Stepping into adulthood comes with its share of firsts—your first paycheck, first apartment, and yes, the dreaded first experience of paying bills. Don’t worry, though. With a little organization and some smart strategies, you can manage this like a pro.
Let’s break it down step by step, with some relatable tips along the way!
#1: ORGANIZE YOUR BILLS
When Marcus and his wife got their first flat, they found himself drowning in unopened envelopes and emails about utilities, rent, and more. Their solution? A master list of all the bills, split into two categories: automatic payments and those that needed manual attention.
Take a leaf out of their book. Start by listing out your recurring expenses including rent or mortgage, utilities, car loans, insurance, and even those sneaky subscription services. Next, prioritize them by due dates and importance. Not only will this save you from late fees, but it also keeps your finances in check.
Pro Tip: Create a “paid” folder (i.e., physical or digital) to file receipts and proof of payment.
#2: MARK PAYMENT DATES
Ever forgotten a birthday and scrambled for a last-minute gift? Missing a bill deadline feels worse, except it comes with late fees. Avoid this by setting up a payment calendar.
Image Credits: unsplash.com
Whether you prefer a physical planner or your phone’s calendar app, having due dates marked makes it easier to plan your finances and avoid the dreaded Oh no, I forgot! moment.
#3: KNOW WHAT YOU CAN AFFORD
When it’s payday, it’s tempting to splurge on a new gadget or that café-hopping adventure with friends. But adulting also means setting limits. Take some time to understand your monthly income and expenses.
Break your expenses into fixed (like rent) and variable (like dining out). Allocate a portion of your income to bills, and don’t forget to build an emergency fund for those unexpected surprises, like a burst water pipe.
#4: AUTOMATE EXPENSES WHENEVER POSSIBLE
Automation is the magic wand for forgetfulness. If it’s an option, set up automatic payments to avoid missed deadlines. For instance, paying your SP Utilities bill is as easy as using PayNow QR in the SP app or through eGIRO. Not into apps? No problem as you can head to an SP customer service center for a hands-on walkthrough.
Remember, automation doesn’t mean you stop checking. Always review statements for any discrepancies. You wouldn’t want to pay for something you didn’t use!
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Taking control of your bills might seem overwhelming at first, but it’s a skill that grows with time. Start small, stay consistent, and celebrate the wins (i.e., like making your first on-time payment). Because let’s face it, mastering bills is just one more step toward owning your adulting game.
Discover how to use loans strategically for personal and business growth. Learn about payday loans, SME loans, and financial planning tips for a secure future.
While this may sound ordinary, loans for managing money can be more than a safety net. They can be stepping stones toward big dreams. Whether you’re looking to expand your small business, cover emergency expenses, or invest in yourself, using loans strategically can make all the difference.
Here’s a practical guide that will help you navigate financial planning with loans without getting overwhelmed.
Why Loans Are More Than Just Borrowing
Loans are mostly misconceived as a last resort for people in financial turmoil. But the fact? Loans are a powerful financial tool whenever used wisely.
Think of them as your partners in your financial journey. They are there to help you seize opportunities, solve problems, and pave the way for growth. The key lies in knowing how and when to make use of it.
1. Borrow to Invest in Yourself
Sometimes, the best investment you can make is in yourself. Be it funding a professional course, earning a certification, or pursuing a degree, using loans for education or development of skills will yield benefits over a long period of time. This kind of investment not only increases your earning potential but also makes you more competitive on the job market.
Payday loans can be a godsend to bridge quick funding to cover immediate-term expenses in pursuit of your goals.
2. Loans for Business Expansion
For most small and medium-sized businesses, it is access to capital that makes the difference in scaling up, not just staying operational. A loan for an SME can give your enterprise that boost it needs when creating new talent, making investments in new equipment, or embarking on launching a new product.
It is, therefore, more convenient for you to get your funds through a number of options specifically tailor-made in Singapore for owners of businesses.
Interested in SME loans? Take a look at Capitall to see how they can help you expand your enterprise.
3. Manage Short-Term Needs with Payday Loans
Life has a way of throwing those unexpected expenses into our laps. Be it an unplanned medical bill, urgent repairs in the house, or a travel need cropping up all of a sudden, payday loans can bring quick respite.
These loans are meant for short-term financial gaps; hence, they have shorter approval and repayment periods. Just be sure to borrow only what you can comfortably repay.
4. Consolidate Debt for Better Financial Health
Overwhelmed with a lot of loans or debts? A debt consolidation loan is one that helps you put all of them together into a single, supermanageable payment. This makes budgeting easier and can even lower your overall interest rate to save money in the long run. Consolidating debt is smart when anyone has to juggle high-interest debts.
5. Establish a Good Credit History
One of the best ways to build a strong credit history is by taking loans and repaying them in time. A good credit score opens doors to larger loans with better interest rates in the future. Start small with manageable loans, repay consistently, and watch your financial reputation soar.
6. Plan Big Life Events Without Stress
Great moments in your life, such as marriage, buying a home, or starting a family, usually bear big price tags. Loans can make such events more manageable, as the cost is divided into smaller portions over a great deal of time. Just be sure to budget well and borrow only what you’re comfortable repaying.
7. Emergency Preparedness
Nobody likes to contemplate emergencies, but one should be prepared for them. Loans act like a financial cushion during contingencies, whether it is a medical emergency or a case of sudden loss of a job. Knowing you have access to quick funding provides peace of mind during challenging times.
8. Understand the Terms of the Loan
Be certain, before signing on the dotted line, that you understand every single condition of your loan. In particular, look for:
Interest Rates: Fixed rates come with fixed, predictable payments, while variable rates can fluctuate.
Repayment Tenure: The shorter the tenure, the bigger the EMI but the lesser the overall cost.
Hidden Fees: Check for any mention of processing fees, late payment fines, or even prepayment penalties.
Take time to understand the details of what is being discussed in order to avoid surprises in the future.
9. Choose the Right Loan for Your Needs
Not all loans are created equal. Here are a few popular options:
Payday Loans: These loans are ideal for urgent short-term expenses.
Personal Loans: Great for major life events or debt consolidation.
Sites such as OMY Singapore allow you to compare loans and choose the one that fits your needs.
10. Know When to Seek Help
If you are confused about taking which loan and how much, never feel shy to go for advice. Financial experts will explain your options for you and plan your financing. Similarly, being a businessman, consulting with a financial expert can keep you correctly utilizing loans for your benefit.
Successfully Managing Loans: Tips
Taking a loan is only half the journey. The other half is taken care of when you see to it that you run it responsibly. Here come some tips:
Create a Repayment Plan: Budget your monthly income to include your loan payments.
Avoid Overborrowing: Only borrow what is truly needed.
Set Reminders: Set up an automatic deduction or calendar reminder so you will never have to worry about missing a due date.
Communicate with lenders: If you’re having trouble making payments, reach out to your lender and talk about options for restructuring or deferring.
Loans as Tools, Not Loads
The golden rule is quite simple: loans are to work for you, not against you. They’re tools to help you get to where you need to go, instead of anchors holding you down from an economic perspective.
Prepare a plan in place for how the funds are going to be utilized effectively, loans can unlock possibilities one never thought available to him or her.
Think Long-Term
While loans can solve immediate problems, they’re also an opportunity to think long-term: scale your business, build your dream home, or set yourself up for a secure financial future. The right loan can help you get there faster.
Conclusion
Loans, if correctly leveraged, can be your best allies in your journey in finance. From payday loans, for emergency needs, to SME loans for a company’s expansion, knowing how to choose and manage a loan is what makes a person financially fit.
Access to exploring choices gets easy with platforms such as OMY Singapore. The bottom line should, therefore, be to borrow thoughtfully, plan profoundly, and use loans on what you want to turn to in the future. Use proper monetary strategies to realize your objectives without compromising your financial strengths to a great extent.
Chinese New Year is just around the corner, and from Jan 7, you can make appointments to secure hongbao notes for the festivities on Jan 29 and 30. Reservations can be made online through DBS, OCBC, or UOB’s systems, as announced by the Monetary Authority of Singapore (MAS).
Collection begins on Jan 14, allowing ample time to prepare your red packets for the celebration.
Sustainability Meets Tradition
MAS encourages the use of fit-for-gifting notes or digital red packets to preserve tradition while promoting sustainability. This initiative helps reduce carbon emissions associated with the production of new notes.
Why choose fit notes? Fit notes are thoroughly verified to ensure they meet quality standards for recirculation. While they may have minor fold lines or marks, they are clean and perfectly suitable for festive gifting.
In 2024 alone, over 11.7 million fit notes were exchanged, a 5% increase from the previous year. This sustainable approach saved emissions equivalent to the energy required to power 220 four-room HDB flats for a year.
Image Credits: unsplash.com
Convenient Collection Options
For seniors aged 60 and above and individuals with disabilities, walk-in exchanges are available at DBS, OCBC, and UOB branches. From Jan 14, pop-up and branch ATMs across Singapore will also be dispensing hongbao notes, with no reservations required.
1. DBS: 72 pop-up ATMs at 48 locations, including an increased number of machines exclusively dispensing fit notes.
2. OCBC: 24 ATMs at 13 locations, doubling its fit-note dispensing ATMs to four.
3. UOB: 30 ATMs at 17 locations, including four for fit notes, doubling its capacity from 2024.
Embrace Digital Gifting
Digital hongbaos are gaining popularity, and for good reason—they’re eco-friendly and convenient. In 2024, over 70% of DBS customers embraced digital gifting for the first time, transferring a remarkable S$39 million through QR and e-gift services.
To encourage this trend, DBS is offering a giveaway with prizes of S$8,888 and S$88 from Jan 7 to Feb 18, 2025.
To qualify, customers need to:
1. Send an e-gift or load a QR Ang Bao with a minimum of S$8 on the PayLah! app (terms and conditions apply).
2. Keep their total cash withdrawals below S$500 during the campaign period.
Protecting Customers
To safeguard against phishing scams, MAS reminds the public that banks will not send SMS messages with clickable links regarding hongbao note collections.
Additionally, banks are increasing the number of pop-up and branch ATMs dispensing fit notes to make the process more accessible for everyone.
Plan ahead, book your hongbao notes early, and celebrate the season with thoughtful and sustainable choices.
Cryptocurrencies have taken the world by storm, and with the rise of digital currencies like Bitcoin and Ethereum, millions of people are jumping on the crypto bandwagon. As crypto becomes more mainstream, a new question is popping up: “Are cryptocurrencies taxable?”
Tax laws and regulations can feel overwhelming, especially in a space as new as cryptocurrency. Luckily, understanding how taxes apply to crypto doesn’t have to be complicated. This article will break it down so you can stay on the right side of the tax authorities and still enjoy the wild ride in the crypto world.
Cryptocurrency and Taxes
Cryptocurrencies are taxable in most countries, but how they’re taxed can vary significantly. Generally, tax authorities worldwide treat cryptocurrencies as property or income, depending on how they’re used.
In the United States, the IRS has clarified that cryptocurrencies are taxed as property, meaning any sale or trade resulting in profit triggers a taxable event, much like selling stocks. The UK follows a similar approach, with capital gains tax applying to crypto assets. Meanwhile, in Japan, any gains from the sale of crypto are treated as miscellaneous income and taxed accordingly.
Wherever you are in the world, the tax authorities are starting to pay attention to crypto. From selling your Bitcoin stash to swapping Ethereum for Litecoin, taxable events are becoming hard to escape — so it’s vital to know how your country handles them.
Crypto Exchanges and Taxation
Whether you’re using a Singapore crypto exchange or a platform based in Europe or the U.S., crypto exchanges are key players in taxation. Many exchanges are now required to provide detailed reports on user transactions to their respective governments, making it easier for tax authorities to track taxable events.
For example, in the United States, exchanges like Coinbase must report large transactions to the IRS, ensuring that users are paying taxes on any gains. European countries are similarly working to increase transparency, with crypto exchange regulations tightening across the EU.
In Singapore, exchanges are crucial for tracking transactions, especially as more investors turn to these platforms for trading and investment. With this global trend of increased regulation, it’s more important than ever for crypto users to maintain detailed records of their transactions to stay compliant with tax laws.
Capital Gains vs. Income: How Cryptocurrencies Are Taxed
Different countries have different approaches when it comes to taxing cryptocurrencies. Generally, taxes fall into two categories: capital gains and income. The distinction depends on how you acquire and use your crypto.
In the United States, the UK, and much of Europe, selling your crypto for a profit is typically taxed as a capital gain. But if you’re earning cryptocurrency through mining, staking, or getting paid in Bitcoin, then that’s considered income and taxed differently. Australia also follows a similar model.
In countries like Japan and South Korea, tax laws are even stricter, treating crypto gains as income across the board. Japan, in particular, taxes crypto profits at rates as high as 55% for significant gains.
Tax Reporting: How to Stay Compliant
Regardless of where you live, tax compliance regarding cryptocurrencies often boils down to one thing: record-keeping. Start by keeping detailed records of every transaction you make — whether you’re buying, selling, trading, or using crypto to make purchases.
Many countries offer software tools or apps to help track transactions across exchanges and wallets. Some exchanges, like those in the U.S. or Europe, may automatically generate reports that detail your transactions, making tax filing easier. But remember, the responsibility to report accurately still falls on the investor.
The Consequences of Failing to Report Crypto Taxes Globally
What happens if you don’t report your cryptocurrency transactions? Well, it’s not worth the risk. Around the world, tax authorities are getting increasingly sophisticated in tracking crypto activities.
Failing to report crypto taxes can lead to penalties, audits, and fines. Worse yet, serious tax evasion cases can even result in criminal charges in countries like the U.K. and South Korea.
Intentional tax evasion or failure to comply with regulations could land you in hot water. With governments worldwide tightening the noose on crypto tax evasion, staying compliant is more important than ever. It’s better to stay ahead of the curve and be transparent about your crypto dealings than to face an unwelcome surprise down the line.
Staying Informed Across Borders
As the world of cryptocurrency continues to grow, so too do the tax rules that govern it. From the U.S. to Singapore, Japan to the U.K., understanding the tax implications of your crypto transactions is crucial to staying on the right side of the law.
Whether your country treats crypto as capital gains, income, or something else entirely, staying informed will keep you ahead of the game. As regulations evolve, keeping up with the latest tax developments ensures that you can enjoy the benefits of digital currency without getting caught off guard by the taxman. Wherever you are, keep your records and tax reports in check and continue your crypto journey responsibly!
Whether you’re gearing up for a big year ahead or just want to breathe easier about money, these six resolutions will set you on the right path this 2025!
#1: SAVE MORE, WORRY LESS
Start small and aim big. Set a goal to save at least three months’ worth of your take-home pay this year, and eventually work toward a full year’s cushion.
With Singapore’s rising cost of living, having an emergency fund is your safety net against unexpected expenses. It’s not just about the amount you save but the habit of saving consistently.
#2: BE CONSITENT WITH MONEY
Consistency is your best friend in financial planning. Even small, regular contributions to your savings can snowball over time. Can’t save a lot? No worries as every dollar counts!
For those with long-term goals, consider setting aside funds for regular investments. The earlier you start, the more time your money has to grow, thanks to compound interest.
#3: SET CLEAR FINANCIAL GOALS
What’s your money motivation? Maybe it’s sending your kids to a prestigious school, taking your dream retirement trip, or passing on your family business. Define your short- and long-term goals, and compare them to where you are financially today.
Pro tip: Create a bucket list of personal milestones. Make these goals tangible (e.g., aiming to travel to London by March), and let them fuel your financial drive.
#4: PLAN SMARTER FOR TAXES
Don’t let taxes catch you off guard! Review your year-end statements and identify potential tax liabilities, such as interest or dividends. Proper tax planning can save you from unnecessary stress and money.
Explore tax reliefs like those for CPF contributions, NSmen, or parent and spouse care. Every bit helps when it comes to keeping more of your hard-earned dollars.
#5: CONTRIBUTE MORE TO YOUR RETIREMENT FUNDS
Say it with me:“2025 is the year to prioritize my future self!” Start contributing regularly to your retirement funds, like CPF. The earlier you begin, the more time your money has to grow.
If you’re employed, ensure you’re maximizing your CPF contributions and exploring top-ups to your Special or Retirement Accounts. It’s a simple yet effective way to build a comfortable nest egg.
#6: SHOP SMART, LIVE WELL
Shopping wisely is all about cutting costs without compromising your lifestyle. Take advantage of discounts, deals, and cashback platforms. Buy in bulk for essentials and hold off on splurging until sales events like the Great Singapore Sale or 11.11.
And don’t forget healthy money habits: Pay your bills as soon as payday hits, track your spending, and focus on financial literacy. These small changes can lead to big savings.
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With these resolutions, you’ll not only build financial resilience but also set yourself up for a more secure and stress-free future. So, what’s your first step toward a brighter financial year?
Anna Agoncillo
MoneyDigest
