Great Alternatives To New Year’s Resolutions

Research has shown that less than 10% of New Year’s resolutions were accomplished by the participants. If these people were hyped by the power of the new year, why are they likely to fail by February? The primary reason why resolutions fail is its tendency to be intangible. Moreover, it comes down to how an individual manages his or her habits.

Instead of setting the bar high for yourself, consider the great alternatives found on this list.

#1: CHOOSE A WORD TO GUIDE YOUR YEAR

Select a word at the beginning of each year and use it as inspiration to dictate your actions. It is hard to believe the unprecedented year 2020 has come to a close. While things have certainly changed, the passion in your heart remains. Visualize and manifest the world you want to live in by using these words as a guide: present, gratitude, generosity, and prosperity.

#2: MAKE A BUCKET LIST FOR THE YEAR

Instead of setting unrealistic goals, you may write a bucket list highlighting the experiences or achievements that you want to reach this 2021. Create a list that contains both lighthearted and serious items. Your list may include going camping inside the house, making a monthly budget, or serving a delicious dinner at your parents’ house.

#3: CREATE A YEARLY CHALLENGE

A yearly challenge is a concrete and realistic goal that you want to achieve within the year. Selecting one goal allows you to put all your efforts into tackling it. Here are some examples of the challenges that you may accomplish this 2021:

a. learning a new language
b. writing a book
c. getting out of debt

#4: SET A NEW GOAL EACH MONTH

Goals are more manageable when you divide it into small chunks. Perhaps January will be the month that you will dedicate to self-help books. While, February will be the month to pack your healthy lunches. You may create a 12-month calendar that outlines each of your monthly goals. Increase your motivation by rewarding yourself at the end of each month.

#5: TRACK YOUR HEALTHY HABITS

Write down three healthy habits that you accomplished per month. Having a visual cue that displays your accomplishments will motivate you to keep up the good work. Stay flexible and leave a room for healthy habits to emerge each day.

#6: DEVELOP A MANTRA

A mantra is a statement that you repeat frequently with concentration. Develop a mantra that will help you feel more empowered and positive. Rather than deciding that 2021 will be the year you will save more money, you can have a mantra stating you will only “buy what you need”. When you are shopping, remind yourself of this mantra. Repeating this in your head will help your behavior to change in time.

Image Credits: unsplash.com

The statement “new year, new me” has turned into a funny cliché nowadays. 2020 was a disappointing year. Instead of looking at 2021 as an instant re-do of your life. Look at it as a timeline for change. Change will not come overnight. You will morph into the person you want to be as the days go by.

Sources: 1 & 2

 

Read More...

10 Powerful Micro Habits That Can Change Your Life

Habits are powerful. From cycling every morning to praying every night, habits are frequent patterns of behaviors that reflect who we are. It is the selective repetition of activities that shapes our lives. Inevitably, our habits become significant parts of our lifestyles.

We often fail at building habits by setting unrealistic and unsustainable goals. Starting small makes habit building more manageable. Benjamin Hardy compares this concept (micro habits) to compounding interest. When given choice, people would opt to take a million dollars in the bank as opposed to a cent that doubles in value over the course of the month. What most people do not realize is that they will get more payout by taking the second option.

He said: “The doubling penny actually ends up being $10.7 million dollars. Yet, the majority of the growth happens at the very end, and most people aren’t patient enough for the big return. The live for the moment culture of today stops people from investing.”

Micro habits can change your life. It is up to you to strategize which habits you are willing to integrate in your routine. Here are some of the examples.

#1: WRITE A PARAGRAPH

Whether you are building a robust business plan or a non-fiction book, start by writing a few sentences each day. Make it a goal to write a paragraph by the end of the week. The momentum will build on its own and you will find yourself effortlessly writing more and more as the days go by. In fact, I have written my second book in less than two months. Beginnings are always the hardest.

#2: LISTEN TO UPLIFTING PODCASTS OR SONGS

Open your Spotify or music app and listen to podcasts and songs that inspire you. Children typically benefit from having background music while they learn. You may consider listening to a financial podcast as you travel to work. Great music can put you in an energized working state.

#3: RESPOND TO TEXTS AND EMAILS

As much as possible, respond to important emails and texts as they come in. This way, you will not be left with a backlog of tasks to attend to.

#4: BE LESS REACTIVE

Train your mind to be calmer. When you see or hear something that immediately frustrates or upsets you, avoid reacting first. Analyze your thoughts and take a deep breath. Learning to take small pauses will help you figure out where your emotions come from and what your next action should be.

#5: PREPARE FOR YOUR NEXT DAY

Always come to work or school prepared. Prepare for the next day by allotting a few minutes of your night routine to preparation. Make a simple list of the things you need to bring or tasks that you need to accomplish tomorrow. Then, plan your attire. This can take you about 5 to 10 minutes.

#6: TAKE A POWER NAP

A power nap that can span for 15 minutes is all you need to get back to your optimum performance. It is a skill that you can master for a period of time. You will find yourself accomplishing more by napping once or twice a day.

#7: PRACTICE SAYING “NO”

Our energy levels are limited per day. More often than not, you will come across some of the most demanding people. Ensure that you spend your energy to the things and people that you truly care about. Do not feel bad for saying “no”. Ultimately, it is a means of self-preservation.

#8: DRINK MORE WATER

It is recommended to drink about 8 cups of water a day. Just focus on drinking one more glass a day. Then, it will become a part of your routine.

#9: EAT ONE LESS UNHEALTHY SNACK A DAY

It is easier to skip one unhealthy snack a day than to overhaul one’s entire diet. Focus on one unhealthy item that you can live without that day. Just one!

#10: CELEBRATE SMALL WINS

This year has been all about counting our blessings. Big wins do not come by often. Boost your morale by celebrating small wins. There is a reason why people rush to go to the game’s “boss level”. We constantly want to be rewarded. So, every time a small positive event happens in your life, consider it a “win”. You may treat yourself to a hearty lunch or write it down in your “success journal”.

Image Credits: unsplash.com

Celebrate small wins. You deserve it!

Sources: 1 & 2

Read More...

5 Habits That Drain Your Wallet

A habit is defined as a settled tendency or a usual manner of behavior. Whether you take daily morning walks or sip a cup of coffee at noon, your habits become nearly or completely involuntary as time passes.

The key to developing healthy habits that float well with your finances is moderation. If you are indulging too often on a habit, cutting back may save you money and protect your health. Below are just some of the habits that can drain your wallet.

SMOKING CIGARETTES

Smoking raises your risks of serious health problems such as stroke, heart disease, emphysema, and cancer. According to the Centers for Disease Control and Prevention, smoking cigarettes harms nearly every organ of one’s body. Take care of your health by reducing or eliminating your smoking habit.

Let us start with the average cost of a cigarette. Last year, the average retail price for a 20-stick pack of cigarettes in Singapore was at S$13.08. A pack-a-day habit will run you about S$4774.02 a year. Imagine the amount of money you can save or invest in a span of 12 months!

Quitting smoking cancels out the costs for your finances and your health. However, it is easier said than done. There are several ways to quit smoking such as Cold Turkey and Cognitive Behavioral Therapy. Cold Turkey entails that you stop all at once. According to WebMD, about 90% of smokers who try to quit choose this method. Unfortunately, many of them do not succeed. Using this method may put your body into a state of nicotine withdrawal. Let us focus on the other method. The Cognitive Behavioral Therapy (CBT) uses the power of your thoughts, feelings, and mental processing in order to reduce your smoking habit. This works best with people who are open to counselling and psychotherapy.

EATING OUT DAILY

Eating out regularly, especially indulging on fast food, is not the healthiest habit out there. It is simply hard to resist! This is due to the convenience and familiarity attached to fast food chains and restaurants. After an exhausting day at work, we just want to relax at home and not spend more time for cooking dinner. It is a lot easier to order a box of pizza or a bowl of ramen with a few taps on an app!

Despite the great deals that fast food chains offer, eating out is more expensive than cooking your own food. A five-dollar meal may not seem expensive, but the costs add up. If you eat out on a daily basis, you can consume about S$35 to S$100 in a week. Reduce your spending by planning your meals ahead of time and preparing on-the-go snacks (e.g., sliced apples or fruit-filled yogurts).

DRINKING ARTISAN COFFEE

Consumed on a daily basis, artisan and gourmet coffees can get expensive. For many people, drinking a cup of joe in the morning seems like second-nature. They wake up and smell coffee. I have several friends who cannot function properly in the morning without having their cup of coffee. And it is not just the smell that wakes them up. It is the caffeine.

It may seem relatively cheap to spend a few bucks a day at a local coffee shop. However, you must consider all the money that you could have saved if you brewed your own coffee at home.

REGULAR GROCERY SHOPPING

Some people have a habit of shopping for groceries on a daily basis. A good way to ensure that you stick to your grocery budget is to restrict yourself to one grocery trip per week. Frequent trips to the grocery store throughout the week can make you tempted to buy more than what you need. Making a routine of hitting up the grocery whenever you forget something indicates that you do not have a proper grasp of your consumption. It is best to plan ahead!

Avoid grocery shopping when you are hungry or when you have an ample amount of time to spare. People are more susceptible to purchasing additional items when they are hungry or when they go for leisurely shopping. These unnecessary items usually go to waste.

CONSUMING ENERGY DRINKS

People who have a tendency to purchase a bottle of energy drink everyday may develop a tolerance towards it. Chances are, you will need to drink more than a bottle per day to keep you buzzed all throughout. That can cost you more than .50 cents a day. Is it time for you to kick out your energy drink habit?

Image Credits: pixabay.com

If you need the energy drink to keep you active throughout the day in compensation of sleep deprivation then, you need to alter your sleeping habits. You will not feel exhausted at work with a full cycle of sleep. If fatigue persists, you may consult a doctor.

Sources: 1 & 2

 

Read More...

Six Habits Of Financially Successful Individuals

While you are busy managing your own wealth, consider how you can develop these 6 habits of financially successful people.

#1: FASCINATION OVER BOOKS

According to Mr. Tom Corley, the author of “Rich Habits: The Daily Success Habits of Wealthy Individuals”, self-made millionaires have a shared passion for reading. His study found that about 85% of the participants indulged on two or more books in a month. These said books involve topics of improvement such as career, health, and leadership.

I cannot deny that life is an endless journey of discoveries. There will always be new theories to motivate employees and new strategies to invest your wealth. This is why you must read beyond what is expected of you. Set yourself apart from the competition!

#2: GONE IS THE BLAMING GAME

No matter how relatively robust Singapore’s economy is (i.e., compared to other countries across the globe), it cannot please everyone. Others have a habit of blaming the economy for their ill financial situation. Successful individuals and eventual millionaires refrain from behaving as such.

Reality check! It is time to take the full responsibility for your finances. Doing so will make you more accountable for your future spending.

#3: SACRIFICE COMES FIRST

The key to success is knowing that there is no easy way up! As you are only starting your career, you must employ sacrifices such as downsizing your flat or selling your car. Successful individuals transform every cent they can save into productive matters such as investing on quality education.

Accept that your way of life is something that you have to sacrifice first. For instance, the notable Warren Buffett drives his car until it completely wears out.

#4: THINKING OF THE LONG-HAUL

Overnight success rarely happens. You will probably agree that financial success requires strategic planning and careful outlook toward the future. Many successful individuals show concern about what their finances will be like in the next 5 to 10 years. They take conscious steps to reach their long-term goals.

Having this habit of setting long-term goals encourages the exploration of options to increase one’s wealth. It highlights the importance of having substantial savings.

#5: GOOD THINGS BLOOMING YOUR WAY

Have you heard of the quote: “Good things come to those who wait”? Well, financially successful individuals have their own twist! They essentially believe that good things will come as long as they hustle. They do not just sit around to wait for incredible blessings! They play an active role in their accomplishments.

Continue to expand your financial literacy. And at the same time, seek for new ways to boost your income. This will help you to efficiently tackle your financial goals.

Image Credits: pixabay.com

Image Credits: pixabay.com

Ohhhh! You came here to read 6 habits. Sorry about that! Sometimes, you must give yourself the privilege to commit mistakes. It is possible to be right all the time (successful people know this).

Sources: 1,  2, & 3

Read More...

Horrible Financial Habits To Drop This Year

As preconceived habits are harder to break, it takes patience and dedication to break these financial habits:

THE HABIT THAT I DO NOT TOLERATE

If someone asked me to identify a single financial habit that I am irked by the most, I will immediately answer “disorganization”. I appreciate when things are labeled and stacked in order. This is why I make it a habit to file my receipts, keep my cards in one place, and schedule my payments. Is it just me or does your mind work more efficiently in the sight of a clean desk?

Well, tidiness works to my advantage as it helps me to avoid unnecessary expenses. Money spent on interest charges, late fees, unused memberships, and unwanted subscriptions can pile up! Can you guess what binds these expenses together? Disorganization is the answer.

Place conscious effort towards creating a system that will keep your finances in order. Do not fall behind your billing statements, nor shall you let your important documents stack up.

THE HABIT THAT BLOCKS A GOOD DEAL

Say you are a habitué of Money Digest’s Facebook Page. You frequently stumble upon good deals in various categories. As a business owner, you are immensely attracted with the services of a supplier that offers inexpensive prices online. Do not cancel on your current supplier in a snap! Instead, call to negotiate. Carefully analyze the situation and make logical points about the competitors.

If your timing and approach is proper then, your current supplier may quickly match the competitor’s offer. Do not be afraid to negotiate!

THE HABIT THAT MANY POSSESS

Many Singaporeans do not keep track of their spending as they deem it to be time-consuming or unnecessary. However, making money management an habitual regimen is essential for every working adult.

You do not need to adapt an extravagant lifestyle or earn millions to start a financial plan. Simply keep track of your daily spending and examine it each month. Then, accurately plan to meet both your long-term and short-term financial goals.

THE HABIT THAT LIMITS YOU

There is a reason why entertainment websites such as 9GAG and Reddit flourish worldwide. These were especially created for people who have a habit of procrastination. These people push off tasks and decisions as they intend to accomplish it in “later” parts of the day. Have you caught this habit yourself? It is time to break the cycle as you welcome a new year!

Reach your fullest potentials by researching your options on insurance, savings, and investments. Befriend Father Time as he can bestow you the gift of compound interest.

THE HABIT THAT CAN BREAK ONE’S SMILE

Some religious leaders advocated against the idea that more money can bring happiness. Money can immediately bring joy, but only to an extent. Researchers in Princeton released a study in 2010 showing that happiness increases as the income increases until US$75,000. After this point, it plateaus.

Purchasing or owning more items can increase your happiness in the short run. In contrast, spending your money on others can generate more happiness than splurging for yourself. Consider holding a fund raiser or donating your old clothes. A little act of kindness can go a long way!

THE HABIT THAT HARRY POTTER CAN CONQUER

The J.K. Rowling’s fictional book series that blew the world by storm included the dark creatures called the “Dementors“. The lead character named Harry Potter had to vanquish these creatures, which feed upon human happiness. They suck the individuals’ souls out of their bodies. Rowling modeled these creatures to the immensely negative people in her life.

Image Credits: iKobe! via Flickr Creative Commons

Image Credits: iKobe! via Flickr Creative Commons

Are you a Dementor? Do you create a bubble of negativity above your head? Do you believe that you are constantly overworked and underpaid? Is it your habit to complain about your paycheck? Consider stopping the vicious cycle of negativity. Instead, solve your problems by employing strategies such as negotiating a pay raise or going on a well-deserved vacation.

This year, stop ranting and start doing!

Sources: 1, 2, & 3

Read More...