Financial obligations are one of the most common reasons for anxiety among Singaporeans. This is true regardless of race, religion, age, or even socioeconomic status. It seems that our needs expand even as our income does.
It does not have to be that way. Here are some simple ways that you can take control of your finances and keep that stress at bay.
Use a personal loan
If you are shocked, don’t be. A loan may seem like an additional financial burden but it can be a good friend if handled intelligently. The first thing to do is find the best personal loan in Singapore which lenders offer.
Here are some tips to help you find a product that suits you the best:
- Compare loan interest rates – The size of a moneylending business does not determine its interest rates. Compare all lenders to find the lowest rate.
- Compare fees and charges – Fees and charges can add up to more than the interest on a loan. Read the fine print to avoid surprises.
- Look for repayment flexibility – Flexibility helps to minimise fees and charges.
- Find an EMI you can afford – A reasonable EMI lets you repay the loan quickly without overwhelming your budget.
- Examine other loan possibilities – An informal loan from friends or family, selling off unwanted items, and a second job may be better options.
Galaxy Credit offers a range of personal loans, all moulded to your exact needs and limitations. We rarely reject an application from any applicant. Our personal loans can give you the breathing space you need to alleviate your stress. You can even use a personal loan to start a business and turn debt into profit.
A word of caution, though. Don’t ever take a personal loan from unlicensed money lenders in Singapore. They may offer you attractive terms at the start but often become aggressive as time goes on.
Make your money work for you
Most of us have some money stashed away but only in our savings accounts. We fear moving it into a fixed deposit or investing in stocks or shares for a range of reasons but usually for fear of risk. In the meantime, the value of those savings depreciates due to inflation, only adding to our money woes.
The best option is to counter this is to invest intelligently. Instead of just working for money, make the money work for you. Research the most reliable companies in promising sectors. Look into cryptocurrencies and NFTs (non-fungible tokens).
There is a whole world of money waiting to be made out there. Educate yourself with how, and then go out and get it. If you have a really good business idea, why not find the best personal loan in Singapore and get it off the ground?
Take care of your health
The old adage ‘health is wealth’ is absolutely true. Your physical health and mental health are closely intertwined.
When the body is healthy, the mind is free to pursue leisure and pleasure. When the mind is healthy, the body is more prepared to engage in healthy pursuits. Then, there is the real-world cost of bad health – doctor’s visits and prescriptions cost more every day.
Some unfortunate people discover that their entire savings are wiped out with just a single illness. Factors such as smoking and alcoholism do not just burn a hole in your pocket today but they may tear your entire pocket out within a few years. Take care of your health and it will take care of that pocket.
Appreciate what you have
Think about the financial anxieties that you have. Would they have been alleviated if you had spent your money more wisely in the past? A lot of our stress about money comes from the ‘keeping up with the Joneses’ mentality where we want the newest, shiniest thing someone else has.
Look around your home and appreciate all the things that you already have that so many people would love to own. How many of them do you still use or still enjoy? How quickly did the euphoria wear off after you brought home that huge flat-screen TV or expensive mobile phone?
You will find that a lot of the financial anxiety you have will just evaporate when you abandon the obsession with consumerism.
Dealing with financial anxiety today
The four points above focus more on the long term. You can address your anxiety today, too. Here are four simple things you can do every day:
- Take a time-out – Sometimes, all you need is some fresh air and the open sky
- Avoid negative thoughts – The worst is unlikely to happen so don’t dwell on it
- Talk – It does not have to be about money; just engage with others for new perspectives and ideas
- Ask for help – Many people would jump at the chance to help a friend or loved one; speak to them honestly and they may offer without you asking
Galaxy Credit offers the best personal loan in Singapore that lenders can give. It may be the key to your financial wellbeing and a stress-free life. Talk to us today and see how we can help.