Archive for the Money Matters Category

Lending and Loans, in what situations do you need one?  


As much as people want to save money to use for the rainy days, they can’t especially with the high cost of living in the country they’re living in. In addition, they have to pay for numerous monthly bills as well as they have daily expenses they have to spend money on. And more financial problem arises when there’s an emergency where you need to have and spend money.


So what would be the solution for this? Get loans by applying for one from an online lending site. Though you may think of your family and friends as people you can turn to for some instant financial assistance, what will you do when they don’t have money? That is why same day payday loans will be ideal in such situations if you really need the money.

Pay day loans are described as a small and unsecured loan provided to people who badly need the money on the same day of the application. It is defined as an unsecured loan because some lending sites offer other repayment options. And it doesn’t mean that just because it is named payday loans, it has to be fully paid back on the payday of the borrowers they approved. Sometimes, it can take months before the loan is paid. But the interest rate these lending institutions get is really high.

With online lending sites, as long as the borrower is able to enter all required information and fax in important documents in some cases, they can be approved within 24 hours and money transferred in the account in just 15 minutes or more.

Listed below are just some of the scenarios where you will want money badly from online loans and it includes:


  1. Emergency situations like for paying a medical bill, most hospitals don’t allow credit especially when it’s for a medical bill. And if you’re in-charge of paying it but you have no money, the last resort would be getting loans. Of course, you might have already asked your family and friends for some financial help. But if it’s not fruitful then you can turn to various online sites offering loans to financial needy people.
  2. Although you don’t want this particular scenario to happen, there will be an instance when you need to have a pay day loan because you just lost your job. It’s not such a great thing to lose a job suddenly. And even if the company offers you a severance pay, it might not be enough for all of your expenses and monthly bills to pay. With no savings and no expected monthly income, you need financial help to be able to provide the basic necessities of the family until you find a new job.
  3. As much as you want your car to continually work without breaking down, there are some cases when your vehicle unexpectedly doesn’t work and needs immediate repair. The same day loan is great for this situation to help pay for the needed repairs and accessories to replace to make the car work again. Most online sites will approve the application within the day and you can instantly have the money when you don’t have any to cover the repair cost.

There are other scenarios which you deem to be perfect for asking loans. But we can agree that it’s very useful for financially-troubled people.


What You Might Want to Do When You’re Retired

Most Singaporeans have expressed fear that they are not yet financially ready for their retirement. This happens when we spend most of our younger years on pursuits that are only beneficial for the present moment but not on the coming years ahead. We are all leading to our old age and hopefully we all achieve our ideal retirement years. Unfortunately, statistics show that only a minority are able to enjoy these years and spend it the way they want. Others are trapped into a perennial need to work while the rest are left under the care and mercy of their children.


Here are some ideas to get you motivated on how you might want to spend your retirement years:

Travel around the world

You don’t have to wait until you’re already too weak just to retire. Preparing adequately for your retirement means you can stop working while you’re still strong and younger. This also means you can enjoy the fruits of your hard and long labor by traveling around the world or at least to countries that you’ve always wanted to visit. What’s all the hard work for if you can’t fulfill this childhood dream?

Provide a trust fund for your favorite grandchild

You’ll have a grandchild or a few and you’d surely want to see them grow up to become healthy smart and successful individuals. But in case you don’t get to be fortunate enough to see them grow up, you can still do something to ensure a bright future for them by providing them a trust fund. This trust fund can be invested in the stock market and by the time they’ve grown up enough to withdraw the fund, the money would have already grown exponentially throughout the years. What a gift from their loving grandparent!


Retire at your vacation house

If you’re not into travelling then you can spend your retirement years at your ideal house. This can be a cabin by the lake so that you can be close to nature. It can also be a beach house since you’ve always loved spending time by the beach. It can even be just a simple cottage house where you can do your gardening outside. Your retirement years should mean a lot of rest and doing only what you want.

Write a book

When you’re older is when you’re at your wisest. What better way to spend your golden years than by writing a book. This can be the book you’ve always wanted to write. Maybe even a memorabilia on your life. It can be anything you want to write about. What matters is this is something you’ll be passing along to the next generation.

Serve at your community

You don’t have to spend your retirement years idle if you don’t want to. There are plenty of ways you can still contribute to society. You just need to look around and search at the right places. You can lend your thinking cap and serve as an advisor to an area of your expertise. You can even teach young people at something you were successful at.


Financial Decisions You Should Make Now


It is okay if we are still studying and under our parent’s roof. We do not need to think about anything but graduate and get a job. However, if at this point we have a job, the time has come to live independently. Living independently is terrifying and uncertain but we have to do it anyway.


We now learned the value of hard work and money through saving. It is true that saving here in Singapore is a challenge knowing that we are living in the world’s most expensive city. The fact is that Singapore will become more expensive in the near future and unless we secure our future now, we will not live confidently and comfortably.

While it is tempting to spend our next paycheque, we have to resist the urge and save adequately to avoid financial heartache in the coming years. If we want to be on the road of financial success, here are some things that we have to decide now:

  • Make an emergency fund: The worst thing to believe when we are 20 something is that things will go according to our plans. This is the reason why we should make and build an emergency fund now.


We have to consider emergency funds for events like retrenchment (a change in the management of the company and possible “restructuring”), accident or injury and repair or replacement. Ideally, we have to build savings that is equal to three to six months’ worth of income. So, if we are making S$3,500 a month, we have to aim at least S$10,500 and set it aside for emergencies.

  • Get insured: We assume that we are covered just because we have little money in our CPF accounts and we have Medishield Life. The importance of insurance is not realized until we actually need it. We should not wait only to find out that our insurance coverage is not enough. Aside from Medishield Life and CPF accounts, we have to consider other insurances like life, travel, car, health and disability.
  • Look for extra income: We hear our colleagues complain “I do not have enough money”. This is also true for us. We can do many things to make enough money. We can either cost-cut or we can look for extra income. If we have a skill that can be monetized, this is the perfect chance to make an extra income. An extra hundred dollar can make a difference at the end of the day.

Life is difficult especially if we do not have enough money. We have to start young and we will end up richer by the day.Extra-income-ideas-wallet-bulging

Managing Your Credit Score

If you are planning to get big loans, you have to improve your credit score so you have higher chances of getting approved here in Singapore. With that, you have to know how to improve your credit score and how you can hurt it. However, it is crucial at this juncture that you know the definition of credit score first. Credit score is interpreted from your credit report.


Credit score is interpreted by numbers ranging from 300 (very poor) to 800 (excellent). There is no single formula that can determine your credit score but there are categories that make up your credit score. The categories include payment history, total amount owed and the length of credit history. You can affect your credit score in a number of ways. You can either improve it or hurt it. It is crucial that you know what can affect your score so you can deal with it accordingly.

  • Improving your score: If you are keen about improving your score so you can achieve your goal, you have to do things. You need to consistently pay your bills on time. Being late will surely not do your score well. You also need to pay your monthly balances in full; do not leave any payments behind. After that, you need to make sure that your credit report is accurate; you have to check your report at least once a year or as long as needed.


  • Hurting your score: You have to know things that can hurt your score. If you hurt your score badly, you will not that loan you are eyeing. To begin with, you can hurt your score if you fail to pay monthly minimum payments on loans and credit cards. If you exceed the account limits of your credit, you are surely hurting your score. In the event of bankruptcy, there is no doubt that your score will be low. If you apply for a lot credit, it can also affect your score.

You also need to know that credit cards can affect your credit score here in Singapore. In fact, using credit card is the easiest way to improve your score. You need to use your cards regularly and pay on time. Apart from getting that loan that you so coveted, you can use your score to rent or buy a home, get insurance and purchase cars.

Your credit score is enclosed in your credit report. Ask your friends where to get your report but there is a Bureau that handles it all.