YenKid's Personal Finance Tips
1. Make sure you have an emergency fund at all times. Remember it is for emergencies only, no excuses.
2. Live below your means. It may be obvious but you cannot save yourself to wealth without a minimum standard of income. Income > Expenses
3. Do focus on cutting on unnecessary regular expenses. But don't scrimp. Do spend when it is necessary. There is nothing wrong with treating yourself once in a while.
4. Use credit cards only if you can pay off your balance in full every month.
In the event there is an interest-free period, make sure you always have the funds ready to pay it off anytime. This is a great way to build credit score.
5. Purchase well-made, reputable products that you use on a regular basis (e.g. shoes, mattress, desk chair). The key phrase here is value for money.
6. If you have a strong impulse to buy something expensive, leave it aside for a few days. Consider its purpose in your life, research it in detail and look at reviews. If it is still on your mind, then go ahead providing you have the means to pay for it in full.
7. If you need a car, avoid buying it brand new. Industry experts estimate that depreciation is roughly 20% to 30% in the first year. Instead buy it 2-3 years old.
8. Invest in reputable assets as early and as frequently as possible once you have built an emergency fund. Avoid speculation, do your own research, do not take anybody's else word for granted.
*The information on this page is my own opinion, for general informational purposes only and are not intended to provide specific advice or recommendations for any individual. It is purely intended to provide education about personal finance.
From reading this website we cannot assess anything about your personal circumstances, your finances, or your goals and objectives, all of which are unique to you, so any information contained on this website are just that – an opinion or information.
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COMING SOON
1. Part 1 - Saving, not Scrimping - ARTICLE COMING SOON
Impulse Buys
Easier than done
2. Part 2 - Value for Money - ARTICLE COMING SOON