Planning For Better Finances 1

Planning For Better Finances

Financial cards, accounts, and e-wallets

Equipped with a much better awareness of your financial life, you will now need to discover just how to use your cash appropriately. For recurring costs or settlements, you can opt to establish automatic payments in your selected bank. You may wish to transfer a set amount of funds to a financial account with a debit card that you use to purchase your essentials.

E-wallets and prepaid cards are also a fantastic means to segregate your cash to curb the possibility of deficit spending. You must understand your credit line and the rate of interest your bank charges for repayment for those who utilize bank cards.

Financial planning thumb rules - The Economic Times

Consider bargaining for a low-interest loan

The max quantity you’re typically able to borrow with a moneylender Singapore personal loan is around ₤ 25,000. The max you can usually borrow on a bank card is approximately ₤ 5,000. If you’re thinking about lending a smaller-sized amount of money, it may be worth thinking about obtaining a bank card rather than a loan.

The advantage of a bank card is that it provides you a little more adaptability than a loan– you can obtain money as and when you want, and you can pay it back as quickly as you desire. In contrast, a loan will provide you a set sum of money, a fixed quantity of interest to repay, and more than likely a repayment plan that you’re sealed into for a specific amount of time.

The other point to remember is that if you can get a 0% interest offer on a new charge card, this is an even cheaper way to obtain as it’s likely there’ll be little or no expense whatsoever. Naturally, this only works if you remember to make repayments promptly and if you repay the card before the 0% rate of interest offer expires.

Be prepared to exit

When it involves bargaining, you ought to constantly be prepared to leave.

If your lending institution is resisting to buckle and supply you with a competitive rate, don’t be put off by the procedure of refinancing.

Nowadays, switching lending institutions is relatively basic and can be finished in just a week in many cases. For this reason, if lowering your rate of interest is essential to you, prepare to change lenders.

Insurance, Retirement and Education fund

Financial products such as insurance coverage require you to pay a repeating premium generally on a yearly or month-to-month basis. Many people will shy away from buying an insurance policy as they do not understand the need to be covered or protected.

As there is no assurance in depending on luck and good fortune alone, a good insurance policy strategy will certainly be put into good usage when the need develops. Be it travel, life or health insurance, you and your loved ones will be safeguarded in the event of illness, accidents, and fatality.


I am a writer, financial consultant, husband, father, and avid surfer. I am also a long-time entrepreneur, investor, and trader. For almost two decades, I have worked in the financial sector, and now I focus on making money through investing in stock trading.