How to maximize your relationships with $300

Most of us know the immense power a strong social relationship can unleash.  Social ties can have a colossal impact on our thinking, experiences and behaviors and they form a pivotal social support for our physical and mental health. Nonetheless, in the course of building a relationship, ensuring its sustainability is key where we do not overstrain our financial resources.

This article – the second in a five-part series that continues from “How to maximize your life with a $3,000 paycheck”- will thus be looking at the different ways to optimize a $300 monthly “bonding budget”.

Image credit: diet.gtatoplay.com

Image credit: diet.gtatoplay.com

  1. Offering inexpensive treats in office

Spending at least 8 hours every workday in the office is not an exactly enjoyable and eventful affair. Every initiative to keep your colleagues’ chins up – no matter how insignificant in your opinion – is in fact a great form of encouragement. And it does not cost much, probably 10% of the $300 “bonding budget” or $30? Offering to pay for drinks or buying your co-workers snacks or sandwiches could be your first crowning move. It kick-starts the culture of reciprocity and good things will naturally come your way.

Image credit: greatdeals.com.sg

Image credit: greatdeals.com.sg

  1. Play a sport

Studies have shown that exercise may play a therapeutic role in addressing psychological disorders such as depression and prevent chronic diseases such as cardiovascular diseases. But that is not all. Sports can also yield vast social benefits and help to strengthen interpersonal relationships through the myriad of fun-filled interactions. Allocating $100 to the booking of courts, admission tickets to sport facilities, participation in running events and energy drinks and bars should be more than sufficient. Taking part in the POSB PAssion Run for Kids 2015 could be your first step to embarking on a healthy and fulfilling lifestyle while contributing to the fund-raising efforts for the less fortunate children.

A free ActiveSG membership is an icing on the cake. All Singaporeans and Permanent Residents who sign up for it are credited with ActiveSG$100 to be used for sports programmes and entrance fees for the swimming pools and gyms at various Sports Centres island-wide.

Image credit: amazon.com

Image credit: amazon.com

  1. Invest in get-together meals and games

Weekends are perhaps the perfect time for friends and families to relax and unwind by indulging in a food and drink galore while playing the popular board games. Classic board games like Monopoly, Scrabble and UNO are still great fun. But the number of new games has exploded in recent years as a community of independent designers and publishers has been steadily producing innovative, intriguing and alluring games offering experiences emulating the most sophisticated gaming hardware. So put the remaining $170 to good use by purchasing board games which possess enduring benefits and inviting friends over for a potluck.

In reality, there are many more ways to create special and lasting memories with the people you love and care about. What is more important is often not the means to do it, but the willingness to do it.

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How to maximize your life with a $3,000 paycheck

Maslow Hierarchy of Needs

With S$3,000 for a monthly salary, many fresh graduates do not think that is enough to spend nor save. But think again. As a bachelor or bachelorette earning $3,000, you are already better off than many others beset with hefty household bills. So, for someone fresh out of school with no dependants or minimal financial liabilities, maximizing your life with your $3,000 paycheck may be attainable and here is how we can approach this mathematical sum with the help of Maslow’s hierarchy of needs. According to Abraham Maslow, a renowned American psychologist, inherent human needs are fulfilled in the following priorities, starting from physiological needs, safety needs, love/belonging needs, esteem needs and finally, self-actualization needs.

Need(s) fulfilled: Physiological Image credit: ss3singapore.wordpress.com

Need(s) fulfilled: Physiological
Image credit: ss3singapore.wordpress.com

1. Spend 20% or $600 on irresistible meals that are simply affordable. Fortunately, it is never a hassle to find them in the heartlands or the CBD areas which serve to satisfy your hunger pangs after a half day of hard work! Alternatively, you can prepare your own nutritious and palatable meals within the budget!

Need(s) fulfilled: Love/belonging, safety Image credit: en.wikipedia.org

Need(s) fulfilled: Love/belonging, safety
Image credit: en.wikipedia.org

2. Spend 10% or $300 on delighting your beloved family, partners and friends. Rope them in for a laugh by watching a hilarious movie, enjoy a hearty chat over a scrumptious meal or simply participate in a sport that all of you relish.

Need(s) fulfilled: Love/belonging, safety, physiological, self-actualization Image credit: todayonline.com

Need(s) fulfilled: Love/belonging, safety, physiological, self-actualization
Image credit: todayonline.com

3. Save 50% or $1,500 for your upcoming big ticket items. In Singapore, your residential property is probably your greatest prized asset. Your lifetime of savings and efforts will be manifested in your small but cozy HDB flat. At the end of the day, it is the family warmth that truly matters in the home, not so much about the size. Depending on your risk appetite, a portion of the 50% may be used for investment purposes to earn a return over the inflation rate. As easy as this may sound, engaging in due diligence is key to making or breaking it.

Need(s) fulfilled: Love/belonging, safety, esteem Image credit: huishilicious.wordpress.com

Need(s) fulfilled: Love/belonging, safety, esteem
Image credit: huishilicious.wordpress.com

4. Set aside 10% or $300 as an emergency fund. Life is filled with surprises. You never know what will happen tomorrow. Putting aside 10% of your income  may seem wise to buffer yourself against uncertainties. Take for example an unexpected invitation to your superior or colleague’s wedding or baby shower. An emergency fund boosts your readiness and willingness to share the joys, build a stronger rapport and put you in a better position to  win people’s hearts.

Need(s) fulfilled: Physiological, safety Image credit: graphichive.net

Need(s) fulfilled: Physiological, safety
Image credit: graphichive.net

5. The last 10% or $300 is reserved for miscellaneous expenses such as transport fares, therapeutic services and new merchandises. After a month’s worth of toiling, you definitely deserve some pampering. Indulge in a massage to relieve yourself of the piled-up stress from work. Recharge before moving on to the greater things in life.

The good news is that the higher level needs such as the esteem needs and self-actualization needs often do not pose a material constraint on your financial resources. By living within your means while maintaining optimism, you gain the understanding and respect of your peers and family members. Through demonstrating  your forthcomingness  in celebrating others’ blissfulness and successes while realizing the relentless quest for material wealth does not always lead to happiness, you would have already achieved the moral high ground.

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