Surefire Ways To Save Money As A Freelancer

The essential benefits (e.g., health insurance or retirement contributions) indulged by the freelancers are their primary responsibility. It comes along with a variety of other expenses including operating costs. It comes with a variety of problems including late payment from clients. As a result, freelancers must save more money.

#1: EMPLOY THE ZERO-BASED BUDGETING SYSTEM

Zero-based budgeting entails telling each dollar where it is going to go. Simply put, the money that comes in (net income) minus the money that comes out (expenses) must equate to zero. How will you assign your money efficiently? Well, you must prepare for the fixed and unexpected expenses. Assign an amount to fix expenses and variable expenses first. Then, the rest of your money will be put to savings.

For instance, you earn S$4,000 a month after taxes and you spend S$3,500 on your monthly expenses. Let your extra money be transferred to your savings account. Ensure that you have somewhere to place it with each month.

#2: ASK FOR A RAISE

Say that you cannot afford to cover all your expenses or you cannot commit to your savings. Consider asking for a raise from your loyal clients.

Working with a client for a couple of years can help you prove your worth. There is no harm in asking for a raise as the worst thing that can happen is rejection. You are putting yourself if the position where you are on the present time. So, negotiate your salary. Having an increase of a few dollars per hour or per project can help you save money each month. Trust me, it will add up!

#3: PAY YOURSELF FIRST

One of the most influential factors that will enable you to save is paying yourself first. Transfer a portion of your income to your savings account to cover insurance and retirement plans. Since your income varies per month, having a cushion will help you worry less. Have a minimum savings amount to keep track of your saving goals.

Making sacrifices along the way entails that you will not have to struggle during retirement or during the next big crisis. Be responsible with your finances!

#4: AVOID CREDIT CARD DEBTS

As much as possible, you must not participate in credit card debts as it is bad for your credit score. Friends of mine who carry credit card balances pay hundreds of dollars per annum in interest alone.

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Re-frame your mind! Never purchase anything that you cannot save up for. Following this statement will help you avoid flushing down your money due to interest. Cash should go to your savings and not your debts.

Sources: 1 & 2

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How To Plan A Wedding Without Getting Fired

For many people, planning a wedding can be a time-exhausting task. It can feel like you are taking another full-time job on top of your current one. Do not fret just yet!

Proper organization, delegation, and time segregation can keep you sane throughout the planning process. Not to mention, you will still be able to keep your beloved job!

ORGANIZATION

To keep the boat afloat, organization is the key! You can either organize your wedding tasks traditionally (i.e., using paper and pen) or digitally (i.e., using computer software and apps). Traditionally, you must keep your wedding tasks and calendar in one notebook. Do not forget to give your partner a copy! Fortunately for you, you can easily update your partner or your wedding squad by creating a digital file.

Image Credits: pixabay.com

Go digital to enjoy the ease of accessing your wedding tasks while you are at work or while you are on the go! Google Drive, its computer software and its phone app, is a good option to seamlessly keep everyone on the wedding planning loop. Remember to use your personal email when getting back and forth with the suppliers and other people. You do not want to use the company’s email to complain about your supplier!

DELEGATION

Whether you like it or not, your career should remain your top priority during the wedding planning process. As such, you must turn to your friends and relatives for help. Treat wedding planning similarly as a big project in the office. Delegate wedding tasks to your wedding squad and provide everyone with a clear description of what they are responsible for. Pass the tasks that you know they will be great! Then, keep the communication lines open to review their works.

It is more efficient to split the delegation with your partner by creating a wedding checklist that includes proposed deadlines. These deadlines will help you to accomplish everything on time.

TIME SEGREGATION

Time management begins by scheduling your couple calendar according to your wedding tasks. This way, you will know you set aside the necessary time to tackle important matters. Moreover, you will be able to set your phone’s alarm to keep track of everything.

Image Credits: pixabay.com

Now, let us go to your downtime. Maximize the time you spent on commuting or relaxing by setting appointments with your wedding suppliers or by finalizing some details. It is better to search Facebook or Instagram with a goal in mind!

Sources: 1 & 2

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The Varying Types Of Work Leaves In Singapore

I recently came across with an article featuring a story of a Malaysian employee. He applied for a leave as his mother will be undergoing surgery. To his shock and dismay, his leave was rejected as it was deemed “not too serious”.

Early this year, my mother underwent a surgery and I never tried applying for a leave. The thought of having my sister as her companion was enough for me. If my sister was not present, I would immediately apply for a work leave. However, will it be granted?

Let us take a look at some of the work leaves available in Singapore!

Government-Paid Paternity Leave (GPPL)

Gone are the days when fathers are looked down upon! The GPPL grants working and self-employed fathers the right to enjoy the paternity leave benefits. This is to support the shared paternal responsibility when raising a child.

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By default, your paternity leave must be taken in one continuous period within 16 weeks from your child’s date of birth. It can only be taken flexibly, if the mutual agreement between you and the employer states so. The paternity leave, capped at S$2,500 per week, is fully paid by the Singapore government.

Government-Paid Maternity Leave (GPML)

It is understandable that there are differences between the paternity and maternity leave. When it comes to the later, you can start your leave 4 weeks before the delivery date. By default, your maternity leave must be taken within 12 months from your child’s date of birth.

The Singapore government will pay for the 9th to 16th week of your maternity leave for your 1st and 2nd child. The payment is capped at S$10,000 per 4 weeks or a total of S$20,000 per child order.

Emergency Half-day Leave

Say that your too sick to function, but you still went to work. Even if you leave in the middle of your shift, any leave you take will be considered as a full-day leave.

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However, your employer may consider it as an emergency half-day leave following your contract. Check with the Human Resources department or your employer whether the company grants half-day leaves or not.

Annual Leave

In accordance to the Employment Act, you are entitled to paid annual leave for up to 14 days. If you have worked for an employer for at least three months and less than a year, you will be eligible for a prorated annual leave. The year of service will dictate the days of your leave. For instance, you will get to enjoy 7 days of annual leave in your first year of service. If you have served the company for 8 years and beyond, you will be entitled to 14 days of annual leave.

Marriage or Grievance Leave

There is no statutory entitlement for marriage or grievance leave. These types of leave depend on the contract or mutual agreement between you and your employer. Otherwise, you may treat it as an unpaid leave.

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Approach your employer for the leave application procedures! 🙂

Sources: 1 &2

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Surefire Ways To Survive A New Job

New year, new job! Congratulations on acquiring a new position. You have your budding career ahead of you!

Are you feeling excited or nervous? It may be exciting to begin a new phase of your career, but it can also be nerve-wracking to start from scratch! Review the following tips to ensure your smooth transition.

DO A PHYSICAL TOUR OF THE WORKPLACE

From drafting your resignation to completing your unfinished projects, you need to carefully plan out your departure. The same amount of careful consideration must be poured out to your arrival.

Upon arriving to your new workplace, notice the key locations and the overall environment. Where are the pantries, toilets, conference rooms, and so on. Find a place of solitude where you can retreat every once in a while. Remember to schedule small breaks in between your tasks to walk around the office. More importantly, ask for some lunch recommendations.

DO NOT IGNORE THEIR CULTURE

Aside from being qualified for the position, the hiring manager chose you because he or she deems you to be a great fit for the company. I remember when my supervisor told me that she strategically put my desk beside a co-worker due to my background in Psychology. She believes that I can help resolve some of my co-worker’s inner conflicts. I learned about her strategy after a year of interacting with my co-worker. It worked out for the best.

Catch onto the workplace culture and bring something to the table. If your department goes out to lunch every Friday, join them. Is your office looking for volunteers to help organize an upcoming event? Do sign up! Send the message that you are a good team player by respecting the unspoken rules and engaging in their social activities.

DO ENGAGE IN CONVERSATIONS STRATEGICALLY

It is understandable that you will have a lot to catch up on as a new employee. So, use your time wisely. Rather than sitting silently on a corner after a meeting, ask your peers about the tricks of the trade.

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Keeping quiet will not establish a good impression! However, listening actively and asking smart questions will.

DO NOT FORGET TO ASK SOME QUESTIONS

In spite of having years of experience and significant educational background, you can never know the answer to everything. Many marketing and advertising executives agree that new employees make a mistake of not asking questions. No one expects you to know it all in one or two days! Do not be afraid to ask your supervisor or co-workers on the processes as well as their expectations of you.

Requesting clarification entails that you are eager to get things right! While you do not want to bother others with endless requests for assistance, most people will be happy to help.

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The bottom-line is: “do not stress yourself too much”. No one expects you to get it right in the first few weeks! Ask questions, if necessary.

Sources: 1 & 2

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Plan Your Finances Before Resigning Next Year

Submitting your resignation letter and starting a fresh chapter is a significant transition is someone’s career. Before taking the leap of faith, here are some financial steps that you may take.

SET A TIMELINE

Many people may think that there are better career opportunities ahead of them, but that is not always the case. This is why, you must set a timeline for realistic events. Ask yourself certain questions that will answer various outcomes. How long can you afford to take a break while you hunt for a new job? When shall you send out your tailored C.V.s? Do you need to schedule interviews next month?

It is recommended to build your emergency fund during this break. You may also build your networking list. There is no need to start from scratch when switching careers.

SELL SOME STUFF

Selling your old belongings is one of the quickest ways to use your free time and to de-clutter your space. Do an inventory of all your underused or unwanted items and filter out those that are in good condition.

Sell these items at a discounted price to your friends via Facebook groups. I remember selling my old shoes and clothes to help me purchase new ones when I was still a Uni student. To ease my search for a buyer, I made an account on Carousell. Carousell is a convenient marketplace app that is available all over Asia.

ELIMINATE THE NON-ESSENTIALS

Be honest with yourself! Check your monthly subscriptions on products and services. Do you really need to pay for two streaming services (i.e., one local and one international) or is one enough? Can you trim your gym membership and exercise at the park instead? Find no-cost ways to reap the benefits of your hobbies.

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While you may have gotten used to certain luxuries throughout your life, taking a few sacrifices here and there is essential. While you are on a “career break”, you can be conservative with your budget calculations.

SELECT A PART-TIME HUSTLE

Getting multiple streams of income can benefit your situation. By multiple streams, I am referring to either finding part-time jobs or to setting up your own small business. Aside from earning extra cash, you can also experiment with a variety of jobs or fields.

Find a freelance job that you can do at home such as teaching English, selling stock images, or becoming a virtual assistant. You may also open up your own small short-term business. Depending on your skills, you can sell baked goods for the upcoming holiday season or plan events for weddings and birthdays. Who knows? This humble venture may lead to bigger opportunities in the future.

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