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.
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):
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.
It is amazing to start the Lunar New Year with a clean financial slate and increased savings. So, begin the year with a 2015 spending cleanse: short yet impactful exercise to help you clear your mind, focus on your goals, and improve your buying habits. There are no excuses because a short-term intervention (7 days) is a good place to start.
In just a week, your financial awareness can help you stop spending on unnecessary items and eventually help you break the bad habits. Try these 3 Spending Cleanse Ideas and come out more motivated, focused, and richer.
You must first figure out a budget plan that helps reach your financial goals before starting the cleanse. Seek guidance from family, friends, or YouNeedABudget.com.
1. ELIMINATE THE UNNECESSARY
Plan: Identify a category where you are overspending then, slash that problem area.
Purpose: To allocate more money for shopping, emergency fund, and savings.
If you a person who does not pack for lunch and only go for local restaurants, gourmet counters, and coffee shops everyday then your expenses can take about S$450 of your income. With this cleanse, you will have to go on cold turkey and avoid buying for outside food for 7 days. You will find yourself save more afterwards.
Just by reducing expenses in one category such as switching back to basic cell phone plan; you can save up for your dreams in just a few years. It is so simple! There is no sense if you go back to your unpleasant ways.
2. HAVE AN “AUTO-SAVE” SYSTEM
Plan: Program regular account transfers to help you reach your goals while having a busy schedule.
Purpose: To save money for retirement, emergency fund, and vacations before you spend it all.
Contemplate upon your budget and begin writing a list of the things you want to save for from your needs (e.g., emergency fund) to your wants (e.g., Christmas vacation in Paris). Divide your income to the needs first then, divide what is left to your wants. You need at least two bank accounts: one for your needs and one for your wants. The next step is to set up automatic transfers or direct deposits that will move your money into each account on payday.
3. NO MORE PLASTIC CARDS
Plan: Withdraw the week’s spending from the bank in cash. When it is gone…it is gone.
Purpose: Saying no to credit cards will cut down the impulse purchases.
Most people talk about how important their long-term financial goals are but their regular buying decisions do not support their goals. This cleanse will have you keep your credit and debit cards at home so you can easily notice when you are losing money for every purchase. Before the week begins you must spare 25% of your income and divide it to your spending categories and put all in different envelopes.
Image Credits: wikihow.com/Do-Envelope-Budgeting
This will be your only allowance for the whole 7 days and all for purchases shall only come from it. Research showed that the act of relying to cash for spending makes you savor the paying process, think more, and spend less. Trust me, it works.
The Chinese New Year festivities are well underway. By now, surely a significant majority of the Chinese in Singapore would have went through their fair share of visiting old family friends, exchanging well wishes and greetings, and if my Instagram feed is any reliable indicator, our Chinese friends have certainly been werking it in their newest shirts and dresses indeed!
Truly, Chinese New Year is one of the most anticipated annual celebrations for every Chinese, and amidst the excitement, the hype, and the joy, it is certainly little wonder why it’s the favourite time of the year for most of the Chinese.
That being said, it is undeniably easy to get caught up in the storm of the festival excitement, and many of us may have over-indulged in some of those delicious Ferrero Rochers or Love Letters, offered time and time again by a friendly relative or two.
Well, don’t fret too much about it! After all, Chinese New Year is a special occasion that happens only once each year, and if you think about it from another perspective, this is the only time that you’ll be able to get so much free food without guilt. Plus, everyone gains weight during Chinese New Year anyway – you’ll hardly be the exception.
(Image credit: voucherlicious.com)
Indulge in junk food to your heart’s content for now, but perhaps not to the scary extent of eating yourself sick, that’s a definite no-no – we’ll worry about the weight gain and toxic build up after Chinese New Year. And perhaps, this article may come in handy then.
Through this article, you’ll learn 3 simple tricks to detox and cleanse your body of any harmful toxins without having to break your bank. Expensive juice cleanse regimes? The latest tea-tox trend that has been taking a toll on your wallet? With these affordable detox methods, you certainly won’t be needing any of those!
And by water, I mean water. For some who abhor plain water, or preferentially define your own terms of water, let me break it down for you. Boiled water, water fresh from the tap, mineral bottled water – yes, this is water. Your milk tea from Koi, apple juice from NTUC, or your can of Coke – darling, these are certainly not water! While it may be easy to assume that simply drinking liquid – no matter what form, sugared or not, is sufficient to fill your daily water uptake requirement, the truth is that they really aren’t! In fact, the additional sugar, syrup and other preservatives added into such flavoured drinks are more often than not, one of the causes that contribute to dehydration, particularly in sunny and humid Singapore. To get rid of those toxins from all the excessive Chinese New Year goodies that you’ve been popping into your mouth, you’ll have to up your plain water drinking game if you truly want to give yourself a good detox.
After all, water has a remarkable ability of flushing out the toxins from your body in a simple, yet affordable way. All you need is to habitually get yourself a mug of plain water from the tap every hour or so, or perhaps bring a large bottle to your workplace for frequent refills at the water dispenser, and you’ll be well on your way to a more hydrated system, and a body that will naturally rid itself of any toxins that have been building up. Frequent cups of plain water will certainly prove to be particularly useful when the toxins in your body begin to accumulate, and return to haunt you in the form of a scratchy throat, or an aching dry cough after you’ve had one too many slices of Bak Kwa.
Not to mention, drinking more water is certainly very easy on the wallet as well. As long as your taste buds do not have a haughty ache for only well-packaged mineral water, drinking more water from the tap comes only at a marginal addition to your bills!
To cleanse your body and simultaneously give your immune system a quick boost, opt for an affordable option of making your own home made juice blend! While laziness and procrastination may compel you to simply pop over to that snazzy new smoothie bar for your juice fix, a cup can set you back a surprising 6 to 8 bucks easily. Not to mention, more often than not, these juice shops tend to add in a spoon or two of sugar or syrup, to keep you coming back for more. Ever wondered why your home made juice blends never taste quite as good as the ones sold outside? Well, this is the reason – the added syrup sweetens up your drink, and while this makes your cup of blended juice much more palatable, you’re left wondering about how much sugar has actually been added, and the extent of detox help you’re truly gaining from that cup.
Save yourself from the uncertainties, and make your own juice blends at home instead! This way, you’ll be able to determine what fruits and vegetables you wish to add into your own custom blend, without having to fret over whether your desired blend is on the menu. Plus, you’ll get to save much more, as each blend can easily serve up to three or four cups, and you can simply refrigerate any extra cups for consumption at night. This is in stark comparison to the $6 that you’re shelling off for a paltry cup of blended juice found in malls.
To pack an extra detox punch to your own home made juice blend, make sure you pop in some of the following fruits and vegetables to your blender. Cucumbers, carrots, celeries, oranges, cranberries, blueberries, lemons, and pomegranates often contain high contents of anti-oxidants and vitamins, which can help in cleansing your body of any unnecessary toxins that have been building up. For the junk food gourmet, a custom juice blend containing some of such fruits and vegetables will certainly have an immensely beneficial impact on your health, as the power-packed juice will help to give your body a thorough detox.
If you have a sweet tooth, balance out the portions of fruits and vegetables in each blend, to keep your cup of home made juice sufficiently tasty for yourself.
Indeed, it can be quite a chore for those who are unaccustomed to working out frequently, but a good round of exercise can certainly do wonders in cleansing your body of those ill toxins that will eventually make you sick!
Go for a quick round of exercise once every two to three days to get your sweat glands working, and ensure that you perspire sufficiently to shed off toxins and fats. Each round of exercise does not have to take very long – just 30 minutes to 45 minutes of such regular sessions every alternate day would be good enough to give yourself a good, healthy detox. Not to mention, regular exercise is undeniably the tried and tested way to lose that extra tyre around your waist! What better way to lose off the weight gained from chomping on too much Chinese New Year goodies? Through sweating it out, you’ll be able to not only lose the additional pounds that you’ve gained of late, but also give your body an affordable detox to stay healthy and make sure that you stay on top of the game!
To cut costs, opt for a simple run around your neighbourhood, or perhaps around the CBD during your lunch break at work. After all, jogging is free, and it helps you to sweat out the bad stuff really effectively.
This is certainly a preferred option as compared to taking up expensive gym courses or signing on for exorbitant yoga sessions that can set you back $50 an hour easily. While these options may seem like the trendiest path to take these days, it is important to keep in mind that they’re not exactly the best financial decisions to make. After all, the end goal in mind is simply to detox your body – surely it doesn’t matter whether your chosen mode of exercise is Instagram-worthy or not, right?
Get your running shoes ready! Though Chinese New Year has yet to come to an end, it won’t be long before the festivities and excitement die down, and we’ll be brought down to the frenzy of desperately trying to lose the extra weight gained, and detoxifying our bodies of the scrumptious but oh-so-sinful Love Letters, Almond Cookies, and crackers alike that we’ve all unwittingly ingested amidst the Chinese New Year hype.
