Simple Acronyms That Can Help You Save Money

Stuck in a rot? Consider imbibing some or all of these four acronyms to maximize your daily savings!

1: BYOB – Bring Your Own Beverage

Bid farewell to your endless Starbucks trips and say hello to BYOB. Bringing your own beverage and food to school or work has many benefits. For starters, you can choose what you eat for the rest of the day. This is especially helpful to the people who vowed to lose weight or to eat healthier meals this year. Lastly, bringing your own beverage and food lessens your chances of dining out. BYOB prevents you from mindlessly breaking the bank on food expenses.

2: PIYS- Put In Your Savings

Aside from having a physically fit body, you must strive to have a financially fit account. Luckily for you, you can just PIYS. Whether you have accumulated loose change or have work incentives, you can PIYS. Do not spend your extra money! Put it in your savings account instead. You may also enroll your account to an institution’s automatic savings program to ensure that you do not touch your money.

3: YODA – You Overspent Days Ago

If you need a reminder on why you need to save, just think of Baby YODA. This adorable Star Wars character cannot only charm your heart, but also give you a potent reminder. “You Overspent Days Ago or You Overspent Decades Ago” is something that resonates many Singaporeans. If you are bound to repeat the same financial mistakes you have done in the past then, what does that make you? It is time to learn from the past and focus on your needs.

Image Credits: pixabay.com

Start building a future that you will be proud of. When faced with another temptation to spend, simply evoke the name of YODA. May the force be with you!

4: ABC – Allocate, Budget, and Cut

Did you know that budgeting is as easy as ABCs? Simply start with Allocation, proceed to Budgeting, and apply the Cut. Allocation is the processes of listing down your expenses and identifying which ones are important. Allocate the right amount of money per expense category.

Image Credits: pixabay.com

Then, maintain a budget that you will keep track of. Monitor your progress and the money you are currently saving. Lastly, apply cost-cutting when your savings remain too low. Cut down unnecessary expenses and focus on expenses that will help you survive.

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5 Things To Consider When Switching Banks

Before you finalize your switch from one bank to another, ensure that you understand what you are signing up for. Here are five questions you need to answer before you decide.

DO YOU WANT A HIGHER SAVINGS ACCOUNT INTEREST RATE?

You get what you think you deserve. If you are earning nearly nothing in your savings account then, it is worth evaluating the alternatives. Moving your funds elsewhere makes sense only when you can earn significantly more in another account.

Image Credits: pixabay.com

For instance, switching might not be worth the trouble in this scenario. Say you only have around S$1,000 in your savings account and the extra 0.5% interest gets you about S$5 additional on your monthly total. If you are generally satisfied with your current bank, why bother?

DO YOU WANT TO SIMPLIFY YOUR FINANCES?

Some Singaporeans have accumulated multiple accounts over the years. So? Switching banks can be an opportunity to organize your finances. Organizing your finances allows you to minimize your online bank account and to move your money as quickly as possible. Have everything in one place by choosing a premium bank.

This bank must cater to all your deposit needs, offer low fees, and provide competitive interest-bearing accounts.

DO YOU PREFER TO HAVE AN UPGRADE IN ONLINE AND MOBILE BANKING?

Whether you want to acquire DBS Paylah! or UOB Mighty, most banks offer online and mobile banking tools to smoothen your transactions. You may consider all these tools as a means to weigh whether you watch to switch banks or not. Contemplate on the features you need and the ones that are available thru your chosen banks.

If you often transfer funds between a local and an overseas account. Then? You have to find an online banking app that enables you to do this. Take note of the charges that come with every deposit.

DO YOU WANT A BETTER CUSTOMER SERVICE?

How is the bank personnel treating you after you sign-up? Dissatisfied customers may receive better service in another bank. Look for online reviews and friend recommendations when reviewing a bank’s customer service prowess.

It is best to talk to someone credible to assess their issues in the bank staff and service.

DO YOU PREFER A BANK WITH BRANCHES NEARBY?

Accessibility is important when considering which bank to choose. You must survey the nearby banks and notice which ones are more accessible. You may also walk up to the teller to ask about their safe deposit box or their online banking tools.

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Who knows? Your chosen bank may allow you to transfer or deposit funds with a few swipes of the finger!

Sources: 1 & 2

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How To Make A Financial Vision Board

Consumed by the demands of your daily life, it is easy to lose track of the bigger picture. What are your financial goals? What are your dreams made of? A simple representation of all your hopes, dreams, and goals is a Vision Board.

A Vision Board helps you to clarify your financial goals to enable you to achieve them. Its mechanism is powered by the idea that if we put our desires out there, the universe will be able to bring it to us. It is powerful because it forces the person to be clear and decisive about the kind of life they want to lead. Visual images serve as daily reminders of what we really aspire to become.

A study showed that people were more likely to achieve their goals if they write them down. Vision boards take this notion one step further. It enables the person to be specific when it comes to his or her dreams. It makes your financial goals more concrete and detailed. Better results can be achieved by putting your vision board in a place where you constantly see it. Choose five to ten goals to focus on (e.g., getting a new job or paying all your debt). Put these financial goals on your vision board.

Here is an example of a financial vision board:

To create a vision board, you need:
* Poster board/Cork board
* Pins
* Colored markers
* Glue
* Tape
* Scissors
* Old magazines

Aside from these materials, it is important to follow these steps.

#1: DREAM A LITTLE DREAM

Social media and advertisements have conditioned us to want things we see around us. Material things can bring your short-term delight, but what can really bring you happiness? It is time for you to think about that. Daydream the improved life that you want for yourself and your family. A financial board needs to reflect your ideal reality.

#2: COLLECT AND SELECT

Begin flipping through your stack of old magazines and newspapers to cut anything that speaks to you. Use images or words that embody your goals. You can sort all these later once you get a sizable amount of cutouts.

Edit your cutouts into five to ten goals. Then, paste them on your board as you fit the puzzles together. You can even organize the images per theme or per time-frame.

#3: WISH YOUR HEART MAKES

Mentally commit to your financial goals by gluing or pinning them down on your board. This vision is cemented for the year. It may feel weird at first, but this is the first step toward making your dreams a reality.

Hang your vision board in a place where you can revisit your financial goals. Or, you may consider setting it as your wallpaper on your phone or your laptop.

#4: PLAN AND ACHIEVE

Lastly, you must reflect on your financial vision board and think of ways to achieve each one. Choose to focus on one goal at a time or on the smaller goals first.

Image Credits: pixabay.com

Good luck!

Sources: 1 & 2

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Welcome The New Decade With This Financial Mindset

The Financial Mindset is a predetermined set of beliefs about money. Although you cannot verbalize what your mindset is, it still exists. We all have this set of beliefs within us! It is important to note that your financial mindset affects the energy you give off and the energy you receive.

With a new decade, it is high time to refresh your finances with your financial resolutions or goals. Laying out your new financial resolutions or goals can help shift your mindset and give you new ways to perceive your life in general.

CRAFT A VISION BOARD

Start the year right by creating a vision board with your 2020 financial goals. Much has been said about creating a life you want to indulge in through visualization. You attract what you set your mind into. So, put several images of the things or milestones you want to achieve this year.

There are no wrong answers! Whether you want to have your own car or keys to your new flat, you can put all these on the board. Find inspiration on how to make one in Pinterest or in this Money Digest article.

ASK WHAT YOU CAN OFFER

In a world where people are so used to taking, aim to be the one who gives. Ask yourself some wealth-creating questions such as “What unique product can you offer?” or “Which service can your peers benefit from?” This trait is seen in many millionaires and entrepreneurs. Search yourself to know how to add value in other people’s lives. This will enable you to make money in the process.

You may not be able to answer these questions right now, but the important thing is to put your mind in a resourceful and open state.

DEVELOP A REALISTIC BUDGET

How many of you have created a budget based on your average earnings per year? This may seem as a premium plan to have, but you are not creating a realistic budget. Realistic budgeting goes beyond creating an Excel sheet and figuring out how much to allocate for every category. It enables you to look at how much money you have right now.

Based on your current funds, you will be able to create a realistic budget for the month. When you blow a category up due to overspending, you must not quit. You need to have an emergency fund for that. Only budget and consume the money you have right now.

TRACK YOUR SPENDING

It is common to have a financial resolution whereby you want to save more money. In order to do that, most people start by tracking their spending. See where you can cut back and where you can make room for more savings. It is a tedious task at first! However, you can re-frame your mind by attaching your Psychological wellbeing in the mix.

To help you with your frugal mindset, you must experiences purchasing differently. Track your spending and write down how you felt after the purchase. Do you feel happy or guilty? Where you shopping while you are bored or angry? Emotions play a huge part in managing and spending your money.

It is crucial for you to be aware of your spending patterns and triggers. Mindfulness of situations that trap you to spend can enable you to change your financial life. Bring value and joy to your finances through healthier spending patterns.

BOTTOM-LINE

Your mind is a powerful tool, which creates your reality. It dictates what you believe is possible and leads you to it. This is why it is important that you feed your mind with optimism grounded in your current circumstance. Consume books such as Think and Grow Rich from Napoleon Hill or podcasts from trusted financial advisers.

Image Credits: pixabay.com

Feed your mind with a grow mindset to indulge on a better financial year ahead!

Sources: 1 & 2

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Want to Take Control of Your Personal Finances? Use This Promo Code to Get 50% off Tickets (U.P. $88) to Seedly Personal Finance Festival 2020

It’s 2020.

How were your personal finances in 2019?

Did you manage to start saving money for your retirement?

Did you finally start investing for your future?

Have you bought insurance to protect yourself and your family?

If this is you:

then you might want to pay attention.

Be Part of Singapore’s Largest Personal Finance Festival

This 2020, Seedly wants to help YOU take control of your personal finances with Seedly Personal Finance Festival 2020 — the LARGEST personal finance festival in Singapore — that is happening on Saturday, 7 March 2020.

For 24 hours only, starting on Thursday, 2 January 2020, 12pm, enjoy 50% OFF all Seedly Personal Finance Festival 2020 tickets with a special early bird promo code.

Simply enter EARLYSEED50 before checkout to enjoy the following:

  • Early Bird Ticket at $29 (usual price $58)
  • Buddy Ticket at $40 for a pair of tickets (usual price $80)
  • Regular Ticket at $44 (usual price $88)

The first 1,000 ticket sign-ups will also get a limited edition goodie bag worth $55!

Act fast because the tickets for last year’s Seedly Personal Finance Festival were sold out within 30 hours!

What Is Seedly Personal Finance Festival 2020 About?

Seedly Personal Finance Festival 2020 is Singapore’s largest personal finance festival where you can learn to take control of your personal finances in one day.

There will be discussion panels, fireside chats, talks, and workshops on various topics like:

  • Investment (Stocks, REITs, Alternative Instruments)
  • Property
  • Insurance
  • Career
  • CPF

All of these will be presented in an actionable and simple manner by experts, industry titans, and leaders from Singapore’s personal finance space.

You will also stand a chance to win $3,000 worth of lucky draw prizes, just by attending the festival!

When and Where Is Seedly Personal Finance Festival 2020?

Seedly Personal Finance Festival 2020 is happening on Saturday, 7 March 2020, 9am to 6pm, at Suntec Convention Centre Hall 405 and 406.

Where to Buy Tickets for Seedly Personal Finance Festival 2020?

Simply go to the Seedly Personal Finance Festival 2020 website and enter the promo code before checkout to enjoy the offer.

The early bird promo code EARLYSEED50 is only valid till Friday, 3 January 2020, 12pm (or while stocks last).

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