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

 

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8 Shopping Traps That Make You Spend More

Have you ever experienced going into a shopping mall or an online shop with a list in mind, and ended up buying more? Whether you shopped with an empty stomach or got entangled with several marketing strategies, stores can employ tricks to make you spend more. It is best to increase your awareness on the subtle, psychological, and clever marketing traps to help you save more money on your next bill.

On that note, here are 8 Shopping Traps That Make You Spend More:

#1: CHILDREN’S OPINION

As the Yuletide season approaches, many stores offered colorful options for children. Children have a strong influence on what goes inside the carts. Supermarkets purposely place cereals, toys, and sugary treats at a kid-friendly level. Avoid giving in to your child’s desires by leaving him or her at home when you are grocery shopping.

#2: VICTIMS OF FREE SHIPPING

The truth is, free shipping is not “free”. Retailers have already factored in the shipping costs before they release their prices. It is easy to be lured with “free shipping”, especially when you are purchasing several items online. You just have to pay an extra S$5 to S$10 on an item just to get the free shipping option. This ensures that you end up buying more than what you expect.

#3: HIDDEN NECESSITIES

Daily necessities such as dairy, bread, eggs, etc. are placed at the back of the store and far away from each other so you will be encouraged to travel the whole store to get it. Once you have travelled, you probably got more that what you initially needed. Consider going straight to the back of the store and keep your shopping list on hand.

#4: LURED BY THE NUMBERS GAME

Retailers are smart! Instead of putting a price of S$5 on a product, they will put an irregular price of S$4.99 or S$4.96 to make you think that you have scored a better deal. What’s more? They will also add the illusion of saving more money by buying more of their products. These seemingly small details actually work.

#5: ATTRACTIVE SALES

When you see the word “sale” advertised in a physical or an online store, you automatically think that you are getting a better deal. This may not always be the case. Just because something is on sale, does not mean that you have to buy it. Purchasing sale items overtime can get you on a trail of consistent overspending.

Sale traps include: “receive a free give when you spend…” and “buy 1, get 1 free”. The former may be giving away free items that the store could not sell. While, the latter is only useful for essential items such as food and toiletries.

#6: ENTICED BY THE AROMA

Imagine the smell of baked breads mixed with the fresh smell of flowers. Very attractive, right? This is why newly baked goods and fresh flowers are placed near the front door. The goodness of smell will surely make you feel hungry and keep your mood up!

Image Credits: pixabay.com

#7: RIGHT DAY TO SHOP

Interestingly, there is a “right” day to shop. Prices seem lower than usual during Tuesday and Wednesday. Moreover, you can get better discounts in the month of November. This month is so close to the Yuletide and year-end sales. You can also score good deals on January as retailers are trying to clear their stocks.

#8: RIGHT SIDE TO SHOP

Many grocery stores place popular items on the right side of the shelves to move shoppers from the left to the right. This is because all items throughout the store are strategically placed to follow the right path. Are you really saving more money by moving from left to right? Keep that in mind!

Sources: 1, 2, 3 & 4

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5 Budget-Friendly Ways To Improve Your Digital Life

#1: HAVE A HEALTHY DOSE OF SOCIAL MEDIA

During the pandemic, more and more people are turning to social media to occupy their time. Many people use their social media accounts to air out their frustrations and rants on different topics. This may be overwhelming for your self-esteem and overall mental health.

Only follow the accounts that post insightful and useful content such as recommendations for delicious recipes, financial books, home decorations, and more. Tune out or mute accounts that are negative and toxic.

#2: USE SPREADSHEETS TO BOOST YOUR PRODUCTIVITY

It is easy to lose track of your schedule or important tasks when the usual 9 to 5 routine is gone. The line between work and play can be blurred, especially when you are working from home. This is why you must manage your tasks and expenses through spreadsheets.

Record your daily activities and the amount of time you spend on each task. Make adjustments and plan for the next week. For your expenses, you may use a spreadsheet to guide you towards necessary and unnecessary expenses. Google Sheets and Microsoft Excel are some of the popular tools.

#3: USE RSS FEED READERS FOR YOUR NEWS CONSUMPTION

Apart from this website, you can get a digest of the stock market or the marketing industry without a wave of fake news by following reputable websites through their RSS feed readers (e.g., Feedly or Digg Reader). This will help you curate your reading consumption without the daily noises from others. You can do this if you do not want any unnecessary triggers to dictate the flow of your day.

Image Credits: unsplash.com

#4: REDUCE THE NUMBER OF APPS ON YOUR PHONE

A surefire way to cleanse your phone is by reducing the amount of apps on it. Apps can be very helpful, but they can also be very distracting. Choose apps that help enhance your relationships with your friends and family, your productivity in the workplace, your clarity in your mental and spiritual well-being.

Some essential apps include your transportation, food delivery, private messaging platforms, banking and finance, and emails. Remember that you can always adjust your notification settings to work efficiently.

#5: USE EDITING AND VISUAL PLATFORMS THAT INSPIRE YOU

Vision boards or photographic lists can help you develop ideas and reach your goals. Some visual platforms that ignite inspiration are Pinterest and Evernote. Some of the free graphic design platforms that I swear by are Canva and PosterMyWall. These two are helpful in creating posters, flyers, covers, and so on.

You may use these tools to visualize your business plan or to create your financial vision board. Pleasure is felt when a person achieves what is inside his or her vision board or lists, amidst all the uncertainties.

Source: 1

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Splurges That Turn Out To Be Wise Savings

Having money allows you to live the life you desire to live, if you spend it wisely. You have to weigh whether an item is an essential (need) or a non-essential (want) expense. In some cases, you have to spend more at the moment to save more in the long run.

Certain items are worth splurging on to help you earn more money or experiences in the future. Here are just some splurges that are actually wise savings:

#1: PURCHASING AN INVESTMENT FOR YOUR CAREER

Purchases that help you advance in your field are good investments. Know which tool you cannot work without and list them down. For instance, you must invest on a high quality camera and a reliable laptop as a photographer. There are also online classes and software programs that a photographer can benefit from on a daily basis. If an item supplements your future growth, it could be a smart move to spend extra cash on it.

#2: PURCHASING ITEMS THAT YOU USE A LOT

Before spending your hard-earned money on a product or a service, think of how long you are likely to use it. Then, breakdown the price using these factors (e.g., cost per wear). You may realize that the iPad you have been eyeing for so long may only cost you S$1 per day due to your current academic needs.

Home appliances and cookware are just some of the items that we use frequently. You can save so much money by cooking at home. Splurging on quality kitchen items such as knives and refrigerator can make a difference. It is recommended to invest more money on home appliances and cookware that you will use heavily because you will only end up spending more on repairs with low-quality appliances.

#3: PURCHASING ITEMS THAT YOU WILL CONSUME

Now more than ever, it is important to consume items that can strengthen our immune system. You really are what you eat! So, do not feel guilty about spending more money on fresh produce and healthier food items. What you spend on these items may help reduce your hospital bills.

Along with grocery shopping comes the ability to save more time. You may get your groceries delivered to your doorstep instead of going to the store. This will minimize your contact with the crowded places and will enable you to have more time to enjoy your day.

#4: PURCHASING SOMETHING YOU HAVE SAVED UP FOR

It is alright to splurge on an item that you have strategically saved up for in advance. For instance, you may have kept a portion of your monthly salary to splurge on a good laptop or a luxury bag at the end of the year. Some non-essential items are worth spending money on as long as you have saved enough funds to cover your significant expenses. Furthermore, it is a rewarding and a joyful experience to see the fruits of your labor.

Image Credits: pixabay.com

It is more than fine to get spend your hard-earned money on the finer things in life as long as you are smart about your purchases. Consider the points that were previously discussed above.

Sources: 1 & 2

 

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How To Avoid These Common Mishaps

The Circuit Breaker period is almost over! With merely two weeks left, many Singaporeans are prepared to get back to their previous routines. Going back to the “outside world” can bring some irrational and unpleasant fears for us urban-dwellers.

What will happen if you forgot your mask at home? What if you stumbled through an open manhole? Who do you ask for help if you tripped along the stairs? This list compiled some of the most common intrusive thoughts, which run in the minds of many people. You are not alone.

#1: FALLING ONTO THE TRAIN GAPS

Going back to our “normal” travel route entails that you will encounter rush hour lines at the MRT and bus station. People jostling you when you are trying to stand behind the safety line on the platform is a commuter’s worst nightmare! Not to mention, you may fall onto the gaps. We all need personal space, especially these days. Ride during off-peak hours to avoid situations like these.

#2: BEING CRUSHED BY THE LIFT DOORS

With the rise of sensory-operated lift doors, people have embraced faster lifts. However, being caught between the lift doors can be painful and embarrassing. Prevent this from happening by being kind to your co-passengers. Always hold the lift door for someone. You will never know when you will need that favor back!

#3: HAVING YOUR GADGET EXPLODE

Few years ago, there was a particular smartphone model that explodes on its own. It was banned in several airlines worldwide. It is one of the top tech scare – having your phone explode while you are using it. Avoid this from happening by putting your gadget in your hand-carry bag. This includes your power banks, laptops, and smartphones. Keep your gadgets from overheating or overcharging.

#4: GETTING SICK FROM STREET FOOD

Singaporean street food has a diverse collection of cuisines. From Roti Prata to Kaya Toast and Ice Cream Sandwich, your tummy will be delighted with many choices. Still, some people worry about buying street food. For people with weak stomachs, check the establishment’s food safety or hygiene rating. An “A” grade means the establishment met 85 percent of the requirements. Be guided accordingly.

#5: SLIDING OFF THE MOTORCYCLE

One of the quickest ways to travel Singapore from one end to another is by riding the motorcycle. Riding the motorcycle in the front or the back seat can save you time and money. Although, there is a slight chance that you can fall off the vehicle. This is why you must obey the road safety rules and wear proper safety gears at all times.

Image Credits: pixabay.com

We all encounter situations where we’re confronted by our own mortality. And this unpleasant situations can happen at any moment. Do yourself a favor by getting insured. Ease your worries of the future by ensuring your life and your health. You may also build an emergency fund to cushion unforeseen events.

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