family Archives | Page 11 of 20

6 Money-Saving Tips For All Supermoms

ACCEPT THE PRELOVED

Until the credit statement arrives on your doorstep, you may have no idea about the money you spend on clothing and baby items. Cushion the expenses by embracing the hand-me-downs offered by friends and family members. Accept the toys, home accessories, and maternity items.

You can always donate the unnecessary items on the block’s donation drive. Doing so will not only help you declutter, but it will also help the ones in crucial need.

FILL THE PANTRY

Juggling the corporate and domestic life is challenging. Due to the limited time, you may either frequent the grocery for last-minute shopping or the nearby restaurant for take-out meals. A healthier solution is to keep a well-stock pantry. Purchase items that will last the family for at least a week.

As Holly Clegg, culinary expert and food author, once said: Think of a well-stocked pantry as a permanent shopping list. This tip will enable moms to cook more meals efficiently, timely and more affordable.”

Image Credits: pixabay.com

LEAVE YOUR MONEY

Are you planning to hangout with your buddies any time soon? Consider bringing the exact amount that you are willing to spend and leave the rest at home. Suggest affordable yet entertaining activities such as art appreciation (e.g., roaming ACM or SAM) and game night (e.g., themed dinner at someone’s home). If your girl friends insist on shopping, you will not be tempted to purchase anything that you cannot afford.

Do you really need those tempting items anyway? I do not think so!

LISTEN TO OTHERS

I can vividly recall the time I was strolling the mall with my significant other. My feet were sore due to the high-heeled shoes that I opted for. Brought by strong emotions, I would rather purchase a new shoe that I do not need than to tolerate the pain. We visited a store that I previously ignored. Then, my partner reminded me that none of the products appealed to me last time I was there. The collection did not change. “You only like this because of the momentary use and not because you will use it again”, he said. He made a fair point! I saved a decent amount of money that day.

Listen to the opinions of other people who care genuinely about your financial future. Tally your monthly savings to remind yourself and your spouse about your recent accomplishment. Use this as a motivation to go further.

GIVE THEM ALLOWANCE

A sizzling topic among Singaporean parents is whether or not children shall receive allowance at such a young age. Some parents are concerned about the wastage of money on ridiculous items, while others want to cultivate financial responsibility. Bekah Jorgensen (blogger of Mother Moment) highlights the advantage of giving an allowance as it “sets a policy that if they want something that isn’t a need, they buy it themselves or wait for the next gift-giving holiday.” Children are empowered to save their money to buy what they want.

Furthermore, it avoids the embarassing tantrums in store and the impulse purchases that comes with it.

PROTECT YOUR INDIVIDUALITY

Who knew that you will become a devoted mom further down the road? Well, life is unpredictable. You will never know which turns will come next. You just have to make the most out of what you have and exhaust all your resources. Speaking of resources, it is best to keep your own personal account. This account will help maintain your financial autonomy and support your spouse’s credit history.

Image Credits: pixabay.com

For significant commitments such as a car or a flat, you will have to work together to pay the loans. Having two streams of account will help speed up the process.

Sources: 1 & 2

Financial Checklist For Expectant Parents

The late Janet Reno once said: “I have learned that raising children is the single most difficult thing in the world to do. It takes hard work, love, luck, and a lot of energy. It is the most rewarding experience that you can ever have.”

Creating and nurturing a baby in Singapore is no walk in the park! Encountering sleepless nights, medical scares, and embarrassing moments are unavoidable. One is never completely prepared for what is about to come. However, you can start planning for your future by considering this financial checklist.

#1: DRAFT YOUR PRENATAL BUDGET

You are about to bring life into this exciting and challenging world. Tackle each day with ease by knowing how much you will be spending in the next couple of months. There are many lifestyle adjustments that come with having a baby. Include the food expenses, medical costs, insurance contributions, and so on.

Be honest with yourself when shopping for baby items. Do you really need a trendy stroller with an LCD control panel? Set a tangible line between what is necessary and what is forgivable. For instance, you can save on the disposable diapers by converting to the cloth diapers. Or, you may revamp an old drawer into a changing table. Use your creativity when maximizing your dollars and spend within your bounds.

#2: DETERMINE THE AMOUNT OF YOUR RESERVE

Becoming a preschool teacher made me realize that significant things can happen when you leave a toddler for several seconds. I am not exaggerating. One student may be chewing on the toys while you are trying to get groom the other. I can still recall when I was curious about the air conditioner and ended up with several cuts on my fingers. Being prepared for your baby’s potential accidents is a must!

I recommend that you take a look at your financial reservoir (or emergency fund). Having at least six months’ worth of living expenses covered is a good start point.

#3: UNDERSTAND THE HEALTH INSURANCE’S SCOPE

It is no secret that having a baby in Singapore is expensive, even if you have health insurance. Navigate your attention into the prenatal care, labor, and newborn costs. You need to understand which expenses your insurance will pay for you. There are diverse maternity insurance packages available on the market now! One is the OCBC MaxMaternity Care. It is the first maternity insurance plan that covers its clients as early as 13 weeks into their pregnancy. They will cover your costs for specific types of pregnancy complications.

Aside from understanding the scope of your policy, you must include your baby in your primary health insurance. You can typically change your records within 30 to 60 days after delivery. Do it as soon as possible as you do not want to be caught with an ill newborn and no coverage!

#4: IDENTIFY YOUR CHILDCARE ARRANGEMENTS

We are lucky to be blessed with childcare options ranging from a conservative preschool to an eclectic day care centre. If both you and your spouse are working full-time, recognize that a large number of your monthly costs will go to childcare (i.e., sometimes even more than your rent). This is why you must weigh your options and alternatives. By alternatives, I am pertaining to the relatives that can aid you along the way.

It is an acceptable idea for Asian families to ask for help from their parents. The grandparents-to-be may be available for two days a week. This could help you lessen the financial load. If you wish to hire a nanny, be sure to check the government fees and regulations surrounding it.

Image Credits: pixabay.com

The cost of having a baby does not stop when he or she goes to school! So, consider formulating a long-term financial plan beyond the first few years.

Sources:1,2,3 &4

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

4 Times Your Parents Were Right About Money

Like most parents, mine were fond of imparting nuggets of wisdom to us. Whether we like it or not, we have to listen to the Hallmark-worthy quotes for every occasion. Be honest! How many times did you roll your eyes on your mother or father as they scold you in front of your friends?

Well, it turns out that some of their financial lessons are beneficial. You can either learn from their successful stories or their wrongful moves. With that said, here are “4 Times Your Parents Were Right About Money”:

DO NOT PUT ALL YOUR EGGS IN ONE BASKET

This statement does not refer to organizing your grocery items. Instead, it refers to the piece of advice that argue against putting your resources in one object or individual. My parents were right when they told me to embrace all the job opportunities while I am still young.

The technical term for this act is diversification. Not diversifying has its drawbacks. Diversification, according to Nobel Prize winner in economics Harry Markowitz, lowers the risk of loss and increases the chances for success when investing. You may apply diversification in other aspects of your life.

For instance, avoid pouring yourself to the workplace as you may neglect your physical health and emotional sanity. In friendships, you must devote your time to several people to create a personal support system or a business network.

MONEY DOES NOT GROW ON TREES

“Money does not grow on trees!”, exclaimed my father. I cannot recall how many times these happened to me as a child (who just wants to collect Barbie dolls). Oh! Hearing these words translated to our mother tongue had a stronger impact. I am sure that some of you had the same experience. As you read these words, your parents’ voices may echo in your head. You are not alone.

The idea of quick and easy cash may appeal to most of us during our childhood, but the real world does not work like that. Earning money takes determination, time, and effort. This is why you must not waste your money on things that you do not need. Teach the value of money to new generations as well.

Furthermore, it is practical to establish your own emergency fund should an unexpected event arise. Consider this “Clever Ways To Build A Sufficient Emergency Fund“ article as a guide.

SPEND WITHIN OR LESS THAN YOUR MEANS

Spending within or less than the bounds of what you can afford can contribute to a stress-free life. I know this lesson sounds utterly obvious. However, some people do not understand the principles of cash flow. A number of Singaporeans are not afraid to whip out their credit cards to buy items that they cannot afford at the moment.

My cousin’s parents understand the prowess of a credit card. So, they did not allow their child to get one. You see, they believed that it is not a good idea to purchase something when you do not have enough cash in the bank to afford it. My cousin has to keep saving money until he could afford the thing that he desires.

You may argue that you cannot shop online without a credit card, but you can use a MasterCard or a Visa debit card. Spending wisely is a good practice to impart to your future children.

PATIENCE IS A VIRTUE

My mother is patience personified! Her actions taught that overcoming instant gratification is important to financial success. Impatience costs people cold hard cash.

If you are willing to wait instead of purchasing immediately, you are able to compare prices within other shops and to find cheaper options. Practicing patience gives you the opportunity to wait for the greatest sales, huge markdowns, and bargain deals that will help you save a lot.

Image Credits: pixabay.com

There are many ways to improve this virtue. You may employ breathing techniques or visualize how long you will wait while in a queue.

Sources: 1 &2

Is Childcare Only For Rich Singaporeans?

As an early childhood teacher from an internationally acclaimed school, I am exposed to the childcare industry. My mere exposure made me wonder why childcare is so expensive! For starters, the issue made the headlines last year due to the huge price gap between the different childcare services across Singapore.

The average price was S$1,004 and the median was S$856. This means that there are centers that charge more than S$2,000. It is ridiculous how this amount is near to the country’s minimum wage. With these overwhelming prices, here are some factors that you must consider before paying for childcare services:

1. VISIT YOUR OPTIONS

Ask credible resources about the available childcare services in your area. For instance, an affordable option is NTUC First Campus (NFC). NFC is dedicated to provide quality and affordable education services for working parents. The institution’s fees range from about S$1,300 to S$1,900.

Image Credits: ntucfirstcampus.com

On the other hand, premium childcare centers endorse specific methodologies such as Montessori. Research on these methods to determine whether they are in lined with your beliefs. Another option is hiring a live-in nanny. A nanny can help you out with other tasks such as cleaning the room and cooking dinner. Save money by hiring a caregiver nearby.

2. COMPARE THE COSTS

As with everything else, you should shop around. Compare the costs of hiring a nanny and enrolling in a daycare center. Have a sense of the monthly fees and requirements. Also, remember to include any government fees and childcare benefits from your company.

3. UNDERSTAND YOUR ECONOMIC SITUATION

Look at your budget and focus on two things. Firstly, figure out your current spending habits. Lastly, eliminate the unnecessary expenses. Are you ready?

Start by creating a list of the things that you spend on. A free software like Mint can help you with the compilation of information. Afterwards, you must go through your non-essential spending. Eliminate or minimize your coffee runs, restaurant visits, shopping sprees, and petrol costs.

Alter your budget according to your predicted childcare spending according to your careful examination.

Sources: 1, 2, 3, 4 & 5

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