How to Afford All The Things You Want

By all the thing you want, we mean all the basic things that everyone would want at one point of their lives, which is to have a car, have a house, an education, etc. But all of this costs a lot of money, and you need to prepare a plan to be able to afford these things. Here are a few tips on how you can get all the things that you probably want to own in life.

Start saving up

It’s never too early to save up. We recommend you to start saving at least 20% of your first fixed income for a bank deposit. Bank deposits usually have a minimum first payment that is quite large, so you can save up for that first. When you finally have a bank deposit with interest, you can add into it every month with the same amount. If you start doing this in your mid-20s, then chances are you could already have enough money to buy a small house or a medium-sized apartment (that you own, not rent!) by the time you’re 30 years old. And you’d be surprised by how young that is, as most 30-year-olds around the world are either still paying up their house credits or still living with their folks.

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Get insurance

Insurance will not only provide you with the protection you need, but it will also cover a lot of costs. Education is one example. Education insurance can provide you and your family with a full tuition’s pay from elementary school up through university. Even if you have graduated and got your Bachelor’s degree, having education insurance can enable you to have enough money to do a Master’s degree. If you start a family education insurance, you won’t have to worry about not being able to afford your kids’ tuition fee when they go to university. Some insurances even offer to cover allowances for your kids until they graduate university.

Get a loan

This is more like a last resort option. If you haven’t got enough time to save money or to get insurance, or even to invest, then the only thing you can do is get a loan. You can get a bank loan and pay in credit, with interest. This means that you pay back a certain percentage to the bank every month, and with interest, you would have to pay a little more. Another option is to reach out to the Money Lender Singapore which will provide you with a simpler and less costly alternative to getting a loan.

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