MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

5 FUN-astic Activities That Teach Your Kid About Money

Money gives people, of all ages, the decision-making opportunities they need in life. Educating your children to make wise money decisions earlier on will affect their finances in the long run. Why not teach them about money with a hint of fun?

1. CREATE YOUR OWN BILL

Aside from language, art is one of the child’s primary modes of communication. Let your children understand the importance of the design of a note by letting them create their “own S$2 bill”. Use crayons, markers, and pens for this craft. Tell them to use their imagination to decide whose face they shall put in the front and what infrastructure they shall put at the back.

2. USE A PIGGY BANK OR A MONEY JAR

Setting up realistic goals is the foundation to learning about the value of money and saving. Ask your children what they want to buy with their money. After identifying the short-term goal, provide your child with a small piggy bank or a money jar where they can fill up their savings with. Have your child draw the picture of the specific toy on the side of the piggy bank or the money jar.

You may also want to help your child understand that some items will take longer than others to save for. For these long-term goals (e.g., going to Disneyland Hong Kong), provide them with a bigger money jar.

3. SAVE BY SORTING

Based on experience, 3-5 year old kids love to sort things. It trains them cognitively too! Incorporate money in this enjoyable activity by letting your child sort coins in the different denominations of 5, 10, 20, and 50 cents. If your child correctly sorts those coins, reward him or her with your spare change. Ask your child to save this money inside the piggy bank or the money jar.

4. PLAY “FINANCIAL” GAMES

Preaching about money can be a boring subject for kids but if you open up the discussion with a game then that shall stir things up! Play games that teach children about financial concepts. Such games include Monopoly and The Game of Life. They will not only have fun but it will also shape their money management skills.

5. TAKE ADVANTAGE OF TECHNOLOGY

Use technology to your advantage by letting your child watch free videos that teach the basics of making and saving money. For example, your preschooler can learn about salary by following these steps:

a. Describe your job to your children. You may even bring them along one in your workplace and give them a tour.

b. Introduce this video of a farmer that gets paid for supplying milk. This short video explains the concept of money to children in a simple and animated manner.

Or you may print this colorful and informative activity book by Sesame Street.

Sources: 1, 2, & 3

4 Eggciting And Affordable Places To Be On Easter

We are days away from Easter! It is the time for Easter bunnies, egg hunting, high teas, and family gatherings. Celebrate this special occasion of hope and fun in one of these four exciting places, which will cost you under S$50.

1. SENTOSA HARBOURFRONT

Spanning approximately 520 hectares, “The Great Egg-Venture at Sentosa Harbourfront” proves to be Singapore’s largest egg hunt. From the top of Mount Faber to the Sentosa Island itself, participants shall hunt for 60 eggs. The eggs were beautifully hand-painted by the artists from Affordable Art Fair, the students from Temasek Polytechnic, and the youths from FamChamps.

These eggs are not hard to miss as they each have a height of 1.8 meters. More than S$50,000 worth of prizes awaits you! Beyond this, your family can enjoy several activities at the Sentosa Egg Fiesta – Garden Edition.

Website: thegreateggventure.com
Price/s: Free

2. CHIJMES

Hop into The Lawn as CHIJMES brings you a hit Easter Party. Start the day with a high tea suitable for adults and children. Then help your children find the Easter eggs containing various prizes such as S$100 worth of dining vouchers. After hunting some lucky eggs, let your kids play on the bouncy castle and get their faces painted for free!

Tickets are available at the concierge counter daily.

Website: chijmes.com.sg/easter-tea-party
Price/s: S$10/person for the Easter High Tea, S$5 for Easter Egg Hunt, S$5 for Easter Egg Painting

3. HOLIDAY INN SINGAPORE

Window on the Park’s “A Cracking Easter Celebration” will delight your tummies as you feast on hearty roasts, local favorites, sumptuous desserts, and more. From Sautéed Beef with Spring Root Vegetables to Lamb Stew with Chickpeas and Pumpkin, Holiday Inn has got you covered for lunch or dinner. To embrace the spirit of this joyous occasion, there will be fun activities such as Easter egg painting. Deviating from the public, their Easter celebration is set on 31st March.

Website: ihg.com
Price/s: S$35 nett for lunch and S$40 nett for dinner

4. SINGAPORE SENTOSA COVE

For adults, celebrate Easter on a uniquely exhilarating note by plunging into the WET® Pool deck to participant in an aquatic egg hunt. In the “Eggxotic Summer Pool Party”, guests are welcome to sink or float to find a basketful of 100 eggs submerged in the pool. Win a myriad of EASTERRIFIC prizes such as a staycation at W Singapore, dining treats at SKIRT, and a lovely experience at WOOBAR.

On 26th March, the party will continue to turn up as DJs Shigeki, Patrick Oliver, and MR HAS will be mixing the beats all day!

Website: wsingaporesentosacove.com/en/EggxoticSummer
Price/s: S$35 nett (inclusive of a drink and pool access)

Image Credits: www.wsingaporesentosacove.com

Source: Silver Kris

5 Dont’s When Buying Health Insurance In Singapore

1. DO NOT PURCHASE INSURANCE POLICIES BASED ON ITS PREMIUM

As most companies employ monthly premium payments, premiums had become a fixed cost for consumers to consider. But if you solely focus on the price, you might miss out on the policy’s coverage.For example, you may buy the cheapest premium without checking if the insurance policy has disability benefits.

There are a number of exclusions, deductibles, and other factors that you should take note of. Do not purchase a policy just because it is the cheapest. Ask the financial professional to recommend you the best health insurance plan that fits your budget.

2. DO NOT CONCEAL FACTS THAT ARE RELATED TO YOUR HEALTH

Before anything else, you are required to tell your insurer about your medical history even if you had fully recovered from serious medical conditions. Never conceal anything related to your health as you might end up in a grave dispute in the future when making a claim. Be honest about your preexisting medical condition and other on-going health problems.

3. DO NOT DELAY POLICY RENEWAL

Allowing even a day or two to renew your health insurance policy can make your coverage ineffectual. What if an accident happened a day before you renewed? How can you make significant claims then? So do not delay policy renewal to prevent your policy coverage from being useless.

4. DO NOT ASSUME THAT IT IS UNNECESSARY

Health insurance policies are meant to safeguard you from the potential and unforeseen losses, accidents, and hardships. They are meant to curb your expenses at an affordable rate. It is best to purchase an insurance when you are “healthy” as premiums are cheaper when you do not have preexisting conditions.

5. DO NOT AVOID THE INSURANCE AGENTS

Health insurance agents are meant to answer all your questions while understanding your personal situation. Your lifestyle patterns, genetic health predispositions, and budget are unique. And since one policy does not fit everybody, health insurance agents guide you to the policy that is most suitable to your needs.

Image Credits: pixabay.com (CC0 Public Domain)

Do not hesitate on meeting health insurance agents as they can help you get the bigger picture.

Sources: 1 & 2

Should You Lend Money To Your Significant Other?

Lending money to your lover is a tricky business. You may be in a position where trust is completely present but, financial debts can pull you apart. An otherwise happy, supportive, and healthy relationship can come to an end if the money you borrowed is left unpaid.

With the exclusion of married couples, here are the things you must consider if you are thinking of lending your boyfriend or girlfriend money…

OBSERVE YOUR SIGNIFICANT OTHER

As societal norms dictate, lending your money to your fiancé or your spouse is acceptable as you handle payments together. If you are not on that stage yet, you must make a decision with your head and not your heart. Observe the actions of your boyfriend or girlfriend carefully and compare it against your preferences. Opt for someone who is financially stable and fiscally responsible. This does not mean that you are a gold digger rather it shows your perceptive nature.

For instance, your boyfriend borrows money from you in order to pay the bills because he spent his salary on the new game console. Are you going to lend him the money knowing he might not be able to give it back? Can he be able to handle greater financial issues as they arise? Think about it.

MAKE IT A PRESENT

If the amount is relatively small, consider it as a gift that you do not expect back. Do not lend an amount unless you are able to accept the fact that you may never see it again. That is always a possibility and you do not want to ruin your loving relationship with a “couple of bucks unpaid”!

EXAMINE YOUR FINANCES

Before anything else, make sure you can afford to lend and are not in debt. Just because you love your significant, does not mean that you are encouraged to loan him or her money despite being stuck with debt. Do not put your financial future on a downward slope just because your partner cannot manage his or her money too.

PUT AN INTEREST TO IT

When lending money for bigger things such as “buying a motorcycle”, you are bound to get paid for the full amount for a long period of time. For this, you need to make a signed contract that lay outs the amount of money borrowed, the interest rate, and the date/s of repayment.

Image Credits: pixabay.com (CC0 Public Domain)

Chances are, your partner is asking for your help to avoid high interests offered by the banks. Consider having your partner match your savings account interest rate instead.

Sources: 1, 2, & 3

The Age-Old Relationship Of Money And Time

If you lived in Singapore long enough, you will realize that time is money! Not in the literal sense. In a fast-paced work driven environment, time is seen as a valuable and finite resource. Since time is irreplaceable, we must accomplish tasks as quickly as possible. You can always make money but you can never bring back time.

Time and money’s dynamic relationship is manifested in different daily scenarios such as these:

a. HAVING TOO MUCH TIME

Experts say that the unrealistic expectations people have with time outweigh their irrationality with money. It is because measuring our lifespan is a complex task. In a study, participants placed more bets when they gambled with their time than when they gambled with their money. Time is such an ambiguous currency that people cannot see its actual worth.

b. HANGING OUT WITH THE CROWD

Financial psychologist Brad Klontz said that: “It’s the herd instinct that influences each of us, particularly when it comes to our wallets.” Generally, we surround ourselves with people with the same monetary habits. If you frequently hang-out with a cautious buyer, you are more likely to learn a thing or two about the importance of budgeting. And that is not a bad thing!

c. POWER OF COMPOUND INTEREST

As an investor, the longer you keep your money on the account, the more you will make out of it. Elevation of your wealth each year is possible because of Compound Interest. This is why it is advantageous if you started young. And if your “younger years” passed, the next best thing is to start now.

d. BUYING A CAR

When purchasing a car, the present value of your money may not be enough. And you will have to make several financial strategies to increase your future value of money. Watch this short video to grasp its idea:

According to Investopedia, “Time Value of Money is the idea that money available at the present time is worth more in the future due to its potential earning capacity”. Provided that money can earn interest, any amount of money is worth more as time passes. Thus, it is important to calculate the Time Value of Money before you start investing.

Sources: 1, 2, 3, & 4

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