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    While the reasons might vary accordingly to individuals, the truth is, Singaporeans seem to have an inclination to debt and lavishness lifestyle. Most of us are spending all we earn and some, charging what we can’t afford on the credit cards and borrowing much more than what we need on automobiles, home appliances and others.

    Ranked #1 as the high cost of living in the world, most of the households are living pay-check to pay-check. As the economic in nature stays low, stagnant wages in which have caused it much more challenging to save up. Unfortunately, not every one who has a job that pays enough to cover their bills and struggling to make ends meet.

    Regardless, part of the Singaporean struggle – at least for some – can be tracked to the poor financial habits. Some people choose to seek licensed moneylender in Singapore for personal loan or payday loan to pay off their credit card debt as they are struggling every month to pay off in time. Besides those who are drowning in medical debts or laid off from their jobs, there are numerous out there who overspend and do not have a clear grasp on what they can really afford.

    5 Money Saving Tips to Stop Overspending

    If you fall under these categories – living paycheck to paycheck despite earning an acceptable income or spending excessively, it is time for a wakeup call. It is time to question yourself on how to change bad spending habits and how to start living lesser when you are already struggling to get by till payday? The harsh reality is, putting a halt to overspending isn’t a piece of cake. In order to overcome this bad habit, why not try replacing it when good ones – or well at least try to prevent it from happening. So, so will be the best way to get started?

    #1 Nip all problematic areas in the bud

    The main culprit of overspending is convenience. Credit cards are so easy and convenient to use. After all, most people have this unhealthy mind set – Use first, worry later In order to counter this problem, one of the solutions you can do is to nip problematic area like this in the bud. Figure out what exactly is your problem and find methods to limit yourself from piling up more debt.

    #2 Set up two bank accounts for savings and expenses

    If there is a need, you can always set up two separate accounts so that you will be able to monitor your savings and also at the same time, keeping your monthly expenses within the budget. It is a win-win situation. Curbing your overspending bad habit is good and adopting savings habit is even better! In times of emergency, you will not need to fret over the monetary matters. However, if you ever need to get personal loan, you can always approached Licensed moneylender Singapore as they have fast approval as compared to banks whenever in need of money.

    #3 Strictly all Cash-only diet

    Not every one has self-discipline to keep track of their expenses and their credit card balances. Switching to cash payment only for everything is one of the ways to avoid racking up additional debt that you already have. You can start by controlling your spending by pre-funding certain categories that you have previously overspent in with cash instead. These categories can possibly be groceries, entertainment and etc. So from there, you have to learn how to stretch your dollar and survive with that amount until the end of each month. If you realise that you may not have enough for the month, most likely you have overspent. Not only this finance saving strategy will help you to think twice before making any purchase, it also make one to stick to their monthly pre-funded budget. We understand that it can be a lot harder to overspend cash than credit debit. Hence, every one ought to adopt the cash-only regime.

    #4 Monitor your spending

    To get real with your spending, you need to track every single purchase you make. As such, it will be almost impossible to hide from financial decisions and stop living in self-denial. There are plenty of ways and apps that you can use to track your monthly spending. As we all understand that keeping track of your money and managing your budget can be a painstaking task. Seedly is one of the most well liked budgeting apps. It enables consumers to sync their credit cards and banking transactions from local banks as well as foreign banks. This app will automatically organise your spending into various categories such as transportation, household, dining, etc.

    #5 Source for cheaper alternative as replacement

    It is unnecessary to cut off everything in your life just to get your spending back on track. If you are a beer lover, instead of drinking at bars, how about buying some drinks from supermarket and drink at home? If you are a food lover, instead of going to restaurants, how about whipping up at home? If you are a shopaholic, instead of going after branded goods, how about considering budget online shops such as Who knows you might be in for a treat. This platform offers affordable goods that range from apparels, beauty products to even household products. No matter your indulgence, you can always explore cheaper alternative if you are hardworking and willing to give it a shot. Although this may not be bulletproof, it will make significant difference in your monthly saving exercise.

    Start managing your money

    The road to success often starts with setting up a budget and keeping your finance on the right track. A fundamental principle of good financial management is to make a budget and track expenses against it. Once you discover the truth about where your money is going, I’m sure you are able to curb all these excessive spending habits. Keep in mind, tracking expenses is just one piece of the puzzle. At the end of the day, you are what that matter. Start putting effort and monitor your spending so that the future you will be grateful for what you have done.