family Archives | Page 14 of 20

Money-Saving Parenting Hacks That Work

MAKING YOUR OWN SWIVEL ROCKER

Looking for a great way to save on your nursery swivel rocker? Instead of looking at the baby aisle, try looking for the office aisle. Consider purchasing a pre-owned armchair online and adding your own rocking base to it. You will not only save a lot of cash but you can also have an unforgettable DIY experience with your spouse.

Simply follow the instructions – here.

ORDERING GROCERIES VIRTUALLY

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One marketing strategy that groceries employ is targeting the children’s interest because they play an influence on what goes inside the carts. Supermarkets purposely place cereals, toys, and sugary treats at a kid-friendly level. If you cannot leave the kiddos alone, opt for shopping online.

A revolutionary feature of most “big name” grocery chains in Singapore is that they offer access to online grocery shopping. This can help you to save money by religiously sticking to your list (or budget), by avoiding the transportation costs, and by preventing the impulsive buying power of your children.

For everyday shopping, I recommend fairprice.com.sg as they have regular deals and discounts. As for affordable organic produce, you can visit bestorganicfood.sg.

STOCKING UP FOR KIDDIE PARTIES

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Children’s toys, clothes, and other fun items go on sale from June to August due to the Great Singapore Sale. Take advantage of this annual event by stocking up on a variety of inexpensive gifts that you can give on kiddie parties or even Christmas. Set a limit for every individual to avoid going beyond your budget.

KEEPING A PIGGY BANK

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Be the good example to your children by putting some of your loose change into a money jar. Since most young children want to be like their parents, seeing you do it will provide them with encouragement to save.

After serving as an example for a month, provide your child with his or her very own piggy bank. Have your child draw the picture of the specific toy on the side of the piggy bank. Through this, they will be motivated to save in order to get what he or she wants.

USING FREE RESOURCES

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Your nearby public library can serve as your savior during those school-free days. Not only can you borrow children’s books but you can also rent CDs/DVDs for the whole family – at no cost. Aside from these, the public libraries also offer a wide array of free events that your family can join. Visit nlb.gov.sg to stay updated with the National Library Board’s events calendar.

BREASTFEEDING YOUR BABY

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One of the empowering things that only women can do is to breastfeed their baby. As much as you can, opt for breastfeeding because it will not only be healthy but also be able to save you as low as S$1,500 per year.

If you want to save even more on breast pump, borrow from your family or friends but make sure to change the plastic attachments. You can buy those for far less than a brand new pump.

Sources: 1 & 2

10 Wonderful Treasures That Money Cannot Buy

1. RESPECT

Genuine respect from your partner, your workplace, and yourself is something that almost everyone desires to achieve. One gains respect not by paying for it, rather it is gained through humility, hard work, and nobility.

2. WISDOM AND KNOWLEDGE

Knowledge and education are acquired through time and effort. While, wisdom comes from the knowing how little you actually know. Submitting yourself to updated books and new experiences can fuel the lifelong learning process.

3. FULFILLMENT OF DREAMS

Whether you call it dreams or passions, dedicating your life to something you love and value can help you unlock happiness. However, arriving at your true calling takes a complicated and a highly personal route of self discovery.

4. GOOD HEALTH

Although we are aware of the benefits of physical activity to our health, most of us do little of it. Instead of getting consumed by earning, lead a healthy lifestyle packed with exercise and balanced diet.

5. AFFECTIONATE RELATIONSHIPS

Since our time here is limited, we must constantly put effort into making our loved ones feel that they are appreciated. Show affection by your presence, hugs, and kisses. Help one another in the time of need as this will only keep the bond stronger.

6. SECURITY

Security is defined as freedom from risks and danger. Aside from keeping piles of wealth to secure your future, prevent the harmful attacks from people and diseases by employing overall security and preventive measures.

7. INNER PEACE

The state of being mentally and spiritually at peace is achieved when one accepts everything that life has to throw at him or her. Positivism even in the most negative circumstances are attained due to knowledge and understanding of oneself. This is one thing that I personally want to attain without the help of wealth.

8. TIME

If there is something money cannot buy, it is absolutely time! Time is one of the most important commodities on Earth. It is limited. Once it is gone, you cannot take it back.

9. CLOSE-KNIT FAMILY

The true closeness of a family cannot be bought by money even if you combine all the wealth in the world. It comes from spending quality time, giving adequate attention, and pouring unconditional love to each family member.

10. STRONG WORK ETHIC

Building strong work ethic is a matter of becoming an action-oriented person that steers to the direction of self-development. Boost it by practicing hard work, wielding self-discipline, and embracing responsibility.

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Sources: 1, 2, & 3

Important Money Matters In Marriage

As you may know, money is one of the biggest reasons why couples get divorce. Perhaps the reason why people fight most about finances is because of its measurable nature. With money, the give and take parts are quantifiable. Thus feelings of inequality and resentment can arise.

Discussing money matters may not seem romantic but it is very essential. Here’s where you shall start:

1. DETERMINE YOUR FINANCIAL GOALS AND RESPONSIBILITIES

Setting long-term and short-term financial goals such as establishing realistic budget should be done together. Along with the goals, you must assign financial responsibilities to each other. Who shall pay the utility bills? Who shall do the bookkeeping? Consider various factors such as time, knowledge and skills when deciding which of you shall take the primary responsibility for each task.

2. CONSIDER GETTING INSURED

The vow of “for better or worse, for richer or for poorer…” entails an important promise to live in a financially able home. Buying appropriate insurance coverage, to safeguard you from unforeseen financial hardships, can help embody this vow. Consider these types of insurance:

a. Life Insurance: This policy protects you and your dependents by giving the sum assured under certain circumstances such as being permanently disabled or critically ill. The agreed amount of money is intended to help you and your dependents meet your financial needs.

b. Health Insurance: This policy covers accidents, illnesses, and disabilities that affects your health. To help you and your family deal with the expenses, different health insurance policies are available in the market.

c. Home Insurance: This policy is designed to protect your home and its contents as well as covering any renovation work. Usually, homes that are less than 10 years old or those that are renovated within the last 10 years cost less to insure.

3. ESTABLISH A REALISTIC BUDGET

If you are planning to spend your lives together, it is only fitting that you learn to manage your finances as a unit. Once a month, evaluate your expenses and review important documents (e.g., credit card billing statement or utility bills) to help you create a realistic spending and budget plan for the weeks ahead. Make this a healthy habit to shield your family from piles of debt.

4. DISCUSS ABOUT THE NECESSITY OF A WILL

A Will is a legal document that communicates an individual’s final wishes. It determines not only the distribution of your properties but also the guardianship over your children in the event that both you and your spouse die.

Some people find it difficult to discuss about creating a will as the thought of it seems unpleasant, pessimistic, and morbid. However, think of it as an insurance tool that protects your assets and ensures its smooth transition. It is ideal to make a Will before having children or while they are still young.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, 3, & 4

Married With Benefits: 6 Financial Advantages Of Matrimony

Just as much as money crumbles relationships apart, it can also bring two people together.

As you settle down to the married life, here are some of the financial benefits matrimony can bring:

1. CHEAPER HOME EXPENSES

It takes no doctorate degree to realize that it is cheaper for two people to live together than to live apart. When living together, you are consolidating a singular mortgage or rent expenses. Not to mention, married couples enjoy the advantage of sharing the responsibility for the utility bills. Thus this arrangement can save you hundreds of dollars each month.

2. DOWNSIZED FURNITURE AND APPLIANCES

When married couples move in together, they get to keep some of their old furniture and appliances as they only need a set. Having one set of furniture and one set of appliances will reduce your maintenance costs.

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To make more money, you can sell your unused or underused furniture and appliances that are still in good condition.

3. INCREASED FINANCIAL STABILITY

It is easier to cope with the financial woes if you are married. For instance, if you get fired from your job but your spouse is still working, your partner’s income can support your family for the meantime.

4. PROTECTION OF THE ESTATE/S

If you are married, you can protect your partner’s properties and other assets once he or she dies. First, you must get the Will and contact the executors to ensure the smooth distribution of the estate/s to you and other family members. Then, you need to formally transfer the assets as well as the investments to your name.

5. IMPROVED RESOURCES TO PAY OFF DEBT

It is often challenging to pay debt with one income. By combining your income and your spouse’s, you get to expand your resources and increase your savings. Budget your combined income to pay off your credit card debts and other loans.

6. BETTER FINANCIAL ADVICE

In respect to your marriage, your spouse is supposed to know about your spending patterns and your cash flow. Aside from the financial expert, who can you turn to for reasonable and empathic financial advice other than your spouse?

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So when making important money decisions, it is best to reach an agreement with your partner first.

Sources: 1 & 2

5 Major Money Lies That Can Tear Your Relationship Apart

The fundamental basis of marriage is trust. And when one or both parties breached that trust, it harms the relationship. As family law attorney, Steven Mindel once said: “Financial infidelity is the root cause of many crumbling unions.”

Prevent this crumbling from happening by knowing the 5 Major Money Lies That Can Tear Your Relationship Apart:

1. “IT IS JUST S$60!”

One of the most common financial lies that people are guilty about is lying about one’s spending. Instead of admitting that you bought a S$68 dress, you would round off its price to S$60 as it seems easier to accept.

I have to admit, I had done this a couple of times during my teenage years. I just did not want to tell my mother the whole truth due to the irrational fear of her getting mad at me. Applying the same childish notion to your marriage does not build a mature relationship! It is an unfair approach to spending the money that you both worked hard for.

2. “I ONLY HAVE ONE BANK ACCOUNT!”

Another financial infidelity case that experts see most of is hiding a secret stash. Having a separate bank account is acceptable but, you have to tell your spouse about it.

According to Nancy Butler, a certified financial planner and divorce financial analyst, one of the telltale signs that your partner is guilty of this offense is when you received a bank statement for an account that you did not even know existed.

3. “I PAID THE BILLS ON TIME.”

Sometimes, work and home stress can consume you to the point that you forget your responsibilities such as paying the monthly utility bills. To avoid confrontation, you immediately said that you settled everything already. By doing so, you can experience damage to your credit history as well as penalty fees.

4. “ALL OF MY MONEY GOES TO US.”

Growing up in an Asian household where family is one of the top priorities, it is hard not to help a family member in need. It is hard to be in a situation wherein you are thinking of your financial health while feeling responsible for that of the others.

These type of lie may come from the people who hate lying but they do not know how to handle the situation.

5. “WE ARE ABLE TO AFFORD THIS DEBT.”

In most cases, going further into a pile of debt is never a good idea especially if one of two parties is not even aware of it. Keeping your bad credit score or debt history from your spouse may lead him or her to taking on more credit. Instead of purchasing a home within your means, your partner goes beyond it due to the assumption that you both can afford it.

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Telling your partner that you already have a budget for your debt is only misleading you both.

Sources: 1 & 2

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