Singapore is one of the world’s most expensive cities. Salaries in Singapore tend to be high to reflect this fact. But with soaring inflation rates and the state of the world today, it can be very easy to fall prey to financial stress even when you’re earning a lot. Just a quick trip to the posh supermarket next door can offer a reality check about the rising inflation. Gas prices have never been higher either. But all isn’t lost! Singapore has excellent public transport that offers fabulous value for money. It also has some of the best healthcare in the world! Keeping this in mind is one way to ward off financial stress. Here are nine additional tips to help you cope better with financial worry.
Find the Right Mortgage
Property in Singapore can have sky-high prices. Finding the right kind of home loan can help offset some of these costs. For your mortgage, you should opt for a reputed organization such as Property Guru, the portal that helps you find your dream home and helps arrange the finance for it. The organization not only employs a staff of highly experienced mortgage experts that can offer you the right advice, but they also offer extremely competitive mortgage rates. Finding the solution to all your property buying needs under one umbrella is just a nice, stress-busting bonus.
Try to Tackle One Challenge at a Time
It can be tempting to go guns blazing at all your financial worries as an expat. But this can deplete your energy and quickly make you feel overwhelmed and stressed out. It is much better in the long run to take up one financial challenge at a time.
Create a Budget
A budget can save you from overspending. A budget forces you to prioritize, and makes you look at the big picture. It can tell you where you can cut down and where you need to possibly put in more. A budget can also relieve some of your stress because every month, you know exactly how much you can spend and how much you need to save. You can, as an example, set a limit on the number of times you’ll eat out at Singapore’s famous but expensive dining scene.
Find a Sustainable Way to Earn More
Sustainable because there’s no point in running yourself into the ground. Find ways of earning more money, but not at the cost of your health. Instead of trying to find side-gigs that eat into your personal leisure time, it might be a good idea to look for better-paying jobs.
Pay Important Bills First
In Singapore, you can accumulate bills really quickly if you don’t consciously watch yourself. If you’re facing a mountain of bills, make a list of the most important bills or debts you need to settle first. Pay for other stuff after that, if legally allowed. If there’s an essential bill you need to pay at a lower amount, pay off that one first. Paying off even one bill can boost your motivation to pay off the others and reduce some of your stress.
Set Up Automatic Saving
Set up your bank account to send some money directly into a separate savings account as soon as you get paid. This number doesn’t have to be very big. Putting aside a little every week can add up fairly quickly. You might even find yourself increasing this amount when you see your little nest egg growing!
Create an Emergency Fund
Nothing is better for your peace of mind in a city like Singapore than just knowing that you’ve set aside money for a rainy day. But remember that your emergency fund won’t get built in a day. Keep putting aside a little every week and eventually, you’ll have a sound enough emergency fund so that you can live on it for at least six months without a job if you have to. One stress-free way of quickly growing your emergency fund is to put any bonuses or gift money into it as soon as you receive it.
Look into High-Yield Investment Plans
If you want faster financial growth, it might be a good idea to set aside a small amount in high-yielding plans. Take care you don’t push all your money into it. Start with a small amount to keep your stress low, as high-yielding investments can also sometimes be high-risk. For this reason, keep an eye on this pot at all times and keep your investment on the conservative side until you feel comfortable enough to increase it. High-yield plans also typically work out better in the long term than in the short term.
Opt for Financial Advice
You don’t have to go at it alone. Singapore is a financial hub with a number of excellent personal finance consultants. Speak with a financial consultant for ideas and solutions to your needs. There are also a huge number of online forums and websites these days that offer free advice. Get proactive and do your research into how best to tackle your particular financial worry.
Planning for a variety of possible monetary situations and focusing consistently on your financial goals will help you get a sense of control over your financial future. With the tips mentioned above, you can vastly reduce your financial stress in Singapore.
Find more finance tips, like dealing with financial stress, in our archives.
Meg is an author at Cinnamon Hollow. She writes on a variety of topics sharing tips and ideas for daily life.