MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Singapore On A Budget: 7 Ways To Be A Tourist For A Day

Many Singaporeans are passionate about traveling. They are keen to absorb new cultures, to adapt with unique environments, to discover quality eateries, and to find the “rawness” of a city. Due to several factors, traveling overseas is not always possible. Fortunately for us, exploring the Lion City is amazingly doable!

Consider these seven interesting ideas:

1. The crowds clamor over places with colorful lights, luscious trees, and high-end malls. Experience all these and more by taking a walk around the Singapore River. Follow the The Poor Traveler’s route from Raffles Place to Gardens by the Bay. You will not be needing a tour guide to enjoy this enriching walk.

2. Satisfy your thirst for electrifying musical performances by knowing the right places to look. No-cost performances usually occur at Singapore Botanic Gardens and Esplanade. For instance, Singapore Botanic Gardens recently featured the “A Cappella Festival 2017”.

3. Aside from scoring seats from various performances, you may schedule a karaoke night with your friends. You may invite new co-workers or acquaintances to witness an array of live performances. Karaoke nights offer opportunity for you to socialize and to express yourself. After all, tourists are open to meeting new people.

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4. Paint a bird’s eye view of the beautiful city by exploring the rooftops. Witness the magnificent aerial view of the city by stepping into the ION Sky. ION Orchard’s observatory is open from 3 to 6 PM daily.

5. Man-made skylines are captivating. However, nothing beats the charm of Mother Nature. Take Instagram-worthy photos as you stand in the MacRitchie Reservoir’s Treetop Walk. This is a suspension bridge that connects two highest points (i.e., Bukit Peirce and Bukit Kalang).

6. Many travelers focus on the vibrant art scene of the city. Visiting the local museums is a great start. Improve your knowledge of the Singaporean and Asian culture by visiting the Asian Civilisations Museum or the National Gallery of Singapore. Then, feast your eyes as Esplanade highlights the essence of Chinese arts and culture. Connect with others, be inspired with unique artworks, and open your heart to new artistic experiences.

7. Embody the complete “tourist persona” by capturing your memories at the popular spots in Singapore. Snap cheesy pictures at Sentosa’s Merlion or bright pictures at Haji Lane.

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Do not be afraid to translate your quirkiness in front of the camera. After all, you will only do this for a day!

6 Money-Saving Tips For All Supermoms

ACCEPT THE PRELOVED

Until the credit statement arrives on your doorstep, you may have no idea about the money you spend on clothing and baby items. Cushion the expenses by embracing the hand-me-downs offered by friends and family members. Accept the toys, home accessories, and maternity items.

You can always donate the unnecessary items on the block’s donation drive. Doing so will not only help you declutter, but it will also help the ones in crucial need.

FILL THE PANTRY

Juggling the corporate and domestic life is challenging. Due to the limited time, you may either frequent the grocery for last-minute shopping or the nearby restaurant for take-out meals. A healthier solution is to keep a well-stock pantry. Purchase items that will last the family for at least a week.

As Holly Clegg, culinary expert and food author, once said: Think of a well-stocked pantry as a permanent shopping list. This tip will enable moms to cook more meals efficiently, timely and more affordable.”

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LEAVE YOUR MONEY

Are you planning to hangout with your buddies any time soon? Consider bringing the exact amount that you are willing to spend and leave the rest at home. Suggest affordable yet entertaining activities such as art appreciation (e.g., roaming ACM or SAM) and game night (e.g., themed dinner at someone’s home). If your girl friends insist on shopping, you will not be tempted to purchase anything that you cannot afford.

Do you really need those tempting items anyway? I do not think so!

LISTEN TO OTHERS

I can vividly recall the time I was strolling the mall with my significant other. My feet were sore due to the high-heeled shoes that I opted for. Brought by strong emotions, I would rather purchase a new shoe that I do not need than to tolerate the pain. We visited a store that I previously ignored. Then, my partner reminded me that none of the products appealed to me last time I was there. The collection did not change. “You only like this because of the momentary use and not because you will use it again”, he said. He made a fair point! I saved a decent amount of money that day.

Listen to the opinions of other people who care genuinely about your financial future. Tally your monthly savings to remind yourself and your spouse about your recent accomplishment. Use this as a motivation to go further.

GIVE THEM ALLOWANCE

A sizzling topic among Singaporean parents is whether or not children shall receive allowance at such a young age. Some parents are concerned about the wastage of money on ridiculous items, while others want to cultivate financial responsibility. Bekah Jorgensen (blogger of Mother Moment) highlights the advantage of giving an allowance as it “sets a policy that if they want something that isn’t a need, they buy it themselves or wait for the next gift-giving holiday.” Children are empowered to save their money to buy what they want.

Furthermore, it avoids the embarassing tantrums in store and the impulse purchases that comes with it.

PROTECT YOUR INDIVIDUALITY

Who knew that you will become a devoted mom further down the road? Well, life is unpredictable. You will never know which turns will come next. You just have to make the most out of what you have and exhaust all your resources. Speaking of resources, it is best to keep your own personal account. This account will help maintain your financial autonomy and support your spouse’s credit history.

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For significant commitments such as a car or a flat, you will have to work together to pay the loans. Having two streams of account will help speed up the process.

Sources: 1 & 2

Beat The Rushed Deadlines With These 4 Tips

Singapore’s highly competitive society values the ability to work at a faster rate. The problem with focusing on urgency is the maintenance of quality. You may question whether there are smarter ways to get things done quickly without sacrificing premium standards. For starters, you can consider adding these four tips to your work or academic routine.

#1: THE ENERGIZING HOUR

Be honest with yourself! Are you an early bird or a nocturnal owl? The good news is, either of these personas can work to your favor. Determine the specific time of the day when you are most productive. Exhaust your creative juices to the important tasks and use your “low-energy hours” to fulfill less essential tasks such as household chores.

#2: TIME IS GOLD

Parkinson’s Law is among the most relevant concepts in business. It highlights that “work expands to fill the time available for its completion”. In other words, the effort you exert on a task stretches to suit the allotted time. Work at a quicker pace by setting a clear schedule. Doing this will motivate you to beat the clock!

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#3: CRUSH THE DISTRACTIONS

It goes without saying that procrastination is an enemy during crunch time. It is best to eliminate all the possible distractions that are within your reach. Please toss your handphone and other electronics on the side. To power through a long period of concentration, you may increase the volume of your preferred music. Jazz and classical tracks may soothe your mood to focus better on the tasks.

#4: ONE STEP DOWN

No matter what you are working on, you can always breakdown the process into smaller chunks. Examining each step aims to make an efficient progress. Furthermore, your “mini victories” will motivate you along the way.

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Imagine that you have to write an essay as a Poly student. The first step is to choose an interesting topic. Secondly, you need to do an extensive research and make a rough outline. Thirdly, you must accomplish a draft. The fourth step is to edit and review your draft. Lastly, you must proofread and print your assignment. Tackle the task…one step at a time!

Sources: 1 & 2

Going Head-to-Head With Your Financial Fears

Fear, a primitive human emotion, refers to the physiological and psychological response to threatening situations. The sources of fear may have evolved throughout the years, but I am putting focus on the Singaporean’s financial fears.

FEAR #1: FEAR OF LOSING ONE’S JOB

Unemployment is a global phenomenon. Our economy continues to narrow down jobs at an alarming rate. Do you know what is worse than that? Being unemployed in one of the most expensive cities in the world. Losing your job can trigger anxiety as it opens doors to uncertainty. However, you may conquer this fear by improving your “job seeking skills”.

A good place to start making connections is LinkedIn (i.e., a professional networking site). Moreover, you may ask your family and friends if they can recommend you to work for their companies. Do not hesitate to approach your resources!

FEAR #2: FEAR OF LOSING EVERYTHING

Devastating and crippling – these two words are not enough to encapsulate what you will feel when a catastrophic event wipes out your entire fortune. The abundance of disaster stories on social media and on the paper media supports this fear. It is undeniable that the society highlights negative stories (e.g., bankruptcy, divorce, or scam) due to its significant impact.

How do you turn the tables around? For starters, you must assess whether your fear has supporting evidence or objective data. Moira Somers, a renowned Clinical Neuropsychologist, once said: “If you focus your energy on what you can control, then all of the things that you can’t control will have less of an impact if the worst were to happen.” Establish control by building a sufficient emergency fund and by reviewing your insurance policy coverage. Work with what you already have!

FEAR #3: FEAR OF GETTING RIPPED OFF

Getting swindled by an individual or a corporation is not something that you should take lightly! From soaring handphone scams to tempting dating scams, it is easy to fall prey to exploitation. Awareness of the process is the first step. You need to get involved in your financial plan.

Figure out your current monetary standing. Then, map out a future by setting at least 5 financial goals. You may even hire a professional adviser to understand the process better. Remember that getting rich does not happen overnight!

FEAR #4: FEAR OF BEING AN OLD MAID

A recent government survey shed a light on the public’s attitudes toward marriage and parenthood. The participants were 2,940 singles and 2,861 married Singapore residents, ranging from 21 to 45 years old. Majority of the single participants intend to marry. Although, 6 in 10 are not dating with marriage in mind. Finding the right partner and diving into a serious relationship seems to be more challenging now. Thus, several people left the romantic game to chance.

When the cards of chance is not on your side, you may be considered as a woman who is “too old for marriage”. Some women are not comfortable with being an old maid. They believe that marriage is critical to fully supporting themselves. Overcome said fear by building a financial plan based on your income. The written projections show that you can rely on yourself for financial security.

FEAR #5: FEAR OF NOT AFFORDING A HOUSE

Reality check, please! Property in Singapore is far from cheap. Younger generations of working Singaporeans are coming into the realization of how hefty housing has become. The prevailing sentiment among people in their thirties surround how unaffordable condominiums are and how costly HDB flats are.

Diminish your fear toward housing by determining how much you will need to save and invest for the future. Be sure to adjust for inflation.

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The first aid to your financial fears is strategic planning. Analyze your current financial circumstance and the supporting objective data. Make a plan that is reflective of this. Getting started is as easy as having a plan.

Sources: 1, 2, & 3

4 Time Management Tips To Help You Work Smart

We all posses a set of (or at least one) positive traits useful in the workplace. Mine just happens to surround time management. Time is a finite commodity that you cannot take back! Thus, I make it a point to strategically exhaust it.

Managing time is not about squeezing as many tasks as you can within 24 hours. Instead, it is about carefully choosing which tasks you can fulfill to alleviate stress and which tasks you can leave behind. Simplify your operations in order to accomplish your tasks at a faster pace. Consider these tips to work smarter:

FIRST THINGS FIRST

As much as I want to discuss about the catchy Iggy Azalea song, I am going to expound on the seemingly unfamiliar territory of prioritizing. Prioritizing focuses on determining the order of the items in your to-do list. Stephen Covey, the co-author of “First Things First”, introduced four categorizations for one’s tasks. The categories are:

a. Important and Urgent,
b. Important and Not Urgent,
c. Urgent and Not Important, as well as
d. Not Urgent and Not Important.

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Write down at least three “Important and Urgent” tasks that you must accomplish by today. Waste no time in addressing each one. Reap the sense of accomplishment as you fulfill each one of them. Use this motivation to tackle the less vital items.

USE SPARE TIME WISELY

No matter how busy your weekday can get, you still have a decent amount of down-time. Use your waiting time wisely by completing simple tasks such as calling possible sponsors for your company event. While you are waiting to board the next bus, you can answer important emails with your mobile applications.

As a pre-school teacher, I envision my lesson plans whenever I have idle moments. My finest thoughts spark when I am relaxing in the shower or when I am running a mile in the town stadium. Maximizing my spare time allows me to push my creativity beyond limits.

ELIMINATE THE UNNECESSARY

Taking a series of commitments can be detrimental to your schedule. Whenever you agree to help out a co-worker, you are increasing your personal workload. You may not be able to immediately tackle the tasks assigned to you!

It is hard to refuse to friendly requests from colleagues especially if you are the type of person who loves lending a hand. However, if you want to jump-start your productivity, it is important to learn to say “NO” or “not at this moment”.

ABSORB FUTURE’S ESSENCE

It is no secret that I am an avid people watcher! Not to sound creepy, but it comes from my background in Psychology. Let us move on to the anecdote. As I was sipping my hot mocha, I overheard two women talking about their careers. One seems to be the other’s mentor. I realized that they were both dancing instructors as the discussion went on. The “mentor” shared valuable tips such as preparing an overall timeline and strict goals for each day. She said that it was better to record one’s routine to record any flaws, before the presentation comes. She made some valid points!

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Having a realistic plan eases the tension of the coming days. You know your glistening target and the corresponding moves to achieve it. Now, you do not have to be prudent to absorb the future’s essence. Start by sparing at least 10 minutes before your shift ends to clear out your desk and to prepare your task for tomorrow. Alternatively, you may clear your desk as you arrive to the office. Allot the first 10 minutes to prioritizing your to-do list.

Sources: 1, 2, & 3

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