Starting is always the hardest part. If you are a fresh graduate, you will surely find things difficult. Looking for a good and stable job for one is hard. Saving money for the future is another thing. It is important that you know how to manage your finances as early as now for you to survive.
Here are some tips that you can consider for every financial dilemma you have:
Tuition Fee Loans
There are Singaporeans who depend on tuition fee loans to sustain their studies. When you graduate, you will be asked to pay the loan. A letter (Commencement letter) will be sent to you. The letter will tackle your payment options – repaying it in full, repaying it partially and repaying it monthly. The tip here is not to postpone or delay the payment. If you do not start right away, after two years, you will be charged an additional 1%. You have to allocate a portion of your monthly income for the tuition fee loans.
As much as possible, you have to avoid using credit cards. Credit cards are borrowed money. If it is borrowed, you should expect an interest. Every time you sue the card, you are borrowing money from your bank. If you do not pay within the given period, you will incur interest. The best tip – do not spend more than your means. You have to pay in cash and do not make acquisitions with your credit cards unless you really need it.
Buying a House
If you want to be independent, you will think of moving out and purchasing your own house or flat. You have to decide if you want to purchase private property or HDB flat. When you buy a house, you will face down payment and monthly payments. The best tip is to clear your debts so you can focus with your house.
Planning a Wedding
After securing your house and car, the next thing that you should think about is your wedding. Getting married will be one of your biggest decisions in life. Weddings are expensive here in Singapore but you do not need to drain your bank accounts for this event. The best tip is to talk with your partner and determine the price ceiling. If you want a budget wedding, you will not spend so much but if you want an extravagant one, expect to spend so much.
Managing your finances is a complicated thing to do but it is necessary. If you do not learn how to manage your finances, you will suffer.