MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Financial Intimacy: How To Mix Love With Money

Relationships and investing are both complicated and mixing the two can either be a home run or a recipe for disaster. As Michelle Singletary, author of Your Money and Your Man: How You and Prince Charming Can Spend Well and Live Rich, once said:

“Couples want to know should they have his, hers, or ours, or all of the above. They’re not sure how to manage it. And that’s where a lot of the arguments come in, especially if there is uneven income earning between the two.”

Sometimes an individual may feel like a child receiving an allowance from his or her spouse, but it turns out that the person simply cannot handle money well. The situation can be resolved if both parties begin to be accountable for their money. Aside from this, here are some tips to boost your financial intimacy:

1. INTERVIEW EACH OTHER

Upon entering a serious relationship, you must discuss about your perspectives on money, spending habits, and sharing costs. This will make talks about financial issues easier as time goes by – especially if you are planning to spend the rest of your lives together.

For couples who are about to get married, you must touch on the long-term subjects such as how to enhance your credit scores, how to address retirement, how lavish your wedding ceremony will be, and how do you plan to manage your money.

2. BE COMPLETELY HONEST

Regardless of whether you have joint or separate bank accounts, you must always be honest to your partner about your current financial situation and your ideal financial situation. Tell him or her about your purchases, debts, income, assets and other things that are in your account/s right now. As for your ideal financial situation, relay your future plans such as having annual overseas trips.

Financial intimacy entails full disclosure about your finances including knowing what documents are signed and where the records are kept.

3. SEEK OUTSIDE HELP

When it comes to marriage, you become half of a legal and financial partnership once you say “I do!” This is why Premarital Counseling incorporating a strong financial component is a great help. If you are deciding to purchase a condo or an HDB through your CPF accounts, the financial professional will guide you to good credit score and substantial amount of savings. An accountant during the first year of marriage is also helpful as your taxes can get complicated during the transition from single to married.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1,2, & 3

Surefire Ways To Earn More While You Sleep

1. JUST SLEEP

As researchers had found, sleep can improve your concentration, boost your cognitive function, reduce your stress levels, and even increase your Emotional Quotient (EQ). But aside from these, it can also increase your salary! An additional hour of sleep per week has shown an increase in salary by 1.5% over the length of a season and 4.9% over the length of a few years. This increase is due to the positive effect of sleep on productivity.

2. CREATE A PAID BLOG

By constantly writing or blogging about a certain topic, you become sort of expert on that topic. In order to get started, your blog must have a thematic niche such as fashion, finance, or parenting. Preoccupy your time by improving the blog’s design and content. Then, start earning by placing advertisements or becoming an affiliate partner. The most feasible ways to earn money from your blog are paid advertisements, paid articles, offering courses, and selling books.

Curious on how much a successful blogger can make? Well, they can earn as much as S$5,000 a day.

3. SELL YOUR PRODUCTS ONLINE

Capitalize on your products to support your business and your clients’ needs. Online platforms are a great way to sell your products. You simply have to put a page, employ a shopping cart, and promote it. If you are designing a yoga sportswear collection, consider launching it online to receive a stream of revenue even as you sleep.

4. BE AN INVESTOR

According to Investopedia, an investment is a monetary asset bought with the assumption that it will provide income in the future or be sold at a higher price. Investments in Singapore include the purchase of stocks, bond, gold bars, and properties. Fortunately, you do not have to be regularly present to operate these investments. Start by knowing more about the different investment types and how each one works through indulging on the free resources available physically and virtually.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1,2,& 3

Amazing Places To Celebrate Mother’s Day In Singapore (Under S$50)

I echo the words once muttered by Jose Andres Puerta.

“I guess that from the moment we are fed by our mothers, without even knowing it, we are caught in a net that brings us comfort, something we always feel when a special woman cooks for us. It is something unique and personal – it is something we want to keep for ourselves.”

We are special not only because a woman has bestowed her “net of comfort” towards us but also because she gave us wondrous gifts. The gift of food displayed whenever she cooks, the gift of lessons translated whenever we fall, and the gift of life manifested through our own journeys. As we are days away from Mother’s Day (May 8), it is about time to decide where you want to celebrate.

Show your superwoman how much you care for her by taking her in one of these places:

1. GOOD OLD DAYS RESTAURANT

Experience the great taste of local cuisine and other Asian fusions when you indulge at a 2-story casual dining restaurant at Beach Plaza, Sentosa Island. From the thick rice noodles and spicy flavorful broth of Laksa to the succulent chicken and fragrant rice of Chicken Rice, you are sure that Good Old Days will satisfy your appetite. You and your mom can take advantage of their ongoing Asian Dinner Buffet Promotion of S$15/head for children and S$20/head for adults.

2. REDDOT DESIGN MUSEUM

MAAD, Market Of Artists And Designers, houses unique and budget-friendly artisan pieces. Here you will find a wide array of crafts, plush toys, handmade jewelry, and paintings. The price range starts from S$10 to S$50. Shop around with your Mom on their upcoming MAAD free entry event this May 13 while enjoying the live performances from the local artists. Visit museum.red-dot.sg/maad for more information.

3. SANTA FE TEX-MEX GRILL

Known for its authentic Texan-Mexican food and southern charm, Santa Fe Tex-Mex Grill is sure to shake things up this Mother’s Day. Treat your lovely angel on a hearty feast aboard the Riverboat on dinner of May 7 or May 8. Personally, their all-you-can-eat desserts as well as the Grain-fed Rib Eye Steak sounds music to my ears.

Prices are S$38++ per adult and S$24++ per child. Check out their menu, here.

4. NAILZ2U

A hidden beauty gem resides in Toa Payoh and it is called NAILZ2U. NAILZ2U offer spa, nails, waxing, and other treatment services that are already affordable even without promotions. This is why their Mother’s Day Promo is a delicious icing on the cake. Enjoy a discount (equivalent to your age) on all their ala-carte services. For example, if you are 30 years old and your mother is 60 years old then you will get a 30% off your services while she will get 60% off on hers.

I recommend that you go for the Aloe Vera Hydration Spa or Roses Icing Spa (U.P. S$25-35) and the Express Manicure/Pedicure or Classic Manicure/Pedicure (U.P. S$15-38). Worry not if your schedule does not permit you on May 8 itself as the offer ends on May 31!

Image Credits: nailz2u.com.sg/promotions

How To Travel For Free And Get Paid In The Process

1. WORK AT A CRUISE SHIP

Cruise on the clear blue seas without spending a cent by getting a job at an international cruise line. Cruise lines all over the world are in constant need of staff such as entertainers, waitresses, and housekeepers. Find a job that suits you best to get the free boarding and your desired pay. With few opportunities to spend your money while on the cruise, you are sure to come home with more money than you left with!

2. BE A MYSTERY SHOPPER

Mystery shoppers are individuals that the company hires to pose as regular clients in order to evaluate their services and products. Feedback about their experiences are given to the stores, groceries, and restaurants. In most cases mystery shoppers are hired locally, but there are overseas mystery shopping assignments too. However, these assignments are usually given to experienced mystery shoppers. Work towards it!

3. FIND JOBS AT HOSTELS, RESTAURANTS OR RESORTS

In exchange for free bedroom accommodation, why don’t you work in either the hostel’s front desk or the cleaning services? Hostels are usually looking for new staff and the same goes for resorts. For resorts, you make take on jobs on the front desk, restaurant, and entertainment department.

Image Credits: pixabay.com (CC0 Public Domain)

Lying on the country’s classified ads are cafe or restaurant job opportunities. Flip it open and apply. Explore your options to choose the best working hour that fits your travel itineraries.

4. OPEN A MOVING COMPANY

Get paid to head on a road trip by delivering furniture, animals, and other items from one destination to another by opening your own moving company. Professional movers pack the client’s items carefully and deliver them safely through trucks or vans. If you are up to the task then this is an idea that you must consider.

5. TEACH ENGLISH ABROAD

Hundreds of job opportunities that cater to TESOL (Teaching English to Speakers of Other Languages) certified individuals, native English speakers or people who are fluent in the said language. A simple way to make a buck is to check out Dave Sperling’s ESL Cafe.

ESL Cafe is a website that is open for people who teach English and provides them students from around the world. You may send your resume or C.V. to schools and individuals in South Korea, China, Japan, and other locations.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

4 Essential Money Questions Poly And Uni Students Shall Ask

Entering Polytechnic or going straight to University can be exhilarating! Some even move to different countries and make significant decisions by themselves. Managing your personal finances at this age can be challenging but it is always a good idea to start early.

Because of the hefty fees and other expenses parallel to Polytechnics and Universities, it is important to consider these aspects of your finances…

1. WHO IS RESPONSIBLE FOR PAYING WHAT?

Poly and Uni students can collect money from different streams such as their part-time jobs, parents, loans, grants, scholarships, or a combination of all these. On the other hand, the categories of expenses are varied too. You will be paying for tuition fee, books, transportation, food, living expenses (if applicable), and so on.

Sit down with your parents to discuss who is responsible for paying each of the expenses. Offer to help if possible.

2. HOW DO YOU MAKE A REALISTIC BUDGET?

It is easy to get complacent with your finances as a student especially because you do not have to pay for mortgages, for childcare, and for other “adult” responsibilities. However, it is easy to lose track of your cash flow if you are to lax about your money. Remember that your income is limited and infrequent so you have to save the most of it.

Start by creating an easy yet realistic budget with the envelope system. With this system, tracking your spending and analyzing which category to cut down does not take too much of your time.

3. WHAT IF I WAS SHORT OF CASH?

Say unexpected events happen and you run short of cash, will your parents help you out or not? If so, will the money be given as a gift or as a loan? Is it possible to get a part-time job instead?

During my first year in Uni, I did not expect the influx of social expenses such as club registration fee and school dinners. I had to save up some of my allowance and pack some lunch in order to settle this unforeseen expenses. Aside from this, you can gravitate toward part-time jobs. Your part-time job can either add to your school allowance or buffer emergency fees. Know how to hunt for a job through this simple guide.

4. WHERE DO YOU LOOK FOR FINANCIAL GUIDANCE?

Every student has a different financial circumstance influenced by how much or how little the parental involvement is. I was very fortunate that my parents supported me all throughout my years as a student. I did not even have my own bank account then! Thus I can say that my parents were the ones who guided me financially as a student.

In contrast with my situation, I had two friends who were basically financially independent during their Poly and Uni years. One was a scholar while the other was in army. They monitor their own bank accounts, control their own budgets, and dictate their own spending. For financial guidance, they still seek their parents’ advice at times but mostly do everything on their own.

Image Credits: pixabay.com

If that is not enough for you, you can always consider getting useful guidance from qualified financial professionals.

Sources: 1, 2, 3,& 4

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