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How To Save Huge Money On Kid’s Clothing

Long before you give birth to your child, the desire to buy adorable child’s clothes kicks in. But, quickly growing children, changing of fashion trends, and huge deals may put a hole on your pocket. Giving your child fashionable clothes does not have to be expensive. Here are 5 Ways to Save Huge Bucks On Your Kid’s Clothing…

1. OUT WITH THE NEW

Since your toddler grows increasingly in the first few years then buying new clothes every year will surely break the bank. Try buying stylish clothes that are very cheap in thrift stores, garage sales, or online (e.g., Carousell or Gumtree).

There are a couple of neat thrift stores in Singapore namely: Praisehaven Thrift Store, New2U Thrift Shop, Oakham Market, and O-Mighty. Most of these thrift stores are donating its proceeds to charity. Visit Yelp.com.sg to read the reviews of these stores. The best part, of course, is that you’re contributing to a great cause while shopping.

2. HAND-ME-DOWNS

Hand-me-downs are totally free! Ask your family and friends (whose kids are older and bigger than yours) if you can have their children’s outgrown clothes. You will not only help your family or friends to de-clutter their space but you will also save more.

3. USE CLOTHES FOR MULTIPLE PURPOSES

Get your child leggings that she could wear during the cold weather then keep wearing them as capris the next summer. Same thing goes for dresses, you can use them as a dress or a shirt once its outgrown.

4. BORROW OR SEW YOUR OWN

For occasions that require special outfits such as Halloween, weddings or other formal parties that you only wear once a year, you can just borrow costumes to save loads of space and money. If you are good in sewing, use your creativity to sew your own “princess or prince” costume for Halloween.

5. KEEP IT SIMPLE

Avoid buying a matching set because it is more costly and it limits your options. Instead, buy solid colored pants and simple patterned skirts that you can mix and match with funky shirts. You will save more buy these items during clearance sales.

Image Credits: mahalie stackpole via Flickr

Boost Your Savings With An Entry-Level Salary

Surviving expenses as a fresh graduate in your first “real-world” job without anyone to depend on can be tough at times. Living from paycheck to paycheck, you will need to find strategies to help you save more. Aside from budgeting, here are 6 ways to boost your savings on an entry-level salary…

1. PACK YOUR LUNCH

After going to grocery, prepare your meals for the week. Packing your own lunch will not only help you save but it is also healthier. This strategy has worked for me very well before and has reduced my meals to S$5-10 a day.

2. TAKE PUBLIC TRANSPORTATION

Being in a country with an efficient transportation system, I do not see the reason why there is a need to take a cab in short distances. Buy a Public Transportation card (EZ-Link card) that you can use for trains and buses to save more. If you still want to drive via car, then carpool with your coworkers who live nearby.

3. MAKE YOUR OWN COFFEE

Your daily sip on Starbucks could be costing you a lot. Brew your own coffee for free instead. You can either make your coffee in your house before you leave or in your office during lunch breaks.

4. ATTEND INEXPENSIVE FUN EVENTS

Save without compromising fun by going to free or inexpensive events. You can search for free museum days, charity concerts, and outdoor films. There are some community events and workshops that charge as little as S$2 so keep your eye on those.

5. NETWORK WHILE YOU PARTY

Socializing with other people can widen your resources and potential business partners. But, it does not mean that you should splurge on drinks. Indulge on drink deals as much as you can during happy hours to save more.

6. BUNK WITH ROOMMATES

Living alone with an entry-level salary is not ideal. So, find friends or co-workers who can split the rent finances with you.

Image Credits: Robert Judge via Flickr

You will not only have a load off but you will also enjoy an awesome company of people who can go with you while you attend free events, happy hours, and great sales.

Don’t think it is possible? Then read how a Singaporean saved $20,000 in a year: http://goo.gl/7cUIC1

Psychology of Spenders And Savers

There are two types of people in the world: those who spend and those who save.

SPENDERS

Compulsive spenders do not want to delay gratification. If they want something, they will purchase it right away…as long as they are happy. It worked so well in the past, so they stick to the same habit. But, when expenses and debts extremely increase then, it is the time they realize that they need to kick that habit away.

Here are 3 ways to prevent your impulses and to help you save:

1. IDENTIFY YOUR FINANCIAL GOALS

How much do you need when you retire or how much do you need to pay for your child’s education? Ask yourself these questions to identify your financial goals. Then, be vocal about it to your friends and family.

2. NEED VS WANT

Before purchasing anything, evaluate and know whether you need or want the item. Then, purchase according to your budget.

3. STAY AWAY FROM THE PLASTIC CARDS

By using mainly cash and withdrawing it from your bank account, then you became more aware of your spending and your account balance.

SAVERS

For financially aware individuals, the act of spending can activate neural activity in the anterior insula and amygdala. These two parts are responsible for the mood and unpleasantness felt. This is why the more these two are activated; the less likely a financially aware individual will spend. On the other hand, the act of saving will bring immense pleasure to them.

While many people take pleasure in purchasing things, some savvy savers do not feel the same. Instead some of these people are uncomfortable when shopping, they constantly look for the price tag and calculate the total, and they feel emotionally painful when they are paying. If you are not experiencing enough pleasure in life, you deserve to loosen up and enjoy spending every once in a while.

So, what brings the pleasure back as a savvy saver that is spending?

1. STAY AWAY FROM THE PLASTIC CARDS

Give yourself the vacation or rest day you deserve by budgeting a portion of your money to a category called “personal incentives”. With that money, you would not need to use your credit or debit card since you have already set aside the cash to cover it. Now all you can do is relax and take your mind off the expenses.

2. PURCHASES=REWARDS

At the end of the month and once you meet your savings goal, reward yourself with the pampering you deserve for working hard and doing so well. To prevent frugal fatigue, reward yourself by using a responsible amount of 4% – 8% of your savings.

3. THINK OF THE FUTURE

Study has shown that people are happier when they spend their money on experiences (e.g., sky diving) than in goods (e.g., Gucci bag). So, do the same with your personal incentives. Do you really want to regret experiences you did not take because you don’t want to spend money on enjoyment?

Image Credits: Tax Credits via Flickr

Even though you belong in one category now…you can still change! Whether you are a saver or spender, you hold your financial present and future.

Budget 2015: What it means for you and me

Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam announced on in Parliament what to expect for the Jubilee Budget.

As PM Lee reiterates: “This year’s Jubilee Budget focuses on the future, building Singapore and helping Singaporeans prepare for changes to come.”

It is evident Budget 2015 aims to tackle the future by investing in equipping Singaporeans with important skillsets, notably with the SkillsFuture initiative.

Here’s a roundup of Budget 2015 (does not include measures for businesses):

For more information, visit http://www.singaporebudget.gov.sg/

Score Great Deals At Flea Markets In Just 5 Steps

1. NARROW DOWN WHAT YOU WANT

Know what you want to buy before coming in to the flea markets. A whole area of second hand and budget-friendly items can be overwhelming so it is best to come prepared. The more focused you are, the easier it is to avoid impulse purchases.

2. MEASURE AND RE-MEASURE

To avoid buying furniture that does not fit your home, measure the room dimensions accurately by using a tape measure and a ruler. If you want to match an item with the room then take a picture or bring a fabric piece with you as you buy.

3. TIME IS ESSENTIAL

You will get the best selection in the first few hours of sale but vendors are reluctant to negotiate early one. So, if you want to save more then wait until the final day. But, expect your selection to be slimmer.

4. DO RESEARCH

Be sure to do your online research before shopping in the flea markets. This way you will be able to spot if the item is overpriced. Then if it is, use your bargain powers to sway the price.

5. GET CREATIVE

The items for sale may be multi-purposed. For example you are looking for a sideboard to put your dishes in, but a dresser/drawer has a better price. Grab the gorgeous dresser instead since you may use it as a sideboard.

Image Credits: US CPSC via Flickr

BONUS! Here are some of the recommended and unique flea markets you shall visit…

A. MAAD (Market of Artists and Designers)

MAAD houses pet-friendly and budget-friendly items for the whole family. Their innovative creators are from independent and are known for artsy fashion and artisan stationary 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. Visit museum.red-dot.sg/maad/ for more information.
B. ZOUK FLEA & EASY

Zouk, one of the famous clubs in Singapore, organizes a flea once every three months. From trendy pre-loved threads to hipster rags at bargain prices, Zouk Flea & Easy offers an eclectic flea experience.Blogshops are welcome to participate! Visit zoukclub.com for more.

C. CHINA SQUARE CENTRAL (CSC)

CSC has a Sunday flea market that offers DVDs, souvenirs, and electronics for less. Aside from that, comic book junkies can grab the later issues and action figures at CSC’s Level 2. Price range starts from S$5 to S$30.

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