Personal Loan in Hougang
Accredit Money Lender is on a drive to bring our services to our customers whenever they need it and wherever they need it. For our friends living in Hougang, Punggol and Seng Kang, we are now poised to serve you better.
Our second branch will be located in Hougang. Please stay tuned to find out more about our opening dates.
Meanwhile, read the article below for nifty tips on finance!
How to Stay Out of Debt with Low Income
Living with a low income? We all can understand how painful it is. Whether you have started working recently or your employer doesn’t pay much, you will have to survive with limited money at hand. And to make sure that you don’t fall into the deep well of debts, you must follow these tips.
Keep Your Budget to Minimum
This goes without saying that when you have low income, you must create a lean monthly budget. That might mean not going out to eat, having a “staycation” instead of a vacation this summer, and canceling your monthly subscriptions. Just don’t end up buying things that you don’t actually need or spend excessively on an entertaining life. Suppress your wants a bit and keep a control on your emotions. Keep checking your bank balance and cash from time to time to remind yourself of your financial position. All these will help you create a reasonable budget and stick to it throughout.
Think Before You Make Large Purchases
If you have a low income, making big purchases can be one thing where you’ll take a lot of time and consideration. But if you don’t wish to plan well before buying a new car or a washing machine, you are going on the wrong track. A major money habit that separates the rich from the poor is delaying instant gratification. Too many people think being in debt is a fact of life, and end up buying things and paying for them for a long period. This is wrong. Pause and think well before you have to spend more than S$100 for anything. Discuss it with your family members. Evaluate the benefits of what you wish to purchase and weigh them with the cost. If you think that it will be a fair purchase, plan your finances for the future and purchase it.
Avoid the Use of Credit Card
A major financial pitfall for many individuals is using credit cards irresponsibly. Credit cards also increase the odds that you’ll spend more than with cash or debit even if you pay your balance in full each month. Therefore, avoid using your credit card as much as possible. Make sure you only use available cash or your debit card to pay bills and make purchases. Doing so will reduce your liabilities to your credit card. Or even better, don’t purchase a credit card so that you are not attracted to use it for unnecessary expenses.
You can even use a free program like Debx, your credit card acts like a debit card. Each day, Debx withdraws the cash from your checking account to cover your daily purchases–so you never carry a card balance–while you earn rewards points and improve your credit score.
Diversify Your Income
Today, when everything’s so expensive, and when you have low income, looking for a secondary means of income is more than a good thought. If you think that you can manage your time and resources well, consider getting a second job. You can either look for a real job or convert your hobby into work. You can tuitions at home, be a freelance writer or graphic designer, photographer, babysitter, or anything else that you would want to be. You can even fill online surveys to get paid at a slow pace. You can use this additional income to make more savings or live a little more comfortably.
Avoid Unnecessary Fees
Various fees and penalties can also burn a hole in your pocket. So, it is the best idea to stay away from different extra costs. Pay all your bills on time – utility, mobile, internet usage, credit card, loan, insurance policy, and other liabilities. Don’t miss out on even one billing date as doing so can result in penalties that you will have to pay unnecessarily for issues that you could’ve easily avoided. If you think you won’t be able to pay a month’s bill or rent, talk to the concerned person and try to find a solution to save yourself from additional fees.
Don’t Raise Your Budget
The actual challenge is when your income increases but you still have the thought of saving money and staying out of debt. This is the time when you will have to keep control over yourself. Suppose you get a tax return, bonus, appraisal, or promotion. Your income will increase, but that doesn’t mean that it is a good idea to raise your budget and start living lavishly. You still should live with a limited budget. Put it directly into an account that pays interest; it may help you grow the value of your cash. Or you can even plan another investment to secure your future. Depending on the amount you receive, think of ways that will benefit your present and your future. The same rule should apply when you have a secondary income.
Along with a tight budget and curbing unnecessary expenses, you must also keep some emergency funds for yourself. You never know when an emergency may arise. You must be prepared for it. Hence, save a certain amount every month for unfortunate times. Take that amount away from your regular budget and make sure you don’t touch the amount at any cost.
For all our friends looking for a Money Lender in Tampines, please visit our new branch today!
Monday-Friday: 11 am to 9 pm
Saturday-Sunday: 10 am to 5 pm