The happy season of the year is around the corner again. Even though this means a lot of celebrations, gift exchanges, awesome food and long holidays, it also means you will be spending a lot more money than before. Therefore planning your finances properly will certainly help. This will also ensure that you do not hurt your pockets over the holiday season.
UOB did a survey in 2015 that showed Singaporeans spend close to $800 for their festive season shopping trips. Though it may be close to the end-year bonus time, you will probably wonder where people managed to get the extra cash ahead of collecting their annual bonuses.
Even in the current economic situation, Singaporeans can get their loved ones the kind of holiday season they deserve. There are several ways that you can access some extra cash to help you make this holiday period fun and jolly for your family.
To help give you an answer and some solution to your financial problem during this festive season, below-listed are some options for money to express that you can make use of. Even as it is great for people to have great holidays it is also important for them to always make plans that are within their means.
Request For An Advance From Your Boss
Requesting for an advance from your boss is the most cost-effective and best option available to most Singaporeans. It makes money available to you and at zero interest. And the best part is you do not have to repay it at all. Nonetheless, this will depend a lot more on the working relationship you have with your boss. It will also be based on your attitude towards work and above all, the willingness of your boss to part with the requested sum amount of money before your payday.
This practice is not uncommon in Singapore. This is since several companies put into practice early pay advancement, especially over the festive months. It will also mean that you may have to set aside your finances. This will be used to cover the following month given that you are already advancing your pay early. This will ensure you have some money to use during the entire period without causing you any financial strains.
Use Your Credit Card
Credit card loan facilities are the most common among most Singaporeans. This makes it easy and possible for borrowers to get access to some fast and quick cash to cater to their financial needs. It is even unsurprising that the advertisements running in the newspapers in Singapore promote the use of credit cards. The credit cards can now be used for holiday travel, retail and meals as well. This will not only make it possible for you to enjoy specific credit card discounts on the given promotions.
It will also make it possible for you to gain points on your air miles. This is a fantastic way to enjoy major gains and benefits. And all this from simple purchases you have made using your credit card.
On the other hand, when you spend electronic money means it may be a little harder to control your spending. This is because it will be much harder for you to track the amount of money you will have spent. Therefore, when you settle for this option, make sure you are keeping tabs on the things you spend on.
Get A Short-Term Loan
When your employer doesn’t practice pay advance during the festive months, and the credit card option is not available to you there is a solution for you. You can consider taking up a short-term loan facility from your moneylender. This will offer you express money and can be accessed from money lender in Singapore or a banking institution. This will give you a source of quick cash for your financial needs for this festive period. The loan option consists of personal loans from banks, payday loans and even taking short-term loans such as a bridging loan. Short-term loans are intended to offer financial assistance to individuals for financial needs running for a short period.
Even as this option is readily available, borrowers need to carefully consider it. This is because of the interest rates this loan type attracts. Make sure you have made inquiries from your moneylender before deciding on any loan type. Also, ensure you have fully understood the additional costs charged onto the loan you will be taking. And when it comes to the loan agreement, be sure you fully understand the terms and conditions of the loan. Once clear and you are certain you can meet the monthly payments with ease, you can sign the loan contract.
One key thing for a borrower to keep in mind is that the loan agreement is binding. This is for both the moneylender and the borrower. Therefore ensure you keep your side of the agreement. And that your lender fulfills their part. Even with the end of year bonuses coming, there are a few examples of people who overspend when using their credit cards. The cash advances that some people end up taking results into them getting into bad financial circumstances.
For that reason, even when there are a lot of popular express money options found in the Singaporean market, you need to always start by laying out your finances. Then you can evaluate the best possible option available to you. The first step for you needs to be towards identifying the outstanding payments and bills. Then you can work out a plan for clearing all the outstanding debts. Once you get this exercise done you will truly be able to know the amount of money you can then spend over the holiday period.
It is even better for you to spend less and afford your family a modest celebration. This way you do not indulge in holding an extravagant celebration that will leave you deep in debts later.
With this in mind, we take this opportunity to wish everyone a grand festive season in December.