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People choose to live in frugality as a way to keep more of their hard-earned cash in their pocket. Well, there’s no wrong in saving to secure your future finances. But don’t be extremely frugal to the extent you’re being labelled as cheap by your friends. Being overly frugal can do more harm to your wallet than it actually helps. Here are a few ways of being too frugal can end up costing you more in the long run.  Getting the cheapest insurance Buying an insurance policy can be seen as a waste of money to some people since they[…]

When you purchase something on the spur of the moment, that’s impulse buying. The moment you decide to buy a jumpsuit after passing a store that shows great discounts, know that you are making an impulse purchase. It is not easy to avoid impulse buying. Impulse buying doesn’t have to be about expensive shiny items. It can be as small as grabbing a chocolate bar that wasn’t on your grocery list. You’re making impulse purchases whenever you suddenly decide to buy things without a plan to do so. Impulse urge is almost subconscious and can be very dangerous. Have you[…]

It is possible to not have a credit history especially if you’re still young. However, it is not a good situation to be in. Having no credit history at all may be hard for you to get your loan approved in the future. Banks have little to no reason to trust you with their money since you just starting off the working world. When it’s time to buy a car or own a house, having a healthy credit history is crucial. A credit score shows how good you are in managing money and highly reliable in almost all financial transactions.[…]

For many of us, employment is our main source of income. However, there are also significant costs that come with it. Being employed comes with a cost and expense that you’d not necessarily have if you’re a freelancer or if you’re working remotely. Let’s take a look at what an employee typically spends to be employed. As the saying goes, “it takes money, to make money”. Daily meals Food is the basic necessity of life. So, of course, it would cost you. The cost of buying breakfast, lunch and dinner every day can easily add up and cost you a[…]

When it comes to financial planning, there’s no such thing as too late or too early as everyone at their age could start planning their finances. The way to manage it might not be the same for everyone, as not all of us are at the same financial stage in life. Let’s take a look at how you can plan your finances at different life stages. The 20s (Building Foundation) Investing at a young age is not as easy as you are just starting to build your life and career. But remember, even though it is not easy, that is[…]

We encounter countless risks throughout our lifetime. Although risks can be intimidating, there are ways to manage and deal with them accordingly. Investment, like everything else, involves a certain degree of risk. You are exposed to different forms of risk when you invest. Even not investing at all has its own risk. An investor should be able to tolerate some amount of risk to build wealth. The risk of investment refers to the potential for losses instead of projected return on investment. The expected profit is never guaranteed when it comes to investment. That’s why having an understanding of the[…]

Experiencing setbacks is part and parcel of life and it’s no different when it comes to our finances. Be it a major financial setback like a layoff or a minor setback like an unexpected car repair, both can hit us emotionally and psychologically if you’re not financially well-prepared. If you find yourself dealing with any financial setback, consider following these steps below to get you back on track.  Assess your current situation Having an emergency fund worth at least 6 months of your expenses will be a big help during this dire time. But what if your savings is not[…]

They said that building wealth is pretty straightforward. You just have to earn more, save more or invest more. But if growing wealth is that simple, why are many of us still living from paycheck to paycheck? If you notice that in every movie, there will always be that one antagonist who tries to mess everything up. In our world of finance, there are several common enemies that are eating up a chunk of our wealth much faster than we can imagine. These enemies will stop your money from growing even after all the hard work. Here are the 6[…]

Making mistakes is part and parcel of life. But a mistake associated with purchasing insurance is a mistake we cannot afford. Purchasing the wrong insurance policy with insufficient coverage or even overlapping coverage can hurt us financially in the long run. It will cost us precious time and money when it can be avoided altogether. Below is the list of common mistakes you could make when buying insurance. Let’s check them out. Not making any comparison Most of the time, people will avoid making comparisons for the insurance coverage that they’re going to purchase. It’s such a hassle they said. The[…]

Find yourself emptying the coins from your pockets or rummaging through the coin box in your car for spare cash every other month? You may be living beyond your means when you constantly find yourself stressed out over money. It’s barely halfway through the month but you’re already stocking your kitchen with instant noodles. Sometimes overspending may also be a sign of underlying emotional stress which causes people to comfort themselves through ‘retail therapy’. Our lifestyle choices dictate our spending habits. The way you choose to spend that extra dollar bill in your wallet is a choice. It would not[…]

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