Living in Singapore is a goal for many. They see photos and reels of sidewalks full of the latest tech or streets filled with people walking in and out of irresistible cafes and immediately dream of moving here. Little do they know that almost nothing in the Lion City is free.
If you were born or already live here, you already know that. So more likely than not, you have names and contact numbers of licensed moneylenders such as Soon Seng Credit saved in your phone. But hey, there are ways you may be able to stretch out your precious dollars while staying on top of your repayments. Here’s how.
Know your loans like you know your hawker centres
Just like how you wouldn’t order a plate of chicken rice without checking the price, don’t blindly take on loans without understanding the terms. Before committing, always, and I repeat, always read the fine print. Pay close attention to the interest rates, repayment terms, and any potential fees. The more you know, the better equipped you’ll be to make savvy financial decisions.
Hunt for deals like it’s the great Singapore sale
We all love a good bargain, and when it comes to loans, a little comparison shopping can go a long way. Don’t settle for the first offer you get. Shop around and compare interest rates and loan terms from different financial institutions. This small effort can potentially save you hundreds, even thousands, of dollars over the life of your loan.
Pay on time, every time, no excuses
Remember that feeling of dread when you realize you forgot to ‘chope’ a table at the hawker centre? Yeah, late payment fees on loans are like that, but for your wallet. To avoid unnecessary charges, set up automatic payments or calendar reminders so you never miss a due date. Your future self (and your bank account) will thank you.
Make extra repayments, even if it’s just a little
Did you manage to snag a great deal during the recent online flash sales? Channel that “winning” energy into making extra repayments on your loan whenever possible. Even small additional payments can make a significant difference in the long run by reducing the principal amount and ultimately, the total interest you pay. It’s like topping up your EZ-Link card – a little extra goes a long way.
Live within your means, don’t ‘go steady’ with debt
Singapore is a land of temptation, but resist the urge to overspend and accumulate unnecessary debt. Before swiping your credit card, ask yourself if you really need that item or experience. Sometimes, a simple “walk-walk, see-see” at the mall or a movie marathon at home can be just as satisfying as splashing out. Remember, living within your means is key to achieving your financial goals.
Boost your income, level up your finances
Think of this as upgrading your skills for that dream job. Explore opportunities to increase your income, like taking on a side hustle or freelancing in your spare time. The gig economy is booming in Singapore, with platforms offering everything from freelance writing to delivery services. Even a little extra income can be a game-changer when it comes to managing your loans and achieving your financial goals.
Conclusion
Navigating the world of loans doesn’t have to be stressful. By adopting these simple yet effective money-saving hacks, you can enjoy the best of what Singapore has to offer while staying on top of your finances. Remember, every little bit counts, and with some discipline and smart planning, you can pave the way to a brighter (and wealthier) future.