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If you have debts to your eyeballs on your credit cards, you will probably want a fairy to come and “take out” your debt. Unfortunately, despite the wishes of millions of others like you, this will not happen. However, there are some things that you can do to help yourself and get out of debt. You can also ask for some financial advice or take up a personal loan from licensed money lenders in Singapore regarding your problem. Meanwhile here are the 6 tips you can try on!

1. Stop charging!

The first step is to stop using your credit card. This may seem too obvious, but it is not at all. Even people who work hard to counterbalance their debt do not stop it in the bud. Charge the things you need and want is a habit, and the first step that you must take is to break this habit. Only then can you begin to break your debt. Don’t add on to your existing debts!

2. Make payments quickly

Don’t be lazy and remember to pay your bills as soon as you receive them. Sometimes human nature can get you in the way so don’t let it happen to you. Postponing it until tomorrow may mean postponing it until next week, and each additional day accumulates. You can also get into trouble by postponing it, separating it, and then discovering that you are facing late fees that do not help. So dragging the bills will add on to more bills as you have to pay extra for the late charges.

3. Do not just pay a minimum

Pay more than the minimum payment every month. This can be a difficult affair, considering that your debt makes your life start a financial mess! But, if you pay only a minimum, most likely, you play only an interest, not a principle. This is not a way to avoid this. Take a little extra work if you need and pay a little more each month on your balance sheet

4. Look for your high-ranking bills

If you have multiple accounts, you probably have several different interest rates. This is the fee that you pay when you have the balance on your credit card. Find out the interest rates for all your credit cards so you can start paying off your debt. Ideally, you want to first pay off your credit cards with the highest interest rate, because you will save money that way. So, find out how much money you have to spend on your debt each month. Most of this money should go to a credit card with the highest interest rate. If you have to pay the minimum payments for others, so be it. As you get the maximum card with interest rates, you go to the second card with the highest interest rates and so on.

5. Stop using your cards

The first thing you have to do to get out of debt is to stop using your cards for anything other than emergency situations. Your first priority is to pay off your debts, but if you continue to dump it, you will only spin your wheels. A very important rule that people should always follow is paying for something with your credit card only when you have the cash to pay for the goods. So, when the bill comes, you can pay the full amount. It helps build your credit, rather than drown you in debt. Use only your credit cards for emergencies while you are trying to get out of debt.

6. Reduce costs

Look at all that you spend money every month. Keep a journal of what you spend money for every day. Look at all these numbers and see where you can cut your expenses. Do you buy coffee every morning in one of the famous cafes? Do you have a gym membership that you do not use? Do you pay for premium cable channels that you do not watch or are not ready to give up? Be aggressive when looking for ways to cut costs.

In Conclusion

When you continue to pay the charges, the last tip is to simply stop charging fees from your cards. If you close your accounts, as fees are paid and learn to control your expenses with credit cards, all debt obligations will be released as soon as possible. Many people have to go to extreme distances, for example, to gather other work for part-time work or to sell unnecessary luxuries and possessions. There are many ways to raise money to erase debt, and it is not always easy, however, once it is completed, careful spending and efficient management of your finances will help you live peacefully.

Singapore is one of the most expensive cities in the world. Aside from that, its beauty is beyond five hundred word essay. It’s also a vacation destination for most people of the elite population. However, budgeting when living can be a pain in the neck but do not fret: these are the 20 ways to save money in Singapore.

1. Have an automated bank savings account

If you’re fond of withdrawing cash from your ATM for no reason, then the best option is let the bank deduct certain amount to your saving accounts. Anytime your salary is deposited to the bank, your savings is updated.

2. Eat cheaply but healthy

You don’t need to spend beyond $5 in just a meal. You have to choose a place where it offers the best service. The cheapest but delicious food in Singapore are at Hawker Centre. For instance, you can be offered a $1.4 breakfast set. You get to save huge sum amount of money at the end of the month yet you have eaten like a king. You don’t need to strain your pocket too much to take a meal instead of saving it.

3. Be punctual in the morning to Catch Up the MRT free Ride

As the saying goes, early bird catches the worm, this is absolutely true. If you practice waking up early, you will be privilege to be ridden for free by the MRT riders headed to the city. As long as their cars catches you in their designated stations at around 7:45 am in the morning. You’ll save more than you can if you wake up early in the morning. They offer discounts (50%) also if you miss their timings.

4. Buy only when you have to

You often find yourself buying something that is not in your budget plan, you ought to stick to your plan and buy only what is necessary to you. Don’t buy something because your neighbor bought it. You’ll save dollars of money by making your budget clear and simple.

5. Plan for your Groceries

Buying groceries every day is hectic and time consuming. You can imagine how you usually go buy groceries daily. At times you may end up spending more than you had plan, thus purchasing them in stock can save you lots of dollars.

6. Avoid saving your credit Info Online

It’s obvious that when you expose your credit card details on shopping sites, you may end up making impulse purchases. You should avoid the auto fill mechanism and sort to go for the manual entry.

7. Have a smart plan on your expenses

Do you wake up in the morning without a plan? You need to plan any of your penny you wish to spend. Saving should be your main priority rather than spending. Make your savings and expense plan be simple, Measurable, Attainable, Realistic and Time bound.

8. Give yourself a saving Target

Of course, if you plan to make a handsome savings, you need to give yourself an attainable target. It will act as a motivation to your target.

9. Save even when paying out debts (don’t pile debts)

Don’t let debts discourages you to saving. Make a plan on how you will clear your debts. Ensure there is a systematic flow between your savings and payment of existing debts. Not at all should let debt prevent you from making your savings.

10. Take advantage of the free park and avoid environments that may encourage you to buy unnecessary items

You can easily take advantage of Singapore’s best recreational Centre and parks without paying even a single penny. Changi Airport for instance, is not only meant for travelers but also for non-travelers who wish to hang and have a nice time. It offers some of the exclusive services like free Wi-Fi and a 24-hour food court.

11. Implement 20-50-30 principle

I am sure you have heard about 20-50-30 principles, but if you intend to save money even more in Singapore then you better put into action.20% as the minimum of your income should go to your savings, 50% be used on your groceries and utilities, and a 30% maximum used for miscellaneous usages. For instance, a fancy wear.

12. Make your car as an advertising decal

Do you own a car and you are troubled or way it can generate income? Okay, then I will let you know. I don’t mean making your car an Uber/Grab driver. You rather turn your car as an advertisement decal. Companies like Movo, can take charge of your car and you can be paid up to $300 per month by just making advert deco on your car.

13. Use clothes rental services instead of buying new

At one point in your-time, you may need to dress to certain occasion. It’s much expensive to go get a designer wear for just one occasion. You can rent the cloths for the occasion for just less than $130 for a month. You will end up making huge savings out of the creative idea.

14. Prioritize your needs

What is it that prevents you from saving? If there is need that you think you have to acquire to motivate you to save then you need to acquire. Prioritize your requirements. The least priority items should come last after sufficient savings has been made. Sometime if you are in need of personal loan, you might end up turning to banks and even licensed money lender.

15. Sell unused clothes on Refash

Did you know you can make money by selling those clothes that you no longer wear? Refash buy all clothes at a worthy price. You will have made the biggest choice by making money out of unused cloths.

16. Go for functionality rather aesthetic

Make savings by going for functionality of item rather than its look and aesthetic value. If you are acquiring a second-hand item and it provide services that it should, then don’t let your muscles strain because you need to make savings first.

17. Take advantage of the free classes there at sport hub

Do you spent lots of money going for sports in Singapore? Be economical and save by going to Singapore Sports Hub for free. They offer the best services and you will be fit without straining your pocket at all.

18. Adopt option instead of buying a pet

Purchasing a pet is expensive in Singapore. Adopt a pet and you will have save life and money. No need of spending money for something that you could have acquired for free.

19. Buy second-hand stuffs

Change your mode of purchasing stuffs. If you can be offered a second-hand item at a lower price, then you need to grab without hesitation. With application like Carousell, you will be able to save much by purchasing an item you desire at an affordable price.

20. Choose the best but cheap ride service

Don’t pay for a private car ride rather than going for the carpooling option. Carpooling application like Uber, Grab and neck comes will high discount for their customers.