money management Archives | Page 8 of 17

Surefire Ways To Waste Your Money On Technology

NOT CONTROLLING YOUR DATA PLAN

You are totally wasting your money if you cannot handle your data usage well. Fortunately for the large-scale telecoms, you are not alone! Millions of people around the globe overpay for their postpaid plans because they underestimate their usage in messages, in minutes, and in bytes of data.

Overuse of SingTel and StarHub plans may appear to be a wee affordable at first but, all of these fees add up. For Singtel users, excess local 3G data is charged up to S$10.70/1 GB and excess data beyond the bundled plan is charged at S$0.50/100 KB. While StarHub 4G users get to pay S$10.70/1 GB in excess. Paying over ten dollars is costly especially because almost every place in Singapore offers free Internet connectivity.

This is why you must think of clever ways to handle your data. Firstly, change your settings to Wi-Fi instead of using 3G/4G network all the time. It will not only save you money but also preserve your battery.

Secondly, analyze your mobile phone billing statements for the past few months and average each factor. Select a postpaid plan that is best suited for your needs. Lastly, upgrade your data allowance for just S$9.90 per month! Singtel’s latest DataX3 add-on triples your data allowance. Learn more by clicking here.

DOWNLOADING USELESS APPS

Ohhh! I cannot quantify the times I downloaded apps that I soon deleted. Do not worry too much about me as these are all free. However, there are some people who spend their hard-earned money on useless apps such as the “Fan Cooler™“. It does not hold true to its claim as an efficient cooling system for your iPhone and iPod devices. The user by the name of “Reavell2” encapsulates it in one review: “Total rubbish don’t spend .99 cents!”

Do not get me started with other apps that claim to pour beer or to make ridiculous sounding ringtones that you will only use once.

PURCHASING 3D TELEVISION

Fantasizing of watching a great film like “Train to Busan” in a theater-like setting at home?

Few people turned that fantasy into a reality when they purchased a 3D television that includes 3D glasses, lifelike images, vivid colors, and three-dimension effects. The price for this unique set rangers from S$2,800 to S$14,999.

Let me wheel you in on a little “secret”, 80% of the 3D TV owners in United Kingdom regretted their purchases. This is why it is best to do extensive research on the latest technology before buying it.

BUYING STANDALONE GADGETS

Christmas is fast approaching! This means that sales will sprout from now until the coming months. As much as possible, avoid purchasing a standalone gadget. Standalone gadgets is a category that refers to the devices that has one function only. In this category are the likes of media players and point-and-shoot cameras. Chances are, the person already has a powerful smartphone or tablet that is packed with features.

Do not waste your money on standalone gadgets unless the person requests for the it specifically. Just imagine if you are about to spens S$564 for your siblings who asked for the GoPro HERO4 Silver Edition Camcorder!

PAYING FOR EXTENDED WARRANTIES

Most digital experts agree that extended warranties are a complete waste of your money. If your laptop has a problem, it will most likely present itself within the first few months. You may also approach your company’s IT personnel first before hiring the services of the repair shops.

Image Credits: pixabay.com

As you read in the above scenarios, it helps if you are aware of your spending habits. Avoid making unnecessary purchases that are meant to fill your emotional void by questioning your cash-flow. The less you surrender to your pointless wants, the less financial resources will be affected!

Sources: 1 & 2

How To Conquer A Mountain Of Debts

Hiking up successfully to a mountain of debts is a difficult task to anyone but, it is doable. All you need to get started is the application of money management skills.

The first step is to take a hard look at your cash flow. It is important to track where your money is going through observing the previous months’ bank statements and receipts. If an expense category is not necessary then, reduce or eliminate it from your budget. This includes magazine or newspaper subscriptions, cable television bundles, postpaid plans, gym memberships, and so on. Doing so will force you to come out of your comfort zone and live by your needs.

Instead of frequenting the gym, you can visit the nearby parks freely to have a recharging jog. You may also view the publications and reading materials available at the library at no cost. Read more books about personal finance to supplement your journey.

Now, we move on to a type of debt that most Singaporeans fall for – the credit card debt. There were more than 101,000 delinquent debtors in 2015 alone. Not to mention, the largest accumulation of debt last year was a whopping $1,552,000!

Its pervasive nature gave rise to the importance of controlling our credit card habits. Begin by collating all your credit card statements. List down your current balances and corresponding interest rates. Put these in order by starting with the greatest interest rate and down with the least interest rate. Pay of the debts with the highest interest rates first as it will be the most beneficial move in the long run.

Create a realistic budget that incorporates what you discovered about your cash flow and your debts. Stick with this budget! When all these are said and done, it is important to maintain healthy financial habits. Keep yourself motivated by setting financial goals. Sharing your progress to the significant people in your life can encourage you even more. You may also make an illustrated board (e.g., filled with pictures of your dream house or vacation) to visualize your goals.

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The road ahead may seem impossible at the moment. So, you better hang in there!

6 Money Mistakes That You Probably Make

As human beings that dwell on habits, our personal finance patterns have a huge impact on our monetary well being. Many people are trapped into the same faulty habits that lead to common money mistakes. Recognizing these mistakes is a vital step to improving your financial health!

MISTAKE #1: NOT SAVING FOR EMERGENCY FUNDS

Unforeseen events happen from time to time. Some are pleasant (i.e., birthday surprise) while others are distressing (i.e., sudden layoff). Once an emergency strikes, it have serious repercussions to your finances. Not saving enough money for emergencies such as fire or burglary can mean instant bankruptcy for your or your family.

So, it is recommended to set aside a portion of your earnings each month to an emergency fund. Discuss with a financial professional about the advantages of compound interest and about ask for a feasible money strategy that fits your goals.

MISTAKE #2: LIMITING YOUR INVESTMENT PORTFOLIO

A large number of Singaporeans believe that property is an investment. There is nothing wrong about that. However, you are displaying poor portfolio diversification if you limit yourself to properties alone. Not only that! If you can only afford to purchase a single property, you will be forced to be homeless soon after.

This scenario highlights the importance of combining different investment options in order to safeguard your retirement.

MISTAKE #3: NOT NEGOTIATING YOUR SALARY

When I was a fresh talent in the “working scene”, I constantly cut my worth short. I believed that my experience was so insufficient. However, my relatively negative mindset was demeaning my knowledge and skills. This is why it is important to evaluate your skills, education, and experiences.

Find out the average salary per year through PayScale. It provides salary information for a particular position from its global online database. For example, the average pay for a Sales Representative at Pharmaceuticals is S$47,566/year. Negotiate salary based on your substantial research. You can do it!

MISTAKE #4: TERMINATING YOUR CARDS PREMATURELY

Whether you are closing out your cards because they are underused or because you had finally paid off your entire balance, this act may not be the best move for your credit score. The utilization rate and he average age of your credit accounts are two important elements of your credit score. The goal is to have a long credit history and a low utilization rate. Both of these elements are affected if you closed out your cards.

A better option is to store your credit cards in a safe place and make a purchase every once in a while to demonstrate that you are a good steward of your card. Immediately pay off the balance too.

MISTAKE #5: NOT HAVING ENOUGH MONEY FOR YOUR START-UP

Having scarce funding because of underestimating the start-up expenses can lead you to using your own savings just to meet the company’s monetary needs. You can either use your retirement savings or borrow money from friends and family. Furthermore, you will not be able to optimize your product to its full potential. This is not a good disposition to have!

A usual start-up goes through several rounds of funding. It is necessary to analyze all the areas of your budding business and each type of funding opportunities in order to begin the operations on the right foot.

MISTAKE #6: EATING OUT EXCESSIVELY

It is no secret that Singaporeans love to munch! We are blessed with a myriad of cuisines that one cannot resist the temptation of eating out. As with everything that is good, too much can be a sin too.

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You may feel that eating out during lunch or dinner daily does not make a difference. But, all your costs add up. The cost of one restaurant meal may be equivalent to three home-cooked meals. Consider packing lunch from home as it is cheaper, most of the time.

Start Saving Cash By Following These 18 Spectacular Tips

Saving money is a crucial step to financial independence. No matter what your current financial status is, you need to understand that it is possible for you to grow your wealth. There are simple money-saving ways that you can employ now.

Let the round-up begin!

1. Start by accepting your financial responsibility and devising a monthly budget that is suited for your lifestyle. When you continue to make excuses to saving money or altering your spending habits, you may end up broke.

2. Eliminate your consumption of junk food and beverages such as sodas, chips, and sweets. These things are not only unhealthy but they are also costly.

3. Figure out the saving goals that are most important to you. Organize your expenses based on your priorities and your goals.

4. Spend at least 6 minutes on examining the last month’s utilities bill and credit card statement. Use your vigilant eyes to spot one expense that you can either reduce or eliminate.

5. Before purchasing anything, it is good to read the reviews and to compare the prices so that your money will not go to waste.

6. If you are taking medications on a long-term basis, ask your physician if he or she can prescribe a cheaper yet equally efficient alternative.

Image Credits: pixabay.com

7. Surround yourself with financially literate friends. This is important as you can begin to adapt the attitudes and the beliefs of the people whom you are most exposed with. Know the 6 Kinds Of Friends Who Can Positively Influence Your Finances.

8. If possible, let your employer automate your salary in a separate bank account that is solely for your savings. This will lessen the temptation of immediate spending.

9. Give refurbished laptops a chance. Buy these from established and trusted retailers to ensure safety.

10. Save and reinvent the unconsumed food when you either ordered too much restaurant food or when you cooked excessively.

11. Your appliances and electronics will continue to consume energy and spike your tariff despite turning off the switches. This is why you must unplug your cables when not in use.

12. Save every last cent by putting it in a jar. If you collated your loose change of 50 cents a day, it can generate nearly S$200 a year.

13. There is no need to replace your torn clothing right away! Learning and mastering the basic sewing stitches can help you extend the life of your favorite clothing.

14. The sharing economy allowed people from all over the world to rent their own homes. Cut accommodation costs as well as energy consumption by availing the services of Airbnb, HomeExchange, or Couchsurfing when overseas*.

15. Stop hoarding or collecting unnecessary items. Start selling these items on global marketplaces instead.

16. What better message of gratitude can you convey when you pour your heart on handmade gifts? Consider creating your own gifts instead of buying them from the shops.

17. Limit your taxi rides. Using public transportation can save you at least S$5 per trip.

18. Rather than spending all your money on a fancy restaurant with your friends or co-workers, socialize by having a pot-luck.

Image Credits: pixabay.com

*Be cautious at all times. Read the reviews of the room or the house you are renting before paying for it.

Sources: 1 & 2

6 Things You Can Learn About Money From Professor X-Perience

“Who is Professor X-Perience?”, you may ask. It is a persona that I created to embody our experiences.

Our experiences consist of the overall process of sensing and doing things. As far as I know, not everything can be learned from the pages of the book! Exploring the world with your own eyes gives you the most valuable lessons about money.

On that note, here are some of the financial realizations that came from my experiences:

1. GIVE AND YOU SHALL RECEIVE

Whether you want to admit it or not, it is rare that we receive something without doing anything. This statement does not only pertain to finances as it can be applied to other areas in life like opportunities and friendships. If you want to increase the perceived value of what you receive, you must give it out first.

Why is this so? I realized that you reap what you sow. Almost everything that happened to me was a result of my actions. I was able to enjoy an overseas trip because I worked for extra hours and saved up for it.

Image Credits: pixabay.com

2. EARN YOUR MONEY HARD

Since you worked hard for your money, you must spend it wisely.

I never saw the true value of money until I had my first full-time job. When I was younger, I spent my part-time pay on shoes, clothes, tickets, and other materialistic things. The feeling of satisfaction was short-lived as these things are superficial. Nowadays, I spend my money on long-term investments.

Being independent with my finances made me realize how important it is to practice budgeting and tracking your expenses.

3. DO PRIOR RESEARCH

Days before a job interview, I make it a point to do prior research regarding the company and the position that I am applying for. Make your way into the basics such as the company’s mission and vision as well as the position’s duties and objectives. Then, dig deep into the issue that is rarely spoken in our Asian culture – the salary. Be prepared to provide a salary range.

Spend a substantial amount of time in finding out the average salaries for similar jobs in your particular field. Websites such as salary.sg, hudson.sg, and payscale.com are helpful for this task.

4. EXPLORE DIFFERENT JOBS

Some people are so creative that they cannot be confined in a cubicle. If you are one of them, do not limit yourself to the 9-5 PM office jobs. Learn to explore other opportunities such as working online.

Saying that Internet changed our generation is an understatement. Personally, it influences my bread and butter. I am freelance writer that is able to choose from a variety of markets. And, you can too.

You can write for online or print media that go beyond magazines and newspapers. Setting up your own website or blog is also doable. Furthermore, book publishers are always searching for the next big thing. They are in need of people to write their marketing letters, announcements, e-books, and more. An ambitious scribe may dive in to freelancing and get its profits. Note that training, skill, and experience affects your rates.

5. REWARD YOURSELF RESPONSIBLY

According to studies by Behavioral Psychologists, positive reinforcements motivate people to work more. I support these studies as I savor rewards after a long month of work.

Rewarding yourself with a responsible amount of 5-8% of your monthly salary is recommended. Find interests outside of your job such as painting, dancing, yoga, or cooking to ease your daily stress. Also, rewarding yourself with a hobby is a good way to keep you motivated.

6. KEEP YOUR COOL

When faced with embarrassing money-related situations, it is best to keep your cool.

I was working as an administrative officer at a fitness studio a few years back. A rising Hollywood celebrity came to pay but her credit cards got declined. She was furious at me and gave her debit card instead. Thankfully, the transaction was successful.

You can handle this situation better by being calm. Talk to the personnel privately and arrange an alternative form of payment. Consider going to the nearest ATM to withdraw some cash.

Image Credits: pixabay.com

Comment down below to share your own experiences with money.

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