February 15, 2019

Step By Step Guide To Make A Personal Budget – Ways To Save Money And How To Make The Best Out Of Your Money

It’s common knowledge that a personal budget is vital for financial success, whether you earn a hefty salary or a few dollars every now and then. However, getting started on a budget can be a bit overwhelming, and you may not know where to start.   Benefits Of Having A Personal Budget Managing money can be tricky. However, with some determination and a dose of discipline, you can make your money work for you no matter what your level of income is. You simply need to learn how to create a personal budget that is manageable for you. A personal budget: 1. Makes You More Aware Budgeting helps you take a good look at your income sources, expenditures, debts and bills. Your budget will help you know exactly how much money is coming in, and from where. You’ll also know how much is being saved, how much you’re spending, and on what you’re spending money on. Your budget is a true reflection of your lifestyle choices. 2. Gives You Control Over Your Money A personal budget will help you to be more intentional about how you spend, invest and save your money. Following a budget ensures that you don’t lack funds for anything as you will have planned out how your money will be used. 3. Will Keep You Focused On Your Financial Goals A budget will help you achieve your financial goals by ensuring that you avoid spending money on unnecessary items or services. You will limit your spending enough to save for those things that you really need.   Tips For Creating A Personal Budget Creating a personal budget can seem like a daunting task when you’re just getting started. The following tips ought to help make the process less confusing and scary. 1. Track Your Income How much money are you making? Take some time to track all your income. Keep track of your salary and any other money coming in aside from what you earn from your day job. Only consider income avenues if they are bringing in a steady flow of cash. Do not consider

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The 7 Major Life Things a Typical Singaporean Spends on in His or Her Life

Singapore constantly appears on the top of the list of the most expensive countries to live in. Living here is the dream of many, but it comes with a fair amount of challenges. If you are a young working adult or a student who just graduated, you need to first educate yourself on the costs of living here. With the right information, you will be in a position to make the right financial choices each time and have a brighter and better future. Every individual is unique, and how each person spends is influenced by a number of factors including personality, age and income. There is a sea of information out there, and it may be quite confusing to know which data fits your lifestyle. Below, we have broken down for you the 7 major expenses you will most likely incur in your lifetime.   1. University Education Tertiary education is one of the best investments we make. It is an important phase before one jumps into the job market. Unfortunately, it is also one of the biggest expenses in our lives, with the average cost of a degree going at $21,000. Luckily, the Ministry of Education (MOE) and Central Provident Fund (CPF) provides tuition loans to enable more student to pursue their higher education without worrying about fees. The loans can cover between 90% and 100% of all fees depending on the option you pick. Interests range between 2.5% and 5%. Repaying these loans is the tricky part, and one needs to carefully consider the available options before picking any loan. The repayment is affected by the size of the loan and time you take to repay it. Keep in mind that the more time you take to pay it back, the more you will pay in interest charges. To avoid being paralyzed by the burden of your student loan, you need a smart repayment strategy. Once you land your first job, the first step you should take is to calculate your monthly expenses. This should include food, transport, phone bills and rent. After this, you will come up

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What Exactly Is Design Thinking and Why Is It So Popular?

There is a great demand for design thinking around the world. It is a process that can be repeated in different scenarios since it involves seeking to understand users, take into account their challenges, and also redefine the problems they face in order to come up with alternative solutions and strategies that may not be obvious with a basic understanding. Not only is design thinking a thought process, it also includes practical methods to bring about solutions to problems. The idea behind design thinking is to get a deeper understanding of the users of whatever products or services one is designing. In addition, empathy for the end user is created along the way. Thinking this way enables one to ask the right questions. This means that one questions the problem, the assumptions, and even the implications. Design thinking is particularly helpful when tackling unknown or ill-defined problems by making sure that they are reframed in a way that is more Human-centric. This creates a myriad of ideas during brainstorming sessions, and ensures that a hands-on style is adopted when it comes to creating and testing a prototype. It is important to know that design thinking calls for ongoing experimentation. This means that one is continually sketching, prototyping and then testing a variety of different ideas and concepts.   Phases Of Design Thinking Even though one will find variants of the process of design thinking, the phases, modes, or stages remain very similar. The model here below was put forward by Stanford University’s Hasso-Plattner Institute of Design. This school spearheaded the teaching and application of design thinking. The phases are as follows: Empathizing with service and product users Defining the users problem, needs and one’s insights Coming up with ideas by first challenging current assumptions and coming up with innovative solutions Prototyping, which calls for solution creation Testing the said solutions It is important to note that the stages do not necessarily follow in that order. In fact, they may occur parallel to each other or may repeat in an iterative manner. This means that the phases are not to be

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All Cashless Payment Methods in Singapore (2019 Update)

The world at large is moving more towards being a society that does not use cash. Some countries are more advanced in this endeavor than others, but all are moving in that direction. There are several advantages cited that make this an ideal situation. 1. Low crime rate: People getting mugged for their cash will stop being an issue since people will not have any currency on them. Illegal trade that relies on cash will also be reduced, e.g. the drug trade. There will be a paper trail which will curb issues like money laundering and tax evasion. 2. Save on cash management: Currently, the government spends money to print currency and has to keep replenishing the same. Additionally, businesses have to figure out how to safely manage cash. If the business handles a lot of cash every day, it must be kept safe, and this increases costs. 3. International purchases will be made easy: Since there will be no need for Forex exchange, people can carry out international cashless transactions with a lot of ease. Singapore is currently right behind the forerunners of cashless nations. Over the last few years, cashless payment and e-payments have been introduced and are being used widely across the island. In fact, some of Singapore’s MRT stations will not take cash for the transport cards. Here are some of the major payment systems that are facilitating cashless payments in Singapore: 1. Quick response codes – Commonly referred to as QR codes, these codes are machine readable. Payment intermediaries and banks allow users to pay bills as well as make purchases using them. The codes are simply scanned using a mobile phone and the payment is then processed. This cashless method has taken off very well in hawker centers after a slow start. Now merchants are able to get money from the various international, regional, and local payment systems. 2. PayNow – This system foregoes the use of bank account numbers and instead requires one to type in a mobile phone number or the ID card number of the recipient on a banking app. This initiative is the brainchild

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Skills Upgrading – The Importance Of Self-Upgrading And Being Responsible To Yourself

What do Bill Gates, Mark Zuckerberg, Warren Buffet and Oprah Winfrey have in common? Apart from the fact that they are amongst the richest people on the planet, they are also known for spending at least 5 hours a week learning new skills. You can learn a lot from the most successful people in the world, like how to be successful yourself. One thing that stands out is that these people never stop learning. Learning is one of the best investments that you can make in your life, and luckily, it doesn’t have to be in a school environment.   The Importance Of Learning New Skills 1. You’ll Stay Relevant We live in a fast-paced era. There are new things being released into the market almost daily, and it can be dizzying trying to keep up. It doesn’t matter whether you’re already working or are currently looking for a job; adding new skills to your skill set will make you more knowledgeable and ensure that you remain relevant in this fast-paced world. Otherwise, you will lose out to your peers who may be more updated on the latest trends. 2. You’ll Increase Your Income Who doesn’t want to have more income? Learning a new skill is important if you want to advance your career and improve your income. Your new skill can easily propel you into a better position with better pay. 3. You’ll Open New Doors Feeling stuck in your career? You don’t have to remain in a dead-end job or a career you hate, forever. You can make changes by learning new skills that can help you secure a different job. Your new skills will help you open doors that you may never have had the opportunity to previously. 4. You’ll Stand Out From The Crowd The competition in the job market is high. Everyone has the qualifications, and many have the experience for any available position. It can thus be hard securing a position. However, if you have some extra skills that are relevant to the job, you will have a significant advantage over the other candidates.

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How To Stop Overspending – 9 Tips To Manage Your Finances And Get Them Under Control

Many of us start the month off with good intentions. We take a look at our paycheck and make a pact with ourselves to save a certain amount of money, and only spend on things we really need. However, by the end of the month, we have not only exhausted last month’s paycheck, but also our savings, and are probably even in debt. Overspending has become common amongst Singaporeans. The reasons for overspending vary. Some overspend because they are unaware of their spending habits. Others overspend because they overestimate their income and underestimate their expenses and payments. Others have been known to overspend in an effort to fit into a lifestyle that their income cannot support. It doesn’t matter what your reason for overspending is. The following tips will help you to better manage your finances and get them under control.   1. Understand What Makes You Spend Many people spend money as a result of psychological and emotional triggers. Identifying these triggers will help you overcome the temptation to spend and minimize the opportunities to overspend. You may want to consider factors such as: The time of day that you usually spend more Environments that present temptations for you to spend e.g. shopping malls Pressure from peers e.g. wanting things that your friends have Your emotional state when you are most prone to impulse buying Your lifestyle choices that may cause you to overspend e.g. compensating for something you lacked while growing up, or desiring a level of comfort that you can’t afford.   2. Keep Track Of Your Spending The little purchases you’re making add up. In fact, they could be the very reason why you are overspending. You won’t notice your bank account dwindling as you continue to make small purchases. The best way to stop overspending is by keeping track of every penny you spend. Keep track even of those small daily purchases you make e.g. that stick of gum you love so much but costs much more than regular gum, or that latte in the morning on your way to work. This will help you

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