budget Archives | Page 6 of 11

How Married Couples Can Deal With Huge Salary Gaps

Whether you want to admit it or not, income plays an integral part in the society’s perception of your worth and success. Fusing the the topic of finances to relationships makes things more complicated.

To some degree, your paycheck determines your role in a romantic relationship. An imbalance is created when your spouse earns more than you or the other way around. It is believed that the person who has a higher salary has increased options and financial freedom. Nonetheless, you must address the huge salary gap between you and your partner.

Here are just some tips to help you deal with your current situation:

COMMUNICATION IS THE KEY

Practicing open communication is one of the best ways to resolve issues in marriage (or any romantic relationship). If you are frustrated with your spouse because he or she is not making an effort to find a new job then, talk about it. If you feel guilty for spending more money than your spouse then, talk about it.

Start your financial discussion in a loving manner without accusing the other of anything. You are a family. You should not treat this like a heated battle or a boiling competition. The end goal is to help each other out.

ESTABLISH A BUDGET

Imagine taking a long ride in an unfamiliar place. Your journey can take you into different directions. To create a distinct path, you must follow a map. The same idea applies to your finances. To create a distinct path to your financial goal, you must set a budget.

Establishing a budget lets you allocate a specific amount to each member of the family. Also, you will be able to determine each other’s spending habits. Beginners in budgeting are recommended to use the envelope system.

RESPECT ONE’S ABILITY TO EARN

Before I went to bed, I came across a online discussion at Reddit. The thread surrounded the issue of having any significant achievement gaps between couples. Interestingly, these couples live in harmony.Reddit user pecrh001‘s story caught my attention.

“I have 2 degrees and work as a lawyer. My husband never finished uni but has a job that he loves. He’s a great father and husband. It doesn’t really matter that I earn more than him because it’s all just family money. We’re both working hard and supporting each other and our kids.”

Finding someone who respects you as a person and your ability to earn is more important than the degree that you are holding. Being successful on paper does not translate to your character. Each other’s money is valuable. Forget keeping score!

GIVE AND TAKE

Another important practice that the Reddit thread highlighted is the balance between the two individuals. You must have the chance to give and take. Reddit user The_Superbus illustrated this by posting:

“I worked two jobs while she was in medical school and one job while she was in residency. Now I work no jobs while she is an attending. She likes the fact that I do most of the work around the house so she doesn’t have to. I like the fact that I haven’t had to go to work for the last few years. It also lets us raise our own kid without relying on daycare for 9 hours a day, which is nice.”

EMPLOY A REWARD SYSTEM

After months and months of hard work, you may feel exhausted and overwhelmed. Break the cycle by motivating with reasonable rewards. For instance, you may go to a fancy dinner when your money exceed your budget or when you achieve a financial goal.

Image Credits: pixabay.com

Rewarding each other is a way to remind yourselves that the money you make belongs to the both of you.

Sources: 1 & 2

Here’s How You Can Save Money When Visiting Japan

Amazingly dense cities, mountainous national parks, and historically-rich shrines are some of the things that encapsulates Japan. It is one of the sought-after spots that globetrotter Singaporeans target when they have time to spare. Tourists are drawn by the array of food and the unique culture, but it has so much more to offer!

With the relaxed visa policies (i.e., Singapore citizens don’t require a visa to enter the country for temporary visits) and increased flights between Singapore and East Asian countries, here are some tips to keep in mind when discovering to Japan.

1. CONSIDER THE ALTERNATIVE OPTIONS

One of the most impressive things about Japan is its value for cleanliness. Even the relatively cheap hostels are well-maintained and are equipped with high-tech toilets. So, do not be afraid to be adventurous when it comes to trying alternative options such as the famous capsule hotels with a starting rate of about S$35 per night. Some dormitory beds at guesthouses are advertised as low as S$19 per night.

As a friendly reminder, please read the online reviews before booking.

2. TRAVEL DURING OFF-PEAK SEASON

No matter what season you are booked for, you will always find something interesting in the “Land of the Rising Sun”. It is best to book during off-peak season to save more money.

Image Credits: pixabay.com

People typically flock between March to May because they want to see the witness the beauty of the Sakura (or Cherry Blossoms). During this peak season, one can expect higher rates for accommodations and air fares. Avoid the Christmastime and the Obon season (around mid-August) too!

3. TAKE ADVANTAGE OF THE EFFICIENT PUBLIC TRANSPORTATION

As I was peacefully scrolling through my Instagram stories, I saw a picture that my longtime friend posted. She just boarded the Shinkansen or Japan’s high-speed bullet train. Fueled by my curiosity, I made her share about her transportation experiences. She told me about the expensive cab ride that she took from Shimbashi to Funabashi (i.e., a distance of 24km). It costed 10,000 JPY or 121 SGD. That is ridiculous!

Cabs in Japan are generally expensive. This is partly due to their efficient and punctual public transportation system. Opt for taking the train or bus. Or better yet, you may explore the wonderful place by foot.

4. MAXIMIZE YOUR DINING BUDGET

There are two ways to save on Japanese food: you can either splurge during lunchtime or shop at the supermarket before closing time. Let us start with the latter. If you have access to the kitchen, you can cook on your own. Head to the supermarket at least 30 minutes before closing time to find amazing deals. The same idea applies for food courts and convenience stores.

Superb quality of food can be savored in almost every area in Japan. It is best to splurge during lunchtime as many restaurants give lunch discounts, especially on the weekdays.

Image Credits: pixabay.com

May these tips help you stretch your dollar while having an unforgettable trip! 🙂

Sources: 1, 2, 3 & 4

4 Interesting Cities In Europe That Are Cheaper Than Zurich

Europe is a captivating continent due to its extreme diversity. Contrary to popular belief, there are many budget-friendly cities in Europe for a Singaporean traveler. Let us start with the most expensive place among 56 popular cities.

According to the 7th Europe Backpacker Index, Zurich will exhaust your travel fund the most. Its Daily Backpacker Index (DBI) is US$124.67 or about S$176.86. This reflects the average cost if you were to get a decent budget hostel, two public transportation rides, three meals, entertainment fund, and a famous attraction per day. Each European city manifests a distinct DBI.

This list will show you the beautiful places that possess the lowest DBI.

4. HUNGARY’S BUDAPEST

Currency: Hungary Forint

Budapest is a paradise for various kinds of Singaporean explorers. It is an excellent bargain find as the Daily Backpacker Index is US$26.75 or approximately S$38. Budapest is blessed with castles, cathedrals, and thermal spas. Not to mention, the city’s reputation as a food capital dates back from the late 19th century.

Worry not if you had too much of the Hungarian wine as you can cure your hangover in one of the city’s hot springs. Some people go to the hot springs to manage their ailments and the majority are there for relaxation.

Hostels provide great value for your money, but you can reap inexpensive prices if you get a place outside of the center. One of the best budget hostels is the Treestyle Hostel with an accommodation as low as US$5.33 or S$7.55 per night.

3. ROMANIA’S BUCHAREST

Currency: Romanian Leu

Bucharest may not be the “most attractive” town in Romania, but it is certainly dynamic and energetic. Trendy cafes and lush parks are abundant here. Moreover, the city fuses the unbridled capitalism with the unreconstructed communism. Its noticeable turn to communism is evident in the massive Palace of Parliament. I suggest you Google it now to see how many rooms the Palace has.

Image Credits: pixabay.com

Escape from the hustle and bustle of Singapore by visiting Bucharest’s Cişmigiu Garden. It is the oldest public garden, which spreads over 17 hectares. Many travelers consider visiting here as a pit-stop before heading to Transylvania. It does not matter if you extend a day or two as you will be rewarded with affordable prices all year round. The specific Daily Backpacker Index is US$25.70 or S$36.46. Not bad, right?

2. POLAND’S KRAKÓW

Currency: Polish Zlotych

Renowned for its well-preserved medieval core, Kraków is a must-see city near the border of Poland and Czech Republic. You will be amazed at the architecture of the “Wawel Royal Castle” as well as the rich history of the “Old Town”. The Old Town contains magnificent museums, soaring churches, and Europe’s largest market square. Furthermore, you will greeted by an array of options in restaurants, bars, and clubs.

Europeans who desire to have a quick getaway over the weekends typically consider heading to Kraków. Aside from its historic charm, it offers low prices on hostels and eateries. Its overall Daily Backpacker Index is merely US$24.82 or S$35.21.

1. BULGARIA’S SOFIA

Currency: Bulgaria Leva

The capital of the Balkan nation of Bulgaria is Sofia. It is home to Bulgaria’s premier museums, art galleries, restaurants, and clubs. Its ambiance is far from a grand metropolis as it is pleasantly laid-back. This youthful and unique city has Ottoman mosques and onion-domed churches. The only drawback is this place is typically missed by anyone who is not doing an extensive tour of the region.

Image Credits: pixabay.com

Sofia offers the most fantastic bargains among the European capitals. With a Daily Backpacker Index of US$24 per day (about S$34), you can purchase decent pizza slices or hotdog sandwiches for as low as US$0.60/S$0.85. Who knew that you can survive in a European place with a food budget of less than US$5/S$7 per day? I certainly did not!

Sources: 1 & 2

Why I Failed At Budgeting

Making New Year’s Resolution is synonymous to crafting a new budget plan. Creating these two signifies an act of self-improvement. However, no plan is entirely foolproof!

These are just some of the reasons why I previously failed at budgeting:

I FOCUSED HEAVILY ON THE PRICE

Before purchasing a new laptop for work, I inspected some of the contenders from the well-known brands. My new laptop must not only fit my physical preferences, but also my financial limit of up to S$1,000. I searched vigilantly through the store and found a 14-inch HP laptop as well as a 14-inch Dell laptop. These two devices have the same processors and operating system. However, the main memory of the former is 8GB and the latter is 4GB. An important fact is that only the Dell laptop was within my budget.

Which one did I chose? The one with better specifications. Although it retailed for S$1,099, I still taught that it was a smarter investment.

According to a 2012 study published in the pages of the “Journal of Marketing Research”, people fail to follow their budget because they are more likely to spend more than they planned. You must not always beam too much focus on the price. Instead, compare the value (e.g., which has laptop optimal screen size and RAM) of what you are getting before committing to a sale.

MY BUDGET WAS TOO STRICT

Upon getting my first full-time job, I started to restrict myself. My goal was to make enough money to save up for my graduate studies and to help my parents in the household expenses. I did so. I gave about 10% of my salary to my parents and 50% would go to my savings account. I removed my trips to the spa and the cinema. A hefty savings greeted me at the end of every month. But, I felt burnout as there was no room for pleasure. This is when my budget failed me.

To turn things around, I started to make money on the side. I became a blogger that solicits money for endorsements. Eliminating unnecessary expenses is a good idea, but you must reward yourself (from time to time).

I FELT EXHAUSTED WHILE TRACKING MY SPENDING

You need discipline to track your own spending. I realized this firsthand. I used to compile all my receipts and banks statements. But, it got too exhausting! I started with a willpower to succeed until the constant vigilance took a toll on me.

A study supports my statement as it was found that self-control and intelligent decision making involves one’s energy supply. Once this energy runs out, you are more likely to go on a spree.

Image Credits: pixabay.com

Get things by following thru your plan. Practice is the key! Improved decision making and control will become second nature to you as time passes.

Sources: 1, 2, & 3

6 Budget-Friendly Ways To Select Clothes Like A Fashion Editor

1. STICK TO SIMPLICITY

Simplicity translates to sophistication in most cases. The simpler and sleeker the clothing article is, the better. This is why you must avoid handbags or clothes that are filled with bargain embellishments or distressed denim patterns. If you want to accessorize, opt for a thick bracelet rather than stacking three little ones to increase the outfit’s impact.

2. AVOID GATHERED SEAMS

Manufacturers prefer gathered seams as they are more forgiving and can fit the majority compared to smooth seams. To seem that you bought your clothes from a high-quality store, shy away from pieces that have gathered seams. Select pleats and sharply tailored garments instead. I once spotted a lovely S$10 pleated skirt at Bugis Street.

3. GET THINGS TAILORED

Having your jeans tailored for about S$5 or S$8 is worth every buck as it can transform your poorly fitted S$13 Forever21 jeans into a seemingly designer piece. It goes the same for a tailored blazer or a tailored jacket.

While you are shopping, look for uncomplicated garments as they are cheaper to tailor. Another alternative is to make basic stitches on your own by using this helpful post.

4. LOOK FOR RAW LACE

I am your typical “girly girl”. My wardrobe is filled with floral blouses, form-fitted skirts, and other feminine pieces. This is why I am absolutely fond of lace. The only problem with an outfit covered with lace is that it can look inexpensive.

Image Credits: pixabay.com

Lace made by the machine can appear flat and flimsy. Try to stick to tops and dresses that use lace only as an accent. Look for lace that seems raw, uneven, and delicate.

5. FAVOR THE MONOCHROMATIC

Wear one hue or color from head-to-toe because splashing yourself with every color in the rainbow can look cheap! For example, you can wear the different shades of black (i.e., Jet-Licorice) to look slimmer and more stylish. Monochromatic clothing creates an illusion of supreme quality.

Although, this does not mean that you will avoid experimenting with color all together. You may suit up with bold pastels or deep jewel tones and still look as regal.

6. GO FOR THE CLASSIC

Classic pieces such as black pencil skirts and white cocktail dresses have a timeless charm. If you are going to spend your hard-earned money on a wardrobe, wear articles that you can style for years to come.

Even InStyle‘s Special Projects Editor (who has been a fashion editor for decades) highlighted her adoration for the classic. She once stated this: “my big investments are all classic shapes. No crazy one-off trends such as culottes, designer sweatshirts, or 1970s-inspired fringed jackets.”

Image Credits: pixabay.com

Sources: 1 & 2

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