DO NOT BE FOOLED BY THE 0% INSTALLMENT PLANS
There are an array of goods that you can buy through 0% installment plans such as furniture, designer bags, electronic devices and appliances. Without control, you can potentially pile up your installment plans to the point that you can no longer afford paying for credit card bill.
Say you are strolling around the mall in the lazy weekend when you suddenly saw a shiny sign that says:
“FULL HD FLATSCREEN TV FOR SALE
S$1,400 (U.P. S$1,600)
0% INSTALLMENT THRU UOB & OCBC CREDIT CARDS.”
It sounds tempting, right? But do you really need that telly when you have a functional one at home? Do you need another burden to add on your credit card bill? Well, it is time to live within your means!
UTILIZE YOUR CPF ACCOUNT WISELY
The Central Provident Fund (CPF) is a compulsory savings scheme for Singaporeans that is automatically deducted from the wages. Your CPF account can be used to support crucial financial commitments such as retirement, healthcare, and property purchases. While it is sitting there passively, you can maximize its use by utilizing it wisely. For instance, if you are using your account to purchase a new flat or refinance your current one, examine the situation every few years to see which is the better economical option.
And if you are not touching your CPF savings for a long period of time, consider putting it to the CPF Investment Scheme. It is a way to invest your CPF savings to various banks such as OCBC, DBS, or UOB. The money you will generate from your investments will eventually go to your CPF account and not your pockets. Compare the investment options and their charges. Instead of complaining about your “useless” account, why don’t you start investing?
FOR MARRIED COUPLES, SUPPORT EACH OTHER
Alongside merging two souls, marriage merges two finances together. Having another person to run to for support, opinion, and advice can help you make better financial decisions. For instance, if you are searching for a space at an Executive Condominium (EC), consult your spouse first. Are your incomes enough to suffice the payment of the EC? You do not want to end up working took hard for an EC when what your spouse just wanted an HDB all along.
Setting long-term and short-term financial goals such as purchasing a house or establishing realistic budget should be done together. Along with the goals, you must assign financial responsibilities to each other. Encourage and support each other throughout the process.
ALWAYS COMPARE PRICES
Almost every shopping hack includes a section about comparing prices so that your money would not go to waste. True enough; reading reviews and shopping around helps you get the best deal. Since comparing prices in physical stores is a troublesome and time-consuming activity, people have turned to technology. For example, browse at PricePanda if you are camera shopping. PricePanda.com.sg, the leading price comparison website for emerging markets worldwide, provides its users with prices, technical details and other information about the latest gadgets.
And if you are looking for an affordable wedding banquet, turn to SingaporeBrides.com.
SingaporeBrides.com is your one-stop portal for your local wedding festivity needs. Here you will see that the cheapest banquet venue for lunch and dinner costs S$501 at LingZhi Vegetarian.