Prioritising Your Financial Goals Right Now

Prioritising financial goals can sometimes seem hard, especially with high cost of living that seems to be ever increasing. Although there is no blanket procedure on how to go about it, it will help to admit that you need to have some financial priorities.

However, you can start by deciding where you would like to be in a near, medium and long-term future as concerns your finances.

Having effective financial goals can prove to be beneficial

Planning Your Finances For Your Special-Needs Loved One Future

Looking after the physically challenged is an extremely challenging task, both emotionally and physically for family and the challenged. This is with the consideration that these challenges are different for each family. Even then, the most overlooked need is financial planning for the special needs member.

Unlike normal children, many special needs children require regular financial support which is usually covered directly by family members, through government incentives and also other financial institutions like licensed moneylender offer personal loans in cases of emergencies.

How then can you set an effective plan for your special needs child future?

  • Opening a Trust with SNTC:

This will ensure that your special needs child is cared for in the future and is among the most effective choices for a secure future. SNTC trust will work with the special caregiver to see that the financial obligations of the special needs individual are met. Additionally, the government supports SNTC, thus fees and interest charged are favorable.

  • Go for the Special-Needs Savings Plan:

This was established in 2014 whereby parents contributed towards this scheme using the CPF savings which ensures that their relatives are cared for through the regular scheme of fixed payouts when their parent pass on.

  • Funding a Healthcare Plan:

In Singapore, getting sick can be an expensive affair, but what when you are unwell in what ways can you then finance the medical bills? In the recent past, the government has taken on a multi-layered scheme with participants in private employment, the government, insurance industry, and each individual to assure an efficient health scheme.

The government using initiatives like providing grants to the health sector, Medifund, Medisave which helps individuals build up their savings, Medishield and different life schemes has assisted make healthcare a lot affordable.

Thus all you will have to to do is select a scheme that fits you, and you can get better health-care in the country. Personal loans by moneylenders can also help you fund scheme of choice too.

What Amount Will You Pay For Your Child’s University Fees In 20 Years?

In this article, we will state the amount you need to cover your child’s higher learning. So then, how much is a tertiary education in the country? These costs keep changing each time but according to NUS tuition fees, a year stands at $9350 for each academic year. Thus this totals $37400 for a 4-year course. Also, it has been estimated that this cost keeps growing at 3.2 percent p.a in the past 6 years hence this cumulatively puts an estimated cost of 70221 by 2035.

  • Grading Your Money Goals after Graduating:

After finishing formal education and having done some tarmacking you finally land that job which gives you the much desired financial freedom. It is then that you realize that you need to order your monetary goals but you do not know how to do this.

First, begin by identifying your money goals and arrange them in order of importance beginning with short-term goals followed by long-term objectives. Ensure that the goals are realistic and more refined. By ranking your objectives, this approach can help make your decisions thus classifying them as important, important urgent, not urgent, not important, and also not important urgent.

How to Prepare for Successful Retirement

Preparation for retirement is key in financial planning and it requires a mix of sound strategic planning and discipline. Look at the possibilities of owning a family home, making investments and grow them. Importantly starting right away is best. Avoid waiting until you are much older. Below are pointers to guide you.

  • Buy a Home You Can Afford:

It is prudent to buy a home that is within your financial capability, a home that you can afford without extending yourself financially. This is since getting a pricey home will only wipe out all your savings and leave you with nothing at all.

  • Wisely Grow Your Investment:

An investment is your saving tool after retirement, therefore it is wise to carefully decide where and with whom you want to invest your money. Have the likelihood of the investment venture earning profits instead of loses.

  • Time Counts:

Saving and beginning to invest as you prepare for retirement is the best practice. A popular error in planning for retirement is waiting until you are too old. Preparing at an older age can be challenging and you might not eventually accomplish.

Monetary Mistakes to Avoid in Your Marriage

For couples, not having financial planning in a marriage is among the fateful mistakes to ever make in life. This is because there will be no financial goal for the couple to work towards thus an emergency event will only mean they are ill-prepared for it, not to mention a lack of planning for the future.

Let’s look at some common money mistakes that married people make around financial issues.

  • Lack of regular money-talks and refusing to applaud your spouse when they deserve it:

In each relationship, communication is important hence for success in your relationship money-talk needs to be upheld. The couple should agree on key economic concern and praise each other on attaining a set financial milestone

  • No Accounting:

Having financial accountability is a key component in any marriage. Most couples make mistakes if they merge their financial accounts yet fail to set regulations and rules guiding their spending of the money.

  • Not Establishing Goals and Future Planning:

Establishing your financial goals will entirely be profitable for the couple, hence coming up with your business goals immediately will assist you in making the right decisions as regards money and will prevent unnecessarily spending.

In Closing

Although the cost of living in Singapore is ever increasing yet wages remain unchanged. Singaporeans should find tools to help them grow their earnings for a secure financial future. Importantly, having financial goals will help you plan on securing both your future and the future of your loved ones too.

5 Reasons Why You Shouldn’t Use Cash Advance From Credit Cards

You could get tempted to utilize cash advance from your credit card. Your card will come with several features, this includes one that will appear to be a little misplaced at first glance. This cash advance feature will allow borrowers to withdraw (about 90%) of the accessible credit limit as ready cash.

Even though this option is undeniably handy (it could be you want to repair the aircon, but the neighborhood mechanic accepts cash only, and its 10 days to payday). do recognize that this cash advance comes with many caveats and conditions.

Here are some reasons why you need to be super careful when utilizing the cash advance:

The Interests on Cash Advance are Higher

Getting a cash advance can increase the general interest on your credit card unless you repay everything before the following billing cycle. The reason is that the interests on the cash advance are about 29% per year. This is opposed to a usual 26% a year on most cards.

The easiest way to avoid this is in ensuring you pay back the card debt in full, ahead of the interest being charged. However, you might be losing funds because of the cash advance charges.

You Get Hard cash on Credit, With Lower Fees and Interest

When you are able to acquire a credit card, then you most certainly can access the personal loan facility or credit line. These two credit facilities will put cash straight into your account.

In all fairness, you will be charged processing fees for the personal loans. But, the loan processing costs are a lot cheaper when compared to cash advance charges, for huge loan amounts. For instance, when you want to take out S$10,000 as a loan, most personal loans will attract a fee of about S$100 or lesser. But, when you utilize the cash advance option to withdraw an amount of S$10,000, you might end up incurring a cost of S$600 in fees (6% of S$10,000).

What is more, lines of credit and personal loans are inclined to attract an interest of between 6 to 9 percent a year. You can also get the balance transfers facilities, that will offer you an interest-free time period of six to twelve months period. All these credit facilities are better options compared to the sky-high credit card cash advance rates of about 29 % per year.

Remember: when you want to take out a substantial sum of money, that you are not able to repay all in one go, do not use the credit card cash advance loan facility. Realize that there are many and better credit options for you to consider.

There are No Reward and Cashback for Utilizing Cash Advance loans

One main reason why people use the credit card cash advance is the benefits they often come with, be it the air miles, vouchers, rewards points, discounts or even cash back. But, randomly using the credit limit on your card in form of cash advance can stop you from enjoying some of these benefits.

Let us say that you get 2.5 % cashback on your credit card, then you purchase a bag worth S$250.

When you do the purchase the normal way – through charging the buy directly to your card – you will pay S$243.75 ( saving you $6.25 of the 2.5 percent cashback). Alternatively, you could receive rewards points and even other perks.

But, let us say you that you opt to obtain a cash advance since the store does not accept credit. You then withdraw S$250 through your cash advance facility, thus you incur an S$15 charge. You might end up repaying S$265 in total for the bag purchase; said differently, you will be paying an extra S$21.25 for the very same purchase.

Thus not only do you miss out on the card offer (2.5 percent cashback), you eventually have spent more money than everyone else!

Cash Advance comes with Steep Fees

For many credit cards, the charges for the cash advance are either S$15 or 6% of the cash advance amount, the amount that is higher. For instance, when you take out cash advance amounting to S$50, you will incur a charge of S$15. when you get cash advance totaling S$1,500, you will be charged S$90 (6% of S$1,500).

(Keep this in mind that the charge is S$15 on cash advances amounting to S$250 or less).

As well, take note that the fee will be charged on each cash advance that you make. It then means that the biggest mistake you can make is taking several cash advances on that credit card – the EIR (effective interest rate) would shoot through the roof!

Taking Several Cash Advances will Make Moneylenders Uneasy

Borrowers need to realize that there is one easy reason why the cash advances are a bad deal: banking institutions do not like them since they are a big risk signal.

Credit card cash advances are mostly utilized by untrustworthy individuals to access huge sums of money ahead of default, leaving the country for good or declaring bankruptcy (of course they will hide the hard cash on them).

As an alternative, cash advances often are used by individuals who will find themselves in some financial trouble and are not able to access any loans (besides those existing on the credit cards they hold).

As such, most moneylenders do get concerned when several cash advances start appearing on your report. This will cause issues in accessing other loan types approved.

Only Use the Cash Advance as the Last solution

There is little reason as to why you will need the cash advance, except for the rare unusual situations – an instance would be needed to withdraw some money while abroad since a specific merchant does not accept credit cards.

However, even then because of the large fees involved, it may be better for you to have someone pay cash to you. Also, you using a debit card to make a withdrawal of the amount you need is a much better solution for you.

Top Reasons Why You Should Pay Off Debt

When you are trying to pay off all your debts, it is often common that you fail to succeed in them because new debts may pile up on top of those you are trying to pay. You may also feel hopeless because the debt amount is too high and you do not know how to pay them completely with your current salary and regular expenses. Even if you use a moneylender’s personal loan to pay off your debt, you may be discouraged to continue because it would take a while before you can truly say you are debt free.

If you wish to boost your efforts to clear your debts, you need to remind yourself why you want to stop your debts from growing and be free from it. Remember what being free from debt can bring, what restrictions will be removed by being debt free and others.

If you still cannot think of the reasons why being out of debt is good, here are 9 reasons why you should kickstart your debt free campaign:

1) It will expand your financial security

Remaining in debt can pose a threat to your financial security and prevent you from maximizing the full value of your cash. The amount you pay your debts could have been used for other things, like emergencies, medical insurance, retirement, and savings.

When you are finally free from debt, you can now ensure that you will be secure for the future.

2) You will have more money for your desires

When you are free from debt, it will leave you extra funds which you can use for your desires which you originally cannot afford. Of course, the number of funds you may get when you are free from debt can vary depending on your salary and regular expenses.

When you only get a small amount of cash from being free from debt, do not immediately purchase the expensive things you want. If you purchase the expensive ones first, you may have to borrow money again to afford it completely. Save the money first then purchase the item you want.

3) It can reduce your stress

Debts are a major cause of stress since you will always think about balancing your debt repayments and your regular expenses. A small amount of stress is ok every once in a while, but if you constantly have stress, it can affect your health greatly.

When you pay off your debts, it can save your life literally since you do not have anything to stress about.

4) It lowers the number of bills you need to pay monthly

The more debts you have, the higher your bills are every month.

When you gain debt freedom, your bills will now be fewer and easier to manage. The only thing you will need to worry about is your actual expenses like utilities, phone bills, and insurance. These expenses do not have minimum payments and interest charges, making them easier to pay.

5) It can boost your credit score

Debt can affect your credit rating, especially if you have a lot of debts which remain unpaid. If you are late in paying even one of these debts, it will also affect your credit rating.

When you pay all your debts and keep it that way, you will be able to improve your credit score.

6) It helps you teach your kids about proper money habits

Financial freedom would also give your children a good example to be debt free. Explain to your kids why being debt free is important and why it is beneficial for them to practice good money habits. Of course, you need to make sure you do not look like a hypocrite when you teach this lesson to your kids because an actual proof being debt free is good.

7) It will help you own the assets you have on loan

If you have an active mortgage, like your house or car, you do not own them completely. If you pay it off completely, you will own the mortgaged item in question. You will no longer have to worry about the bank or the moneylender from getting the item back when you fail to do repayments.

8) It will boost your earnings

When you get yourself a personal loan from a moneylender or charge something with your credit card, you are borrowing cash from your future income. As a result, you are basically going to pay for the things you borrowed now with the money you will earn the following month and the subsequent months hereafter.

Debts lower a person’s living standards since it restricts how much you can do with the money you currently have. When you pay off your debts, you will be able to maximize your income and improve your living conditions.

9) It frees you from moneylenders and other credit providers

When you have an outstanding debt, it means your money is controlled by the moneylender or the credit provider you used. They will decide how much you need to pay and when you need to pay. In some cases, the moneylender may even increase your interest rate and the minimum amount you need to pay per month if your budget will allow it.

Final thoughts:

Money is a very delicate possession that every person must handle with care because its value is irreplaceable. If we somehow lose funds, borrowing can be tricky to handle especially if the debts continue to increase.

However, we should not lose hope when it comes to paying off these seemingly endless debts because there is always a way to get past this hurdle. With the 9 points, we listed above, some patience, perseverance and focus, you will be able to pay your debts slowly and free yourself from it.

Imagine how much stuff you can do without worrying about debts! The possibilities are endless so start getting yourself together and begin the long yet steady process of paying your debts today.

Good luck!

Golden Tips To Settle Your Credit Card Debts

Many people are afraid of debts since it is believed that it can drag you down for a long period and even give you sleepless nights. But, there are various reasons that will lead to some people in spiraling debts.

You may have settled an emergency need using your credit card. But, regardless of the reason, defaulting on your credit card debt is a sure way to get into snowballing debts. This may be the case for those who have maxed out their credit card limit.

The good news is that there are several ways for you to deal with such a dilemma. Ignoring your lender’s calls and your bills is not part of the tips.

Here are 5 ways to help you get out of credit card debt.

Annual Zero Percent Interest Balance Transfer

Most banks in Singapore to offer this option of a balance transfer. A balance transfer may be used to repay credit card debts with zero or a low-interest rate loan. When you hold unmanageable credit card debt with a moneylender or bank. You could consider applying for a credit card with another lender. This new credit card can then be used to repay your older credit card debts.

Normally balance transfers come with 0 % rates of interest for the first 6 months. This gives borrowers some grace period to look for more ways to settle the debt. Make sure that you only use your new credit card after you have repaid your debt. In so doing you will avoid accumulating new debts. The balance transfer process could take a period of 3 weeks or more to take effect.

Minimum Repayment

If you can, it is better to repay the whole loan amount in full soonest possible. But then, when the cash to do this is not enough to pay off the bill, you could choose to at least pay the minimum amount.

By paying the minimum amount you will be able to avoid incurring late payment fees however the interest costs will still apply. Borrowers need to be aware that most credit cards attract a minimum repayment of 3% or $50 of the unpaid loan. Thus it may be a good idea to inquire from your moneylender about it.

Although making the minimum repayment can be helpful, it will only serve as a short-term solution. Thus avoid making this a habit or you might soon find yourself knee-deep in debt.

Also, when you are only able to pay the minimum amount on your outstanding credit card debt. Then it is advisable that you avoid using the card. This will help you avoid piling more debt to the already existing bill. With this in mind avoid using the credit card as you work towards repaying the loan balance.

Personal Loan

Another good option for you is utilizing personal loans. Some personal loans come with lower interests than credit cards. Therefore, you could consider using personal loans to settle your credit card debt. These kinds of personal loans may be obtained from privately licensed moneylenders.

Since personal loans are normally multi-purpose, it then means that they may be used for various uses such as purchasing stuff to settling other debts.

Even though personal loans come with fixed repayment plans, you can still repay it at much earlier. But first, confirm whether you will incur a prepayment penalty. This will help you know whether you can repay the loan before the loan set tenure and at no extra charges.

Pay In Full

Certainly, the best solution to deal with any debt is to repay the existing balance in full. Sadly there are a few people who see credit cards as free cash thus they will keep swiping the card until they attain the credit limit. From that point, they only will pay the required minimum payment.

Keep in mind that although banks will boast of having low required payments for the set due dates. They do so as a way to offer an assurance to borrowers that they will not get charged the late payment fees. Though the interest rates charges still stand.

Just remember that even when there are no late payment charges, provided that you do not repay the loan balance. A borrower will still get high-interest rates charges for their loan. Thus settle the due loan amount to avoid incurring the interest rate charges. It is best to opt for this solution when your monthly salary is still adequate to repay the debt.

Debt Consolidation

For those borrowers who have several credit card debts, then it may be a good idea for them to consider getting the debt consolidation scheme.

Different from the balance transfer that will require that you obtain a new credit card. The debt consolidation plan may be done in different ways. Some banks will offer the debt consolidation scheme even when you do not hold a new credit card. However, you will need to hold a savings account something that moneylenders offer to their borrowers.

Choosing the debt consolidation plan it means that the financial institution you choose will repay the outstanding debts on your multiple credit cards. This leaves you with a single loan which has a single interest. This makes making on-time loan repayments easy since you are keeping track of only one loan.

This repayment option is best to be used when your card debts have reached 12 times your monthly salary.

What To Do Once You Have Repaid Your Credit Card Debts

When you hold several credit card debts, you could start by coming up with a plan on ways to repay them. Soon after you have repaid these debts up to the last dime, you will need to be careful not to get into a similar situation in future.

When you want to make any important purchases or are facing an emergency situation. You could consider getting a personal loan to help you manage. The personal loans offered by licensed moneylenders attract lower rates of interest that set at a 4% cap.

What To Do Before Declaring Bankruptcy: The Debt Advice You Must Know

Sometimes it can happen that you are not able to fulfill your financial obligations such as unpaid debts. The big issue here could be that the law will require that you pay off the outstanding loan amount. You might attempt to settle a personal loan that might appear to be equitable to you.

However, your moneylenders may not see themselves gaining from your repayment proposal. This can create a lot of financial strain for you. Thus, you might even end up considering the option of declaring bankruptcy.

When you declare bankruptcy it then means that you are recognized by law to be financially unable to pay off your debt as well as meet other financial obligations. In so doing, the debtor will be protected from being required to repay all the existing debt before the declaration.

Bankruptcy in Singapore

During the past year, 2,000 people filed for bankruptcy in Singapore. Normally this would not be something that many Singaporean would not wish to end up doing. But then again, in all honesty, this is a favorable way to relieve yourself from the big problems that seem to only get bigger. In essence, when you file for bankruptcy, you are swearing by the law that you, as an individual with free will, are not in a position to pay off any of your existing debts.

As soon as you have completed all the necessary formalities, you are now officially debt-free. Also, it means you are not liable to make any payment for any previous debt or even interest. But before you start celebrating, you need to realize that this has a catch. When you declare bankruptcy, you, in fact, are trading one difficulty for another.

In so happens that those individuals who by law have been declared bankrupt are mostly treated as if they were social outcasts. Unfortunately, no lending institution will trust any person who has been declared bankrupt. This will even make transactions not to look safe if it is carried out with a bankrupt person.

Mortgage, rent, credit, personal loans, and also fixed income are just about unachievable. This is once you are declared bankrupt. When you hold some assets, there will be a cap imposed on them by law. This then gives the extra to a trustee, who will thus sell your property or assets in order to repay your moneylenders.

Knowing How Debt Will Affect Your Credit Score

Another thing that will make matter worse is the stress that this social blemish will put on all emotional ties. It can happen that your loved ones and family will start to stay away from you. This can be due to the law-enforced tarnished reputation. It is for this reason that you will need to carefully think first ahead of filing for bankruptcy. Below are some things you will need to carefully look at first ahead of committing yourself to declare bankruptcy.

Consider Other Alternatives That Can Help You Address Your Problem

At times filing for bankruptcy may not be the most suitable solution for the large unpaid debts. You will need to be certain that your debt is beyond repair. You will need to first confirm whether you can find some achievable and reasonable solutions. This needs to be a solution that not only saves your repute but will also learn from it several things regarding working hard. This will help you pay for those losses you will incur.

As soon as you have actually repaid all your debt through all those challenges. It is actually possible for you to get better repute. You need to prove that you are able to settle a huge debt through hard work. Remember, there are people who find themselves in worse conditions when they come across debt troubles.

When you are constantly telling yourself that you have done your best yet you are not able to repay the debt. Then it is most likely that you have not look at all avenues possible as yet. You will realize that there are very so many ways to make money and these will not even be illegal. There are some ways that are questionable yet others are just embarrassing to do. Even then you will need to focus on your set goal; this is repaid the existing debt.

Talk To a Debt Advisor About Your Filing

In the world of economics and finance, debt is a common matter. Luckily debt advisors or debt management experts, are there to assist you in dealing with debt problems. The one service a debt advisor can offer you would be a way to legalize your bankruptcy.

When bankruptcy is truly the answer you are seeking, your debt advisor will need to ensure that you first can really pass for a bankrupt. The advisor will need to look into your finances in order to find possible supporting evidence. Your advisor will also educate you on what will occur to you soon after you go bankrupt. Also, they will take you through away for a specific amount of compensation.

Know The Effects Filing Personal Bankruptcy Will Have On Your Relationships And Your Life

Once you are ready to start over, then bankruptcy could be right for you. But for those who value their relationships and simply love to interact with people and build bigger and close social network. Then you should not even consider filing.

Despite this being established to assist people with critical financial difficulties. However, filing for bankruptcy is simply a legal way of letting others know that you cannot manage money properly. The disgrace this will bring to you and your loved ones can become unbearable. From this, you might end up losing your integrity and credibility as a collaborative person.

When you are bankrupt, you will be limited in different ways. This can include finding it hard to get employment in the public sector. This can also be for specific jobs in the financial industry. Equally any potential employer will be able to view your profile indicating you bankruptcy status.

In the end, this will still be your decision. When you would like to learn more about bankruptcy, it is advisable that you contact an expert who can take you through the whole process.

Filing For Bankruptcy In Singapore: Process And Procedures

Even with the best attempt and desire to settle the outstanding debt. At times declaring bankruptcy may be the only option left should your financial problems spin out of control.

Regardless of whether it is a company or an individual filing for bankruptcy. You will need to engage the help of a trustee. Filing for bankruptcy should not cause you shame. Especially, when you already have tried all possible ways to repay your debts. By working with a reliable trustee, the experience of the filing process will go smoothly.

A trustee is licensed under the Superintendent’s Office in Bankruptcy (OSB) to manage the process. The initial meeting with a trustee, your current standing, and financial history will be reviewed. From this, the trustee can figure out the right plan to take, and continue the process.

Debts That Will Not Be Cleared

Once an individual or business bankruptcy is discharged, nearly all debt will be cleared except for the case of student loans, child support, court fees, alimony, and debts from fraud.

The Difference Between Individual And Company Bankruptcy

The bankruptcy trustee is frequently interviewed when it is a sole proprietorship business or even partnership. Basically, there is not much difference between these two. The business owner or partners will be in the business. Therefore their private and business assets are same. You could say that the process for personal and sole proprietorship businesses will fundamentally be the same.

When looking at an incorporated business, the business assets are separate from those of an individual. It is a legal entity, a company and the business proprietor have liability protection. In these cases, personal property will be kept every time business assets are seized.

What Happens Once You Declare Bankruptcy

When you are considering filing for bankruptcy, it is key that you know the requirements that you need to meet. You have to prove that you are not capable of repaying your debts. This could be due to joblessness, an absence of possessions to sell, and other failed investments. When you are quite uncertain of the process, it is advisable that you work with a reliable bankruptcy trustee.

Total assets compared to the personal loan. Bankruptcy trustees are not lawyers. But they can assist you during the bankruptcy process. They can assist in comparing the total possessions you own, assets you can provide and the whole financial commitment that you should repay. When you both realize that your possessions are not enough to settle your debt. The trustee can assist you to file for bankruptcy. The trustee will contact creditors to let them know of the filed bankruptcy.

Depending on how huge the debts might be, a meeting can be called with your moneylenders. From this point, the bankruptcy trustee may start selling the property to settle the debt. The assets might be property, automobiles, and business tools.

Based on your province, even after declaring bankruptcy, you find that some assets of a limited value you will be allowed to keep. This can be things like homes, incorporates vehicles, and also workplace equipment. You bankruptcy trustee might suggest to you on the possessions that they may keep all through the process.

How Long The Process Of Being Bankrupt Lasts

Theoretically, bankruptcy will last 9-months. Even so, this is not always the case. After the 9-month term, elapses, a release hearing will be scheduled. Some components that might make the bankruptcy exceeding 9-months include:

-The customer has in the past been bankrupt

-The trustee, moneylenders or OSB oppose the discharge

For both these situations, a court proceeding will be organized to analyze each situation of the bankruptcy. It will also consider the objections to the discharge. The borrower could wind up getting a conditional discharge, complete discharge, suspended or even complete refusal. By getting a conditional discharge, you may have to make further payments, prior to the bankruptcy is considered as absolute.

What happens to Your Assets

Most people will be troubled as to whether they get to retain most of their possessions or not. After all, you have worked tirelessly to acquire them, and certainly, you do not wish your lenders to repossess them. Fortunately, you can get seizure exemptions as pointed in the provincial law. To find out more regarding this, consider talking with an organization in Singapore which focuses on personal bankruptcy.

All through the filing process for bankruptcy one can expect:

  1. Economic counseling sessions

Counselling often is done in the bankruptcy trustee’s office. The chosen trustee an help their client to understand the causes of their bankruptcy. From this, you are taught preventative methods to avoid financial difficulties in future.

  1. The trustee suggests a discharge to the OSB

Your trustee will identify your activities and can suggest a discharge. Immediately after you the granted discharge, you get distributed copies. When finances become unmanageable, declaring bankruptcy is thought to be the last option. By understanding the process, and getting the assistance of expert bankruptcy trustee. Those considering filing for bankruptcy can be ready for the steps and process for the 9 months.

How Debt Is Repaid

The role of bankruptcy trustees is usually to provide their clients 1-monthly payment. The debtor gets to pay this amount to the trustee, who in turn pays off your actual moneylenders. A bankruptcy trustee can analyze the client’s income and other contributing economic factors, such as family expenditures. Then they can come up with a monthly total.

Your particular trustee can also talk to your moneylenders and explain your financial circumstances. Naturally, your lenders will provide the trustee with guidelines regarding payment. But, this is not a usual way to approach bankruptcy for the debtor. This is because declaring bankruptcy separates the borrower from lenders.

In many cases, this meeting is often done between your chosen trustee and your creditors. Even then there are those people who will go to loan advisor for some emergency funding like a personal loan. This is often when they are not able to repay the monthly on time since they cannot get personal loans issued by banks for long periods.

Using Credit Cards To Your Advantage

It is possible to have a credit card and never get into debt. However, in order to do this, you will need to have good spending habits in place. You will need self-control and discipline as you use your credit card to gain rewards. Luckily, it is not hard to cultivate good spending habits. Provided that you will take note of your bills due date and adhere to your budget, the remaining part will follow

When it comes to credit cards there are people who are ready to use them while others are against it. For Singaporeans who see credit cards as a necessity, they will have varying reasons starting with social status for convenience.

Then again, for those who may not accept that credit cards will do you good, will offer a million reasons against the use of the cards. Even then when you are considering whether to take one or not.

Below are some ways for you to use your credit card for the most benefit.

Choose The Best Credit Card For You

For a progressive country like Singapore, there are numerous types of cards available. The different types of cards may be availed for a large variety of uses. This means it is you who is to decide on the one that will be suitable for you. Cards like the POSB, OCBC, and Citibank are suitable for activities connected to EZ-Link.

When buying petrol the card to use is the POSB Everyday Card, Credit card by American Express – Platinum, and UOB PRVI Platinum Card. Therefore, before you get any card do consider why you are getting it. This will help you choose the best card for your financial needs.

It Can Grow Your Credit Score

Your score is a factor that will determine whether a moneylender you are trying to get a loan from will authorize your personal loan application or not. The licensed moneylenders will make their decision depending on whether a borrower can pay based on their credit score. When a borrower has a low score, then a lender may be reluctant to offer a loan to them. This is because the borrower may not be capable to make regular payments as required.

Similarly, when you do not have any credit score since you have never taken a personal loan as well you have never taken a credit card. Thus the moneylender will not have have a way to know if they may trust that you will repay or not. In a way, by getting a credit card you will get to grow your score. What you will need to do is ensure that you settle it and pay back regularly.

You Will Get Rewards

There are several credit cards that offer rewards should you spend through their cards. This is a marketing plan to get you to spend on something they are offering you. At times they will you offer miles which you could use for travel.

Therefore, when you spend cash on things, then it is ok provided you know you will pay promptly. At the same time, you know that you will get something in return. This will not be heavy on you.

Owning a credit card may not be as bad as it is at times pictured. It just will require lots of self-control and discipline. However, once you know the right method of spending wisely, then things will work out well for you.

Make The Best Of The Bonus Offers

Though it is not recommended that you go through several credit cards each year for you to gain their bonuses. It is normally a good idea that you be on the lookout for any promotional offers. This is more so when you are getting a new card. From these, you can often earn thousands of bonus points on most cards. This is by simply spending a given amount within a given time after getting a card.

Existing cardholders need to also look out for seasonal offers, particularly during the holiday season. Most credit cards normally offer special promotions in additional miles or even cash rebate during peak travel seasons in June and December.

Utilize Fully The Reward Points

The fastest way to fully use your reward points would be to use a given card which offers the highest points in rewards for specific purchase categories. This can be for things such as gas, groceries, or dining out.

Generally, it is best to have several cards that give most rewards for different categories of purchases. This way they will complement one another. Though for you to make the most of the card collection will require some effort. This is to remember the most ideal for each purchasing category. This will not be hard when done with 2-3 cards you frequently use.

People oftentimes make a mistake by choosing a card just simply because they want to. It is essential that you carefully consider the card you want before you get one. By doing a proper comparison it will help you know if it is worth getting the credit card

It May Be The Only Acceptable Way To Pay

Some establishments, particularly in other countries, will only accept leading credits cards as a payment option for their services. Certain conditions may also require you to have a credit card such as when you travel to another country and do not find any money changing stations. You will benefit most when you hold a credit card during such times.

Also, some airlines and hotels only accept advanced booking using credit card payments. Therefore, when you are planning to travel in the near future. Then it is wise that you consider taking with you a credit card.


Just like any tool, credit cards are only good or harmful based on what you make them be. Different from paying using cash, plastic money allows you to earn air miles, rewards, or discounts on every single dollar you use it. Provided that you have the good spending habits in place, then it will be easy to utilize credit cards to benefit you fully.

5 Ways To Raise Capital For Your Business

The process of raising capital for starting a new business can look like an intimidating task. However, this will not be intense when you use some basic business practices.

To start off, discuss this with a professional business attorney and not the family lawyer. When it pertains ways that equity capital may be raised, there are many laws involved. Especially when you are raising the funds from the public. Choose the money lender singapore.

Also, these laws keep changing often. You, therefore, will need someone familiar with these laws. The individuals should also know how to ensure that the business contracts are done to protect your business as well as you. More so where the fine print is concerned.

For someone with a viable idea which will get good returns for the investors. You will need to come up with a compelling business plan. Then the likelihood is high that you will find some investors to work with you.

When you are considering to get outside help or equity capital to finance your business. You will need to do a few things first, which will make your company more appealing to potential investors. Use these easy tips, and you will soon be raising the funds you need.

Angel Investors and Venture Capital

Before you go looking for venture capital, take a closer look at your business from the viewpoint of an outsider. Try and answer some questions such as: whether your business has a steady track record (Many venture capitalists do not invest in newly established companies). find out if your business has the potential to become very big in a span of 5-7 years. (People will invest in the business since they are seeking for returns on their investments — the bigger the better.)

Find out whether your company owns a good portion of its market. Or whether it will stand to acquire a huge share in the coming 12- 18 months. (Different from common belief, your business does not need to be engaged in high tech for it to draw in venture capital).

When you are able to come up with a positive answer from the above questions. Then the next step would be to locate a venture capital organization. Their goals and ideas need to be in alignment with yours.

The next step will be to consider your “influence circle” to see whether you know a person who will introduce you personally to someone from the venture capital institution. (investments are made in people, as well as in companies.)

Offering Company Stocks To The Public

Even when the Singaporean security laws have made things easy for companies to offer their stocks to the public. This is as a means of raising needed funds, it still is probably the riskiest choice.

This option is usually not recommended for rather new and very small companies. Due to the many legal issues concerned, it is important that you consult beforehand with an informed attorney. You need to realize that lots of strain that comes with operating a public company.

Also, keep in mind that there is a significant loss of control and autonomy. Before you make this choice, you need to be utterly certain that this would be the best decision for your company.

Using Credit Cards Or Your Savings

Most entrepreneurs use this option as a way to raise required business capital. But ahead of choosing this option, you can talk to a financial advisor. Doing this will help you take into account the long-term effects of using life insurance, your savings, credit cards or personal loan. This is particularly when it happens that the business venture goes wrong. Also when it does not yield the planned return on investment (ROI).

When you eventually opting to use credit cards to fund your business project. Take your time to shop around as you will be able to find a card that comes with the best rates of interest. This is a card that will give you the most benefit for your money.

You can also talk to loan advisor for a personal loan deal. When choosing a moneylender for a loan, ensure that they are licensed and legal.

Current or Potential Employees

Amazingly, this is one very common way of raising equity funding (especially for new establishments). In this method, you will invite the current or your potential employees giving them the chance to become investors.

In using this method, you will not only get a very committed personnel. But most equity employees will be willing to take below-market wages at the beginning (more so when you set the pace). This method has other advantages, but it also has its pitfalls too. Also, before you choose this method, consult a business attorney.

Make sure you have policies in place which address potential problems. For instance, what you can do when an employee’s output is substandard. Or when a worker quits and sets to compete with you once they have learned all of your business secrets.

Establishing a risk management strategy and looking at all eventualities is the move for this method.

Getting Funding From Relatives

Though this may look like begging, and probably is a difficult task for you to humble yourself. It may come as a surprise, but according to a new survey, nearly 30% of business people said that they were able to raise part or all their capital through their family members. So when this is the course of action you choose.

Ensure that you work with an attorney to draw up a business contract. Also as you approach family members, discuss with them concerning their investment just as you would with any other investor. Give them details of the amount they stand to make. Avoid talking about how much their help is needed. Then ensure that you uphold your part in the agreement.

Regardless of the decision, you make when seeking equity capital. Through planning ahead, following your attorney’s advise and doing your research. You will increase your chances of raising the amount you need. At the same time, you will make your relationship with the investors a beneficial one.

How Much Is Considered Too Much In Your Emergency Fund?

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Most financial experts may have various views concerning financial matters. But, they will agree that saving up some cash for emergency needs. That it is an essential factor for healthy financial planning.

Many Singaporeans may get worried about not saving enough in the emergency funds. Different people may have various ideas regarding the amount. That is what would be considered to be enough to put away in emergency savings. It happens that what you may regard to be enough will not be sufficient to another.

This is each person has different financial plans and living standards. Some Singaporeans even wonder if it is a good idea to save a large amount. All towards the emergency savings since they might use for other ”better” things.

What Experts Advise

Many experts advise that you need to put aside some money. The amount needs to total 3-6 months of the monthly expenses. Yet, other experts advise you to save some dollars to help you get started.

From there on you can save about a year worth of your yearly income. You need to also look at other factors like how big your family is. Also, consider your living premises; whether rented or your own home. Look also at the car maintenance costs as well as your job security.

What Is Considered As Enough Or Too Much

There are different suggestions as to how much savings is enough or too much.The following tips will help you decide on the amount. This way you will know what amount is enough or is more than enough for your emergency savings:

The Emergency Savings is like Insurance Cover

The emergency savings are like an insurance. These help secure you in times of emergencies. Therefore, use the savings only if you have a crisis. The same way an insurance policy like the car insurance cover.

Just like an insurance, you only have to put away just enough. It needs to be sufficient to cover you in times of emergencies. This also avoids having your cash staying in the account earning nearly nothing. When you consider that a 3 months savings are adequate. Thus you do not need to save any more than that amount.

Disadvantages Of Over-Funding The Emergency Fund

Inability to Cover Other Financial Commitments

When you keep a lot of funds into the emergency savings. You will realize that you are not able to cover other important financial obligations. This can include settling your debts, saving for the children’s education. Additionally, it could be retirement saving and put down payment for your home.

The money can be a lot useful in doing these things rather than over-fund the emergency fund. Thus you do not need to put away more than is necessary. More so when you have more pressing debts to clear such as high-interest credit card. It is not advisable to purchase your necessities on credit. Yet you have savings in your account earning almost nothing in return.

Your Money Loses Value

Your emergency funds need to easy to access. Meaning you may only save with a moneylender institution where you can access it easily when in an emergency. It is an emergency saving and it should be accessible at any time and place.

Even then, It is advisable to pick a moneylender who will provide you higher interests on the savings. Interests on the emergency savings might not be above 1% per year. That means the interests on the savings is below the inflation rate. This will lead to you losing money to inflation.

When the average rate of inflation is higher than bank’s rates. Thus you will be losing money through your savings. This is because the worth of your savings is decreasing with time. Thus by saving up more saved on the emergency fund. Then you will end up losing more to inflation.

Consider other Options other than Overfunding your Emergency Savings

Reserving some money for emergencies will keep you from borrowing. That is from friends and relatives. It will also ensure that you do not get into debts. This could be by using credit facilities such as credit cards. Above all, it helps that you do not use some of your retirement savings.

Some retirement accounts can allow you to withdraw funds. This is often for settling medical bills with no penalty being charged. From this, you may also receive allowances for purchasing your first home. It is important that you keep in mind that money withdrawn does not earn interest. Even then, it may be better rather than get into high-interest debts in case of an emergency. This you may need to consider if you want to overfund the emergency account.

Realize that when you are no longer employed. By being unemployed reduces the benefit of the amount you may withdraw from the savings. That is provided you still are eligible.

Use The Emergency Savings to Help your Financial Plans

You might think that the bigger your emergency fund may be, the better for you. But, you need to realize that bigger savings on your emergency fund will likely be hurting your gains. You could consider the investment opportunities you may be missing as you save in the bank.

Even though different people may have different opinions and views. When it comes to the amount you need to save for an emergency fund. You may use the above tips to help determine the amount you need to have in the emergency fund. It will help not to overfund the emergency savings. Yet in the process miss out on good opportunities. The tips will help you ensure to achieve your financial plans without any strain.

This is important that you ensure that the emergency fund work. This is along your whole financial plan and never against it. A financial plan helps you cover your financial commitments on time. This can also help you invest wisely. This could be on high-return investments as you put aside small amounts for to your emergencies.

Tips & Tricks For Managing Your Student Loan Debt

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Students loans are often times the worst thing to put off for later. Though they may seem rather harmless, however, realize that it is not always so. The student loans are possibly among the most financially destructive things. This is especially so to what a student can face in life. Even so, most students are not aware of the effects of these loans. It can happen that they are rather misinformed about the licensed money lender singapore.

When not managed well, student loans might quickly accumulate in interests. Therefore, being proactive can be critical to effective loan management. Most students in Singapore have made use of several student loans. This has resulted in huge loan payments which might be overwhelming. By being aware of the risks involved in taking loans. It will help you lessen early exposure to unmanageable repayment agreements.

Even then, realize that excessive loans will negatively affect your credit ratings. They could increase rates of interest thus resulting in higher total costs. Meaning the ownership of important items like a home and a car purchase is higher. In helping you manage the repayment of your student debt.

Here are some tips advisable for current students, new graduates. This can also be useful to those struggling with repayment of their student loan.

Start Payments Immediately

When you can, you could consider making the payments immediately. Instead of waiting for the grace period to elapse. If you have a job, you could make some payment towards the student loan. In so doing, you will pay less in interest when you start making repayments immediately. Before you know it will become a routine.

When you are disciplined straight up. You soon will be way ahead of everyone else.also ensure you read through the agreement. This way you will also get to know the repayment plan. In reading through your school loans you will know the amount you owe. You also need to know the due dates of your payments, and the amount of the minimum payment. This will help you plan the amount to pay every month before signing it.

Know Your Options

There are many different loan types available in Singapore. Federally guaranteed loans normally allow for income-based, extended, or graduated payments. Also, each has its benefits.

Extended repayment let you stretch out your repayment to 25 years. The graduated repayments start out using low monthly payments. This then increases about every 2 years. This is a good option when you anticipate your income to increase too. The income-based payments depend on the combination of income, household size, and your personal loan balance. This can be good when your income is stable.

Certainly, any kind of plan that does not repay the loan fast is to be reconsidered. Then it can only result in bigger interests paid over during the personal loan tenure. Although taking more time to pay back a loan is not the best option. It is good to realize that any choice is better than defaulting on the set loan schedule. Not to mention missing payments. This might cause long-term damage to your finances which could actually have been prevented.

Consider Student Loan Consolidation

When you have not defaulted on the student loans. You could request your moneylender for a delay, or even deferment. This will mean that you will get exempted from a number of payments. Though the interests will accrue over this time. To be able to get this there are several qualifying conditions. This may include personal or medical problems. It can also be other reasons that you could document. This needs to prove the effect it will have on the ability to meet payments as set.

At times you might even qualify when you have already defaulted. However, in all cases, it is advisable to learn about the options available. This is before you require them. By knowing that you can move several personal loan repayments to later will make a major difference. Especially when you are planning for unforeseen financial emergencies. It could also be the inability to pay as agreed.

Have A Working Budget

It is important for you to know where your money is going to. Therefore, set a budget and you could ask for assistance to come up with one. This will help you look for areas that you can make savings. This will help you come up with extra cash which can be used for repayments.

To help with budgeting you use templates in Quickbooks and Excel. There are apps such as Mint, LearnVest, or Toshl can be useful for budget-setting.

Consolidate Loans When Possible, And Get Help If You Need It

In Singapore, there are some graduates who have many loans from different moneylenders. This might pose problems when the entire payments are unmanageable. When this happens, you could use the available programs for consolidating the student loan. Just confirm whether your student loan type qualifies for the for the consolidation programs. Even then, it is advisable that you talk to a loan advisor.

Explain the situation, and certainly a solution for your specific need will be worked out. The one advantage of loan consolidation is lower payments. However, it can even offer a reduced or a set interest rate. Under some circumstances, it might offer you discounts for planning automatic payments.

Although some people will argue that thinking about these options. It could be preparing for failure. However, they are not considering the reality that life will not always work as planned. Getting prepared ahead of time will take less effort as compared to trying to repair problems in time of crisis. This could be the difference between getting overcome by the problem. Or you managing the problem.

Under all circumstance, ensure you are aware of the repayment options. Learn about these options even before deciding to make use of them. Above all look for ways to manage well, your student loans. This is before they become overwhelming.