A peek at the balance in your POSB account can either make you happy or make your mascara run. That’s a fact.
You think you’ve got it all together, but your hands twitch the moment you see a sale ANYWHERE. To be honest, that’s not the only mistake you’re making.
Ladies, here’s the top 7 mistakes we make with our money. Time to get your purse back together!
1. Buying WAY Too Many Fashion Items
We’re talking about your Charles and Keith shoe collection, and your Mui Mui handbags. It’s almost always a spur of the moment thing, and you’ll probably use them less than 5 times.
That’s because you’ve got a cupboard full of items to work with. Take a moment to calculate all the money you’ve spent on your fashionable purchases, and deal with the shocker.
2. Paying Too Many Bills
You’ve got the Supreme Box Office Combo from Starbucks at home. But the fact is you’re more often on Netflix than the movie pack. You’re wasting a lot of dollars on unused channels and features on your TV plan.
It’s time to get a more practical package. You’ll find that it’s much, much cheaper too!
3. Swiping Your Credit Card Everywhere
This might sound harsh, but don’t live your life on borrowed money. Use your debit card for your expenses. You’ll feel the pinch more and it will make you rethink your final purchase decisions.
4. Too Many Personal Loans
Yes, there’s so many payday loans and short term personal loans offered by banks and licensed moneylenders. My advice is to live within your means or you’ll be bagged down by extra instalments. There’s also the unnecessary interest payments that’s chipping off of your savings.
5. Living From One Payday to Another
We’ve been through it at some point in our lives – living from one paycheck to another. If you’re still on the same cycle, stop. Try setting aside at least 5% of your monthly salary first, and work the percentage upwards as you get more comfortable with saving money.
6. No Insurance Plan
If you don’t have a life insurance plan, go out and get one today. A monthly premium payment will cost you the same as a decent dress from Tangs, but it’s so much better for your life!
What About Retirement?
Ageing is not cheap in Singapore. This is part of the sad reason of why you see old people working in food courts and restaurants here. Invest in a solid retirement plan and you will never regret it.
Featured Image: Lim Yong Hian / Shutterstock.com
This article was first published on goodyfeed.com
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