Making good decisions with your money
Every day people make decisions about money. Many of us think all of our decisions might be the right one. Yet, there are some common misconceptions that may be holding you back financially. You may find out that you have been making one of these bad money choices yourself. So, let’s go over some of them, then we will go over the best solution for it. Some of this money mistakes may have been holding you back. Turning some of these around may actually help your financial situation.
Having a Credit Card Can Put You in Money Debt
Many assume if you have a credit card it is a bad thing. Since it is too easy to use you will find yourself in trouble in no time. Which that can happen if you don’t know how to control your spending. Avoiding having a credit card can actually hurt you. If you have ever had the problem of not having enough credit history, that is a great example. It is ok to have a credit card and it can be used to get that credit you need.
The best way to rectify this situation is to find a credit card you are happy with. Then ask them to set the spending limit at a very low amount. Use the card for emergency situations, but to get your credit to improve set up a couple of bills to get automatically paid from that card. Then tie your checking to cover the credit card bills every month. That way your balance stays paid and your bills are paid on time equaling better credit.
Keep a Balance on Your Card
Too many people think if they keep a balance on their credit card it helps. Some balance doesn’t hurt, but the higher the balance the worse for you it actually is. They calculated a credit utilization, which is the percentage of your credit limit you are using and it counts for about 30% of your score. So, if you are carrying a balance of half your limit or more that is not a good thing. So, the lower you keep that amount, the better.
It is always best to minimize the amount you use your credit card. If you can pay it off do so, it will save you tons of money due to interest as well. You will be glad you did when you see how much money you are saving yourself.
Paying Off Student Loan While Skimping on Retirement
Those student loans may be driving you crazy and since you are probably young yet. You may be thinking that getting it paid off while making a smaller payment on retirement is right. Well to some that may make sense but it is really a bad money move. Sure, it would be nice to have it paid off so it is one less bill to worry about. However, in this situation, you should not skimp on your retirement contribution. Especially if you are lucky enough to be with an employer that matches contributions.
Take your time to pay off that student loan. If you can opt for an income based repayment plan do so, you could lower your monthly payment making it even easier for you.
Land the Job First Ask for Raise Later
Yes, it sounds just as I said it. Many people when trying to land a job, don’t waste time negotiating pay. Reason being is job market is so tight, you just want to get the job before the next person. So maybe you didn’t get the pay you were hoping for. While it makes sense to you, it really isn’t a smart move. Especially in some situations such as jobs with bonuses that are calculated off your starting salary.
So, the best way to rectify that is to take that step of negotiating the pay. You probably don’t want to start with the highest end but a reasonable amount they may be willing to agree to. If you take the time to show them why you are worth that extra money they may be more willing to give it to you.
Buying That Home as an Investment
Many people jump into buying a home feet first because they think it is a great investment choice. That was a great choice when it seemed like the housing market was never going to crash. Years ago, when the housing market was doing great. However, things changed in 2008 when the housing market crashed. If you are buying to invest now is not a good time, because you will not get a return.
Only buy a home now if you are looking for a place to call home. Otherwise, keep renting until the market decides to come back up. It is a great choice if you are looking for a great deal on a permanent home choice because you can get more for your money in this housing market.
Timing the Market Is Key
Everyone has heard of a lucky investor that decided to invest at just the right time. In most cases that are pure luck, but some think they can change their luck town on when to jump in or out of the market. It is a bad decision to change your decision on a whim and it is a high risk.
The best thing you can do is buy steadily over the years. Invest in funds such as index funds and or exchange traded funds. In the long run, those will get you where you want to be. Let them work for you.
Making these changes if you are doing them, will make a big difference. They are the right way to do things for you in the long run. You will be happy when you see your financial situation improving over time. Especially in such things like your credit and your investments. Especially when you have the money you need to live comfortably in retirement.
Quick Credit Pte Ltd
Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. If you currently need help in anyway, do not be shy and let us know. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.
We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.
Interested in knowing more about how you can get a loan from us? You can drop us an email at firstname.lastname@example.org. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.
Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.