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Asia’s Interesting Superstitions Surrounding Money

Proud of its value for racial harmony, Singapore is a country that fuses people from different nationalities. Each nationality has formed a culture built on their own set of practices, rituals, and beliefs. Said beliefs do not have to be logical all the time as superstitions exist. Some of the superstitions surround heavy issues like money.

If you are interested to learn more about the Asian diversity in financial superstitions, continue reading this article.

IN JAPAN

The eccentric country of Japan is known for many things. One of which is their ability to morph paper figures – the art of Origami. To attract good fortune or wealth, you will need to put an Origami frog inside your wallet. The word “frog” in their language (“kaeru”) is a homonym for the phrase “to return”. Hence, putting an origami frog in your wallet entails the continued circulation of money.

IN CHINA

As the age-old saying goes: “a purse on the floor is money out the door”. Putting your purse or handbag on the floor famously symbolizes your detachment from wealth. On the bright side, keeping your belongings at close proximity lessens the chances of object misplacement or theft.

IN KOREA

Whether you are shaking your nerves away or acting on an automatic response, you must avoid fidgeting your legs in Korea. This common mannerism is frowned upon as it is believed that you are literally shaking off your good luck or wealth.

IN PHILIPPINES

Have you been experiencing an annoying itch in your palm? Do not forget to put this “itchy palm” in your pocket immediately. What may seem like a product of insect bites is deemed to mean incoming wealth. Regardless of the origin of the itch, Filipinos believe that you must expect to receive money in the next couple of days.

IN SINGAPORE

One of Singapore’s superstition roots from the Chinese beliefs about the numbers eight and four. They believe that number eight is fortunate and number four is unfortunate. These meanings were associated based on the Chinese language. You see, these words are homophones for the words “prosperity” and “death” respectively.

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Try negotiating a discount if your apartment or condominium unit ends with number four. Research showed that it will work in your favor!

Sources: 1, 2, 3, 4, & 5

6 Money-Saving Tips For All Supermoms

ACCEPT THE PRELOVED

Until the credit statement arrives on your doorstep, you may have no idea about the money you spend on clothing and baby items. Cushion the expenses by embracing the hand-me-downs offered by friends and family members. Accept the toys, home accessories, and maternity items.

You can always donate the unnecessary items on the block’s donation drive. Doing so will not only help you declutter, but it will also help the ones in crucial need.

FILL THE PANTRY

Juggling the corporate and domestic life is challenging. Due to the limited time, you may either frequent the grocery for last-minute shopping or the nearby restaurant for take-out meals. A healthier solution is to keep a well-stock pantry. Purchase items that will last the family for at least a week.

As Holly Clegg, culinary expert and food author, once said: Think of a well-stocked pantry as a permanent shopping list. This tip will enable moms to cook more meals efficiently, timely and more affordable.”

Image Credits: pixabay.com

LEAVE YOUR MONEY

Are you planning to hangout with your buddies any time soon? Consider bringing the exact amount that you are willing to spend and leave the rest at home. Suggest affordable yet entertaining activities such as art appreciation (e.g., roaming ACM or SAM) and game night (e.g., themed dinner at someone’s home). If your girl friends insist on shopping, you will not be tempted to purchase anything that you cannot afford.

Do you really need those tempting items anyway? I do not think so!

LISTEN TO OTHERS

I can vividly recall the time I was strolling the mall with my significant other. My feet were sore due to the high-heeled shoes that I opted for. Brought by strong emotions, I would rather purchase a new shoe that I do not need than to tolerate the pain. We visited a store that I previously ignored. Then, my partner reminded me that none of the products appealed to me last time I was there. The collection did not change. “You only like this because of the momentary use and not because you will use it again”, he said. He made a fair point! I saved a decent amount of money that day.

Listen to the opinions of other people who care genuinely about your financial future. Tally your monthly savings to remind yourself and your spouse about your recent accomplishment. Use this as a motivation to go further.

GIVE THEM ALLOWANCE

A sizzling topic among Singaporean parents is whether or not children shall receive allowance at such a young age. Some parents are concerned about the wastage of money on ridiculous items, while others want to cultivate financial responsibility. Bekah Jorgensen (blogger of Mother Moment) highlights the advantage of giving an allowance as it “sets a policy that if they want something that isn’t a need, they buy it themselves or wait for the next gift-giving holiday.” Children are empowered to save their money to buy what they want.

Furthermore, it avoids the embarassing tantrums in store and the impulse purchases that comes with it.

PROTECT YOUR INDIVIDUALITY

Who knew that you will become a devoted mom further down the road? Well, life is unpredictable. You will never know which turns will come next. You just have to make the most out of what you have and exhaust all your resources. Speaking of resources, it is best to keep your own personal account. This account will help maintain your financial autonomy and support your spouse’s credit history.

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For significant commitments such as a car or a flat, you will have to work together to pay the loans. Having two streams of account will help speed up the process.

Sources: 1 & 2

4 Cardinal Rules Of Budgeting

Managing your finances is not a piece of cake! Mixing motivation, perseverance, and careful planning is needed to keep everything in place. This is why people look for inspiration in books and online articles. With the abundance of resources and information available out there, you can build a massive library.

As you select certain strategies and ideals to follow, here are some of the personal finance rules that you must consider.

#1: A LITTLE GOES A LONG WAY

Start embodying the mindset that small actions eventually adds up. This slow yet steady progress is called Incremental Growth. You will notice that incremental changes pay off in the long run as you track your cash flow. For instance, cutting down on alcoholic beverages can make a significant difference at the end of the month.

#2: PAY YOURSELF FIRST

As a habitué of finance websites, you may have encountered this phrase: “pay yourself first”. This popular statement refers to routing your contributions from each paycheck that you received (e.g., automating your retirement contributions). Doing so entails that you mentally established “saving” as a priority. You are more important than any expense categories.

Most people spend their money first and save the extra later on. But, why must you turn the tables around? For starters, keeping a portion of your money reduces the temptation of overspending and improves your chances during emergency situations.

#3: FOCUS ON THE DEBT

It is challenging to save if you have a mountain of debt to hike. Before you start creating a realistic budget, you shall set a strategic plan to resolve your outstanding debt. Any lingering credit may ruin your financial goals. The sooner that you diminish the negative, the more time you will have for the positive.

#4: YOU ARE THE CAPTAIN OF YOUR OWN SHIP

You are in control of your wealth and not the other way around. Perceiving yourself as the “captain or master” helps to instill accountability over your spending habits. With financial awareness, it is harder to let money flush down the drain.

Image Credits: pixabay.com

Sources: 1, 2, & 3

Small Financial Achievements That You Should Be Proud Of

It comes as no surprise that many Singaporeans immediately turn to social media to share their achievements. Facebook and Twitter “walls” are bombarded with celebratory posts and pictures. If you feel that you have nothing worthy to share, think again! Our lives are full of achievements on a smaller scale.

Take these humble financial achievements into consideration:

SETTING UP A SUFFICIENT EMERGENCY FUND

If you are done building your emergency fund then, I am proud of you!

An emergency fund is a safety net that will cushion emergency expenses against high interest debts and bankruptcy. It is not entirely for you as you can use it to provide for your family members who are in need. The certain amount depends on your current situation. For instance, a married couple can merge their contributions and divide it into half. While, unwed individuals must cover at least half a year to stay afloat.

According to a Bankrate.com poll, participants from the younger generation did not appear to be less inclined to build their emergency funds than their senior counterparts. This goes to show that more people are opening up to the idea of shielding their future. Saving up while you are young will benefit you because time is on your side.

DEVELOPING THE HABIT OF TRACKING YOUR SPENDING

If you religiously track your spending, you must keep it up!

Noting down your daily or weekly expenses is a tedious chore, but it can help you manage your wealth efficiently. The primary reason why you need to do this is to create financial awareness. You need to know where your money is going in order to change your unhealthy spending habits. It is as simple as minimizing the income wastage.

Furthermore, it allows you to see if your spending habits match your financial priorities. Make sure to spend within your means.

ORGANIZING YOUR MONTHLY BILLS

If you are on top or ahead of your monthly bills then, you are doing your credit score a favor!

Organizing your bills goes hand in hand with the above bullet. This may either be done digitally or manually. Choose to scan your bills after you have received them and after they are paid. Store these papers in a secured hiding spot. Alternatively, you may save the scanned documents in a designated folder on your computer.

To make sure that you never miss a deadline, you may set up an auto-pay service within the companies that you pay bills to.

CONQUERING ALL THE ADDITIONAL FEES

You are fed up with the additional fees and made some adjustments with your lifestyle. I salute this action!

Being careless with your finances is forgivable in your early 20’s when you are not fully equipped with the financial knowledge and resources. As soon as you move forward in your life, you must aim to pay for what you will actually use.

For instance, it may seem insignificant to incur extra fees for withdrawing cash from an ATM that is not from your bank. However, walking a few blocks to find the right machine can save you at least S$5 (that can purchase you a meal from Kopitiam). Make simple alterations in your lifestyle in order to avoid additional fees.

PURCHASING WHAT YOU SAVED UP FOR

Congratulations! You did not give in to the temptation of swiping your credit card to complete the purchase. Instead, you eliminated unnecessary expenses and set aside cash for weeks. There is something satisfying about finally getting an item that you spent a lot of time saving for. Savor this positive feeling.

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Acknowledging seemingly small victories helps you to picture a progress in your financial journey. Psychologically, it elicits positive emotions and perceptions. The more individuals experience the sense of progress, the more likely they will be motivated and productive in the long run.

Notice these humble achievements and be proud of yourself!

Sources:1 & 2

5 Steps In Building A Financial Plan

Generally speaking, a financial plan is a comprehensive evaluation of an individual’s current and future financial state. Crafting a financial plan involves using known variables to predict income, asset values, and withdrawal plans. Thus, you have to go through a series of steps to adjust your savings and spending habits.

Here are just some of the steps:

STEP 1: KNOW WHERE YOUR MONEY GOES

Your top priority is to develop a detailed list of where your money is heading to. It does not matter if you are using a legal pad, a smartphone app, or a computer software! The only thing that matters is that you have a working system. An organized system lets you identify the expenses that occur each month (fixed expenses) and those that change (variable expenses).

Do not forget to input seasonal expenses such as the Labor Day staycation or Valentine’s Day present. Calculating your cash flow may seem like a hassle, but it will help you determine the amount of money that you can commit to your goals.

STEP 2: SET YOUR MONTHLY SAVINGS GOALS

Much like a road trip, you must set a route to stay in the course of your financial plan. Select a path which you want to reach in a specific amount of time. For instance, you may want to start saving for retirement as early as aged 25. Set a monthly savings goal upon knowing your time-frame and how much you need to save. Fit your monthly savings goal within your budget.

If you cannot save as much as your goal requires, you can trim down your monthly spending. Alternatively, you may look for ways to increase your income or to extend your completion date.

STEP 3: CELEBRATE THE MILESTONES

Why do you think corporate incentives exist? Well, they are deemed to keep you motivated while in the process of achieving a company or a cooperative goal. The same goes for your finances. The only difference is…you have a personal goal to fill.

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Create milestones after completing your monthly savings goal. Celebrate in a simple and satisfying fashion (e.g., eating your favorite Korean dessert). You do not want to blow up your credit even more!

STEP 4: CONQUER YOUR DEBT

As tough as this may sound, you must attack debt while avoiding further debt. Start by listing down your outstanding debt including two columns for balances and interest rates. There are two main strategies that you can choose from. You can either start with the highest interest rate or employ the “Snowball Strategy”.

The latter refers to eliminating all the smallest items first before working your way to the highest items. Both can be effective as the most important thing is to pay more than the minimum. Seeing your debt diminish one after another can be good for your self-esteem.

STEP 5: STOP PROCRASTINATING AND START SAVING

The perfect time to start saving is at the present. Take a look at your guilty pleasures. Notice where you can make some adjustments, but do not be too harsh on yourself. Aim to control your entertainment expenses and not eliminate them entirely (unless these items are unhealthy)! This will free up some cash to put in your monthly savings goal.

If an emergency comes along and forces you to dip into your savings, do not fret. This is what financial cushioning is for. Just make it a priority to replenish your fund as soon as possible.

Image Credits: pixabay.com

Financial plans aid in creating a strategy for paying off your debt, in determining where your money goes, and in achieving your other savings goals. I wish you all the best when crafting your own plan.

Sources: 1, 2, 3 & 4

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