A Mind of My Own

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Not everyone has credit cards. While it may not be good not to have, credit cards do help us during certain time such as paying for expensive weddings (you get more KrisFlyer Miles this way and still get that honeymoon you want) or treating every colleague because you are promoted or leaving. That is why some people have credit cards, to help them earn some cash too.

There are ways to save some cash on credit cards too. Consider the transfer interest rate and annual fees. Taking note of the upfront fees when withdrawing the money from the ATM is important as you don’t want to spend more than what you have planned.

You can also request for a lower rate by calling the banks with a little research before asking for a lower rate. You don’t want to jump into the water without knowing that there are piranhas, do you? Read here for a little more detail on interest rates when you don’t pay the bills in full.

Finally, before you apply for any credit card, check and compare credit cards.

Ventis and Wises 2000 study, “Choice, Chance and Wealth Dispersion at Retirement,” found that people in the lowest income groups were able to save more than some of their middle-income peers — by about $100,000. This is because they spend less than they are able to earn.

Professor Tahira Hira has 25 years of studying how and why people spend money, including why some end up in financial trouble such as credit card debts, loans and others. Thus, MSN Money Central has come up with the following 7 ways to help with saving money.

1. Hold a garage sale.

Anything that is in your storage for more than 6 months and not being used, sell. This is because if you are not using it for 6 months, you won’t be using it anything soon either.

2. Quit smoking.

With the expensive packs being sold, what do you think?

3. Drive less.

Rising petrol, global warming, maintenance, etc. Enough said. Except there’s no way you can control how much to spend on the public transport.

4. Buy used.

This means buying 2nd hand goods such as clothes. That’s for people who don’t mind, IMO. If you want a list of thrift shops in Singapore, I can think of YWCA and other thrift shops can be found in the NEA list here.

5. Cut housing expenses.

I don’t know if that’s true here as the rentals are more expensive than owning your own flat.

6. Don’t use credit cards.

True in a way since you look at the amount deduction immediately.

7. Become a homebody.

This means eat out less, make full use of the library for books, movies and music.

I hope this will help you save more money this way too.