If “saving more money” was on your 2017 to-do list, then you may well possibly still keep having it there in 2018. Even then, you may need to consider having specific and easy-to-fulfil resolutions. Such as transfer an $x to your savings account at the start of each month can be a lot more successful. This can also prove to be better than inventing a vague, big resolution that you have no clue of how to accomplish it such as becoming a billionaire.
Therefore, here are some simple things you could commit yourself to doing in 2018 that can help put you in good financial health.
Look For New Credit Cards To Sign Up For
Since your earlier favourite credit cards may possibly no longer be of use to you, it may be time to consider taking new ones. The new cards may have been modified or released, and could now be just the thing for your present spending habits.
During the New Year, you may consider it to be the best time to withdraw those credit cards that you no longer use. Thereafter you could sign up for the new ones that will be your go-to credit cards for 2018.
Hence take your time to look through a number of Singapore’s moneylenders’ card guides to help you find the ideal credit cards for groceries, cash back, online shopping, entertainment, shopping, rewards, dining, petrol and air miles.
Make Sure That You’re Suitably Insured
When you already have an existing form of insurance, it is possible that you bought these policies several years ago. For this reason, 2018 may be time for you to evaluate your existing insurance policies to make out whether they are still useful for you.
Despite the existing insurance policies, it is important for you to make sure that you are sufficiently insured. At this point, you may consider taking a personal loan or even a payday loan to help you repay your insurance. This you may have to do depending on where you at present are in life.
For example, for young working adult, it is possible that you may by now have bought medical insurance for yourself. However, for someone who is slightly less young, already married and at present expecting the first child, you need to without doubt consider taking a life insurance too.
The beginning of the New Year may be a good time for you to also properly compare your existing health insurance plan to the other offerings in the market from the other companies in Singapore.
Cancel Credit Cards That Are No Longer In Use
The credit card world is rather fickle. One day, your favorite credit card is offering you rewards with 8% cash back on all that you might possibly buy. The following day, the banks have revamped their whole benefits programme. They have even added on a minimum spending condition that is more than you make in a month.
With these conditions, the credit card is at this time even less handy for you. You could use a payday loan to help you pay off any existing credit card debt before you can get rid of it.
Therefore, when a credit card does not serve your purposes, it may be a good financial decision to cancel it as soon as possible. You may think that there is no harm in having your credit card lie innocuously in the wallet. However, the more time you let it stick around, the higher the likelihood you will end up getting charged yearly fees unknowingly. You will even have to pay them if you are paying using Interbank GIRO. You could even fall victim to credit card scam.
Verify Whether It’s Time To Refinance The Home Loan
If it has been a number of years since you took out your home loan, it is possible that your interest rates are no longer as competitive. For this reason, refinancing your home loan using a personal loan could mean that you may have to switch to a loan that has more attractive rates, in so doing you will end up saving some extra money.
You will need to take time to consider whether 2018 is the year that you have to refinance your current home loan. You could make use of bank’s refinancing applications to help you find out.
Consolidate All Your Existing Bank Accounts
It is possible that you have over the years opened a number of bank accounts then later abandoning them. It is possible you will be leaving a little money on every account so that you wouldn’t need to pay fall-below charges.
However, 2018 could be the time for you to consider consolidating all your existing bank accounts. This means you will have to withdraw the cash from all your accounts that are no longer serving you. Thus closing these accounts along with depositing the cash in one of your accounts that you wish to continue using.
You will need to think about which account you need to be using. For the mass of the cash savings, it is an excellent idea for you to look for a high-interest savings account. These accounts need to be offering you rewards that are a little more for keeping your money in there.
When this isn’t the bank account you need to be withdrawing cash from (a number of high interest attracting savings accounts could reward you a lot more generously when you do not make withdrawals), you will want to consider maintaining a second bank account that will give you access to a good distribution of their ATM machines.
Saving more money may be in your 2018 resolutions, however, there are a few things to take into account to make this a reality. It is also advisable that you come up with resolutions that can easily be fulfilled. You could start by getting rid of credit cards that no longer serve your interest.
Also, take time to shop around for suitable cards befitting your current spending. You may also need to consider whether your home loan needs refinancing which may end up saving you more money. Above all ensure that you have insurance that serves you where you are in life.