Hi There,

Saving money is like having a sundae without the toppings! Buy and eat what is essential and not getting those extras that will make things heavenly. Is it really important to save? Not necessary if you are spending on investments wisely, who needs to save? Spending boosts economy hence you are doing your part for the country’s GDP!

However, if you are not able to protect your money, then better take the easier way for a safer net, SAVE!

http://business.asiaone.com/personal-finance/investments-and-savings/4-singaporean-habits-are-complete-waste-money20151024_wastemoney (1)

Increase of unsecured debts in Singapore

http://business.asiaone.com/personal-finance/news/85352-singapore-consumers-owe-2884-million-unsecured-debt20151005_owedebt

Is this necessary a bad thing?

Banks had been very aggressive lately giving out low interest rates personal loan. As low as 0.8% interest per annum with no processing fee is too enticing to reject. Normally, these personal loans are given at promotion for only 6 months and the interest rate will shoot back to the exorbitant rate of 24%. The bank game on making a profit for personnel that illy managed their money.

However, if you are a master to the money, this a profitable for you FOR FREE!

CIMB offered a 1.6% return per annum fix deposit for minimum 9 months. If you had taken the money from one bank and cash deposit into CIMB FD, would you have gain the extra 0.8% for doing a little only? If your have a credit limit of S$48,000 based on 4x income rate, you would have earn extra $288 just for doing nothing over that 9 months. It is a free trip to Bali.

However, this game is only for the discipline. It is hard to resist not to spend seeing $48,000 liquid cash.

Nevertheless, this is how the rich play the safe game at a bigger denomination!