Handling Money As An Introvert Versus An Extrovert

If you are classified as the shy or quiet one, you most likely belong to a special group of people who are known as the introverts. Contrary to the popular belief, introverts are drained by social interaction. Many introverts can socialize easily but they just prefer not to. In fact, they are more emphatic and interpersonally connected than their counterpart – extroverts.

Extroversion is a strong factor of personality that is difficult to alter. Generally, extroverts have an advantage in the professional scene due to their approachable and outgoing nature. They flow through life in search of interpersonal interactions, leadership opportunities, and new experiences.

You must use your unique introverted or extroverted qualities to your advantage to enhance your financial life. If you do not know which type you belong to, please take the free test here.

FOR INTROVERTS

Image Credits: pixabay.com

Image Credits: pixabay.com

a. INTROVERTS PROCEED WITH CAUTION

When it comes to money, introverts tend to be more cautious at risk-taking as they make sound investments and goal-directed savings. They secure their future by carefully avoiding scams and financial schemes.

b. INTROVERTS SHOP AROUND

As introverts are observers by nature, they collect information from various sources first before making a financial decision. To get the best deal, they also read through the fine print and consider its every aspect.

c. INTROVERTS ARE MORE CREATIVE AT EARNING

Introverts are more likely to strategically plan things and think of creative ideas before finally making a decision. Hence, they can think of more innovative ways to earn money and properly manage the money they already have.

d. INTROVERTS SPEND LESS ON SOCIAL GATHERINGS

Since introverts are less inclined to participate in social gatherings, social expenses are the least of their worries. Furthermore, they may not be easily swayed by what the crowd is doing (e.g., avoiding costly bandwagon trends).

FOR EXTROVERTS

Image Credits: pixabay.com

Image Credits: pixabay.com

a. EXTROVERTS MAKE QUICKER DECISIONS

Extroverts are willing to grab the opportunity faster once it knocks. In some cases, this quick judgment can be advantageous for one’s financial life but it can also be disastrous in other circumstances.

b. EXTROVERTS ARE MORE CREATIVE AT INVESTING

As extroverts are more likely to engage in networking, they are able to learn more about the different types of investments or the new investment strategies. Their fearless and confident attitude can be rewarded when the right investment choices are made.

c. EXTROVERTS TRY NEW THINGS

Introverts tend to stay back while extroverts embrace new experiences with open arms. Extroverts are able to earn and save more by taking risks on new perspectives, jobs, ideas, and products.

d. EXTROVERTS GET FAIR DEALS

When extroverts are in a negotiation or bargaining situation, they may be more aggressive about setting things straight. Introverts may want to avoid confrontation but extroverts will not back down until they feel that they received a fair deal. Getting the value of your money is not a  bad thing for your finances!

Sources: 1 & 2

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10 Incredibly Easy and Clever Ways To Save Money

1. MOVE TO A BANK WITH HIGHER INTEREST

If you are looking for a new bank to open a savings account with, choose a bank that has the most beneficial perks and the highest interest rates. Check out “2016’s Most Profitable Savings Accounts In Singapore” to get an idea.

2. USE COUPONS WHEN SHOPPING

Couponing is a strategy used by a shopper to pay less in shopping for groceries, tickets, and more. Get coupons for dining, leisure, toys, pets services, and just about anything at cuponation.com.sg or groupon.sg.

3. PLAN AHEAD

Aside from making a grocery list and sticking by it, it is good to trust your routines by having the previous receipt along when you shop. With that receipt, you can tell when something is on sale. That is when you must stock up.

4. CHOOSE YOUR FRIENDS

It is best to surround yourself with people who share the same financial values as you, especially those who are frugal by nature. Filter out toxic financial relationships and know the 6 Kinds Of Friends Who Can Positively Influence Your Finances.

5. STAY HEALTHY

Eliminate your consumption of snacks, chips, and sweets. These types of food are not only unhealthy but they are also costly. Who knew that making healthier choices can help you save more?

6. SELL YOUR COLLECTIBLES

If you had spent hundreds of dollars on collectible items, you can start selling them now and use those funds to reach your financial goals. Try selling your items to the worldwide marketplace platform of eBay and Gumtree.

7. CONSUME THE LEFTOVERS

Save the unconsumed food when you either ordered too much restaurant food or when you cooked excessively. Revamp the dish by topping fresh greens, juicy fruits or leftover slices of chicken.

8. UNPLUG REGULARLY

Even if you turn off the switches, your appliances and electronics will continue to consume energy and spike your tariff. So reduce your bills by unplug your cables and electronics when not in use.

9. REPAIR YOUR OWN CLOTHING

Instead of tossing your shirt because of the missing buttons, sew new buttons that perfectly match the old ones. Learning and mastering the basic sewing stitches can help you save money and extend the life of your favorite clothing.

10. USE FREE AND OPEN-SOURCE SOFTWARE

Stop paying hundreds or thousands of dollars on programs that can be obtained for free with the same level of performance, quality, and reliability. Use free and open-source software such as the packages on this list.

Image Credits: pixabay.com (CC0 Public Domain)

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

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6 Major Reasons Why Young Working Adults Are Not Saving Enough

1. MINIMUM WAGE

As fresh graduates enter the workplace with little to no experience, some are forced to settle for entry-level jobs with minimum wages. Whether you are a secretary at a recruitment firm or a personal assistant at an advertising company, the relatively low salary you earn every month makes it difficult to save money.

2. RECURRENT RENT EXPENSE

Some young adults move out once they start earning a decent amount of money. The independence, freedom, privacy, and convenience can be attractive but the reality of the rent expenses can hit you hard.

In the city centre, it will cost you at least S$500/month to live in a single room and at least S$1,500 to live in a small apartment by yourself. It makes more economic sense to stay at your family home and set aside the hundreds of dollars per month to your savings or investments.

3. INDULGING ON DESIGNER LABELS

Most young working adults spend their fortune on designer labels such as Prada and Louis Vuitton as well as other artisan brands. You may think that you are standing out from the crowd by carrying your S$2,000 Prada tote bag and your S$300 artisanal fragrance but you are simply creating holes in your pocket.

4. CABBING EVERYWHERE

Heading to work late? Hail a taxi.

Coming home after a crazy night out? Hail a taxi.

Aside from designer and artisan goods, you are preventing your savings from growing by cabbing everywhere. Five late night taxi rides can cost you at least S$100 and that equates to about 10 lunches at the nearby food court. This is why you must set aside an “emergency taxi fund” with a maximum of S$60 per month. You must not ride a taxi beyond your intended budget.

5. TECHNOLOGY AS NECESSITY

Technology is so pervasive in a young adult’s life that its costs are virtually inescapable. Interacting through social media is not just a culture but also a necessity. But staying connected comes with costly price tags as having the latest gadgets and paying for the monthly broadband fees can affect how much you can save.

6. EASY ACCESS TO SAVINGS

Most of us struggle with keeping our hands off our savings accounts. With the easy access of Internet banking, credit cards and multiple ATM machines, it is more convenient to spend cash than to save it. For young adults with this dilemma, make spending a chore by converting some of your money to US dollars. The thought of having to go for and pay for the currency exchange will likely to dissuade you from spending!

Image Credits: pixabay.com (CC0 Public Domain)

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

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8 Money-Saving Tips That Every Singaporean Should Know

1. CREDIT YOUR SALARY

Get your salary credited into your bank account to dismiss the lure of spending your it right away. Update your bank account details with your employer and follow the terms and conditions of your bank so that your income gets credited correctly. In Singapore, these two savings account will give you the best interest rates per month: OCBC 360 Account and DBS Multiplier Account.

2. CONVERT YOUR CASH

According to the Economist Intelligence Unit, the US dollar has been stronger while the Euro weakens. If the above hack does not work, try converting some of your money to US dollars. This way, it is more inconvenient to spend. The thought of having to go for and pay for the currency exchange will likely to dissuade you from spending!

3. LEARN TO COOK

If you want to save money on food, it is best to learn how to cook. Start cooking simple meals with ingredients that are easy to obtain such as Omelet, Scrambled Eggs, Fried Rice, and Chicken Rice. Consider going to the wet market as items are sold for a cheaper price there. Remember that aside from rent, your food expenses make the largest impact on your budget.

4. READ BOOKS FOR FREE

To satisfy your bookworm urges, visit the nearest public library and rent a series of books – for free! While you are there, you can catch the free financial talk entitled “MoneySense@The LLiBrary: Understanding Loans & Credit” on April 14, 2016. Go to nlb.gov.sg or more details.

5. GET THE CHEAPEST GYM MEMBERSHIPS

It is no secret that Singapore’s fitness centers are expensive. And let us face it, most of you will not even use your membership perks to its fullest! Thus, it is best to go for the most affordable gym memberships such as the ones on this list. Alternatively, you can make use of your school’s facilities as most universities are fully equipped with gyms and other facilities.

6. EXERCISE FOR FREE

Aside from sweating at the gym, get fit by exercising outdoors. Satisfy your weekly dose of exercise by running in the nearby pavements, park or park connectors. You can also cycle around if that is your cup of tea.

7. GO FOR THE LAST YEAR’S MODEL

To save money on your next smartphone, consider purchasing the last year’s high-end phones such as the Samsung Galaxy S6 (the Samsung Galaxy S7 has been released last month). To save even more, you can review the well-designed phones offered by “less popular” brands such as Xiaomi.

8. DON’T FALL FOR THESE TRAPS

Aside from the diversity of eateries, Singapore is known for the diversity of shopping centers. Naturally, tourists fall prey for the huge “SALE” sign on the window of most shops. However, if you lived here long enough, you will realize that sales happen all year round. As long as there is a public holiday coming up, sale signs will be up too! So only buy an item if you really need it!

Image Credits: pixabay.com (CC0 Public Domain)

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

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