Living barely within your income is not a laughing matter. When you are living paycheck to paycheck, you live a life of constant stress, worry, and dread that you might be stuck in an unfortunate debt. It is a struggle to gain control of your money and your commitments. So, here are 3 Simple Tips To Stop Living From Paycheck to Paycheck…
1. CREATE A SYSTEMATIC FINANCIAL OPERATING SYSTEM
In order to cease your worries, a huge turnover can be money flow management. You must give conscious effort to know about where your money flows in and out. Once you have control over your money flow. Then, you will be able to create a systematic financial operating system that consists of: money flow management and budgeting.
Money flow management is accomplished by using a ledger or an app. There are a couple of efficient yet free apps that can help such as: EXPENSIFY, EXPENSE MANAGER, MONEYWISE, POCKET EXPENSE PERSONAL FINANCE, and MINT.
Image Credits: wikihow.com/Do-Envelope-Budgeting
Likewise there are a couple of budgeting such as STATIC or FLEXIBLE budgeting. For personal finances, I highly recommend a simple technique called ENVELOPE budgeting. It starts by storing the cash into separate categories of household expenses that are allocated in separate envelopes.
Budgeting will surely help you gain clarity and control. Start by writing down your monthly income, followed by your monthly expenses, and then subtract the two. Plan and search for a suited technique.
2. PREPARE MONEY FOR YOUR BILLS ACCORDINGLY
Some bills are due frequently while some are semi-annually. Prepare money for your bills accordingly by noting them down. If you have a monthly bill, you may try a trick called half payments. For half payments, you prepare the payment for the bill by subtracting half of the bill’s amount to your bank account per two weeks (bi-weekly).
3. BOOST YOUR EMERGENCY FUND
Prepare for the unforeseen events and financial failures by saving at least 8% of your income per month. You shall call this category your “emergency fund”. It is better to save a certain amount of money than to have nothing save at all.
When you are young, in your 20s or 30s, retirement feels like a looooong way ahead.
Typically in your 20s, the only person you have to spend for is yourself. In your 30s, you will have new financial priorities such as the wedding, child’s schooling, house loans, etc.
If you consider all the aspects of your finances and fast-paced life today however, you will realize that it is the best time to start saving for retirement before you hit 35. Even the strategies to save for retirement are in-lined with the ideal to start saving while you are young.
Here are the 4 strategies to save for your retirement before your mid-30s…
1. PAY OFF YOUR DEBTS
It makes sense to pay off your debts or at least your high-interest debts before you save for your retirement. Since not all debts are equal, pay off your high-interest debts first followed by the lower ones.
2. SET UP A BUDGET
Systematically allocate your income onto different categories and stick to that budget. Do not spend beyond what your budget is for that month. This allows you to save regularly rather than arbitrarily.
3. SEEK FOR AN EMPLOYER THAT SUPPORTS YOUR GOALS
Image Credits: American Advisors Group via Flickr
As much as possible, look for an employer that supports your long-term goals. If your employer offers Retirement or Pension Plan then embrace this company benefit.
4. TRACK YOUR RETIREMENT SAVINGS
During your…
a. 20s
It is best to start saving at least 5% of your income or sign up for your employer’s Retirement Plan. Avoid debt as much as possible and get educated about your finances.
b. 30s
Invest your money and check whether it is in lined with your goals. Increase your contribution to your Retirement Savings while preparing for your child’s school fees.
c. 40s
Make thought-through decisions about your expenses and cut down the unnecessary. This is when you hit your savings to the maximum. By this time you should have at least S$80, 000 to your Retirement Savings.
d. 50s
During your 50s, you must prepare for the unexpected. Seek the financial experts’ help if you must. Then, plan your exit with glee because you are well prepared for it.
Note: This is just an ideal time frame for your Retirement Savings. Contemplate and reconsider the realistic measures that are suited for you.
33 Erskine Road The Scarlet Hotel 069333 Phone: 6836 4647
Casa Tartufo is helmed by Alex and Tammy who was inspired by the homely feeling of restaurants in Milan, Turin and Florence. Casa Tartufo is the Italian of “House of Truffles” so expect their signature dish to be truffles-inspired. For this coming Valentine’s Day, indulge in a five-course truffle dinner consists of their raved-about dish Burratina (Burrata Cheese with a Truffle heart), Agnello (Char-grilled Lamb Chop with Truffle Potato puree. End off your meal with a Chocolate Molten Cake with Hazelnut Gelato, served with coffee or tea & biscuits. You will definitely leave this place feeling satisfied.
2 Keppel Bay Vista
Singapore 098382 Phone: 6776 0777
Privé Grill makes a perfect venue for your date on Valentine’s Day. Located near the harbour, stroll down the water’s edge at Marina after your dinner. If your special one have an insatiable craving for seafood, Privé is set to serve up the freshest Poached Oysters and Smoked Norwegian Salmon Belly. Tuck into the main with a choice of Salt-Baked Atlantic Cod or a Josper-grilled Brandt Fillet Steak. Don’t forget to sweeten up the rest of the day with a Rose Panna Cotta dessert served with Tonka Bean Ice Cream. Did i say you can serenade by the pier under the lamplight after your sumptuous meal?
Cost: $108 per pax (6-7pm) or $118 per pax (regular seating), Menu
3. JOIE BY DOZO
(Image credit: mychefdoeuvre.com)
181 Orchard Road
#12-01 Orchard Central Phone: 6838 6966
Who say you can’t fine dine without meats? Joie Restaurant is a restaurant that goes meatless in their menu. Chef Sherwin (Previously Executive Chef from Coriander Leaf Group) creates a new concept for diners with his French-Japanese fushion cuisines. You would be surprised at how delectable vegetables can be after he put them on the wok. If you and your partner are a fan of greens, Joie Restaurant is the ideal place to be where you can chomp on the freshest ingredients such as white asparagus, zucchini, portabello and mushrooms. You don’t want to leave this place without trying their signature Rubik Cube made up of red and yellow watermelon, pair with mint gelee and feta cheese (Cubes of Duo Watermelon).
Don’t wait (pun intended) to try out the Japanese fares on the menu of Chotto Matte. If you dine at the sushi and sake bar, you will see Chef Roy Chee (Previously Executive Head Chef of Standing Sushi Bar) slicing the sashimi with pride and concentration and you know it’s good stuff that you don’t want to chotto matte. The Shiro Maguro (Marinated American White Tuna) are generously cut to melt in wholesome in your mouth. For this Valentine’s day. they are offering a four course dinner where you get to try not only assorted sashimi, but together with Grilled Wagyu Steak or Pan Fried Cod Fish Foie Gras with Mentaiyaki Sauce.
18/20 Bukit Pasoh Road
Singapore 089832 Phone: 6222 2084
If you have dined at Dozo Restaurant before, you would have known of the place as an affordable venue for fine dining. The team here were previously from Dozo so you would be glad that The Clan Restaurant is also pretty wallet-friendly, yet without compromising its quality! Expect a fushion twist of modern European and Asian fares brought to you by The Clan Restaurant. Sit down to the bountiful feast of seafood this Valentine’s Day as they prepare a six course dinner with a Baked Codfish and Lemon Parmesan Croquette drenched with Watercress sauce as the main. If you are a red meat lover, go for the Wagyu Beef with peppercorn sauce. Call it a day with their Tiramisu topped with chocolate shavings.
Nestled in Rochester Park, Nosh Restaurant and Bar sits in a two-storey black and white colonial bungalow in a lush surrounding.It is a quiet place so if you are someone who places ambience as your priority, look no further. It is also worth mentioning that service at Nosh is also impeccable, and they really make you feel invited as a guest. Check out the 4 course meal they have for this special ocassion, you start off with a sharing portion of Duck Rilettes, slow cooked to bring out its flavour before you cool down with Watercress soup. To whet your appetite further, choose between the Braised Short Ribs or the Baked Black Cod as your main. After your meal, head down to the Greenhouse Bar for a drink or two in the romantic alfresco setting. Love birds, what are you waiting for?
Cost: $198++ per couple (Including 2 glass of moscato), Menu
7. BURLAMACCO RISTORANTE
(Image credit: reserveit.sg)
77 Amoy Street
Singapore 069896 Phone: 6220 1763
With a 94% vote on Hungrygowhere, you can’t go wrong if you choose to dine at Burlamacco. Located along Amoy Street, you would be pleasantly surprised with its modern setting and warm ambience. Burlamacco also carries authentic Italian food that makes you go buono Burlamacco! Both of their signature dishes (Burrata with Red & Black Caviar and Grilled Angus Beef Tenderloin) are included in the Valentine’s Day Set Menu, so both of you are definitely in for a treat. At the end of the course, you would be served Strawberry and White Chocolate Mousse with Saffron & Vanilla Sauce. Perfect combination, ain’t it?
Cost: $108++ per pax for first seating, Menu | $128++ per pax for second seating, Menu
Indulge in a gastronomic experience when you dine at Bistro Soori. Its minimalist yet modern interior design emanate a chic and trendy vibe in its dining area, makes a perfect setting for the special day on the 14th. They literally transform food into precious gems on a plate with their fusion concept, and it not only look aesthetically pleasing, and it is simply lip-smacking! At $98++ per pax, kickstart your palates with Seared Tuna Tataki with Jelly Fish Salsa, Tibiko and Shiso Sprout. For the mains, you have a choice of a Baked Half Lobster or Braised Beef Short Rib. There’s also a glass of Prosecco or Dessert Wine and a door gift included in the 4 course meal.
Some people struggle to make ends meet while others succeed in their finances. Have you ever wondered why? The answer may be a combination of different factors that play a significant role and one of them is repeated behavior. An individual’s repeated behaviors or habits are learned from young and affects the person’s decisions in the long run.
So, understanding the value of money and being taught at an early age to save your allowance, watch your spending, and note down your expenses can really boost your finances throughout your life. As the saying goes, old habits are hard to break. Without further ado, here are the Secret Habits of Financial Savvy People That You Must Adopt…
1. WATCH YOUR SPENDING
The first step is to be aware of your spending patterns and exactly how much you are spending per month and per annum. This will help you decide how much you shall save and help you to highlight the unnecessary expenses.
Recording all your expenses, no matter how big or small they may be, can help you plan your budget wisely. Find the perfect (and Free) money management app for you here.
Lastly, stop buying useless stuff that you do not need. Rethink if buying overpriced coffee rather than making your own coffee at work saves you more. Instead of buying lunch, pack your own lunch for at least 2 months. It may seem simple, but these unnecessary expenses add up.
2. SET SMART FINANCIAL GOALS
Develop a habit of financial goal setting to know where you are going and to plan how you can get there. Write down your financial goals with a witness (e.g., spouse or a close friend) and contemplate the monetary milestone you would like to accomplish in the next 2 to 5 years. Track down your monthly progress.
This habit is practiced in businesses that have quota system or in fundraising events, but it surely works for personal finances too!
3. ACCOUNTABILITY AND INDULGENCE
In most cases you must you shall practice the habit of being accountable and owning the responsibility in your spending. Be accountable of your spending by managing it and by following your financial goals. It is an important habit if you want to maintain consistency and progress.
Image Credits: TaxCredits.net via Flickr
In order for a habit or a behavior to be repeated, it must be rewarding. Set aside at least 3-5% of your income to a category called “incentive or shopping money”. I personally do this through the envelope budgeting system (learn about it here). Giving yourself a well-deserved treat after the whole month’s work will surely keep you going.
Who would have thought that a Scottish American with barely a dollar to his name would soon be the richest man in the world?
Andrew Carnegie migrated to the United States with his low-income parents in 1848. He then started to work as a telegrapher. 10 years later, he had investments in railroads, bridges, railroad sleeping cars, and oil derricks. Then, his wealth increased further as he worked as a bond salesman.
He became the world’s richest man in 1901. Aside from having a high profile, he was also a philanthropist. This is the reason why he gave away about 90% of his fortune (US$350 million in 1919 = US$4.7 billion in 2015) US to charities by the time of his death.
Image Credits: wikipedia.org/wiki/Andrew_Carnegie
CARNEGIE ON WEALTH
Andrew believed in using his wealth to help the lives of others and enrich the society. In 1889, he wrote an article entitled: “The Gospel of Wealth” that preached his belief of good will. It stimulated the wave of philanthropy.
This is one of his memos:
“Man does not live by bread alone. I have known millionaires starving for lack of the nutriment, which alone can sustain all that is human in man, and I know workmen, and many so-called poor men, who revel in luxuries beyond the power of those millionaires to reach. It is the mind that makes the body rich.”
CARNEGIE ON SUCCESS
His philosophy go beyond wealth. At the height of his career, a young journalist named Napoleon Hill reached out to him to get insight about success. Andrew Carnegie instilled the “10 Rules of Success” to Hill and it has been the foundation of much of his work.
Here are the “10 Rules of Success” that you can use in your daily lives. These are laid out in Hill’s book entitled: “The Science of Success”:
1. Define your purpose.
2. Develop a “master-mind alliance” and expand your resources.
3. Take the extra mile.
4. Practice the “applied faith” and believe in yourself.
