Convincing yourself that you are not spending real money is easy when you charge for items on your credit card. Technically, you are correct! You are not spending money, in fact, you are borrowing money. Using your credit card means that you will have to pay the bill eventually. The promise of small minimum payments can entice you into thinking that these purchases are bargains. Unless you pay back the purchase immediately, you will not feel the pain of the
Personal loan is one of the most sought-after loans in Singapore. With a personal loan, you can borrow funds from a financial institution and pay them back in fixed instalments over an agreed period. However, you typically need to meet a minimum income requirement and to pass a background check on your credit history. Generally, it is much cheaper to get a personal loan rather than borrowing money from a moneylender. Moreover, you will need to submit a lesser number
Financial wellness refers to effectively managing your economic life. This concept surrounds many factors such as spending within one’s means, being financially prepared for emergencies, having a concrete plan, and having access to tools necessary to make good money decisions. Financial security is the underlying concept of financial wellness. To help you reach financial wellness, you may start by following these steps. STEP 1: COMMIT TO CHANGE The first step in developing a financial plan is to determine your attitudes
“Home life ceases to be free and beautiful as soon as it is founded on borrowing and debt.” – Henrik Isben One of the most common issues that individuals bring into a marriage is debt. Money is high on the list of topics that couples fight about, and it is the among the top reasons why couples get divorced. Financial issues increase marital discord and stress. If you are worried about marrying someone with debt, you must realize that you
WHAT IS THE DEBT SNOWBALL STRATEGY? Popularized by personal finance author Dave Ramsey, Debt Snowball is a strategy used for paying down debts. It focuses on paying off your smallest balance first before moving to the larger ones. The person lists down all his or her debts and categorizes these debts from smallest to largest. Money will then be allocated to pay off the smallest debt first, while making only minimum monthly payments on the other debts. This strategy would
