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
From ease of purchasing items to fraud protection, credit cards offer the several benefits. Just please use your plastic card responsibly! #1: RECEIVE ONE-TIME BONUSES Signing up for new credit cards will qualify you for the initial bonuses or sign-up rewards. You can new items or reward points that can be redeemed for travel, gift cards, and more. In contrast, a debit card that comes with a bank account generally offers no initial bonus or ongoing opportunity to earn rewards.
Personal debt among young Singaporeans have been rising during the COVID-19 pandemic and the situation could turn sour once the interest rates start to rise. Recent Credit Bureau Singapore data showed that people in their twenties have been taking on increasing amounts of other debt since the second quarter of 2020. The data manifested that the average personal loans and overdraft balances for those under 30 elevated by about 23% in the first quarter of this year over the last