How To Spend Money Using The 5 Love Languages

Making a conscious effort to speak your partner’s love language allows you to understand each other better and to make him or her feel loved. Dr. Gary Chapman is the renowned author of the “5 Love Languages”. He highlights that there are five ways that we can communicate love namely through: words of affirmation, receiving gifts, quality time, acts of service, or physical touch.

With the continued practice of communicating each other’s love language, a happy and loving relationship will solidify.

WORDS OF AFFIRMATION

People who have “words of affirmation” as their love language value sweet and encouraging words. To them, whispering “I love you” brings more happiness than any expensive give that you can buy. On the other hand, they will feel unappreciated if you do not verbally convey your emotions or if you do not praise them for their accomplishments.

This person will appreciate a handwritten card. A book can be a good choice too. Moreover, you may gift an artwork or a decorative sign with empowering or loving words in it.

RECEIVING GIFTS

For some people, receiving gifts make them feel most appreciated. This does not mean that they are materialistic. They simply love the thought behind every gift. They have special fondness for special occasions such as birthdays, weddings, and anniversaries. Forgetting the special dates and not showing you care can become issues to these people.

If your loved one has this as his or her love language, spend your money on a gift that is important and personal. Buy something that has special significance to your relationship. Also, pay attention to any hints your partner drops.

ACTS OF SERVICE

For many people, actions speak louder than words. To make your partner with this love language feel loved, help him or her with the household chores or with anything that will ease one’s burden. Laziness, broken commitments, and creating more work for them indicates that their feelings do not matter.

Serve your partner by giving a set of “love coupons”. These coupons may contain the following acts: free housecleaning services or free candlelit dinner. Do all the planning and preparing!

QUALITY TIME

For this people, they find the greatest gesture of love in spending undivided attention with the ones they love. It does not matter where you take your partner! What matters most is that you listen actively and you are free from any distractions.

Consider booking a weekend getaway with just the two of you. If it is a family member, go out for a dinner or roam the Botanical Gardens. Make sure you spend an ample amount of time with your loved one. Do not make him or her feel rushed.

PHYSICAL TOUCH

Lastly, people who have physical touch as their love language value appropriate gestures such as holding hands or hugs. If your significant other speaks this language, it is important to appreciate them through your touch. Physical touch fosters a sense of security and care in any relationship. Neglect or abuse can be unforgivable for this people.

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An ideal gift for this person is a massage or manicure. Another option is to book a cuddle session at home while watching Netflix in bed and drinking some hot chocolate.

Sources: 1 & 2

 

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All You Need To Know About The S$3,000 Baby Support Grant

Parents of Singaporean children born from October 1, 2020 to September 30, 2022 can get a one-time Baby Support Grant to help them alleviate the costs of raising a child amidst the pandemic. The Baby Support Grant will supplement the existing Baby Bonus cash gift. The former is worth S$3,000, while the latter can go as high as S$$10,000. These will be deposited to the bank account that the parents have nominated.

The giving out of funds will start from April 1, 2021 or within one month of enrollment into the Baby Bonus scheme. It will depend on the situation.

Ms. Indranee Rajah, a Minister in the Prime Minister’s Office and a Second Minister for Finance and National Development, highlighted that the Government has allotted some budget to provide support to more Singaporean parents. Lower-income parents with babies on or after October 1 were already eligible for the grant, while those with babies born before that date can benefit from other existing schemes.

She said: “The Government will spare no effort to help couples meet their marriage and parenthood aspiration.” The pandemic has not been easy on all of us and most people have postponed their wedding and family plans.

Image Credits: pixabay.com

A recent survey commissioned by the National Population and Talent Division (NPTD) and the Ministry of Social and Family Development (MSF) found that about 30% of respondents will likely delay marriage or have a child later on because of the pandemic and its effects on the economy and the healthcare system. About 80% of the married individuals stated that they plan to delay having children. The survey collected information from about 4,100 Singaporeans ranging from ages 21 to 45. There is a lot of uncertainty surrounding us as of the moment.

This is why, Ms. Indranee Rajah encouraged the community and businesses to cultivate an environment that is family-friendly.

“We also hope that more businesses and community groups will play their part to support couples juggle work and family, provide affordable goods and services for young families, and ultimately, create a Singapore that is made for families.”

Some companies have answered this plea and are offering special deals to families with young children. For instance, Mothercare will offer its VIP membership to all Singaporeans who are giving birth over the next 12 months to be eligible for their special discounts.

Nonetheless, the Government has asked for the understanding of everyone due to the given duration of this grant. According to them, the specific start dates are necessary for any new measure or enhancement. May this grant aid many Singaporean families, especially those who need it the most!

Sources: 1 & 2

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Planning to get married? Here’s how much it costs in 5 years time

According to a study conducted by ValueChampion in 2019, the average cost of getting married in Singapore  is consistently increasing over the years. The average cost of a wedding banquet skyrocketed from S$923 in 2011 to S$1,392 in 2019. That’s an increase of 51% in just over 8 years, far outstripping MAS core inflation rate of 14% during the same period. There is little to suggest that this upward price trend will not continue once things stabilize post Covid-19.

Cost of a Dream Wedding in 2025

Based on past wedding inflation rate of 32% over a 5-year period, the estimated total cost to hold a dream wedding in Year 2025 would be $100,000.

While Year 2025 may seem too far away to start planning for your dream wedding, the figures have shown how frightening wedding inflation rates have been and will continue to be. $100,000 is an intimidating amount for any young couple to cough up. Therefore, it is important to start planning and saving up for your dream wedding early. For a start, angbaos from family, friends and guests received will definitely help to reduce the total size of the bill. Here are some ways you can mitigate the costs of your dream wedding.

Negotiate with Wedding Vendors

While this may sound obvious, many customers hardly negotiate as they are afraid of embarrassing themselves for fear of appearing “too cheap”. Sometimes, negotiations need not always come in the form of price reductions. For instance, one can ask for freebies such as flower bouquets or floral lapels from the vendor before committing to a bridal package. Wedding banquet providers may also be willing to sponsor wedding favours and waive corkage charges.

DIY For a Personal Touch

Not all of the items need to be procured from wedding vendors. Couples can borrow certain items from friends or simply just do-it-yourselves (‘DIY’). For instance, there is no need to hire a professional company to dress up the reception table. There are plenty of images on Pinterest and Instagram that serve as easy references for couples to do-it-themselves. Furthermore, DIY adds an element of personal touch that will leave a lasting memory for your guests.

Choose the Right Financing Option

The most significant part in mitigating the cost of your wedding is choosing the right financing option. A Personal Loan should definitely be considered if a one-off borrowing is required. A personal loan is a more financially prudent option compared to credit card debt. For example, OCBC is levying 0% interest rate and only a one-time processing fee of 4.5% (Effective Interest Rate 5.20%) for its Balance Transfer Loan. This is significantly lower than a typical credit card interest charge of 25% for roll over amounts. For a $50,000 loan, the savings in interest payments is easily over 5-figures over a 12-month period! Hence, a personal loan can be more a financially prudent alternative to a credit card debt.

To access Balance Transfer Loan, simply borrow from your unused credit limit from other banks to enjoy 0% interest rate. Alternatively, one may turn any unused OCBC credit card limit into cash via the OCBC Cash-On-Instalments with no need for additional income documents. Repay with fixed instalments over 12 to 60 months and pay effective interest rates as low as 9.06%. Such smart cash flow management would net you tremendous savings since interest on credit card debt is easily a staggering 25%!

Finally, even if one does not have any existing unused credit card limit, do not worry as one can still tap the OCBC ExtraCash Loan or EasiCredit. The loan amount disbursed will be dependent on your annual income. Inclusive of the one-time processing fee, the effective interest rate for ExtraCash Loan could be as low as 10.96% with fixed repayments over 12 to 60 months. On the other hand, EasiCredit offers greater flexibility as you withdraw what you need at 1.74% interest rate per month.

Application for personal loans from OCBC Bank can be performed conveniently via MyInfo. This minimises the waiting required which can help to lessen any wedding jitters! A host of convenient repayment options exists to ensure that you never miss your monthly bill!

Conclusion

Holding a dream wedding in front of your loved ones is the aspiration of many lovebirds. When planning for your dream wedding, consider the suite of Personal Loans from OCBC since this is a superior financing option over credit card debt. Proper financial planning ahead can go a long way to ease the financial burden of holding a dream wedding in Singapore.

Visit OCBC for a comprehensive suite of personal loans that grant you easy access to cash without having to wait for an eternity:

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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

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