Manage and Save Money | Money Management in Singapore

Budgeting | Singapore

Making money and saving up for your future is essential but a challenging task as well! You are unable to save as much as you wish and control your expenses…That’s a solid sign you’re in bad financial shape and should start budgeting right away! The good news is that budgeting on your own and successfully managing your money and expenses is very achievable. In this blog, we tell you about how to manage and save money in  Singapore. 

Manage and Save Money in Singapore

Set Accurate Objectives

There’s no way you can expect to see a pile of money glittering in your bank account at the end of every month if you don’t set financial goals to work toward.

When you have a financial goal to work toward, on the other hand, you may set aside time to budget and save in order to achieve it.

However, you must be able to distinguish between an attainable financial goal and wishful thinking. Your goals will be less overwhelming if they are quantifiable and defined, and you will be more likely to be able to take practical actions to achieve them.

Have Multiple Accounts for Different Expenses

It’s time to open a few additional bank accounts once you’ve determined your financial objectives. It’s a lot easier to keep the money assigned to different reasons in different accounts unless you’re a mathematician or the type of person who enjoys brainteasers.

Spend only 50% on Essentials

Everyone has a different view of how much of your pay you should spend and how much you should save. Saving 99 percent of your income may be doable if you earn a large monthly salary and live like a monk, but it isn’t for most of us.

As a general rule of thumb, we ordinary mortals should spend no more than 50% of our monthly income on needs. We ordinary mortals should spend no more than 50% of our monthly income on necessities as a general guideline.

Save for a Rainy Day

Put this money in a bank account to save for the future. You’ll need to save money for an emergency till you reach a particular quantity. This money should only be used in the event of an emergency or unavoidable expense, such as a medical emergency, job loss, or refrigerator breakdown. The amount of such cash should be determined by your financial situation.

Follow the above tips and tricks to manage and save money in Singapore. 

Home Loan | Education Loan | Personal Loan | Car Loan | Travel Insurance | Lifestyle | Real Estate | Career