Save Big By Cooking Your Own Meals

On average, it is about five times more expensive to order food from a restaurant than cooking your own meal at home. It is no secret that eating out can snip your budget in a short span of time. However, many opt to place their orders online through food delivery apps due to their busy schedules or lack of talent in the kitchen. I cannot deny the convenience that Food Panda or GrabFood sells!

Eat better food and save money in the process by following these kitchen suggestions.

#1: PREP MEALS IN BULK

My significant other’s mother leads an efficient life by prepping meals on Sundays. She cooks three to four dishes, which can be reheated whenever one pleases. Try cooking boiled eggs and steamed vegetables that will last for two to three meals. This way, you and your family will be able to enjoy your cooking even when in a hurry.

Simply label the food accordingly and pop it in a freezer bag or a microwaveable container. Serve this pre-cooked meal with fresh sides and you are ready to go!

#2: USE A SLOW COOKER

On the other hand, my partner’s father seems to be fascinated with the slow cooker. He cooks ribs and fish using a slow cooker and vacuum seals these meals to last for a little over a month. Imagine that!

Using a slow cooker is a money saver. You can cook larger meals with enough leftovers to freshen up your second meal. Moreover, it enables you to purchase less expensive and tougher meat because it acts as a tenderizer.

#3: CREATE WITH WHAT YOU HAVE

Challenge your creative juices by cooking food with the ingredients available in your kitchen. It is easy to build your meals through daily grocery shopping. However, regularly cooking what is already at hand enables you to maximize your resources and minimize food wastage.

Curb your spending by scavenging the vegetables and meat available in the fridge. Consume food that will go bad soon before if it is too late!

#4: BUY WHAT IS ON SALE

Last but not the least, you may travel through the grocery aisles to purchase items that are on sale. Use this opportunity to purchase chicken breast or salad dressings, which are on sale. Purchase extra pack or pieces whenever possible to secure your future cravings.

I cannot deny that our modern generation consumes things in an instant! When we want things, we want them now. This increases the chances of ordering out and slimming your funds. Hence, you must learn the power of delayed gratification.

Image Credits: pixabay.com

You cannot always eat what you want, but you can make most of what you have.

Sources: 1, 2, & 3

Read More...

4 Ways Marriage Can Affect Your Finances

One of the most important decisions you will ever have to make is choosing the person to whom you get married to. Getting married will not only shape your entire life, but also your finances. It is critical to choose the right partner that can bring you happiness and influence your finances in a positive light.

That being said, here are four ways marriage can change your finances:

DIFFERENCES IN FINANCIAL HABITS

Whether you marry a Singaporean or a foreigner, many people discover their partner’s financial habits later on. Some of these habits can be deal-breakers. Unpleasant financial habits include overspending, lack of savings, and gambling addiction.These lead to arguments and trust issues. However, you must not pack all your bags yet!

Being caught up in a financial dilemma with your spouse can be difficult as your financial values are taught while young. Therapy and financial planning could help. As can being completely honest with each other while you play with your financial strengths.

COMPLEXITIES OF INSURANCE POLICIES

You have two options when it comes to insurance. You can either hop on your spouse’s insurance policy or reap the benefits of your own employer-backed insurance policy. More often than not, insurance policies offered by your employer is cheaper than the policies that you buy for yourself. Your best bet is to choose the policy that benefits both of you the most.

Another factor to consider is the possibility of needing specialized insurances like pet insurance policy or travel insurance policy.

CREATION OF PRENUPTIAL AGREEMENT

If you are engaged to be married or are in the first months of matrimony, there may be a chance that you have already started combining your bank accounts. In any case, you should discuss your financial values and wealth plan to direct your future. A prenuptial agreement can be created to protect your assets in the event that your marriage fails or your spouse passes away.

By specifying your shared assets, you can both determine how possessions and debt will be divided upon separation. You will be able to determine how much you will pay for alimony and how much you will provide for child support. Furthermore, you may discuss how you will share each other’s estate.

IMMEDIATE EXPENSES OF MARRIAGE

It goes without saying that the wedding can cost you a lot of money. The upfront costs of matrimony can set you back by S$75,000 to S$100,000 on average. This amount includes purchasing a house and celebrating a wedding.

Image Credits: pixabay.com
Is your combined savings ready for that? With these major expenses come preparation. You must eliminate certain expenses to ensure that you create your dream life together.

Sources: 1 & 2

Read More...

Good Family Money Practices To Abide To

As year 2020 fast approaches, many of us rethink our past decisions and practices. Among these decisions and practices are the ones that greatly affected your finances. How did the past year influence your financial circumstance?

Discussions about assets, incomes, properties, and investments will come up whenever one thinks about wealth planning. A holistic financial planning approach can help improve your relationships in the coming year, including your family dynamics.

Katherine Dean, head of Family Dynamics for Wells Fargo Private Bank, once said: “When families communicate regularly and work on financial issues together, they often develop shared goals and a healthy sense of purpose.” An effective wealth plan not only helps with straightening out your household, but also with deepening your family relationships.

#1: SPENDING PLAN

Everything starts with a neatly laid out plan. Sit down together as a family to develop a household spending plan. You may opt to avoid using the word “budget” as it may highlight sacrifices and the pains of cutting back. Instead, focus on what is important to your family and the spending categories that you care less about. Cut down on the latter and explain to your family members why you must do so.

#2: CAREFUL USAGE OF WORDS

When it comes to conveying a message, it is vital to send out the proper signals. Choose your words carefully, especially when dealing with children. Saying “we cannot afford that” may send the confusing messages to young children. Some children may worry about their family’s financial state and its lack of capabilities to support the family’s necessities. Instead, try explaining why you choose not to spend your money on lavish toys in the aisle. Explaining the value of money and prioritizing expenses can help children learn more about managing money.

For instance, you may encourage your children to create wish lists when their birthdays come. Help them save for it by completing chores. This highlights the importance of saving and the practice of delayed gratification.

#3: IDENTIFICATION OF FAMILY VALUES

Recently, I sat down with my team to discuss the effect of having a shared goal fueled by our work values. Our personal work values affect how we work and how we interact with our colleagues. In the same way, our family values affect our family wealth plan. Having shared intentions and beliefs about money is one of the most effective ways to reach your long-term goals and to avoid making expensive financial mistakes.

Shared family values differ from household to household. For instance, one family may be committed to improving their eco-friendly lifestyle while the other is committed to improving their adventurous lifestyle. Once you pinpoint your common values, you will be able to direct your shared family wealth plan.

#4: SAVING AND SPENDING TOGETHER

You are a team – do not forget this. When it comes to tackling purchases that will greatly affect your household, it is best to spend and save together. Your new computer or your family trip to Bali can help show your kids the value of saving money. Get a piggy bank or a savings jar and add your loose change each week.

Image Credits: pixabay.com

Show your kids how savings can grow in time. When you have saved enough, teach your children how to get the most out of their money. Bring them along while you shop around.

Sources: 1 & 2

Read More...

Save Time And Money By Following These Food Hacks

As much as we want to prepare delicious and healthy meals for our entire family, doing so can be a quite a chore!

This is why some of us opt to order in or to eat out. However, this can lead to an increased spending and to an unhealthy lifestyle. The solution is to find ways to save yourself money and time while prepping your meals. Start with these simple food hacks:

#1: EGGSPIRED

Equipped with a shopping list in one hand, I enjoy my weekly trips to the grocery. Egg is among the items that will always be present on the list. For many of us, it is difficult to tell whether a set of eggs is expired. When this happens, you either throw out edible eggs or take the risk of eating expired ones. Avoid these situations by following a simple trick:

Put your eggs in a bowl of water. The expired eggs will float and the fresh eggs will sink. Quickly grab the good eggs in the bottom of the bowl.

#2: POTATHROW

I love potatoes! Whether it be mashed or fried, potatoes can drive many people into frenzy! Say you want to fry potato wedges or mash some potatoes. It is best to spend as little time as possible in peeling each individual potato. Furthermore, you are only wasting money by peeling too much.

Image Credits: unsplash.com

So, take a sharp knife and gently run the blade around the circumference of the potato. You must break the skin without puncturing the potato. Repeat this step for each potato that you intend to cook. Place all the potatoes in a pot and add boiling water. After all these are fully boiled and drained, you may put the pot under cool water for a few seconds. This is the perfect time to gently remove the potato’s skin using your fingers. Watch as the skin slip right off as you save energy on a simple task.

#3: FREEZE-FULL

One of the kitchen tools that many of us often under-utilize is the freezer. Using the freezer efficiently to properly store your food will save you money, effort, and time. Keep this tip in mind – maintaining an empty or an almost empty freezer is a mistake! The freezer has to double its work to cool itself, which will lead to energy wastage. The coolness is retained better if the freezer a little more full.

Image Credits: unsplash.com

I am not saying that you must completely pile up items as that will restrict air circulation. Instead, you must replace what you use with new frozen food items. Practicing this cycle will ensure that your freezer is used to its fullest potential.

#4: MEATICULOUS

Meat gets ridiculously more expensive as time passes. By buying large amounts of meat when it is on sale can help you save money and time in the grocery store. You can either cook everything at the same time or store everything in the freezer into usable portions.

For instance, you may use ground beef for spaghetti sauce and chicken strips for salads. There will be no leftovers!

Sources: 1 & 2

Read More...

How To Deal With 3 Divorce-Inducing Money Issues

In the hustle and bustle of the city life, Singaporeans are exposed to the high economic pressures. What makes this concrete jungle thrive? Money, of course. Putting matrimony into the mix makes things more complicated.

Managing money is a complex task fraught with emotion. It is natural that conflicts can arise from time to time. To keep your marriage and finances in tact, open communication and teamwork are essential. If only more couples are having regular conversations about money issues before and after walking down the aisle then, we will less likely to have divorces.

MONETARY IMBALANCE

What will happen when there is a massive earning gap between partners? Or, when a spouse comes from a wealthy family and the other came from humble beginnings? More so, living in a single-income household is not uncommon. Sometimes, the imbalance between two people creates power play.

When power play occurs, the person who earns the most dictate the spending habits of the other. He or she will have personal spending priorities in mind. The other partner simply complies.

Handling this situation is tricky. You can either make a pre-nuptial agreement or open a joint account. Nonetheless, marriage should be founded by cooperation in all aspects.

OPPOSING PERSONALITIES

In the list of reasons why couples divorce, money is among the top answers. Friction brought by money can be due to the opposing personalities of two people. Personality towards money plays a vital part in a couple’s marital bliss or the lack thereof.

Imagine living 24/7 with a hoarder when you are a spender yourself. Or, living with someone who is a risk-avoidant when you are a risk-taker yourself. To the extreme, you may live with someone who believes that the person who dies with the most money wins. These opposing personalities can be mediated by empathy. Walk in the other person’s shoes to understand where he or she is coming from. You may also adopt your spouse’s money habits for a month to see how it works. Paying attention to money habits before and during matrimony can be beneficial. Talking about your financial views and feelings can help put both of you at ease.

OVERWHELMING DEBT

From school loans to shopping addiction, many people come to the altar bearing a financial baggage. If one partner has an outstanding mountain of debt and the other does not, this situation can spark a conflict.

In such situations, people often take solace in knowing that debts are not carried over thru the marriage. However, it is understandable to share the responsibility over housing and child care debts.

Knowing what you are getting yourself into can help you decide how to deal with it. Both partners have to be honest and non-judgmental when discussing about their financial habits and bad records. Apply several payoff strategies soon after. And, seek professional help when needed.

Sources: 1 & 2

Read More...