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Why Budgeting Is Beneficial To Your Financial Health

Budgeting is a quantitative plan to manage your money. It has various benefits such as tracking your cash flow, controlling your expenses, and reaching your goals!

Be motivated to start budgeting by reading through its financial advantages:

1. TRACKS YOUR CASH FLOW

With budgeting, you can easily track how much you are earning and how much you are spending. It prevents you from wondering where your cash actually goes. Being aware of your cash flow enables you to know what you can realistically afford. With this purchasing power comes great responsibility, which is why you must aligh your cash flow to your financial goals.

2. HELPS REACH YOUR GOALS

A friend of mine was at a Tokyo flea market and she saw this beautiful Beige suede boots and tried it on. Her husband warned her that she probably would not wear it because she always goes for comfortable ballerina flats. She did not listen! She ended up donating the underused boots. This unnecessary item is an example of a purchase that is not in-lined with one’s financial goals.

If you are disorganized with your finances, there is tendency for you to spend your cash on unnecessary products and services. Budgeting helps you to reach and focus on your financial goals. It works especially if you have limited resources or live from paycheck to paycheck.

3. CONTROLS YOUR EXPENSES

When your budget is working efficiently, you are able to recognize how much you are spending in a month or a week. It requires you to refer to your existing bank statements and outgoings. This means that you will be able to see whether there are some expenses that need to be altered.

If you need to cut down on your spending, you can create a proper budget to make this financial activity easier.

4. IDENTIFIES POTENTIAL ISSUES

Aside from identifying the unnecessary expenses that you need to reduce or eliminate, budgeting enables you to identify the potential problems that can affect your financial health. Budgeting gives you the “bird’s eye view” of your current situation and enables you to make adjustments before issues appear.

5. ALLOWS YOU TO SAVE EXTRA MONEY

Budgeting goes beyond helping you with identifying and eliminating non-essential spending as it prevents you from penalties or late fees. By organizing your finances and allocating budget before the bill arrives, you are able pay your commitments on time. This will create more room for savings.

Not to mention, budgeting opens opportunities for investment. Passive income may grow your wealth even more.

Image Credits: pixabay.com

Despite all these benefits, budgeting has one huge drawback. It needs conscious effort for it to work! Are you ready to commit to a healthier financial life?

Sources: 1,2, & 3

Top Travel Agencies In Singapore That You Can Trust

Although more and more people are booking their itinerary by themselves, there is still a substantial amount of Singaporeans who firmly believes in services provided by the travel agencies.

If you want to discover new amazing destinations in a cost and time efficient manner, simply pick up the phone and contact these top travel agencies:

1. DYNASTY TRAVEL

Kicking off this list is a travel agency that understands the modern generation. It is none other than the Dynasty Travel. Dynasty Travel continuously improves its service in order to serve their clients better. In fact, its comprehensive website is supplemented with a free smartphone app. Imagine how convenient it is to book a tour with a few taps of a finger!

This well-recognized travel agency boasts with various awards such as Singapore Service Excellence Medallion 2015, Singapore Service Class 2015, TTG Travel Award’s Best Travel Agency Singapore 2014, and Enterprise 50 2013. It was even awarded outside of Singapore as it received the “Top Agent” award from the Hong Kong Tourism Board.

Dynasty Travel provides a myriad of services including Free & Easy Tours, MICE Tours (Meetings, Incentives, Conventions and Exhibitions), Group Tours, and Customized Tours. Speaking of Group Tours…there is an going sale to Macao!

Visit this link to know more.

IMPORTANT INFORMATION

Location: 35 New Bridge Road, Dynasty Travel Hub, Singapore 059395
Contact: (65) 6338 4455
Website: dynastytravel.com.sg

Price Comparison: 7D6N Enchanting Korea + Jeju Island Tour starts from S$2083.

2. SA TOURS

Do you want peacefully plan an all-inclusive vacation for your family? Or, do you need to arrange a corporate package for your entire company? All these concerns can be resolved by SA Tours.

SA Tours has an appealing reputation of providing competent travel services to both the individuals and the organizations. They are best known for their reasonably priced “long-haul” tours, which can last for more than 10 days! It is one of the largest tour operators in the country.

Image Credits: facebook.com/SATours.SG

It offers different services such as Group Tours, Free & Easy Tours, China Tours, and Customized Tours. You are sure to find a touring package which suits your needs!

Moreover, it is a good idea to consider SA Tours if you are planning to tour in Europe. Group packages to Europe lasts from 8 to 14 days. In this period, you will be delighted by their sincere staff and their highly knowledgeable tour leaders.

IMPORTANT INFORMATION

Location: 1 Park Road, #04-62 People’s Park Complex, Singapore 059108
Contact: (65) 6535 2611
Website: satours.com

Price Comparison: 8D Korea Discovery + Jeju starts from S$1568.

3. HONG THAI TRAVEL

Hong Thai’s longstanding history and strong experience spans more than 30 years. Said potent experience includes assisting government agencies, schools, community centers, corporations, and individuals. It is affiliated with the renowned Hong Thai Travel in Hong Kong. Other supporting branches are scattered across China, Macao, and Hong Kong.

Hong Thai takes pride in its entertaining tour itineraries, pleasing hotels, and helpful tour leaders. Its sought-after “8D All in Korea Deluxe” package had been awarded as one of the eight “Best Korea Tour Programmes in the World” by Korea Tourism Organisation.

Image Credits: facebook.com/HongThaiTravelSingapore

What are you waiting? Browse thru the exciting tours offered at hongthai.com.sg.

IMPORTANT INFORMATION

Location: 1 Park Road, #02-121 People’s Park Complex, Singapore 059108
Contact: (65) 6533 1788
Website: hongthai.com.sg

Price Comparison: 8D All-In Korea Deluxe starts from S$1199.

Image Credits: pixabay.com

Enjoy your travel! 🙂

Source: Best Singapore

How To Motivate Your Employees Without Spending Money

There is an abundance of books, articles, speeches, and workshops that claim to know the secrets behind employee motivation. However, not all of these “secrets” work due to the lack of research behind them. This is why it is important to search for methods which are backed by the principles of Science, Social Studies, or Psychology.

Here are three of the well-renowned theories of motivation which can help you increase workplace productivity:

THE POWER OF GOALS

Goal-setting Theory suggests that properly set and well-managed goals increase employee’s motivation. To apply this theory at the workplace, a manager can assign some SMART goals to his or her employees.

Goal-setting and feedback go hand-in-hand. After communicating the goals, you shall track the performance of each employee in order for them to know if they successfully reached them. Proper execution of feedback will enable the employee to adapt the desirable behavior.

If a goal is met, reward your employee by giving recognition. You can personally acknowledge the achievements and efforts of your employees thru group memos, writing an email, handing a personal note, or awarding a certificate.

THE POWER OF OWNERSHIP

Proponents of the Job Characteristics Model states that jobs will have motivating potential if they offer variety, task significance, and task identification among others.

Let me focus on one aspect: task identification. It is the extent to which an employee feels accountable for the outcomes of the job to the point that it becomes an integral part of his or her identity. Increase task identification contributes to performance and job satisfaction.

Boost this aspect by letting your employees contribute to the planning, reporting, and evaluating phases of the projects.

THE POWER OF OBSERVATION

There is a tendency of people to work harder if they know that they are being watched or observed. Researchers dubbed this tendency as the “Hawthorne Effect”. It is named after a series of studies that was conducted at Hawthorne’s Western Electric Company. The studies measured the influence of physical working conditions on productivity. Rather than the physical changes in environment, employees were motivated to work harder as a reaction to the attention given to them.

Apply the Hawthorne Effect at the workplace by asking for your employees’ suggestions regarding their preferences in the working conditions. Then, ensure that you know what your employees are up to by providing regular feedback.

Image Credits: pixabay.com

Keeping your workers motivated is easier said than done. May these theories and its applications help you to accomplish your duties as managers or business owners!

Sources: 1, 2, & 3

Overcoming The Common Interviewer Biases

An interview for a possible job opportunity or salary increase is ultimately founded by an interaction between two or more individuals. Due to the nature of human behavior, both the interviewer and the interviewee are subjected to Psychological biases and errors.

What my background in Psychology has taught me is that these biases can be conquered. Awareness of the different biases is the first step!

AFFECT HEURISTIC

In Psychology, affect refers to the person’s overt display of feelings and emotions while heuristic allows people to make judgements swiftly and efficiently. Putting these two together will produce the Affect Heuristic. The Affect Heuristic is an error in judgement due to interpreting the world based on the person’s current mood.

For instance, if the interviewer had a horrible day due to domestic conflicts then, he or she may project negative feelings onto you.

Image Credits: pixabay.com

This error goes hand-in-hand with the negativity bias. Negativity bias happens when individuals give more emphasis on the bad experiences rather than the good ones. Hence, you have to be careful with the pattern of your feelings and thoughts!

CONFIRMATION BIAS

As the name suggests, Confirmation Bias is the tendency to listen solely to the information that approves one’s preconceptions.

Say your parents instilled the idea that superior employees are products of local universities only. As an interviewer, you encountered aspirants who graduated from private schools such as PSB Academy and EASB. You may be more inclined to apply your preconceptions to make false judgements about their abilities.

Image Credits: pixabay.com

Spend a substantial amount of time in evaluations to overcome this bias and increase rater’s accuracy.

ANCHORING BIAS

Anchoring Bias is the tendency of some people to rely heavily on the first piece of information they receive. For instance, you are negotiating your salary. The first offer that you make will establish a spectrum of “reasonable” possibilities and the following counteroffers will be anchored by that initial offer.

Image Credits: pixabay.com

Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Make your first offer count despite of the Anchoring Bias by researching all the necessary information such as the average pay for your position.

CONTRAST EFFECT

Contrast Effect is the “magnification or reduction of perception as a result of previous exposure to something of lesser or greater quality”. A candidate who understands the essence of this effect will immediately volunteer after a poor candidate in order for his or her ratings to be optimum.

Reduce the Contrast Effect by delegating a standardized criteria where you base your decisions on. Thus, your interviews, discussions, and evaluations must all be structured.

Image Credits: pixabay.com

May you apply your knowledge of these common cognitive biases to your next interview! 🙂

Sources: 1 & 2

POSB offers the Save-As-You-Earn (SAYE) programme to everyone, providing a bonus interest rate of 2% per annum (From 3 Aug 16)

Programme from 1970s makes a comeback, providing a bonus interest rate of 2% p.a. on customers’ monthly savings

In the latest media release, POSB announced today (3 Aug) that the iconic POSB Save-As-You-Earn (SAYE) programme will be reintroduced.

First launched in 1974, the programme was introduced to encourage Singaporeans to cultivate a habit of setting aside a portion of their salary as savings.

In June this year, POSB offered this programme exclusively to full-time national servicemen (NSFs) to recognise their contribution towards national building under the POSB “Save As You Serve” (SAYS) programme. This special scheme allows full-time national servicemen, or NSFs, to enjoy a bonus interest rate of 2 per cent per annum.

In the lead up to the nation’s 51st birthday, POSB, Singapore’s oldest and most loved bank, announced that they will expand the savings programme to include all Singapore customers, effectively bringing back the POSB SAYE.

To participate, customers simply need to have a DBS/POSB savings account where their monthly salary is credited to. They can then sign up for a POSB SAYE account where a stipulated amount (between SGD 50 to SGD 3,000) is transferred every month from their DBS/POSB salary-crediting account. The bank will then provide a bonus interest rate of 2% per annum on their monthly contributions in their POSB SAYE account. For more information or to sign up for an account, visit www.posb.com.sg/saye

“It was really convenient for me because our salaries were credited into POSB as well so it was very natural to open POSB SAYE which auto-deducted from my salary every month. My pay was very low then so without the scheme, it would be very easy to spend everything when it comes in!” – Jasmine Yeo, 44, POSB customer

POSB is also marking National Day this year with the launch of the POSB Gallery at the National Library Building. The POSB Gallery showcases how POSB has grown with Singaporeans through the years since its founding in 1877. Featuring precious artefacts from the past, ranging from old POSB passbooks from colonial times to the iconic POSB Lucky Draw Drum used in the 1970s, the gallery tells how POSB mobilised an entire national savings movement and played a key role in the development of Singapore. The bank also hopes the gallery will inspire Singaporeans to share their own POSB memorabilia to add towards its collection, which will go towards a larger exhibition for its 140th anniversary next year. More information on the POSB Gallery and how to contribute POSB memorabilia is available at www.posb.com.sg/posbgallery.

Finally, to thank Singapore customers for their support and to celebrate everything Singaporean, POSB will waive PAssion membership fees for Singapore’s fastest-growing card – the PAssion POSB Debit Card – for five years. On National Day, POSB will also offer 5,000 1-for-1 tickets to selected local attractions, as its gift to the nation. Customers can sign up for this card via DBS/POSB iBanking or visit any DBS/POSB branch for instant issuance.

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Images: POSB Singapore

Images: POSB Singapore

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