Did you do poorly with your finances last year? Don’t worry, you have around 9 months to make the necessary corrections and transform your 2019 as a period of economic growth for you and your loved ones. All you need is proper money management.
You can begin with the following tips:
Improve your ways of budgeting and shopping.
Perhaps you’re not doing well because of your budgeting skills. Worse, you don’t really know how to shop. The good news is plenty of tools are actually available, and they can be very helpful to improve your knowledge in these two areas. You can start by going online and looking out for tips and applications or programs. You can also utilize the World Wide Web for comparison shopping. This lets you know which products, services, or brands are the best bargain.
Choose your plastic wisely.
It’s also time to scrutinize your credit cards. Are they also rewarding you, or are they just letting you pay the interest and other fees? Find those that truly match your needs and preferences. For example, if you love to purchase expensive items, you can consider getting an interest-free credit card. A cash-back or rebate card can provide you with a refund every time you make a payment or a purchase. There are too many cards to choose from.
You can also consider getting a debit card that allows you to make purchases straight from your bank account. You don’t need to think about interest rates or late-payment fees. You will also have full control over your spending.
Double-check your bank account.
The year 2019 is also a good time to look into other banks. Perhaps you missed out those that can provide you with higher interest for your savings, lower overdraft fees, and more affordable maintaining balance. Moreover, you can conveniently diversify or open new accounts for you and your loved ones. There are hundreds of banks in Singapore. Don’t let one or two limit your options.
Evaluate your home loan.
Your mortgage may be providing you a disservice with a very high interest rate, short payment terms, and less-than-expected money value. It’s time to consider getting a new mortgage. Opt for a refinance. There are hundreds of lenders that can offer you much better rates and loan terms. We can provide you with a lot of tips on how to find them. You can also make use of our comparison tool.
Go over your insurance policies.
You could be piling up insurance policies, some of which you no longer want, don’t fit your preference and need, as well as cause you to spend a lot more each month. You can also use our website to discover that there are actually a lot of ways on how you can cut back on the insurance costs and even get away with some of them (think of discounts). It may also be time to look for another insurance company, one that can provide you with lower premiums and more customized coverage.
Think about investing.
If you’re dead serious of living comfortably even after retirement, then you have to consider getting into investing. There are several ways on how to invest. You can opt for mutual funds, stocks, or bonds. You can diversify to reduce the risks. If you want something cheap, you can opt for the exchange traded funds or ETFs. You have fund managers to help you out.
Plan your retirement well ahead of time.
Now is the best time to think about your retirement—while you’re still young, healthy, and of clear mind. It also allows you to build up on your retirement funds. Singapore has a lot of monetary requirements you need to fulfill if you wish to take advantage of their scheme. You can ask support from your employer or approach the authorized agency for more information.
Improve your property.
If you’re already an owner of a house, you can make 2019 a year of renovation. The purpose, however, is to improve the value of your house in the market. With hundreds of people choosing Singapore as their new home every year, you have a huge potential of selling your property for a good price to any of them.
Determine how to save on your taxes.
Taxes are such a huge chunk out of your salary, so you’re wondering if there’s any way you can save money without really doing something illegal. You do have ways, though. Check out our articles to discover how you can save and how much. e