money Archives | Page 3 of 16

Budget-Friendly Ways To Spice Up Your Love Life

Does money and partnership mix well in the game of love? I have to admit, intimacy can be expressed in different ways. Some people showcase their affection through the money and the gems it can buy. Nonetheless, your financial well-being affects your intimate relationship.

Put a spotlight on your finances to increase your bond this 2020.

PAY YOURSELF FIRST

Much has been said about loving oneself first, before loving another. I cannot stress how your capacity to love affects the way you behave in the relationship. Think of it as sourcing water from either a full or an empty pail. The same sentiment applies to paying yourself first.

Aim to grow a robust savings first, before extending your funds to your partner or spouse. I know how tempting it is to invest all your money in your business or your family. So, start small and gradually increase the amount that you will keep for yourself.

CREATE A PLEASURE ACCOUNT

When you and your partner continue to deprive yourselves on a regular basis, you will find yourselves overspending at some point. Avoid being caught in this situation by determining your couple goals and saving for these.

Aside from setting aside a portion for yourself, you must allocate money for the both of you. Use your “pleasure account” to fund entertaining activities that both of you will enjoy. You each must put an amount that is fair to you and your partner.

GO ON FRUGAL DATES

Dates should not always be lavish and expensive. You can spice up the romance by indulging on frugal dates such as a movie-night at home or having a rooftop dinner.

You can also take your partner out for some outdoor activities. Spend some time in nature to refresh your mind and body. You can go to the nearby parks, nature trails, or the Sentosa beach. Keep things simple by unplugging completely whenever possible. Cycling or jogging around can give you a whole new bonding experience. Take this time to immerse yourselves in the present and in the company of each other.

DISCUSS MONEY OPENLY

Open communication without judgment is the best way to work through challenges without fostering resentment. Do not let your partner’s unpleasant feelings build up by communicating crucial parts about your finances.

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Discuss your current debt and professional state at least once a month. Go over your finances to determine your financial problems and figure out how to solve these problems. Moreover, you must plan out how you will achieve your financial goals. This will strengthen your relationship in the long run.

Sources: 1 & 2

How To Carry Foreign Currency When Traveling

Armed with a debit card and a stack of American dollars, my significant other and I went on a vacation recently. We needed to unwind as we take a step back from the hustle and bustle of the city.

One thing is for sure! It was a good idea for us to research on how to carry foreign currency in a country we have not been before. Consider the following methods to safely convert your money to foreign currency while traveling.

#1: CREDIT CARD

Credit cards are best used for significant purchases such as hotel reservations, car rentals, and airline tickets. Credit card purchases are usually exchanged at the interbank exchange rate, which leans towards your advantage. What’s more? There are credit cards that rub off their rewards such as added travel insurance or airport lounge access.

The only downside with carrying mere credit card is that some restaurants or stores do not accept credit card transactions. While there are advantages in carrying a credit card, keep in mind the charges that can add up quickly as you return home.

#2: DEBIT CARD OR ATM

Arguably the most convenient and cheapest way to get local cash is to swipe your debit card through the ATMs. You will reap the same interbank exchange rate when you make cash withdrawals through your ATM or debit card as you do when you make a credit card purchase. Spend directly from your bank account with your Visa or MasterCard debit card when you go overseas. Simply ensure that you are aware of the in tree international transaction fees that come with it.

The downside to using your debit card is its foreign ATM use and currency conversion fees. Research on this.

#3: CASH

For immediate purchases that you must consume within the first 24 hours, it is a good idea to carry an ample amount of foreign currency. Before you leave Singapore, remember to exchange your SGD to foreign currency to handle expenses such as taking a cab or buying a meal. Use your cash until you can find the nearest ATM.

It goes without saying that you would not get the greatest conversion rate from your home country. However, it provides a cushion for your immediate expenses and prevents you from being stranded. If you are traveling to a major international airport or a well-known city, you probably do not need to hoard cash as ATMs are of access.

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A WORD FOR SAFE KEEPING

When you are traveling or living overseas, it is entirely impossible that you will not need to spend money in the local currency. Whether you are paying for your essentials or sending money back home, there are several ways to secure your funds.

Research is your best-friend! Know where to get or how to convert your funds while you travel. Bring a small amount of foreign currency abroad unless you can guarantee that the conversion rate is favorable to you.

Nonetheless, you may carry your local currency along with your plastic cards as you cross different countries. Convert your local currency periodically when needed.

Foolish Things People Do With Their Money

We have all made mistakes in the past, especially when it comes to money and relationships. While some are knowingly reckless, others are less obvious. That being said, here are some foolish things that people do with their own money.

Awareness is the key to change!

BEING OVERLY CONSERVATIVE WITH ONE’S INVESTMENTS

Whether you are terrified to max out your savings or to dive into uncharted territories, Millennials are not investing hugely in the stock market. Consider your risk tolerance while you are in your early 20s as this is the best time to bounce back after a decline. Compound interest entails that it is beneficial to stay in the market as early as you can. Simply put, a risky investment while you are young has time to correct itself.

Apply this ideal towards your retirement fund. Set a diversified portfolio directed to your retirement fund and ensure that the risk exposure is based on your age and timeline.

ABSORBING THE INTERNET SCHEMES

Let us face it! The Nigerian Prince you have waiting for may never come. Although Internet scams have become more sophisticated than ever, you must not give your sensitive bank information to anyone that pleads for it.

Some people carelessly give out their account passwords in the name of love. You have to think twice! You are merely opening yourself to identity theft by doing so. Mark suspicious emails as spam and leave them alone.

MAKING FINANCIAL DECISIONS ON YOUR OWN

A family is a unit and it is helpful to have an open communication with your partner. As financial decisions and career paths affect multiple people in the relationship, you must discuss these as a unit. Relocating, childcare, long working hours, or converting to entrepreneurship are examples of factors that involve the sole earner as well as other family members.

If you belong to a dual-income household, do not make the daft decision of managing your ambitions on your own. Ensure that you are on the same page when in comes to managing your household and your career goals to avoid conflicts.

DISMISSING YOUR CREDIT CARD REPORT

Despite being a free service, checking one’s credit card report is not something that people do religiously. It is important to check your report to help you catch suspicious activity, prevent identity theft, and report unauthorized purchases.

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In addition to keeping an eye on fraud, you can track your credit score progress.

Sources: 1 & 2

Everything You Need To Know About Malaysian Ringgit

Much like Singapore, Malaysia is a multicultural country. It has substantial influences from the British, Arabic, Persian, Indian, and Chinese culture. Aside from this, it shares land borders with Thailand, Indonesia, and Brunei.

Not to mention, we can simply travel to Malaysia by land. Whether you are travelling to Malaysia or having a business transaction, here is a list of everything you need to know about the Malaysian Ringgit!

#1: MORE THAN JUST ART

Vibrant colors sprinkled on the notes are the first things that people notice about the Malaysian Ringgit. Did you know that these colors serve a purpose? Aside from being aesthetically pleasing, the colors enable you to identify the denomination in a glance.

Now, look at the reverse side of the note. Most bills contain images of Malaysia’s infrastructure at the back. For instance, the famous Petronas Twin Towers grace the 5-ringgit note.

#2: MOVES LIKE JAGGED

In Malay, the word “ringgit” means “jagged”. It originates back to the colonial times where rough Spanish silver coins were once used. During this time, the coins were called dollars. This is why you may have seen some prices listed as “$” or “M$” before.

Currently, the currency in Malaysia is issued by the Bank Negara Malaysia (National Bank of Malaysia).

#3: SMART MONEY MOVES

When travelling to Malaysia, you have to be mindful with how you spend your money. Spare your small change to the street vendors or the people who have a problem breaking down your large notes.

Save your RM50 and RM100 banknotes to hotel, bars, mini-marts, and other establishments that carry plenty of cash flow.

#4: MUCH IS THE SAME

Interestingly, the Ringgit shares the same denomination as the Singaporean Dollar. It is divided into RM1, RM5, RM10, RM20, RM50, and RM100.

There used to be an RM500 and RM1000 denominations, but the government demonetized it in the 1990s to curb money laundering. If you see this note being handover to you, stay vigilant. Do not accept any of these notes from anyone.

#5: MONEY SPENT AND MONEY SAVED

According to a study, the top three ways that Malaysians employ to eliminate their spending include spending less on clothes, reducing entertainment costs, and switching to more affordable grocery items.

On the other hand, they spend most of their disposable income on dining out. This is followed by their petrol and housing costs.

#6: SAVE YOUR TIPS

Save your tips as most people do not expect to receive it. Tipping is not a common practice in Malaysia. Some places such as restaurants and luxury hotels may add a 10% service charge to your bill.

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Otherwise, tipping will be discretionary.

Sources: 1 & 2 & 3

Money Motivator: Its Pros And Cons In The Workplace

Faced with a target in my head, most of my decisions as a head are calculated. The coveted reward at the end of the rainbow is the bucket full of gold.

While motivating employees with money has its significant advantages, it is not the only way that employees can be truly motivated.

MONEY IS UNIVERSAL

There is a reason why many hip-hop artists rap to the tune of money. It is a universal motivator that drives people of all walks of life. Without money, how can we survive?

Its universal nature is one of the advantages of using money as a motivational tool for employees. You see, most people see bonuses as a means to purchase material possessions or personal experiences that they have been putting off for a long time. While the monetary increase is the same for each employee, its uses vary. That is what makes money fit for all!

MONEY IS COSTLY

It comes as no surprise that money is costly. A huge drawback of using money to motivate your employees is that it adds to your overhead costs. You have to give up a portion of your profit for each time you offer a bonus or a raise.

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What is even costlier? Some employees may expect to get consistent monetary rewards for each time they exceed their performance expectations. The terms of the reward should be discussed clearly to your employees.

MONEY PROVIDES STRUCTURE

Monetary rewards can be quantified and structured, unlike its counterparts. A business owner may come up with a starting point and an end point. Incentives can be achieved once the end point has been reached. Sales programs usually structure money incentive through commission or quota-based sales. These two are individualistic.

On the other hand, you can fuel up the teamwork by creating a percentage goal. Reaching a certain percentage goal at the end of the year can equate to a certain bonus. This fosters teamwork where everyone is motivated to help each other.

MONEY BREWS CONFLICTS

Last but not the least, money motivator can cause conflicts within the group and the self. It can be demoralizing for some people to consistently fail in getting a certain reward. More so, comparing your bonuses to others can brew conflicts. Some team members may resent others when they do not automatically get their slice of the “cake”.

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As a leader, understanding your team is far greater than any monetary incentive. Know what is important for each employee and try your best to keep them happy and healthy. Find the best incentive program that will work for your team whether it involves money or not.

Sources: 1 & 2

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