lifehacks Archives | MoneyDigest.sg

6 Types of Friends That Are Bad for Your Finances

It’s human nature to compare ourselves to those around us. In theory, it seems reasonable enough, but in reality, it can be a slippery slope, especially when we’re surrounded by friends who unknowingly (or knowingly) harm our finances.

Maybe your friends are getting married and applying for their BTOs, while you’re still single, navigating the transition into a new career. You might start wondering what the “normal” timeline for life is. But here’s the catch: comparisons only work if you’re using yourself as the benchmark.

You see, even if you were raised to mind your own financial business, that doesn’t mean all your friends or acquaintances follow the same rules. This is why self-awareness is crucial. By identifying which friends might be messing with your financial stability, you can better neutralize their impact on your wallet.

#1: THE ENABLER

The Enabler is that friend who points out how hard you’ve been working and tells you, “You deserve nice things!” and even if those nice things are way beyond your means. Their intentions are sweet and they just want you to feel special because they care about you. In many cases, the Enabler is someone close to you. Sometimes, though, it could even be you enabling others.

How to handle it? Carry only the amount of money you’re willing to spend when you’re with this friend. Once the cash is gone, you won’t be tempted to go beyond your budget. Furthermore, avoid activities like window shopping together as it’s a trap for overspending.

#2: THE BORROWER

We’ve all had that friend who shows up only when they need financial help. They’ll hype up your latest travel pics or drop comments on your IG stories, only to later DM you with a request for money, promising to pay you back at the end of the month. Spoiler alert! It’s rarely easy to get your money back from a Borrower.

To protect yourself, be clear about the purpose of the loan and have a structure in place, especially for larger amounts. A written agreement with terms like interest, repayment deadlines, and late fees can go a long way toward ensuring you get repaid.

#3: THE CONMAN

This friend is always up to date with the latest “get-rich-quick” schemes or “once-in-a-lifetime” investment opportunities, which are complete with vague business plans and shady multi-level marketing structures. This friend will try to convince you that this scheme is the golden ticket.

Your best move? Be direct! Tell them upfront that you’re not interested and explain that your funds are tied up in more important matters such as childcare, student loans, or HDB improvements. The key is setting firm boundaries and not getting sucked into their scheme.

#4: THE DRAMATIC

Drama seems to follow this friend wherever they go. Their life is always full of chaos, including financial disasters they refuse to address. While your instinct may be to help, friends like these often can’t be helped until they decide to help themselves. Pouring time, effort, and money into them may only result in disappointment.

Sometimes, the best way to help is by stepping back and allowing them to face their financial problems on their own terms.

#5: THE BULLY

A financial bully is that friend who makes you feel small for your financial choices. I had a friend once who would say things like, “Girl, you pick the place, since you’re the poorest among us.” It took me years, but eventually, I cut her out of my life.

Financial bullies thrive on feeling superior, but their teasing often stems from their own insecurities. They might mock your budgeting habits, yet they could be the ones struggling to pay their bills. If you find yourself in this situation, speak up! Remind your friends that sticking to a budget is part of your plan for financial stability.

#6: THE OPTIMIST

Much like the Enabler, the Optimist has a skewed view of reality when it comes to finances. They live by the motto, “You only live once! C’mon, YOLO!” which can lead to risky behaviors like spending your rent money or draining your emergency fund on a lavish vacation.

How do you manage this? Keep the conversation focused on your financial goals. By sharing concrete, achievable targets, you not only keep yourself grounded but might also inspire your optimistic friend to take a look at their own financial habits.

Image Credits: unsplash.com

By being mindful of these types of friends and their influence, you can make better choices for your financial well-being, without sacrificing your relationships.

Sources: 1 & 2

Efficient Strategies for Tackling Workplace Passive-Aggression

Is your workplace riddled with people who enjoy a good dose of sarcasm or teasing, sometimes even at the expense of others? Do they throw in a “just kidding” to lighten the mood after delivering a particularly cutting remark? Well, you might be dealing with passive-aggressive behavior.

In this post, we’ll break down what passive aggression is and share some strategies to handle it more effectively.

Understanding Passive-Aggressive Behavior

Mayo Clinic, a medical practice and research group, defines passive-aggressive behavior as a way for individuals to express their negative feelings harmfully but indirectly. Instead of addressing issues directly, they cloak their hostility and discontent through subtle actions.

Notice the behavior of your behavior and that of your workmates. If you grew up in an environment where expressing feelings openly wasn’t encouraged, you might resort to passive-aggressive behavior as a way to avoid direct confrontation. This can manifest as sulking, emotional withdrawal, or finding indirect ways to communicate feelings.

Life coach Leah Veazey emphasizes that while passive-aggressiveness allows someone to express disagreement without being confrontational, it’s not the most effective communication technique and can be detrimental to relationships.

Strategies to Manage Passive-Aggressive Behavior

ADDRESS THE SITUATION DIRECTLY

If you notice a coworker engaging in passive-aggressive behavior, avoiding them might be your first instinct. However, addressing the issue directly is crucial.

Plan a conversation with your coworker to ensure they don’t feel targeted, and consider involving the HR department for a private, constructive meeting.

IDENTIFY THEIR REASONS

Understand that passive-aggressive behavior can stem from various reasons, including internal emotions or external factors like workplace competition.

Identifying the root cause helps in deciding the best approach. In some cases, addressing team stress openly might be necessary.

ESTABLISH A SAFE ENVIRONMENT

Make it clear that expressing concerns openly is encouraged and safe. Foster an environment where people feel comfortable discussing problems directly rather than resorting to covert methods.

Lead by example, praising and supporting those who bring issues to your attention.

USE LANGUAGE CAREFULLY

Provide accurate feedback using precise language. Instead of making general accusations, point out specific instances and give the person a chance to explain.

Avoid direct “you” statements (e.g., “you are late” or “you are incompetent”) to prevent the other person from feeling attacked and becoming defensive.

PROVIDE RIGHT TRAINING

Consider offering one-on-one coaching to help team members communicate assertively. Role-play scenarios to practice addressing issues confidently without resorting to passive-aggressive behavior. Additional communication skills training may be beneficial.

AVOID RECIPROCATING THEIR BEHAVIOR

Despite the temptation to respond in a similar passive-aggressive manner, focus on maintaining positive habits. Upholding a cooperative and positive atmosphere can influence your team positively. Resist the urge to engage in behaviors that only prolong unpleasant dynamics.

Image Credits: unsplash.com

By following these strategies, you can foster a more open and constructive work environment, reducing the impact of passive-aggressive behavior on your team.

Sources: 1 & 2

9 Clever Ways to Save Money on Your Daily Coffee Fix

As someone who occasionally drinks coffee, I consider myself a moderate coffee drinker, finding myself somewhere between my friends who are frequent visitors of coffee shops and those who have never tried a cup of joe.

Although I can easily spend S$3-5 on a delicious coffee beverage at a cozy coffee shop to start my day, I understand that this can quickly add up if done on a daily basis.

For those who can’t live without coffee, exploring money-saving strategies is worth considering. After all, daily caffeine consumption can be costly, and taking steps to save money can have a significant impact in the long run. Start with these 9 hacks:

#1: SIGN-UP FOR LOYALTY PROGRAMS

Many coffee shops offer loyalty programs to encourage their customers to come back for their special brew. While it’s not going to save you tons of money in a day, your cumulative savings and freebies can be worth it.

For instance, Flash Coffee Singapore has three rewards tiers, namely Bronze, Silver, and Gold. Bronze members can redeem a free drink after every 10 purchases. Silver members can redeem a free drink after every 7 purchases. Lastly, Gold members can redeem a free drink after every 5 purchases. Another brand that offers rewards to its members is PPP Coffee. As a PPP+ Rewards Member, you can enjoy a 3% cashback on your coffee purchases at its retail outlets, plus all food and beverages at participating cafes by PPP Coffee in Singapore (T&Cs apply).

Combining your utilization of loyalty cards with other saving strategies such as brewing your coffee at home can save you extra money on top of getting a free cup.

#2: SHOP AROUND

Kopi at Kopitiam can give you the caffeine kick you need, but for a fraction of the cost of cafe coffee. Sure, you’re missing out on the fancy latte art. But if you are drinking it down during a workday, you may not have time to savor coffee art anyway. Drink the foamy heart art coffee when you have time to indulge it.

#3: GRIND IT YOURSELF

Did you know that coffee beans retain their freshness and flavor better when stored as whole beans compared to pre-ground coffee? This is because pre-ground coffee often contains additives and fillers that can compromise its quality.

Coffee that has lost its aroma and flavor may end up going unused or being discarded, which means that you’re essentially pouring money down the drain along with your brew. By grinding your own beans, you can enjoy fresher coffee and lessen your waste.

#4: MAKE BETTER COFFEE

Perhaps, your own brew does not appeal to you because of its taste. If you’re not satisfied with the taste of your homemade coffee, it might be time to invest in higher quality coffee beans. Spending a little more on quality beans can save you money by providing you with a more satisfying, enjoyable coffee.

To get the most out of your beans, start by selecting the right grind size for your coffee brewing method. For instance, a coarse grind is ideal for a French press, while a medium-coarse grind is suitable for automatic drip. Next, experiment with different coffee-to-water ratios to find your preferred strength. Lastly, make sure to use the best water temperature for your chosen brewing method.

#5: INVEST IN QUALITY COFFEE MARKER

Don’t set yourself up for failure by using a cheap coffee maker. Get a coffee maker that you are excited about! It will inspire you to drink more coffee at home and improve your overall coffee experience.

#6: DRINK YOUR COFFEE BLACK

Drinking your coffee black may seem like a simple choice, but it can actually help you save money on buying milk, sugar, or creamer. By drinking black coffee, you can avoid these additional costs and appreciate the true flavor of the coffee. Plus, black coffee is a healthier option that eliminates the added sugar and calories from milk or creamer.

#7: ORDER THE SMALLEST SIZE

The difference between buying a small and a large-sized coffee can set you back by S$1 or more. For example, %Arabica Singapore’s Caffe Latte is priced at about S$7 for a short and S$8 for a tall order. Opting for a smaller size can save you approximately S$5 in a week or a yearly savings of S$240. Can you imagine what you could do with the S$240 you save?

#8: ASK FOR GIFT CARDS

For special occasions such as birthdays or anniversaries, include a coffee gift card on your wishlist. A Starbucks gift card in Singapore can be purchased with a minimum value of S$10 and a maximum value of S$300. Use your gift card to fuel your weeks’ worth of coffee fix, or to treat yourself to a special drink without worrying about the cost.

#9: SEARCH FOR PROMOTIONS AND FREEBIES

To make the most of your coffee budget, keep an eye out for freebies and exclusive discounts at your favorite coffee shops. One way to do this is by following their social media pages, where they often announce monthly specials and offer freebies to their loyal customers.

Another way to save on coffee purchases is to download apps such as the CoffeeBean SG Rewards App by The Coffee Bean & Tea Leaf Singapore. These coffee shop apps often provide discounts and coupons that can be used on your purchases, allowing you to enjoy your favorite drinks without going over budget.

Image Credits: unsplash.com

Use all these nine strategies to maximize your caffeine savings and indulge in your favorite beverages, guilt-free!

Sources: 1,2, & 3

Grocery Shopping Mistakes That Might Be Keeping You Poor

Championing your grocery runs takes experience and skill. As a young adult, you may encounter challenges and make shopping mistakes along the way. As you become more experienced, you will be able to pick the right items while trying to save money.

From buying only name-brand products to buying fruits that are out of season, here are some supermarket mistakes that are slimming your wallet.

#1: YOU ONLY GET NAME-BRAND PRODUCTS

Say you enter the halls of the grocery and find countless options in the aisles. Keep your eyes peeled on the products in the topmost or lower shelves. These shelves often stock up on generic or store-exclusive products. You can get similar-quality products for a fraction of the price when you do not snob these generic products. Brand does not always equate to quality.

#2: YOU DO NOT CHECK THE PRICE PER KILO

When you are buying fresh produce, a good indicator of value for money is the price per kilo on its label. Do not always presume that loose produce is the best option. Sometimes, packed fruits and vegetables are cheaper. Get the best deal every time you shop by getting into the habit of comparing loose produce to different packaging sizes.

#3: YOU OFTEN BUY THINGS THAT ARE OUT OF SEASON

Various vegetables and fruits are less available during certain times of the year. The shortage of supply influenced by the high demand hikes up the price in the supermarkets. When this happens, you will be paying more. Keep track of what is in and out of season through helpful charts. Not only will the produce be tastier, but it will be cheaper too!

For instance, blueberries can cost up to S$10 when it is off-season compared to the price of around S$5 when they are in season. During the off-season, you can look for canned substitutes such as peaches and pineapples.

#4: YOU TEND TO IGNORE THE SELL-BY DATE

Do not pick up the first packet of meat you see, as tired as you might be. Inspect the food first, before leaving the store. Visible brown spots are telltale signs that the meat is about to go bad. Check the sell-by date too. You do not want to waste your money on meat that is about to reach the end of its shelf life.

#5: YOU IGNORE THE FREE SERVICES

Did you know that some supermarkets provide free services such as descaling and filleting? If you are a newbie cook or you just do not have a good handle on fish, it is best to take advantage of the free services offered at the supermarket. Otherwise, you will ruin a good fish.

#6: YOU GO TO THE STORE WITHOUT A LIST

Making a meal plan for the week will help you reduce your waste and encourage more savings. Make a list before you visit the nearest supermarket. Remember to check what is available in your own home too before you start planning what you are going to bring home.

#7: YOU BOUGHT MEAT FIRST

The longer the amount of time your meat spends in room temperature, the higher the chances of bacteria growing on it. When there are more bacteria on the meat, its lifespan becomes shorter, even if it is kept in the fridge. So, if you have an extensive list of items to grab, let meat be the last item before heading to the cashier.

#8: YOU SKIP PRODUCE WITH SPECKS OR SPOTS

The appearance of fresh produce is often manipulated by manufacturers to make it look more attractive to consumers. When fresh produce looks unnaturally spotless, it is usually because of the wax or pesticides that make them look fresh and shiny. Avoid these chemicals by embracing fruits and vegetables with natural spots or specks.

#9: YOU FORGET ABOUT THE DIFFERENCES IN PACKAGE SIZING

Many people go through the supermarket aisles and only look at the prices. While it is an excellent idea to pay attention to the price tag, you should also consider the size of the products that you are purchasing.

While one item on the shelf may be cheaper, due to packaging, you may get less product on a similar item that only costs a few cents more. When you are aware of the package price and size, you can make a more informed decision. Spend more money on things that will actually last longer.

#10: YOU TEND TO BUY THINGS THAT GO BAD QUICKLY IN BULK

Coming inside the grocery store with a list in hand does not always end up the way you want it to. Even experienced grocery shoppers buy too much of what they need. When it concerns highly perishable goods (e.g., strawberries, broccoli, and spinach), buying in bulk often results in food wastage. Items tend to go bad before we have a chance to consume them.

Although it is tempting to buy more than what you need to get the sweet deal of 10 for S$10, avoid unnecessary spending and stress. This does not apply to parents who have a huge family with many mouths to feed.

#11: YOU DISREGARD THE COST PER UNIT

Cost per kilo and cost per unit are important in making informed decisions. When we think of bundles, we usually associate getting more items for an affordable price. However, this is not always the case! Compare bundles with standalone items to get your money’s worth.

For instance, you are buying cartons of juice.

Image Credits: unsplash.com

2 cartons of 275ml juice cost S$5, which totals to about S$0.009/ml
1 carton of 500ml juice costs S$3.50, which totals to about $0.007/ml

The difference between these prices may seem minute, but it can affect your savings in the long run. Remember to check the price of the item versus its quantity. Additionally, you have to compare the prices across the available brands. These steps may take time, but your wallet will surely thank you later.

Sources: 1, 2, 3, & 4

How To Master The Art Of Giving Speeches

For some people, merely thinking about public speaking can cause their palms to sweat. It is one of the most common fears out there. However, there are many ways to overcome your fear and deliver a memorable speech. Here are some useful tips.

#1: DO YOU KNOW YOUR AUDIENCE?

Know the reason why you are asked to talk in a room full of people. Identify your audience. It is important to identify your audience to know what they want or need to take away from your speech. If you are speaking in front of your friends at a wedding, entertain them. If you are speaking in front of your co-workers, inspire them.

#2: HAVE YOU REHEARSED?

Make time to practice your speech. Write down your goals and the content of your speech ahead of time. This will ensure that your muscle memory will work while you deliver your speech. Try practicing despite having different distractions to mimic real-life situations.

#3: WHICH STYLE WORKS FOR YOU?

While others may benefit from having their script memorized, some may perform better with a few notes on a paper. Different events will usually require a different style. Know which style works for you.

#4: HAVE YOU TESTED ALL THE EQUIPMENT?

Nothing is more frustrating than last-minute technical difficulties. Avoid adding more stress to your day by testing all the equipment and audio visual presentations ahead of time. It is best to have backups too.

#5: HOW DID YOU USE YOUR BODY LANGUAGE?

The right physical or non-verbal communication can have a profound impact on how your message is interpreted and received. Be aware of your body language! For instance, you must make eye contact. Face your audience and stand straight. Avoid crossing your arms or putting your hands in your pockets.

#6: DID YOU GRAB ATTENTION?

Grab attention by refraining from starting a speech with what today’s talk is about. Instead, use an interesting anecdote or a shocking statistic to kick things off. Conclude your speech with a summary and a strong statement that your audience will remember.

#7: HAVE YOU TRIED ENJOYING THE EXPERIENCE?

Image credits: unsplash.com

Fake it until you make it. If you look bored, then the audience will think that you not interesting. Exude confidence by adding a little humor (i.e., as long as it is appropriate) and interesting anecdotes. This will help you and your audience relax. Remember to eliminate sentences that does not clearly support your purpose. Remember that it is not about you, it is about your audience.

Sources: 1 & 2

Search the site