Jun 09

How to Stay Financially Secure During a Crisis

While the Singapore economy, and by extension our community, is relatively more secure than that of most other countries, everyone should still take measures to make sure that they are financially covered should a crisis happen, including personal emergencies. One simple way to be secure is to avoid taking loans that are not really important, even if they do have tempting terms. One example of this situation is credit card “saving” options offered by big department stores, which promises that customers will be saving money when they buy items at the store, and hides the fact that such items are often unnecessary and would only count as additional expense for the buyer with little value return.

This is why people should always be mindful when taking loans, and always remember that loans should only be taken for important present issues and not just the promise of getting a bargain. It could also greatly help those in Singapore not to overspend or overestimate their salary. Everyone should have a realistic picture of how much they earn and how much they spend, and find a balance between the two where their basic needs are met without compromising their future financial security. Anyone who applies this are sure to have some resources to tide them over difficult times, should it happen, whenever that may be.

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