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Seemingly Small Expenses That Keep You From Saving Money

Unless you’re the likes of Kylie and Kendall Jenner, then you’re certainly always looking for ways to reduce your expenses. Sure, you could do it by resisting the urge to shop online or packing your lunch, but even with these preventive methods, there will still be times when you’d slip and unintentionally add something to your monthly expenses.

To help keep you from doing that – as well as to help you save those extra bucks – we listed down some of the small expenses that might be unknowingly adding up to your day-to-day expenses.

Forgetting to Bring Your Lunch

Nobody forgets to bring their lunch for a week. Also, a lot of people seem to have no problem with discounting their packed lunches when an opportunity to buy food or grab some drinks with their colleagues arises.

However, if you really want to save a significant amount of money from your pay-check, treat your packed lunch as part of your daily routine; the same thing can be said about drinks. So instead of purchasing bottled water every day, invest in a BPA-free water bottle and make it a part of your lunch container.

Accepting Every Night Out Invitation

If you’re still new in your workplace, then it’s completely understandable to accept every invitation of workmates so you won’t seem like an office party pooper. But once you’ve already settled in and established a good rapport with your colleagues, then refusing some night out invites will no longer make you appear lame. It’s perfectly fine to refuse and admit that you can’t afford partying out as of the moment.

Overlooking Discounts

The best way to cut down your expenses is to always look for less expensive options. Every time you go out, take advantage of discounts or specials offered by the particular store. During your happy hour, for instance, ditch your go-to cocktail and opt for a cheap beer instead – or if you can, avoid drink altogether and try to just enjoy the company of your friends or colleagues.

Purchasing Too Many Things From a Convenience Store

Perhaps the store nearest to your office doubles as your afternoon sanctuary for when you need to rest your mind and stretch your legs. But even without meaning to, you always end up leaving the store with a small plastic bag full of things you never really intended to buy. To keep this from happening, ensure that you don’t visit any near convenience store when you’re hungry or when you’re just bored.

Saving a significant amount of money isn’t that difficult if you just know how to control and discipline yourself. So be sure to correct the aforementioned spending habits to cut down your daily expenses and to save those extra bucks instead.

Efficient Money-Saving Tips for College Students

Let’s face it, most college students live on a tight budget. While there is a temptation to splurge on outings (after class) and drinks (together with the rest of your block), you cannot always give in to these invitations especially with lots of book fees and other requirements.

Although this frugal lifestyle is nowhere near easy, there are tips as to how you can be smarter in spending your money. Being fully aware of where you spend every dollar is one key to attain financial success in the long run.
Buy/rent used text books

Textbooks in college are notorious for costing way too much or too expensive for your budget. That said, it is better for you to consider used text books instead. You can also opt to rent them since these books are generally good only for a brief period of time (a semester or so). You can definitely save a lot of money that way.

Sell last semester’s books
If you’ve come to a point where you already hoard a number of old books in your residence unit, you might as well consider selling them. Used books not only help other students, but it also helps you gain additional profit. You can use the extra budget to buy new books required for the brand new semester or add them to your personal savings.

Don’t make impulse purchases
Before you buy something, consider asking yourself if you really need it or not. Deliberate on it back and forth before you cash out. Only buy the things that are considered necessary, and only splurge on your purchases when you have the extra money to do so.

Limit the times you dine out
Eating in restaurants may be efficient and delicious, but the costs only add up over time. It is better to limit the times you decide to eat out – and learn how to cook meals at your residence unit instead. This allows you to develop your cooking skills, one of the most important life skills you must learn at your age.

Avoid falling into vices
You are at an age where you must take good care of your body (if you want to live long and healthy). It is then important to step away from the temptation of vices, since they’re both bad for your health and your personal budget. Vices such as drinking and smoking may be a relief from all the university stress, but it only deteriorates yourself after all that drunken haze and nicotine boost is gone!

5 Money Saving Tips Every Family Should Follow

 

When we have a family, we’re not only thinking of our own personal wants and needs. Putting our family first will always be a priority and so as prioritizing expenses for our homes. Given the enormous bills, payments and other expenses, saving up can be difficult. The top money saving tips for families in Singapore are as follows:

  1. Create a checklist for what you need to buy for the house and your children. This can be very helpful. It’s also our way of setting a proper monthly budget since we can assess on what are the things we need to buy for our children and our home. With that, we can have a clear view on what we really need and would not end up buying things that are not useful.

 

  1. Plan and Cook your own Meals. It’s significant to note that eating and ordering food at restaurants and fast food chains are expensive. We should always bear in mind that your kids need healthy and yummy foods and that you also need to save up while doing so. To ensure that, you have to carefully plan your meals and just cook for your family.

 

  1. Don’t bring your kids while shopping and buying grocery. Not unless you want to have that mini-heart attack moment when you are at the cashier, do yourself a favor and don’t bring them while you are shopping or buying grocery. Kids have the tendency to be impulsive shoppers and what they want would definitely go straight to your shopping cart and you will be in that unnegotiable situation to whether buy it or not. This is a great piece of advice to save yourself and your wallet or credit cards.

  1. Pay your bills ahead or on time. To avoid paying for late payment fees and other interest fees and charges, pay your bills on or before your scheduled payment date. You can save yourself from the said payments, include those supposed to be “extra” payments to your savings, and you can get away with the hassle of reconnection and other tedious processes once you paid late.

 

  1. Train everyone in your household to limit the use of utilities like water and electricity. It is significant to teach your kids and helpers on the importance of saving and on not wasting our resources. We have to show them how to not leave the lights on all the time, turning off the TV or the faucet if we’re not using it or making sure that our air conditioners are on timer mode. Training your young ones with these will not only help you save up and lessen your expenses but also you’ll be teaching them important advices that they could carry on as they grow up.

Money Matters: How to Manage Your Finances as a Couple

Figuring out how to share your income with another person can be hard, especially if you’ve spent years managing your finances on your own. It’s an even more difficult discussion to have if you and your partner aren’t on the same financial footing. But by having lots of discussions, doing some trial and error, and using the following options, you’ll definitely be able to combine and manage your finances the way you both wanted it to be.

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  • Option 1: A Pooled Account

What it’s all about: You will open a joint checking account, and use it for shared expenses like groceries, rent, and dining out. If you’re both paid the same amount and have the same lifestyle tastes, then have each other contribute the same amount to your joint account. But if one of you earns more or prefers to live a lavisher lifestyle, consider contributing in percentages instead of splitting the cost to 50/50.

Why it works: Once you know how much you’ll contribute to your joint account, you can already set up an automatic deposit into the account every month. It also pushes you to learn how to budget as a couple, since you’ll be reviewing how much you expect to spend each month.

  • Option 2: Completely Combined

What it’s all about: This option offers total transparency. All checking and savings accounts are combined, and you both get to decide as to how much money is saved and spent. When the finances are completely combined, each person should be really honest as to how they want to spend the money and how they want to manage the savings for the future.How-to-Handle-Your-Parents-Finances-When-They-Cant-468347863-300x194

Why it works: If the you and your partner is on the same page with how you’ll spend and manage your earnings, this option makes it easier for you to work towards shared financial goals. This also provides total transparency as how the money is being spent.

  • Option 3: Live Off One Salary

What it’s all about: This approach works when you both prioritize saving together for your shared goals (down payment for your house, emergency fund, or retirement), and living off on just one person’s salary. Through this, saving money becomes less complicated and making ends meet even with only one income becomes easier.

Why it works: If you and your partner is on the same page when it comes to saving and spending, this approach will cut the work of ensuring that enough money is being set aside every month to reach your financial goals.

  • Option 4: Completely Separate

What it’s all about: When you decide to move in together and keep your finances separate, make sure to assign who pays certain bills. One person should pay the mortgage or rent, while the other pays for the utilities and groceries. In this approach, no accounts are combined and you both get to maintain your own personal money.

Why it works: This approach is a good option for couples who are a bit nervous in sharing money for the first time, or those who aren’t ready to share control of their finances just yet.

Managing your finances as a couple will be challenging at first. But by putting any of the aforementioned financial management options at work, you’ll definitely be able to combine and monitor both your finances with ease.

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What You Need to Know About Bankruptcy  

 

If there is one thing that we should strongly shun with all our power and might, it would be bankruptcy. If we do not manage our assets and liabilities properly, we will encounter bankruptcy and we have to trust experts that it will not do us any good.

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Dealing with bankruptcy is difficult especially if we are put in the limelight. Perhaps we heard about 50 Cent’s filing of bankruptcy. He may file bankruptcy but it doesn’t mean that he has no money left. He reportedly filed a Chapter 11 bankruptcy protection. According to 50 Cents’ legal team, Chapter 11 will protect 50 Cents’ assets while repaying his creditors. This is so the assets of 50 Cents will be protected if ever it will be liquidated.

50 Cents’ filing of bankruptcy is a move commonly used by other big businesses that permits them to maintain control of their assets. This story is not new here in Singapore. There have been many businessmen who filed for bankruptcy. The Ministry of Law Singapore Insolvency Office gave out few advices for debtors and creditors. Here are some advices:

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  • For debtors: It is imperative that we do not ignore our creditors. When we file for bankruptcy, we tend to ignore everyone but it may not be the best move. We have to accept everything starting from the Letters of Demand, Statutory Demands, Summons and Writs from the court.
  • For creditors: Creditors need to remember that bankruptcy proceedings will not promise full recovery of one’s debts. Bankruptcy proceedings should only be pursued granting that creditors exhausted recovery options.

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