Smart personal finance management tips to apply today
Big financial decisions and day-to-day financial management can be daunting. Understand how much we should spend and what steps will be needed to make important payments. The tips and tools below can help you break down a complex process into easier steps.
First, consider your income
You can get a complete picture of how much money is going into and out of your account by first making a list of your current income, including any money you receive — your salary, your freelance work, your pension, other government aid or investment income.
List all your expenses
Create a comprehensive list of all your expenses. It is common for you to be surprised at how much unconscious, petty, or impulsive purchases increase. It’s often confusing, so start with expensive bills like mortgage, electricity, car registration, and other loans. Check your daily expenses. Start tracking everything you spend over the course of a week or more to assess your exact financial destination. Alternatively, you can use online templates or budgeting apps to make it easier to capture and track your expenses.
Put your expenses in buckets
After taking a good look and recording your expenses, the next step is to break it down into buckets like groceries, home, utilities, public transportation, entertainment, etc. Check your list and decide which of these expenses are necessary. These expenses are usually buckets or priority payments – payments that you must make regularly.
Collect expenses and your money
If your income doesn’t cover all of your expenses, ask yourself which of your non-essential expenses can be reduced or paused. Review the list to see what can be best managed and find a way to prepare yourself moving forward.
Your credit score
Your credit score summarizes your financial history, which lenders check when deciding whether to lend you money. It is affected by many factors, including credit inquiries, late payments, loan defaults or bankruptcy. Find out the factors that affect credit score by performing a simple search engine query.
Tools that give you control
Just following the tips in this article can help kick-start your plan to be more in control of your finances, no matter what uncertainties you are currently facing. You can find many tools, tips, and services that can help you right now. If you want to know more, your banking partner will have plenty of useful financial resources and budget.
Get a personal loan
After understanding your financial situation and checking your options, you may consider getting a personal loan to ease your current financial concerns. You can find out about the latest Singapore personal loan offers, including continuous low fixed repayment options, by visiting your banking partner’s website.
Once you have given your expenses a spring cleaning and are still finding it difficult to manage loan payments, consider getting advice from your lender to find out which personal loan Singapore has for your particular case. You may find more than you expect. Contact us and understand your options to ensure there are no unexpected surprises ahead.