Tuesday, January 29, 2013

Make Some Smart Financial Moves

Many people are not proactive about their financial life. If they have a steady job or business, they just let things be. What happens is that procrastination sets in and their financial life gets really stagnated. Here are some smart moves that you can make to spruce up and maintain your finances:

1. Do you have an old personal loan Singapore account and some outstanding credit card debt? Well, interest rates are really low these days (December 2011) and it does make sense to refinance your old high-interest loans with a new consolidated or low-interest personal loan in Singapore. A one-percentage saving in the APR can save you 1000s of dollars over the long term.

2. Obtain your credit report from all the major credit bureaus and review your credit history. Do this once every year. Check the reports for accuracy and get errors and omissions fixed. It takes less than an hour to check your credit report and send out rectification emails. There can be date and amount mistakes made in your credit card or personal loan Singapore accounts.

3. Check your old tax returns and find out all the tax credits, deductions and advantages that you are eligible for. Perform this exercise in November every year so that you can obtain all documents and do other necessary acts that are required, in time.

4. Start scrutinizing all your financial documents that you have dumped around at home or office. Pick up your check book stubs one week, personal loan Singapore statements the next, then credit card statements, and so on. This will help you clear out all the mess and help you get a firmer grip on your finances.

5. How are your savings plans and investment acccounts doing? Check all your investment statements including provident fund statements and ensure that everything is in order and up-to-date.

6. Do you have a retirement savings account? If yes, are you required to make a contribution by a specified date? If so, ensure that you tag the date in your calendar. Missing these dates can lose you a tax deduction.

7. Are you going out on a vacation? If yes, prepay your installments if these are not on direct debit. Pay special attention to your personal loan in Singapore and credit card accounts.

8. Do you review your personal budget? Every month? If you do not, now is the time to get into the habit. Reviewing your budget regularly will help you keep a tight leash on your finances. It will also help you keep away from overspending.

9. Finally, keep changing passwords of important financial accounts. The Internet is swarming with Trojans and viruses that can gatecrash through very strong firewalls. So, keep changing your bank account, personal loan Singapore account, home loan, and investment account passwords periodically.

Well, these are a few smart moves you must make to control your financial life. It is important to control your financial life because the world economy is jittery today and it is best to provide for the worst and keep doing your best.

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