Household financial arrangements are a difficult bother. Difficult because communication about the entry and exit of money must be done honestly and transparently no alias is hidden. But it becomes easy when mutual trust is awakened and awakened to each other. When you need an impromptu fee and you do not have enough savings, you always have an easy way, ie by applying for a loan to legal money lenders in Singapore. However, you still need to know how to manage household finances as this is important. Here are some steps to manage household finances.
1. Projected One Month Income
The first step is to project the income to be earned in one month. Do this ahead of the payday date. Of course, the husband and wife already know how much their fixed income from work. But this projection means to calculate how much income comes from the rented house, the dividends from the investment, the overtime in the office, the money from the odd jobs, the profits from the small business, and so on.
2. Allocate For Savings And Investments
Of the total income, please calculate and set aside 25% -30% for savings and investment. Please set the comparison between the savings and the investment. Typically, savings for large expenditures will occur in the short term.
3. Leave For The Reserve Fund
The rest of the projected revenue and expenditure fall into the reserve fund category. This fund must be prepared to anticipate urgent needs, such as in case of accident, accident, and school children need. This reserve fund is usually 6-12 times the monthly expenditure. To set up a reserve fund is often difficult because the need is not clear in what form, how much, and when it will happen, so that the funds are even used for personal enjoyment. But if you can exercise restraint and discipline, you will feel good benefit from this.
4. Write The Plan
The final step is to draw the results from the above 3 steps into a simple plan. This plan is in the form of a table that contains: date, income, expenses, and balance. This table is similar to a savings book. The point is that the various income and expenses that have been imagined in the first and third steps are poured into the table. The arrangement must be a date. So the payday occupies the top part of the table. While the closest to earnings/payday in the next month is stored at the very bottom of the table. Easy, right?Read More
Credit card debt initially only looks light and does not become a big burden on your finances, but if always stacked and postponed repayment, then the debt will mount. You should immediately stop the habit of getting everything by using a credit card. You must be able to distinguish between needs and wants alone. Do not get carried away and use credit cards in vain. If you do require additional fees, you can apply for a loan to the money lender Singapore.
Allocate your earnings appropriately and meticulously. Prioritize your credit card debt repayment. Suspend the investment you may have planned if the funds are not sufficient due to the obligation to pay off some debt. This repayment will be more effective if it takes precedence over you putting your investments in debt. Although being a very priority thing, but there are posts in your finances that cannot be disturbed at all, one of which is a monthly saving post. Do not let you not fill it, because the savings fund is an emergency fund that at any time will be needed.
Make Payments Incrementally. When it will pay off the debt, then often people use all the savings/deposits of money it has for it. This is not a righteous act, for how can a person not have some savings that can be used as an emergency fund if at any time there are things that are not desirable befall him? Avoid spending all your savings to pay off your credit card debt. Do not force yourself to pay for everything at once. You can pay it off gradually and little by little. If it is not possible to pay off the biggest debt, then you can pay it off or pay off the smallest first. This will remain positive and increase your confidence that you can and can pay off some other debt that has been waiting.Read More
When we have a certain amount of bills in arrears, we often leave it without some sort of settlement activity. This is certainly wrong because running away from problems is not an appropriate choice. Face the financial problems faced and never try to ignore them. When deciding to face the financial problems we face, then we need some quick action that we can take to pay off the debt we have. Try to find some exit options for that such as visiting licensed money lenders, and learn to understand our current financial condition.
Do some of the things we have planned in solving the debt problem, focus on the purpose of making a better change in our finances. To find some solution options, then we must think calmly and relaxed. Excessive worry will only make things worse and no way out. Avoid thinking negatively and wasting time to always think about the downturn we face. Actions like this will only make us worse and harder to rise to solve the problems we are facing.
Negotiate. Immediately contact the bank/financing institution that is our source of the loan, and do the negotiation related to a number of debt arrears that we have. Usually, this will be very effective and can be a solution to the problems we face. Convey the problem calmly, and give an idea of the ability to pay that we can do. Ask for the best solution they can give, for example, loan interest abolition, longer repayment period, and other policies that can help the settlement.
When we are late to pay, then there can be a problem in the financial system that we run. Evaluate and also refine the entry post as well as the expenses, this is to help us find and correct the mistakes that have occurred in our finances. The easiest thing we can do to pay off some debt is by making savings on various expenditure items. Some of these funds, we can directly use to pay a number of delinquent bills. Do this while keeping in mind that the savings we make will not interfere with our activities and our lives too much.Read More