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The world is becoming expensive these days. Multiple factors like the global economic slowdown, the ongoing trade war between the United States and China, and low manufacturing output are hurting the common people across the world. The already poor cash liquidity is becoming worse. Therefore, money is going to be even more precious in the coming time.  Hard money is the most unpredictable asset in the world. Today’s billionaire might come to the street tomorrow. So, it’s wise to spend your money efficiently when you have it.

Staying in a city like Singapore is itself a challenge. The cost of living in the city is sky high, which makes it one of the most expensive cities across the world. Only having one source of income is not sufficient for most households, unless it is significantly huge. More often than not, one has to suffer at the month-end. If you find an emergency like health care, things become worse. Though there are a number of Money Lenders in Singapore are available to help you out, it’s advisable to save some hard money to face your emergency situation.

Here are several financial tips for you to survive in an expensive city like Singapore, with a limited budget.

Financial Calander is a Must

Managing a home is not an easy task. You have many responsibilities like paying for rent, electric bill, your credit card payment, and there are many others that you need to remember. So it’s advisable to maintain a financial calendar at the starting of a month. Therefore, you can remind your compulsory expenses at the beginning of the month and can manage your budget wisely. Once you get the salary, put aside the compulsory payment of the month. In the rest amount, try to save at least 30% of your savings.

Invest in the Stock Market

You will find a number of people who will discourage you from investing in the stock market, as it is highly risky. Yes, they are right; the stock market is ultimately risky. Therefore,

try to invest 10% of your savings on buying stocks. Most importantly, you will not expect anything in return. The stock market is risky for those who invest all their money. But, you are only investing 10% of your earning and without expecting any return. If even your luck helped you once, it has the potential to turn your life completely. So, do take the risk, but wisely.

Another important aspect of doing well in the stock market is investing in the long term. Stay away from the intra-day trading, as it is only meant for experts.

 If the stock market is too risky for you, try mutual funds. Though there are risk factors in mutual funds as well, it is far less in comparison to the stock market. Do try that.

Create a Budget for You

Create your own budget at the beginning. Points like paying for your essentials, investing in the stock market should be included in your budget. There are several small factors that you need to keep in mind.

  • Quit Your Bad habits

Don’t include your spending on bad habits like smoking and drinking on the budget. Then you might think, how will you get the money for them. The answer is simple: just quit them.

  • Spend on Food

Spend extra on your food. Never compromise four things in your life, food, health, traveling, and things that you like.

  • Travel Regularly

Save a little part of your budget for travel, and every four months, go for a trip. You will know a different culture, language, and other people. Travelling will provide you much-needed exposure.

  • Save for your Personal Interest

If you want to buy an iPhone or a laptop, start saving for that. This is completely separate saving from the first 30%. Though initially, it might look like a stupid idea, with time, these little savings will pay for your dream interest, at least the down payment.

What if You Run Out of Money?

This is the most common problem that people face in Singapore. You have no fault here; the expensive city can exhaust all your money easily. There are two options that you can consider if you are running out of money.

First, you need to determine how much money you need, and by what time you can pay back this money. If you get the answer, half of your problems are solved. Let’s discuss condition by condition.

  • You Need Small Amount of Money for a Short Duration

If the amount is less, and you can repay in a short period of time, don’t break your fixed deposits. Problems like the shortage in the budget at the month-end come under this category. Ask your friend to help you out. You must have at least one friend who can help you out from a situation like this. Once you get your salary, pay back the amount and never forget to say a thank you.

  • You Need Small Amount of Money for a Short Duration

Don’t ask your friends if you can’t repay the amount in a limited time, as they might need it anytime. Withdraw some amount from your savings. But, deposit the same amount positively, once you have the money. Paying for a child’s education comes under the category.

  • You Need a considerable Amount of Money for a Short Duration

In the emergency, to help you out, there are many Money Lenders in Singapore are waiting.  But, while choosing the money lenders inquiry about the lender, it should be trusted like CRAWFORT Singapore. It offers loans at the least possible interest rate. At least find a moneylender who has the license to carry out the transaction.

Don’t break your FD here, as the purpose of FD is something different, and you might need it in the last case.

  • You Need a considerable Amount of Money for a Long Duration

Without thinking anything, break your fixed deposit. It can be a medical case or paying fine or taxes, where the amount will not come back to you.