It’s that time of the year again. The time of year when you ponder over the past year’s milestones and mistakes, and set yourself a new set of goals. You want to tick things off on your list. You are invigorated and energised to start the year on a positive note. You want your fitness and finance in top shape; the latter a crucial goal for Singaporeans. It’s a good call.
Second, add a buffer for unforeseen situations. This is your mini-emergency budget for times when your computer breaks down, child falls ill, or need a replacement phone urgently. Story continuesCount this date as a handy exercise on building a healthy financial life and empowering each other with information in case of a mishap when insurance policies need to be activated or investment liquidated. You’ll thank yourselves for life.
For instance, let’s assume you carry $10,000 in credit card debt at an interest rate of 28% and plan to pay $1,000 a month until the debt is paid off. You will take approximately 11.5 months to repay, and would have paid a total of $11,519.62. This means you are paying $1,518.62 in interest charges alone.
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