After the Worldwide Cost of Living survey that was held by the Economist Intelligence Unit (EIU), it was revealed that Singapore still protects its spot on being one of the most expensive countries to live in.
It is not enough that you save money. Living expenses get higher and higher in Singapore and the amount of money you need increases, too. How would you know if you are financially stable as you live in Singapore?
You can buy or spend on unimportant things without the guilt feeling.
People need to spend within their means to keep a healthy financial status. If you can still afford to buy other things aside from groceries and other stuff, as well as go on dining out and holiday trips and feel not guilty, then you probably can consider yourself as financially stable.
If you have that certain bucket list that you wanted to tick the items off, and you can do it without thinking about the monetary considerations in the first place, you are living financially free.
You don’t feel burdened by monetary obligations.
You are living financially free if you do not have unpaid credit card balances since you can pay on time. For household mortgages and car loans, you can pay these on the dot. You either have small overall debt or no debt at all.
You can attend to unexpected expenses anytime.
Some expenses can be predicted and estimated while there are also those that are regarded as unforeseen ones. Should you get bombarded by unexpected expenses like an urgent home or car repair, and medical hospitalization, you can get by these expenses in no time. Hence, you are regarded as living financially free.
You can spend more time with your family.
If you can spend time with your family and be with them during special occasions, you are living financially free. It is a clear sign that you are doing well with your life since you do not need to work on multiple jobs wherein you sacrifice your time with your loved ones and for yourself as well.
You can provide for others, too.
Your income is not enough for you to survive on a daily basis. You can even share your money with your loved ones and take some roles or responsibilities to be able to help them financially.
You are not worried about the concept of retirement.
Even if you do the math instantly, you can be able to tell yourself that you can retire without worries. You can live comfortably for several years without worrying about inflation and other factors.
Conclusion
You work because you wanted to have the means to provide for your needs as well as the needs of your family. Knowing that you are financially stable gives you the confidence and the peace of mind about the future.
If you are looking for a licensed moneylender in Singapore, get in touch with us! When you are looking for a moneylender, be sure to check that they are licensed under Ministry of Law. To check if they are, you can always check out Ministry of Law’s website here.
If you are uncertain about anything, always seek for assistance. You can call us at +65 6871 4268 to find out more about licensed moneylenders before approaching them. It is easy to mistaken an unlicensed moneylender as a licensed. This is because unlicensed moneylenders often claims to be licensed and often offer loans without coming down to the office.
Be wary of people who approach you because they are without a doubt loansharks. Legal moneylenders are not allowed to solicit for loans. In addition, legal money lenders can only call you if you have an existing loan with them. After your loan has been cleared, they are not allowed to approach you again. Yes, the government are very strict with licensed moneylenders.
To find out how much you can borrow according to the law, Ministry of Law has listed all the basic information on their site.
