Manage your money better this year
Money matters are never easy to deal with, but you can manage.
It does not take a financial expert to manage money – by planning ahead and budgeting you can make your money go further.
The new mindset that could end your financial woes is learning the ‘no to spending money you don’t have’ rule. This includes buying on credit. Spending money you have saved or the money left over from your budget is the way to go.
• Budget: Prioritise your monthly expenses by keeping a record of your income and all your expenses. Calculate what you are left with after the installments are paid or deducted from your bank account.
• Pay off your debt: List your debt(s) – from the smallest balance to the one with the highest interest rate, and pay what you can afford. You can research reputable debt counsellors who will help you pay off debt while you take care of other monthly expenses, like the rent, groceries and transport/ fuel costs.
• Save: Put away money you can afford to save and set yourself a goal you can stick to. If you find it hard to save, seek advice from members of social savings schemes.
Seasoned financial adviser, Sonya Lai, said investing for the future is vitally important. “Set aside money for your child’s education, your own retirement or investments like unit trusts,” said Sonya.
Seek financial advice from an expert to help you make smart financial decisions.
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