The end of ride

benlee09

Have you been working for a few years and yet at the end of the day, realize that you have not saved much? To make the matter worse, you have a pile of debts to settle, ranging from credit cards bills, personal loans to installments for your cars and/or houses. Are you starting to feel like you are working just to clear your debts?

It is becoming an increasingly common problem; here are some tips for you to get your finance back on track.

1. Prioritize your debts
- Have a detailed study on your debts, taking note of each interest rate. Prioritize them and settle the outstanding loan balance starting with the one with the highest interest rate as soon as you can. You need not have to settle them all at once. If possible, arrange with the creditors to settle by installment and opting for the shortest duration you can manage.

2. Spending and expenses
- Keep track of your spending and expenses. Control those impulsive urges to spend, avoid buying something just because you feel that the items are cheap. Spend only when necessary. If possible, record all your cash outflow. With some discipline, at the end of the day, it would be obvious to you which items should not have been bought, giving you a better idea on how to control your spending.

3. Set a budget
- Faced with a fast moving and stressful environment, we often feel the need to pamper ourselves with some form of indulgences. It is definitely alright to pamper oneself once in a while, in order that we do not over spend on these indulgences, it is suggested that we set different budget for different indulgences, such as food, entertainment and shopping.

4. Say ‘No’ to items with high deprecation rate
- Most of the items in this world will have their value depreciated over the years. Hence, one should be prudent when spending on items with high depreciation value. For instance, if you need a car, go for economic cars. After all, the main purpose is for transportation. Meanwhile, for mobile phone, if you do not need the advanced features, skip those high-end mobile phones.

5. Credits cards
- Reduce the number of credit cards you own. All you need is simply 1-2 credits cards. Besides, each credit cards company may require you to pay yearly subscription fees and usually the more you own, the stronger the tendency to spend. Go for those credit cards that you feel provide you with the most beneficial privileges, such as discounts and promotions.


Source from: [Linked Removed]

junie_liqin

Frankly, i do.. i feel that the inflation is heating up.. that's why i am attending a course this sat, that's going to have topics on how to clear debt and enjoy life at the same time.. it's also goin to touch on topics for personnal wealth management. This way of managing money is proven in the US. A lady who used to have problems paying for her three meals ended up with having 10 million in a year. If you r interested, i can help you register. It's only $10 per seat, usual price can go up to thousands.. that's because i know someone inside.

PM junie_liqin for more info