How to Deal with Negative Emotions About Money

Money has a way of tugging at our emotions…sometimes even breaking us down. Recently, I found myself in tears over an academic setback. I had poured a significant amount of money into my studies, only to face disappointing results at the final dissertation stage. The thought of spending even more to fix the situation felt overwhelming.

Negative emotions tied to money can easily spiral into despair, but managing these feelings is essential. Start by examining the impact of your emotions.

#1: EXAMINE THE IMPACT OF YOUR EMOTIONS

Intense emotions aren’t always bad. My initial reaction to failing or needing to revise my dissertation wasn’t “wrong.” Big emotions often mean we’re deeply invested in our lives. However, letting emotions spiral unchecked can wreak havoc on your personal and professional life. When money-related stress takes over, it can lead to:

Strained relationships
Trouble at work or school
Emotional outbursts
Reliance on unhealthy coping mechanisms

Take a moment to reflect. Are your emotions affecting your daily life? Identifying these triggers helps you turn emotions into tools for growth and motivation instead of barriers.

#2: IDENTIFY SPECIFIC NEGATIVE FEELINGS ABOUT MONEY

Our emotional connections to money often run deep, even if we don’t realize it. Start by journaling about your feelings toward debt, spending, and saving. Ask yourself:

Does your debt make you feel trapped or ashamed?
Do unplanned purchases leave you feeling guilty?
Does budgeting feel suffocating, triggering anxiety or conflict?

Unpacking these emotions can help uncover their root causes. Once you know what’s driving your feelings, you’re better equipped to change them.

#3: PRACTICE EMOTIONAL REGULATION

There’s no switch to turn off negative emotions, but you can learn to regulate them. Bottling up feelings can harm your mental and physical health, causing:

Anxiety or depression
Sleep disturbances
Chronic stress
Muscle tension and pain

Instead, aim for balance. Allow yourself to feel emotions without judgment. Acknowledge them, let them flow, and then refocus. This practice prevents overwhelm without forcing you to suppress how you feel.

#4: REPLACE NEGATIVE THOUGHTS WITH POSITIVE ONES

Once you’ve identified the negative emotions tied to money, work on replacing them with empowering ones. For instance, if debt makes you feel ashamed, strive to feel motivated instead.

Affirmations can help. Start with phrases like:

“I am in control of my finances.”
“I attract opportunities for financial growth.”

It might feel awkward at first, but over time, these affirmations can reshape your mindset and help you feel more confident about money matters.

#5: BUILD RELIABLE FINANCIAL SYSTEMS

Systems can take some of the emotional weight out of managing money. Small steps like setting up autopay for bills, automating savings, or enabling low-balance alerts can make a world of difference.

However, don’t “set and forget” your finances. Schedule a weekly check-in to calmly review your financial situation. This routine helps you stay proactive and prevents money worries from spiraling.

#6: JOIN A FINANCIAL SUPPORT GROUP

Money stress is incredibly common, yet many people avoid seeking help. Luckily, online resources make support more accessible than ever.

Consider exploring:

Financial literacy courses, like those FREE from the Institute for Financial Literacy
Budgeting communities on social media
Credit counseling services, such as CCS.org.sg
Being part of a positive, informed community can help you develop a healthier relationship with money. Remember, you’re not alone—sharing your challenges and successes makes the journey less isolating.

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Dealing with negative emotions about money takes time, self-awareness, and intentional action. By reflecting on your feelings, building solid financial habits, and leaning on support systems, you can turn money from a source of stress into a tool for growth.

Sources: 1 & 2

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10 Tips for Surviving on a Low-Paying Job in Singapore

In Singapore, a low-paying job is generally defined as one where the monthly wage falls below the national median salary. According to the Ministry of Manpower (MOM), jobs with salaries under SGD 2,500 per month are often classified as low-wage. Approximately 10-15% of employed residents are in such positions, equating to around 200,000 to 300,000 people.

Navigating life in Singapore on a low income can be quite challenging. However, with determination and careful financial planning, you can improve your situation. Here are some practical tips to help you make the most of your circumstances.

#1: TRANSPORTATION

Rethink your daily commute. Public transportation in Singapore is efficient and affordable, so consider taking the bus or MRT instead of hailing a cab. If you must ride a car, look into carpooling options with colleagues to share the costs.

#2: LIVING EXPENSES

Living frugally doesn’t mean sacrificing quality of life. It means being mindful of your spending. Cut down on non-essential expenses like dining out frequently or subscribing to multiple streaming services. Instead, cook at home more often and enjoy free or budget-friendly entertainment options like parks and community events.

#3: INTERNET ACCESS

Take advantage of free Wi-Fi available at local coffee shops, libraries, and community centers. If you need internet at home, see if your employer offers any allowances or find bundle deals that include other services you need, such as cable or phone.

#4: DEBTS

Imagine the relief of no longer having to worry about monthly mortgage or credit card bills. Prioritizing debt repayment can free up your finances, reduce stress, and provide more flexibility in your career choices. While it’s easier said than done, start by addressing your smallest debts to build momentum, and then gradually tackle larger ones.

#5: FINANCIAL SUPPORTS

Many low-income individuals are eligible for financial assistance from government agencies. The Singaporean government, for instance, has set S$2,906 per month as a reasonable starting point for a living wage.

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If you earn less than S$2,500 per month and are over 30, you might qualify for the Workfare Income Supplement (WIS) scheme, which provides cash payments and additional contributions to your Central Provident Fund (CPF). See if you qualify.

#6: BACK-UP PLAN

Saving for emergencies can be tough, especially when you are living from paycheck to paycheck, but it’s crucial. If you can’t build an emergency fund quickly, consider having a credit card with available spending power as a backup for urgent situations. Just be cautious with its use to avoid accumulating debt.

#7: UPSKILL

Investing in your education and skills can open up new opportunities and potentially higher-paying jobs. Look for free or low-cost courses online or at community centers. For starters, SkillsFuture Singapore offers credits that can be used for a wide range of courses.

#8: SUPPORT NETWORK

A strong support network can provide emotional and practical help. Connect with family, friends, and community groups. Sometimes, just talking to someone who understands your situation can make a big difference.

#9: HEALTH CONCERNS

Staying healthy can prevent costly medical bills. Regular exercise and a balanced diet improve health and reduce medical needs.

Furthermore, Medisave and MediShield Life provide additional support. Medisave is a savings scheme for medical expenses, while MediShield Life covers up to 80% of hospitalization costs. These schemes, along with government subsidies, ensure affordable access to medical care.

#10: FINANCIAL GOALS

Finally, set achievable financial and personal goals. Try to be as positive as you can while doing so. A positive mindset can make a significant difference in how you handle financial challenges.

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Living on a low income in Singapore can present significant challenges, but with careful planning and a commitment to improving your financial situation, it is possible to manage your finances more effectively and enhance your quality of life. Remember, small steps and a willingness to adapt can make a meaningful difference.

Sources: 1, 2, 3, & 4

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Why Is It So Difficult To Save Money?

As I looked at my balance, I was overwhelmed by how fast my salary had disappeared. I’m not the only one! Many of us handle daily expenses and unexpected costs one day at a time, especially those living paycheck to paycheck. With the high cost of living, unnecessary purchases, and unforeseen expenses, why is it so challenging to save money? Here are some key reasons:

#1: NOT PRIORITIZING DEBT

Debt can be a major obstacle to saving money. The desire to pay off debt rather than save is strong, especially with revolving debt like credit cards. Interest rates on these accounts can fluctuate, often increasing the amount owed.

For example, the average interest rate on credit cards in Singapore is around 25% per annum. Consolidating debt with a low- or no-interest card or taking out a lower-interest personal loan can help ease this burden.

#2: IMPRESSING OTHERS WITH SPENDING

Social pressures can lead to overspending. Maybe friends invite you to an expensive restaurant, and you go along, only to split a hefty bill. Or perhaps you use a bonus to buy a status watch to fit in with big-spender pals. I recall a colleague who stole money from the company just to maintain face in their religious community.

If you find yourself overspending with friends, consider more affordable activities like museum-hopping, hiking, or local events. These are simple ways to save money while still enjoying time with friends.

#3: HAVING INSUFFICIENT INCOME

Your earnings need to cover your expenses, but sometimes unexpected costs outpace your paycheck. Keeping a budget helps track spending and identify areas for adjustment. For example, if your rent increases by 12%, you’ll need to find the extra money. In such cases, a side hustle might be beneficial.

#4: SHOPPING EXCESSIVELY

Shopping excessively doesn’t necessarily mean always filling your online cart. It could mean not being strategic about your spending. I’m guilty of this, especially since I prefer designer makeup and skincare for my sensitive skin. For instance, daily trips to a grocery store are more expensive than bi-weekly bulk shopping trips.

Making lists, tracking prices, and using coupons and cashback offers can help save money and even make the process enjoyable.

#5: LACKING MOTIVATION TO SAVE

Saving money is challenging if you don’t have a compelling reason. You might be overly focused on the present or unsure about future goals. Creating a savings plan starts with asking yourself where you want to be financially in the next 5 to 10 years and what you need to do to have “enough” money.

#6: INCREASING EVERYDAY EXPENSES

Many people debate whether the rising cost of living is as bad as it seems, but most Singaporeans have felt the pinch in recent years. Inflation affects housing, utilities, and groceries, and wages haven’t kept up.

#7: LACKING THE INSTINCT TO SAVE

Saving for the future isn’t a natural human instinct. Our brains struggle to think about the future in concrete terms. However, we can either trick our minds into better future planning or make saving money automatic. Behavioral economist and Nobel Prize winner Richard Thaler suggests, “If you want to help people accomplish some goal, make it easy.”

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By understanding the reasons why you need to save and making mindful adjustments, saving money can become more achievable.

Sources: 1,2, & 3

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How to Thrive When a Spender Marries a Saver

 

You’ve found the love of your life and decided to get married. However, as you plan for your shared future, you realize that one of you is a spender while the other is a saver.

Fortunately, there are strategies to manage joint finances that can satisfy both partners. Here are some tips for maintaining a balanced relationship between a spender and a saver that have been beneficial for me and my spouse.

TALK ABOUT YOUR MONETARY FEELINGS

Money often elicits strong emotions: it can cause anxiety or excitement, and managing it can either calm or stress you out. Before getting married, take time to explore each other’s feelings about money and the reasons behind them. Did you grow up in a household where money was scarce or abundant? Your upbringing significantly influences your money attitudes, and your future spouse might see things differently.

When my husband and I were engaged, we had a deep conversation about our financial upbringings. He grew up in a frugal household where every dollar was accounted for, while I was raised in a family that enjoyed spending on experiences and luxuries. Understanding these backgrounds helped us empathize with each other’s financial perspectives.

DISCUSS YOUR SPENDING PRIORITIES

One partner might value designer items, while the other enjoys an expensive hobby. Perhaps you both love to travel, aspire to own a home, or want to retire early. By discussing your desires, you can find common ground. Planning and saving for shared goals can ensure that both partners are satisfied with the purchases you make together.

We both love to travel, but I tend to splurge on spontaneous trips while my husband prefer saving for bigger vacations. By discussing our priorities, we agreed to save a portion of our income specifically for travel, allowing us to enjoy both planned and impromptu trips. If both partners agree, you can establish a clear plan for discretionary spending and saving for long-term goals.

CHOOSE PAYMENT METHODS WISELY

The pain of spending can be mitigated by using credit cards or small denominations of cash. One-click purchases and buy-it-now payments are also less painful. These payment methods can make spending less distressing for savers. Conversely, using cash, especially in large denominations, can make spending more painful for savers, though spenders are generally less influenced by the payment method.

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I noticed that my husband found it easier to stick to our budget when using cash. We decided to allocate a monthly cash allowance for discretionary spending, which helped us control our expenses better.

CONSIDER OPPORTUNITY COSTS

Many people, particularly spenders, often overlook opportunity costs at the time of purchase. When reminded of these costs, spenders tend to make more frugal choices.

For example, in a study where spenders had to choose between a S$950 and a S$1,360 stereo, they were more likely to choose the S$950 stereo when reminded that the cheaper option left them with S$410 in cash. This extra cash can be used for a weekend getaway. Highlighting opportunity costs can help spenders make more mindful decisions.

HIGHLIGHT VIRTUE IN SPENDING

Savers are more willing to spend on virtuous items, such as healthy food, compared to vices. If a saver is hesitant about a vacation, emphasize the virtuous aspects of the trip, such as quality time with family or the health benefits of relaxation.

SEEK PROFESSIONAL HELP

If you struggle to agree on a budget, consider consulting a financial planner. They can help create a budget that works for both of you.

Financial planners offer impartial advice and can determine whether certain expenses are affordable or should be postponed.

AVOID COMPARING YOURSELF TO OTHERS

Spenders and savers often have different life goals, which can lead to tension. Avoid comparing yourself to your partner as a way to justify your spending habits. This approach only deepens the divide and rarely resolves issues.

If you’re a saver, it’s easy to feel superior because you save more, but such feelings can harm your relationship. Remember, spending habits do not define a person’s worth or value in a relationship.

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By following these tips, you can foster a financially harmonious relationship. Embrace your differences, communicate openly, and work together towards common goals to ensure a happy and prosperous future.

Sources: 1 & 2

 

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5 Personal Finance Tips for Singaporean Millennials

Navigating personal finance can feel like navigating a maze, especially for Singaporean millennials facing unique financial challenges.

From student loan debts to saving for a home in one of the world’s priciest property markets, the journey can seem daunting. But fear not, with the right mindset and strategies, financial security and success are within reach.

EMBRACE BUDGETING

Budgeting is the cornerstone of personal finance. It empowers you to track expenses, prioritize spending, and work towards financial goals. Start by understanding Singapore’s cost of living and allocate your income accordingly.

Track expenses diligently; even that artisan morning coffee can add up. Utilize budgeting apps and tools to streamline the process and stay accountable. Take advantage of credit card perks responsibly to avoid debt accumulation.

MANAGE LOANS

For eligible Singaporeans, Tuition Fee Loan and Study Loan are available options. To assist those grappling with student loan debts, explore repayment options and loan consolidation programs.

Craft a repayment plan that aligns with your budget and lifestyle. Consider making extra payments whenever possible to expedite debt payoff. Remember, managing student loans is a marathon, not a sprint. Stay disciplined and patient.

TAKE ADVISE WISELY

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According to research, nearly a quarter of Millennials (22%) have turned to family and friends for financial advice. While seeking financial advice from friends and family is natural, be discerning. Advice from unqualified sources could lead to costly mistakes. Listen to advice, but ensure your financial decisions align with your long-term objectives and risk tolerance. Better yet, seek professional advise.

SAVE FOR YOUR HOME

Owning a home is a common goal for Singaporean millennials. Start by setting realistic savings targets and explore government housing schemes like the Central Provident Fund (CPF) Housing Grant or HDB Loan Eligibility (HLE) letter.

Consider alternative housing options like Built-To-Order (BTO) flats or resale flats in non-mature estates to maximize affordability. Boost your home-buying fund by exploring side hustles or investments.

PLAN FOR RETIREMENT

Though retirement may seem distant, it’s never too early to plan. Take advantage of employer-sponsored retirement schemes such as CPF Special Account (SA) or Supplementary Retirement Scheme (SRS).

Consider diversifying investments across asset classes to minimize risk and maximize returns. Automate contributions and regularly review your retirement plan to ensure alignment with your goals.

IN A NUTSHELL

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Navigating personal finance can be challenging, especially for Singaporean millennials. But by adopting proactive strategies like budgeting, loan management, home saving, and retirement planning, financial stability and success are attainable.

With determination and discipline, pave your way to a secure financial future.

Sources: 1, 2, & 3

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