MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

5 Simple Ways To Curb Your Online Shopping Tendencies

Almost every Singaporean loves to shop! When the convenience of online shopping was introduced, sales soared higher. Online shopping can be a delightful experience however, it can cause a major financial problem.

If your closet is bursting at the seams and your debt is piling up due to online shopping, then it is time to control your shopping tendencies. Start with these simple ways:

1. DO NOT SHOP WHILE TIRED OR TIPSY

According to Psychologist Graham Jones, author of Click.ology, making buying decisions when you are tired or tipsy can lead to regretful purchases. Instead, he suggests for you to reserve the item to the cart and revisit it the next morning. Once you are mindful about your online shopping, you will be able to make better decisions.

2. AVOID CLICKBAITS

Seeing a huge banner ad of the latest IPhone is not a sign from the universe that they are meant for you, they are simply clickbaits. Clickbaits have the sole purpose to attract visitors and draw attention to a particular website. To keep you from getting tempted, clear your browser’s history and cookies or download an App that blocks advertisements.

3. UNSUBSCRIBE FROM EVERYTHING

A surefire way to cut down your online shopping tendencies is to unsubscribe from all the promotional emails. Marking them as “spam” or “trash” will not stop them, instead you must go straight to the “unsubscribe link” and follow the steps. Unsubscribe to flash sales and auction sites as these are some of the most addictive shopping sites.

4. DO NOT BE FOOLED BY FREE SHIPPING

If you saw an online shop that offers free shipping, consider the extra costs of that deal. For instance, retailers may set minimum-order rules for free shipping or they may charge you for return policies. Add up the product price plus the extra fees first before making a purchase.

5. DELETE THE SHOPPING APPS

Shopping apps are tempting for all consumers and not just the addicts! The convenience of shopping at one’s fingertips as well as swift online payments have helped increase the online shopping tendencies of many. As everything is convenient, there is only a small room for contemplation and clearer decision-making. Hence, you must delete the shopping apps from all your devices.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

Why Is Earning Money A Challenging Task?

COMMON REASONS FOR DIFFICULTY

1. FEELINGS OF INADEQUACY

The feelings of unworthiness and incompetence can drag many people away from accomplishments. If your mental dialogue focuses on these things then it can result to low self-esteem, lack of enthusiasm, and lack of creativity. No matter how much you want to succeed, these results can make you unsuccessful at work.

Your mental dialogue affects your behavior.

2. NEGATIVE ASSOCIATION

Money has been portrayed in media as a currency that most people fight for. Whether the news showcases a bank robbery or criminal dealings, the world has seen how money can make people “bad”. As the saying goes: “Money is the root of all evil.” This negative association fed by the environment is stored in our unconscious mind. If it is something undesirable, your unconscious mind is bound to “protect” you from it.

Hence, the negative association can affect how we deal with money.

3. FINANCIAL FEARS

Know if any of these fears consume you (click here).

4. THE COMPETITION

One the higher end of the spectrum are the people who earn millions of dollars each year. Sam Wilkin, economist and author of Wealth Secrets of the One Percent, says it is difficult to be as rich as them because of the competition that is present in an open free market economy. Much like United States, Singapore has a highly developed and prosperous free-market economy.

There is a possibility to become immensely rich but you will have to dedicate your life to high-risks and high-return strategies.

STEPS TO TAKE

1. DO NOT FOCUS ON MONEY ALONE

If you take money as your primary motivation to work then, you will be depressed when it is gone or not enough. Focus on the reasons why you earn rather than how much you earn.

2. LOVE WHAT YOU ARE DOING

If you love your job then you will have a positive association with money and occupation. You will find fulfillment in your passion even if you have a relatively small income and long working hours.

3. MANAGE YOUR MONEY

You shall have control over your money and not the other way around. Be wise in saving, spending, budgeting, or opening a business. Instead of a shopping list, make a list on how you can grow your wealth.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

Beginner’s Essential Guide To Unit Trusts

WHAT IS UNIT TRUST EXACTLY?

A Unit Trust follows an unincorporated mutual fund or trust structure that allows funds to hold assets and pass profits thru the individual owners. Money is pooled with the money from other investors and it is managed by a fund manager. The portfolio of assets is set according to the fund’s investment strategy and objective. Hence the success of a unit trust depends on the capabilities, expertise, and experience of the management company.

In Singapore, local and foreign unit trusts offered are regulated as collective investment schemes.

WHY MUST YOU INVEST ON UNIT TRUSTS?

Since funds are invested in an array of assets, one advantage of investing in unit trusts is diversification. In the current unpredictable market, this potency helps investors to adjust with the ups and downs without having to worry too much about the performance of a single stock. Generally, unit trusts provide you with more safety in terms of the performance of your investment.

WHAT SHALL YOU CONSIDER BEFORE AND AFTER INVESTING?

Before investing on unit trusts, you must assess the type offered as well as its fees. Also, you must examine the fund manager himself. Determine if the fund manager has the sufficient experience, skills, and resources to lead you to success. Look beyond the short-term performance and look into one’s long-term track record.

After investing on unit trusts, you must regularly monitor if its performance meet your expectations. Then monitor the economic and political risks of the markets you invested in.

WHAT IS ITS NET ASSET VALUE?

The price of each unit is based on the net asset value divided by the number of units outstanding. It is typically calculated daily to reflect changes in the prices of the investments maintained by the fund.

HOW CAN YOU BUY THE UNIT TRUSTS?

Aside from cash, you can purchase unit trusts by the CPF Investment Scheme (CPFIS) and the Supplementary Retirement Scheme (SRS). Furthermore, some insurance companies offer investment-linked insurance policies.

Image Credits: Ken Teegardin via Flickr (CC Licence Attribution-ShareAlike 2.0 Generic)

Sources: 1, 2, & 3

Here’s How You Can Conquer 4 Common Financial Fears

Most of us are overwhelmed with a certain financial fear. Some of us may take the conscious effort to resolve it. However, many of us do not take the necessary steps to overcome it. They simply allow the financial dilemma to drive their life choices. Fortunately, it does not always have to be this way! You can change your financial patterns by starting with awareness.

Consider if one of these common money fears apply to you:

1. FEAR OF BEING FINANCIALLY ILLITERATE

According to Kathleen Kingsbury, a financial author and money coach, women typically complain about being too stupid to learn about finance. This is not true! Since women learn by conversing, realize that your lack of financial knowledge is due to the lack of socialization related to money.

Solution: Join or start an educational club about personal finance or investing.

2. FEAR OF DEPENDENCY

As we live in an Asian country where close family ties is generally vital, it has become a part of our culture to be interdependent. We feel the need to take care of our family members physically, emotionally, and financially. Especially if you deem that your aging parent or your unemployed siblings cannot deal with the finances by themselves, you feel partly responsible for them.

Solution: Put your own finances on top priority first. Then, make a realistic financial plan that will help your other family members.

3. FEAR OF HAVING TOO MUCH MONEY

Believe it or not, there is an abundance of people who fear the unknown realm of having too much wealth. This is not a conscious fear as many can only dream about becoming billionaires in Singapore. However, there are still people who sabotage their own finances because of this unaddressed fear.

Solution: Be completely honest with yourself and examine if this is a genuine problem in your life.

4. FEAR OF NOT HAVING ENOUGH MONEY FOR EMERGENCY

Many people are afraid of not having enough money on-hand for emergencies. Yes! It is good to boost your savings and your emergency fund but, this fear may hinder you from growing your wealth. You hoard your money in low-interest saving accounts just to be “safe”. When in fact, this fear keeps you from making calculated risk in investments and increasing your savings.

Solution: Discuss with a financial professional about the advantages of compound interest and about ask for a feasible money strategy that fits your goals.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

4 Ways To Get Cheap And Affordable Spa Facial Services In Singapore

1. ENJOY AN AWARD-WINNING CUSTOMISED 90-MINS FACIAL AT $88

Looking for good facial treatment in Singapore? My Cozy Room, an award-winning luxury boutique spa near Orchard Road, is offering their highly-raved facial treatment for just $88 (U.P. $188) if you are a first-time customer residing in Singapore.

Known for their best Extraction Facial in Singapore, you can expect relatively painless extraction to treat acne clogged pores, blackheads and pimples. They have certified professional therapists with years of experience in treating customers skin problems on-site, so you’re definitely in good hands.

What are you waiting for? Take a break from the daily grind and indulge in this ultimate luxury session at the trial price of just $88!

For more information, click here to register for interest.

2. GO CRAZY FOR FAVE DEALS

Fave is probably my all time favorite shopping companion. Used by many Singaporeans, MYFAVE.COM is a website that offers discounted deals on events, luxury goods, bags, watches, beauty products, lifestyle services, and getaways. I recommend going for these current deals below that range for only S$18-48.

3. LOOK FOR FACIALS UNDER S$100

You do not need to break the bank to get quality spa treatment. Do not worry about spending a hefty amount of money as most of these place do not require you to buy packages. Although, you have to book in advance to guarantee your spot.

a. SG FACE

With more than a decade of beauty therapy experience, Michelle Foong of SG Face relies on the trusted power of recommendations. While their services are affordable, German brand Babor is used in the treatments. Try the 60-minute Deep Cleansing Facial for S$48 (first trial only) or the 90-minute Hydration Facial for S$70 (first trial only).

b. FLARE WELLNESS

For the organic-junkies, you will love the Flare Wellness beauty salon. According to their website, they have an ongoing promotion for the “Organic Refresh Vitamin C Facial” for S$98. It is a brightening, firming, lifting, and anti-ageing treatment that refreshes your face immediately. Also, it includes a complimentary foot massage!

c. CHEZ MOI DE BEAUTE

Chez Moi de Beaute uses another German brand called Phyris. What separates it from the most is their friendly and experienced staff that explain each step so you will not get surprised with all the sensations. Currently, they have a promotion on the “Mix & Match Facial” and the “Mix & Match Power Facial” that is valid until 30th April.

Mix & Match Facial for S$48, tailors the treatment for your skin’s needs. While the Mix & Match Power Facial for S$68, allows the therapist to choose from 6 serums to treat your skin concerns. You will get the most out of your dollar as these treatments last for 75 minutes.

4. LASTLY, SELF-SERVICE

If your budget for a spa-quality facial is less than S$20 then, try the magical services provided by you! Forget spending time and money at your local spa as you can pamper yourself with homemade facial masks. May this simple guide help you to get started.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

Search the site