4 Common Financial Emergencies in Life and How to Handle Them

You might be working hard for achieving your financial goals. However, emergencies don’t seek appointments before they throw your planned schedules out of gear. Most importantly, financial emergencies can cause serious distress, unless they are planned remarkably well. You always need to have quick cash sources, such as, a trusted licensed moneylender at hand. Here are four of the most common financial emergencies and how you should deal with them.

1. Job loss

A job loss can often happen all of a sudden. It could be due to market conditions, the overall performance of your company, any change in company policies and so on. Most of these conditions have nothing to do with you. However, it is you who would be forced to face the consequences. When you lose your job all of a sudden, the first thing to do is to find an alternate source of income. Make sure you have a contingency fund at hand. Liquid investment instruments like SIPs, mutual funds and fixed deposits also help.

2. Health emergency

This could be due to a sudden illness or an accident that requires hospitalization. The best solution is to have a comprehensive health insurance policy. Make sure you have studied the terms and conditions before buying. In addition, consider investing in a contingency health fund. If you do not have the necessary amount, you may also consider applying for a personal loan from a licensed money lender.

3. Death of the bread winner

Sudden demise of the bread winner can spell disaster for a family especially if there are multiple dependants including kids and senior citizens. Depending upon the family size, the earning member should opt for enough term insurance for replacing his entire income.

4. Natural calamities

Natural calamities are unforeseen but can wreak havoc on your life. The best way to prepare for the same is to get an insurance cover for your tangible property, be it home, valuables like jewelry, vehicles and so on. Having health and life insurance is also equally important.

Emergencies are unpredictable. However, advance preparations can certainly help tide through them easily.

from Financial Directory Singapore https://www.financialdirectorysg.com/2017/12/22/4-common-financial-emergencies-in-life-and-how-to-handle-them/


3 More Money Tips for Expats in Singapore

Settling down in a foreign country may be unnerving on many counts. You will have a new culture to adjust to, new climate, new language, and the list goes on and on. However, the most important aspect of settling in a foreign country as an expatriate will be the money management part.

You will need to put your finances in order and engage tools for ready help. You will also need to be aware of the local norms with regard to investments and taxes so as to be able to forecast spending. If any sudden financial requirement arises, you can apply for a foreigner loan to a registered money lender in Singapore. Here are some more tips.

1. Choose your bank wisely

Open an account with a local bank that offers plenty of ATM options. If you wish to have an expatriate account so that deposits can be made from your home country, many of these local banks will offer that facility. You can even choose an international bank, especially if you have an account with the same bank, back home. In such cases, you may even enjoy a fee less fund transfer facility with them. Research your options well before you choose.

2. Make practical choices when it comes to place of stay

When seeking a roof above your head, getting swayed by high end homes in the outskirts of the city is easy. However, spending uselessly on cab fares everyday is hardly advisable. Considering staying close to The Orchard Road or the Central Business District where most of the workplaces are, so that you can walk to work and save on commuting charges.

3. Local food is a great alternative to expensive restaurant meals

Local foods at roadside stalls in Singapore offer a great option to save money. If you are concerned about hygiene levels, check the grading where A is the best and D the worse.

Make sure you have enough money in the bank, for that added sense of security. And approach a registered money lender for additional funding, if you need to.

from Financial Directory Singapore https://www.financialdirectorysg.com/2017/12/08/3-more-money-tips-for-expats-in-singapore/

Top Reasons to Take up a Personal Loan

Personal loans can be truly handy tools when managed well. You should know when to consider such a loan and where to borrow from. In Singapore, licensed money lenders are by far the best source to offer a quick cash advance. When should you consider one such loan? Here are some typical situations where these advances can truly be of help.

Dealing with an emergency medical expense

An unforeseen medical expense can wreak havoc on your family budget. Keeping them unpaid for long is not an option at all. In fact, a personal loan can actually help you tide through the immediate crisis, without hampering your credit score. Unpaid bills are sent to the collections department which then has an adverse impact on your credit ratings. It is better to manage them with a quick loan, instead.

Consolidation of credit card debt

Unmanaged credit card debts can ruin your mental peace. If you have debts on multiple cards, managing them is nothing short of Herculean. Besides, the rate of interest charged by credit cards is too high. One of the best things to do is to foreclose the consolidated credit card outstanding amount with the help of a personal loan. That way, you will have only one loan to deal with and the rate of interest will be manageable too.

Launching a side business

A personal loan taken up from a licensed money lender can help you start a business. Raising funds for your startup could be time consuming, if at all possible. Here, a personal loan can help you kick off the proceedings fast. If you are planning to start a side business while you are still working, a personal loan could be the best option for you, because you can pay it back from your salary.

Personal loans also offer a quick and easy financial solution to home remodeling, wedding ceremony, and vacations.

from Financial Directory Singapore https://www.financialdirectorysg.com/2017/12/06/top-reasons-to-take-up-a-personal-loan/