make financial comparisons when you are exposed to some of the most richest people in the world. But, do not forget about what you already have. Many people from underdeveloped nations have limited access to clean water and healthy meals. While you have Medisave, public healthcare does not exist for some countries. While you have access to public housing, other people are homeless. Consider yourself wealthy in the basic necessities of life.

Image Credits: pixabay.com

Rather than eating your heart out due to jealousy, use other people as a motivation to set new goals. Do your best to achieve these improved financial goals!

Sources: 1 & 2

How To Avoid Spending All Your Paycheck Right Away

When you are working around the clock, the end of June signifies one important thing. And that is? Payday is fast approaching! You can either stretch every cent you receive or waste it all in one day. The choice is yours.

A particular story comes into my mind when I dwell upon this topic. You see, I decided to reward myself after receiving my paycheck for the month of May. Do not worry about finances just yet! I allocated 10-15% of my salary for leisure and relaxation purposes.

I waited until the next day to stroll in the nearby shopping centre to avoid the massive crowd. I chanced upon a relatively vacant fitting room with merely 5 people (including the staff). With no intention of eavesdropping, I listened to the playful exchange between the two saleswomen. I was trying several looks on and it took me a while to change into them. To my surprise, the playful exchange got really deep! One lady elaborated how she blew her salary right away. She loaned the money to her family member. Not to mention, she partied the other night with some friends. She was upset to be trapped in a financial dilemma. Who wouldn’t be?

Image Credits: pixabay.com

Yes! It is not nice to eavesdrop on someone even by accident (sorry about that), but her situation can enlighten you. It made me realize that some people are struggling to control their money after receiving it. If you are caught in this situation, here are some things that you can do to turn things around.

TRY STICKING TO A BUDGET

This may sound utterly obvious and totally uncool, but you need to craft a realistic budget and stick to it. Planning how you will spend your paycheck allows you to prioritize your bills and schedule other expenses. It lets you account for your hard-earned money. If you cannot establish a budget with a paper, you can always use a free budgeting app.

Weigh between your needs and wants. While it is cool to have the latest gadget in the market, it may not be necessary. Stick to your budget! Remember that it is better to own items than to owe them.

GET YOUR PRIORITIES STRAIGHT

How many times have you heard the advice to “keep your priorities in place”? Do you follow it yourself? Keeping your priorities intact allows you to secure your financial future. One of my top priorities is growing my savings. I am gradually fulfilling this by accounting for every dollar I make.

Accounting for every dollar you earn takes budgeting to the next level! It assigns a label for every chunk you make. I found that “Envelope Budgeting” was helpful for this task. With envelope budgeting, I can easily allocate a specific percentage for my expense categories. It is alright to place a responsible amount for splurging. You deserve it!

AUTOMATE YOUR SAVINGS

Did you know that it is possible to sock away your income as soon as you get it? You can achieve this by automatically depositing your salary into your savings account. Award-winning finance journalist Jean Chatzky is an advocate of this. “Automating savings is the first thing everyone should do with their paychecks,” she said. She went on by saying that you cannot spend the money you do not see. I certainly agree! It is easier to save money without the tangible temptations.

In Singapore, there are institutions which allow you to automate your money such as the POSB eMySavings Account. This automatic monthly savings account allows you to keep S$50 to S$3,000 during each “savings date”. You are free to choose a schedule that works best for you.

Image Credits: pixabay.com

From building an emergency fund to gaining self-control, there are other ways to avoid spending all your paycheck immediately. You just have to be creative!

Sources: 1 & 2

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