Here Are 4 Tips That You Can Use To Increase Your Net Income
It is the dream of most Singaporeans to achieve a higher level of personal income. If you are a resident of Singapore, there will probably come a time when you will need to have more money. Rather than apply for unsecured loans, it will be more advisable to look for other ways of boosting your income levels.
The following are some personal finance tips that will help you to improve your income levels as well as acquire better financial control.
Get an extra source of income
In Singapore, there are numerous ways in which you can generate additional income. One common strategy is to engage in freelance jobs over the weekends or when you are not at work. Some of these freelance activities include photography, writing, tutoring or even blogging. These are all activities that you do in your free time to generate an additional income. Depending on the kind of business that you choose, you can multiply income quickly. For example, some bloggers are known to make substantial amounts of money.
Choose a suitable credit card
Even though credit cards are known to have a very high APR variable, they also have some benefits. Having a massive amount of credit card debt should be avoided because of the high-interest rates. However, you can carefully choose a credit card that suits your needs, and which offers rewards that will help you to generate some passive income. For example, if you are a frequent flyer, then it will be advisable for you to choose a credit card that offers air miles. It will help you to save substantial amounts on your travel expenses, hence boosting your income. Alternatively, if you enjoy making large purchases from a particular vendor, then you could source for a credit card which offers rewards of cash backs with that specific vendor.
Build up your savings
It is a fast way of increasing your personal income. You can build up your savings by merely exercising financial discipline and eliminating items from your monthly expense list that are unnecessary. The extra amount of cash that you manage to accumulate every month can then be channelled directly towards your savings. As you build up the amounts saved, you can choose to use some of the cash to make a personal investment in some profitable ventures to boost your personal income level. As a general guideline, you should aim to save at least 10% of your monthly income.
Consider debt consolidation
If you have several outstanding debts which carry different interest rates, then you should consider money lender Singapore debt consolidation plans. Despite the many benefits of loans, numerous challenges also come with having too many loans at the same time. It is generally more expensive to try and pay off credit facilities with different lending institutions. Debt consolidation will help you to get all your debts into one figure at a lower rate of interest. That will help you to make good savings on interest costs, and you will end up with extra cash.
Once you choose to implement the above tips, they will help you to get closer to your ultimate goal of attaining financial freedom.