While financial problems can be devastating and worrying, they are not permanent if you have the know-how and discipline to get over these challenges with grace and tenacity. Below are some of the best personal finance advice and tips on owning your personal finance game. Read on and internalise them, pronto!
High-interest debts such as credit card debts and multiple overdue loan repayments snowball fiercely and quickly.
If you are in such a situation right now, consider consolidating your debts with a personal loan. Use the funds from the personal loan to pay off these existing debts, then ensure you make full monthly repayments for your new loan.
A good credit score goes a long way in helping you secure future loans, bigger loan quantum, and better loan terms, including more favourable interest rates.
How do you ensure your credit score is in the excellent bracket? Always make it a point to pay off your credit card bills and loan instalments on time and in full. Never default on them!
To keep yourself committed to saving, earmark the money for an important purpose and set a specific goal.
It feels way better about choosing to save your money over choosing to spend it if you can tell yourself that it is going toward something significant, such as your child’s university education.
While you’re at it, consider building an emergency fund comprising 6-10 months of your monthly expenses if you don’t already have one!
Make the most of all your employee benefits. That could mean going to the doctor’s and using your medical card every time you feel under the weather instead of putting it off until the issue causes you to miss days of work.
Most companies also offer their employees other health coverage like dental and hospitalisation benefits.
Not sure what employee benefits you’re entitled to? Write to your HR to check. They would be happy to share more information with you.
Ever heard of the adage ‘One person’s trash is another’s treasure’? This couldn’t be more true. If you have an item or several items you no longer want, don’t just toss them away.
Advertise your unwanted items for sale on platforms like Carousell. It’s free of charge and very simple to use!
It is a known fact that cars are super expensive in Singapore. Plus, they depreciate as soon as you walk out of the showroom.
While having a car offers a great deal of convenience, it is not the best thing you can do with your hard-earned money, especially if you don’t necessarily need a car for the lifestyle you lead. In fact, it costs more to own and maintain a car than if you were to take taxis or Grab cars everywhere you go.
The tips above will come in handy on your personal journey as you seek to improve your finances. It’s better late than never to start taking charge of your personal finances!
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