How to Be a Good Money Influence on Your Friends

Friendships can benefit you in encouraging you to live healthier, elevating your quality of life, and lifting your self-esteem. Your friends should help you to be the best person you can be. You should do the same. Here are a few tips on becoming a good financial influence on your friends.

#1: SHARE YOUR EXPERIENCES WITH OTHERS

In 2013, researchers found that solitary experiences brought just as little happiness as the material things. Social experiences, on the other hand, were more valuable to the participants. Compared to possessions, we worry less about what others will think of our experiences, and they do not generate the same kind of regret. Consider sharing your experiences with your close friends and family members.

#2: SPEND MONEY ON THE RIGHT PEOPLE

A 2011 study showed that participants who recalled spending $20 on someone close to them reported feeling more positive emotion than those who recalled spending $20 on an acquaintance. Spending money on the right people is important for your financial health.

Allocate your dollars so your friends or family members can benefit without you feeling detached or drained.

#3: PAY YOUR BILLS ON TIME

Serve as a good example by paying your bills on time every month. Paying your bills on time helps you avoid late fees and prioritizes essential spending. On-time payment history can also lift your credit score and improve your interest rates.

#4: SAVE MONEY TO AFFORD BIG PURCHASES

Can you imagine constantly asking your friends for money? Certain kinds of loans and debts can drown you. Big purchases such as purchasing appliances and furniture can best be completed by cash.

When you buy in cash, you avoid generating interest and creating a debt that requires years to pay back. In the meantime, you can save money in your bank account and watch the power of compound interest.

#5: SET SMART GOALS

A person with financial goals can provide a good direction for himself and those around him. Setting goals helps you lay out your “why”. It also gives you something to work towards for.

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As you set your financial goals, keep in mind that you want them to be SMART. Break down your big goals into small, easily digestible chunks.

Sources: 1 & 2

 

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‘Tis the Season to Avoid Romance Scammers

Romance scammers profess their love quickly, without actually meeting you. This is the first sign of an online dating fraud. Online dating and sextortion scams can poke a deep hole in your wallet and your heart. Saying he or she loves you can be a tactic to make you give up personal details and answer security questions to open your bank accounts.

Guard your personal details and be wary of your new love interest by following these tips.

#1: BE VIGILANT OF BAD GRAMMAR

It is one thing to use slang and emojis, it is another to constantly commit grammatical errors. Sweetheart scammers are often operating outside of Singapore, so pay attention for grammatical errors and misspelled words.

#2: OFFER A PUBLIC MEETING

A surefire way to get to know someone is by meeting them in person. Choose a safe, public space that will make you feel comfortable. If your sweetheart scammer refuses to meet you in person after asking multiple times, take it as a sign that he or she is probably lying to you.

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#3: DO NOT GIVE IN

Strangers asking you for favors and money send a red flag. Consult your trusted friend and family members if you are unsure of an online relationship. It is best to avoid giving money to strangers.

#4: DO A QUICK GOOGLE SEARCH

Do your research by typing his or her name on Google and social media platforms. Your snooping habits should give you a clear impression if the person is real or a catfish. Remember to reverse search their social media profile images through Google.

#5: DO NOT SEND SENSITIVE PHOTOS

Sextortion is a serious crime that involves a perpetrator threatening to publish private and explicit information to others if you do not give in to the perpetrator’s demands. These demands usually involve money or sexual favors. Despite how deep your affection is towards a person, please avoid sending sensitive, personal photos.

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Get to know the person better. Cross-check a person’s name, photo, location, email address and other details for legitimacy.

Sources: 1 & 2

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6 Ways to Fine-Tune Your Lifestyle

Being financially responsible is vital for your health and your financial life. Spending less than what you make each month entails that you live within your means. For many Singaporeans, it is a lot easier said than done.

Start with small financial changes to alter your lifestyle!

#1: TRY BACKWARD BUDGETING

Write down your income and start subtracting each monthly expense. If you get a negative number, you are spending more than you make. You need to cut back. Focus on reducing your expenses to fit your income.

#2: SAVE FOR LARGE PURCHASES

People often use credit cards for large purchases that they cannot afford entirely, such as a new air conditioner. It is best to set aside some money each money until you have saved up enough to buy it outright. Do not purchase something that you cannot afford to buy.

#3: WAIT FOR SALES

12.12 is right around the corner! Save money on your favorite brands or large ticket purchases by waiting for sales. You can often predict when an item will be discounted. Perhaps, a new model will come along. Take advantage of year-end sales!

#4: ASK FOR A LOWER PRICE

Sometimes, all you need to do to save cash is to ask. If you are a long-term client who has never made an overdue payment, you may be entitled to a loyalty discount. Affordable vacation packages can also be offered to you once you ask for flexible travel plans.

#5: PAY WITH DEBIT OR CASH

Leave your plastic cards at home. Try to buy things that you can afford using cash or your debit card. Be strategic and calculate your moves. Consider apps to automatically put money in your savings every time you use your debit card.

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#6: STOP KEEPING UP WITH THE TRENDS

Trends come and go. Resist the pressure to have the same material things as the people around you or the people you see online. You may be able to use credit cards and loans to fake wealth for a brief period, but you will pay for it later. That is more painful.

Sources: 1 & 2

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How to Save Money when Shopping for Luxury Bags

Shopping for the perfect Christmas gift can be a stressful affair! You have a ton of things to do, and between all the planning for the family gatherings, there is hardly enough brain capacity left to be thinking of what to put under the tree. In addition, you do not want to spend a fortune on an unpleasant handbag.

Handbag lover or not, it’s something most of us use on a daily basis. The right handbag will surely be put to effective use! To save money on luxury bags, consider the tips on this list.

#1: SAVE CONSISTENTLY

Leading up to the holiday shopping spree, you must cut down the unnecessary purchases. For instance, you can eliminate your daily Starbucks run to save up to S$2,000 a year. Giving yourself a home-brewed morning drink can satisfy your cravings and save your wallet. You can even open a savings account to help you budget better.

#2: STEER AWAY FROM TRENDS

There are so many fast fashion items that go out of style immediately. Who cares if you do not wear it? It was on sale for S$30! Well, think about your purchases next time. Adding investment pieces to your collection can help you create a staple handbag collection.

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#3: STORE WISELY

Forgo your lazy inclinations to toss your items in your bag as storing your recently purchased bag can be one of the most important steps to maintain the newness of your luxury item. Most designer bags come with free dust bags – use these! Do not forget to store your liquids in containers to avoid spillage.

#4: SHOP AT CONSIGNMENT STORES

Consignment stores will often carry products at discounted prices. These products might be last season’s handbags or something that is selling as much anymore. However, you may not always be able to find the product you are looking for.

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#5: SHOP AT ONLINE AUCTIONS

Online auctions provide you a fantastic opportunity to snag a new product at a much cheaper price. You just need to be patient and diligent in your searches and keep an eye out for the best auctions.

#6: WATCH OUT FOR DISCOUNTS AT DEPARTMENT STORES

Local department stores can help you save money on high-end, luxury handbags. Most stores will have various sales year-round, which they will announce virtually through their websites or newsletters. Stay updated!

Sources: 1 & 2

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10 Gifts You Should Never Give This Christmas

There is nothing worse than watching someone opening your gift and pretending to like it! Avoid cringe-worthy moments like this by familiarizing yourself with the following types of gifts that people would rather not receive this Christmas.

Do not waste your money on these gifts!

#1: PETS

Living, breathing creature as a present is a bad idea! Being stuck with them for the remainder of your life can seem scary, especially if you will gift a lizard. Never get someone an animal they may not be able to take care of.

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#2: EXERCISE GEAR

What message are you sending by gifting exercise gear? We all have at least one friend who is obsessed with fitness, gifting exercise gear to said friend is acceptable. However, you do not want to risk unintentionally insinuating that he or she needs to lose weight.

#3: WORK DRESS

Gifting a work dress is tricky! You might not get the right size. Can you imagine the look on your friend’s face when you bought a Size 10 and she wears a Size 4?

#4: ROMANCE NOVELS

Not safe for work, novels can be embarrassing to open in front of friends and family. There would be so many shades of red if that happens.

#5: WRINKLE CREAM

It is insulting to insinuate that someone needs anti-aging creams. What about giving a nice, seasonally scented lotion instead? Peppermint or cinnamon lotion sounds delicious to me!

#6: AN OUTDATED CALENDAR

It might seem like an obvious one, but you would hate to receive a calendar that is only good for a month. Do not give a calendar for a year that already happened.

#7: CLEANING SUPPLIES

Your friends and family are going to wonder what you are really trying to say if they were to open a bag filled with cleaning supplies. Your cleaning tools and sprays might put a smile on your face, but you might send a wrong message across.

#8: GYM MEMBERSHIP

Much like giving exercise gear, signing someone up for a monthly gym membership could have a negative connotation. Plus, aside from its potential for offense, a gym membership serves as a reminder that New Year’s resolutions are right around the corner.

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#9: SOUVENIRS

Did you just visit Bali or Maldives? Then, they do not need a tacky magnet to commemorate your experience. Look for inspiration elsewhere.

#10: HOVERBOARDS

They were the hottest toy years ago but have proven to be dangerous. Authorities recalled thousands of models all over the world. So, please find a safer toy to give to your favorite nieces and nephews.

Sources: 1 & 2

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