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How to make the best out of your last $300?

Experts estimate that more than 90% of the diseases are stress related. And rapid aging is probably another negative by-product of sustained elevated stress levels. While eradicating anxiety and stress altogether in fast-paced Singapore may be unrealistic, indulging in therapeutic treatments and one’s favourite hobbies can certainly help to manage stress.

Continuing from the article “How to maximise your life with a $3,000 paycheck”, this article is the last in a five-part series and it will zoom in to the ways of deriving the ultimate satisfaction and gratification from life with the last 10% or $300 of a $3,000 salary.

Image credit: taxisingapore.com

1. A short getaway to Johor Bahru

While it is a well-known fact that JB is a shopping and food haven, many may still feel that it is not worth a hassle to beat the checkpoints and commit to the distant travel. However, depending on one’s schedule and opportunity cost, the huge cost savings are hardly resistible. Indeed, food, accommodation, wares and massage services are priced at a steep discount to those in Singapore, especially when the favorable exchange rate persists. Therefore, it may be more sensible and economical to shop in the foreign land to maximize your spending power.

Image credit: outlet.com.sg

2. Go online shopping

Being economically vibrant and prosperous is honorable, but it is not without its costs. Prohibitively high rental and labour costs in Singapore have created much hardship for local businesses, and consequently, the consumers who have to bear the inflated price tags. However, it pays to be technologically savvy. The major growth spurt of online retailers has simply thrived on a low-cost but high-quality principle. Furthermore, online businesses are easily accessible, which enables effortless comparisons. And it is precisely this unmitigated flow of information that heightens competition and further drives down our bills. So, time to hitch on to this modern trend if you haven’t!

Image credit: appleandradish.com.au

3. Learn a fun skill

Learning is limitless. By continually expanding your knowledge and skills, you gain others’ respect while becoming an increasingly invaluable asset to their lives (and of course, you are the greatest beneficiary of your own abilities). It does not have to always be intellectual. It could be an indispensable skill that most people overlook. Thankfully, this gap is plugged by LessonsGoWhere, an online marketplace that brings exciting and enriching lessons covering a diverse blend of 9 categories from baking to photography to an aspiring community. Who knows if one day, the new skill may even change your entire course of life and carve out a rewarding career niche?

Common Career Mishaps Young Employees Make

On your first full-time job after graduation, you are bound to make minor to costly mishaps. Keep in mind that it is okay to make these mistakes especially at the beginning of your career. It helps you to learn and as you bounce back, you will be tougher than you ever were before.

On that note, here are the Common Career Mishaps Young Employees (In Their 20s) Make…

1. WAITING GAME

First on the list is the irrational belief that you will magically land your dream position without any ounce of effort. No matter how skilled you are, you need to search for the job yourself. Some people maybe lucky as companies personally look for them after they graduated, however what if you are not one of them? Worry not. By working hard, you can achieve your goals and so much more.

And, once you are accepted for the job, do not forget to dress for the part. There is no right or wrong way to dress except if the company provides the uniforms. Nevertheless, the best thing for you to do is to wear conservative or non-revealing clothes in the first few days then adjust from there.

2. NEGLECTING THE IMPORTANCE OF NETWORKING

Resources and connections play a huge part especially in the business, marketing, and advertising world. Being able to keep in touch with your fellow graduates will help a lot. As young professionals, it will benefit you to attend networking events to increase your knowledge about the working environment. Also, having access to job opportunities at a young age is indispensable.

3. FAILING TO NEGOTIATE

Being fresh to the “working scene”, you may be prone to underrate your worth. This is why it is important to evaluate your skills, education, and experiences. Find out the average salary per year through PayScale.com. 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$46,006/year.

And, if you already got the job yet you feel underpaid and overworked, ask for a pay raise. If you do not ask then you would not get it. Realize that your bargaining strength is all in your head. You can do it!

4. LEAVING A JOB TOO SOON

There is nothing inappropriate with leaving a job unless you have not taken everything into consideration. When faced with a difficult situation at work, young employees often think that quitting will solve it.

You may be away from your annoying colleague but you are faced with unemployment and debt. Is it really worth it to quit? In this situation, it is best to weigh-in the benefits and consequences of your future actions first.

5. LETTING YOUR INFLATED EGO AFFECT YOUR CAREER

Your huge ego can translate in your Resume/C.V., your interview, and your actions. Instead of only boasting your strengths, find the skills that can help the company to improve and put it in your Resume/C.V.

Lastly, do not overestimate your abilities because you are merely starting a journey. Ask politely if you do not know how to solve an issue. This simple gesture can save the company hundreds of dollars.

Image Credits: Sara Ashley via Flickr

Sources: 1 & 2

Things To Do If You Feel Underpaid And Overworked

In 2014, a research showed that 61% of Singaporean employees felt that were underpaid and overworked compared to the existing market rates. To put that in perspective, that is about 6 out of 10 employees. As the increase of talents from all around the world rise, satisfaction of pay and loyalty to the company will be tested. Now, if you feel that you are underpaid and overworked then, here are the 3 things you shall consider doing…

1. ENHANCE YOUR WRITING SKILLS

Your potential can be assessed by how well you construct proposals, e-mails, and reports. Poor writing skills can cost more money or inadvertently offend others especially the valued clients. Proper grammar along with being direct is very important when responding to your superiors and to your clients. Brush up on your English skills by watching free tutorial videos on YouTube.

2. SPEAK UP MORE

Did you know that Narcissists (i.e., overly self-involved individuals) give out a better impression of themselves in the workplace because of their outspoken nature? They like to brag about their tasks and achievements hence, they are perceived by the bosses to be smarter and to have more initiative. But we all know that geniuses that are extremely quiet exist and are often overlooked (e.g., snob in promotions or pay raise).

To assert yourself more, try to join Public Speaking Workshops. In fact, there is an on going deal for a 3 Hour Public Speaking Workshop at GROUPON for only S$15. Grab it now, as it is valid until June 2015 only.

3. ASK FOR A RAISE

Living in Singapore with a deeply rooted Asian culture, it is usual for us to be silent and underrate our worth. Hence, it is not surprising how many people hardly negotiate pay at interview. During employment, they fail to negotiate a pay raise too. But, if you do not ask then you would not get it. You are more valuable than you think; otherwise, they would have fired you a long time ago. Realize that your bargaining strength is all in your head. You can do it! 🙂

For detailed ways to negotiate salary increase efficiently, read my other article here.

5 Financial Steps You Must Take After Getting Your First Job

So you got your first full-time job after graduating…what happens next? You may be lost and unfamiliar with the new responsibilities ahead. So, it is best to keep your finances in check. These steps will help:

1. ALLOCATE YOUR FINANCES BY BUDGETING

List down your expenses (i.e., fixed and variable), your income, and debts. Be aware of your cash flow for at least 2 weeks to help you set up a budget. Do not panic if you still have to pay your student loan because a budget will help you plan your income allocation.

2. REDUCE YOUR STUDENT LOAN

Do not wait until the lender notices you have graduated, start now. The earlier you start making payments, the more you will save. Furthermore, if you have a private loan that you took out when your credit score was lower, there is a potential to borrow again at lower rate.

3. THINK ABOUT YOUR FINANCIAL GOALS

You may be living from paycheck to paycheck at the first few months but how about 4 years from now? Think about your long-term financial goals and start planning your budget accordingly. You may consider buying a house, traveling, or having kids, so start setting aside some money every month towards your goals. This will lessen the load and the stress.

4. CONSIDER BUYING THE INSURANCE YOU NEED

Insurance maybe in the back of your mind because you are young, healthy, and you got your life ahead of you. But, it will be the best thing you have ever invested on once accidents and unforeseen things happen. It is cheaper to buy insurance now while you are young because the risks are low. Many employers offer group life and group disability insurance, so it is more affordable and cheap enough to consider.

5. OPEN YOUR RETIREMENT ACCOUNT

I stressed this issue so much before and I will say it again. The best time to start your retirement savings is before you hit 35 years old. Wouldn’t you want to have a relaxing life with no financial worries once you retire?

Image Credits: 401(K) 2012 via Flickr

Then, set aside at least 5-10% of your income per month for retirement fund. Also, avoid debt as much as possible and get educated about your finances. Know how and why you should save for retirement before your mid-30s here.

Boost Your Savings With An Entry-Level Salary

Surviving expenses as a fresh graduate in your first “real-world” job without anyone to depend on can be tough at times. Living from paycheck to paycheck, you will need to find strategies to help you save more. Aside from budgeting, here are 6 ways to boost your savings on an entry-level salary…

1. PACK YOUR LUNCH

After going to grocery, prepare your meals for the week. Packing your own lunch will not only help you save but it is also healthier. This strategy has worked for me very well before and has reduced my meals to S$5-10 a day.

2. TAKE PUBLIC TRANSPORTATION

Being in a country with an efficient transportation system, I do not see the reason why there is a need to take a cab in short distances. Buy a Public Transportation card (EZ-Link card) that you can use for trains and buses to save more. If you still want to drive via car, then carpool with your coworkers who live nearby.

3. MAKE YOUR OWN COFFEE

Your daily sip on Starbucks could be costing you a lot. Brew your own coffee for free instead. You can either make your coffee in your house before you leave or in your office during lunch breaks.

4. ATTEND INEXPENSIVE FUN EVENTS

Save without compromising fun by going to free or inexpensive events. You can search for free museum days, charity concerts, and outdoor films. There are some community events and workshops that charge as little as S$2 so keep your eye on those.

5. NETWORK WHILE YOU PARTY

Socializing with other people can widen your resources and potential business partners. But, it does not mean that you should splurge on drinks. Indulge on drink deals as much as you can during happy hours to save more.

6. BUNK WITH ROOMMATES

Living alone with an entry-level salary is not ideal. So, find friends or co-workers who can split the rent finances with you.

Image Credits: Robert Judge via Flickr

You will not only have a load off but you will also enjoy an awesome company of people who can go with you while you attend free events, happy hours, and great sales.

Don’t think it is possible? Then read how a Singaporean saved $20,000 in a year: http://goo.gl/7cUIC1

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