How To Better Manage Your Finances & Settle Existing Loans

When it comes to financial management, you have to consider a lot of things – how much money you have to spend, how much you are making, how much you can keep for yourself, how much you can spend on your wants, and so much more.

It takes a lot more consideration especially when you have existing debt or credit that you are trying to settle because these go on top of your other expenses such as food and transportation. However, it is possible to manage these expenses by handling your finances more effectively; as such saving more and settling your dues when they come.

Read on for seven tips on how to execute better finances management.

1. Know how much money you are making

First and foremost, you have to be aware of the money that is being deposited into your bank account on a bi-weekly or monthly basis. You have to evaluate whether or not the money that you are making is enough to sustain your needs and wants, and at the same time still leave you with some room for savings or a big investment.

2. List down all the things you have to pay on a regular basis

Financial responsibilities are important aspects of being an adult, and the key to effectively attend to them is by listing all of them down.

Whether you prefer writing on a physical paper or typing on a spreadsheet, be sure to include important information such as what they are for, how much they’re worth, and when they are due. This will provide you with a visual representation of your financial responsibilities and will help you be more organised with regards to settling them.

3. Evaluate how much money you are left with

Ideally, you should be left with a certain amount after you have attended to your financial dues. The remaining money is best added to your savings, this will ensure you have sufficient funds for future or emergency needs.

Just portion how much you should save up and how much you should use for your day-to-day expenses, and try to stick to that every month.

4. See if there are any regular expenses that you can cut down

Sometimes, the money you make is just enough to settle your dues, leaving little to no room for savings.

This is normal in the beginning stages of adulthood, but if this is a frequent occurrence, go back to your list of expenses and see if there are some things that you can completely omit or use less of. Just remember the lesser your dues are, the more you get to save up.

5. Strategise a way to earn more money

If you find that all of your expenses are important, come up with an alternative way to earn more money alongside your current source of income.

Perhaps, you can consider decluttering your closet and sell some things that you no longer use, or start an online business. Just be sure that you won’t compromise your full-time job while doing moonlighting, ensure your regular employment is still the main thing that keeps food on the table.

6. Master self-control and stop impulsive spending

By spending your money on things that you might not need at all, you may get into a financial pickle. As such, if you think you may go overboard on your spending, try your best to control yourself be rational in your thinking.

One trick that you can use when you’re debating whether or not you should buy something is to try and double its price tag and see if you can still afford it – if yes, you can safely purchase it. If not, put it back on the shelf – this will help you make sure that you won’t shell out more than 50% of the money that you have.

7. If you have any, settle your loan when they are due

When necessary, applying for a loan from a legal money lender is crucial for getting extra funds. The fault only comes when you fail to stick to the repayment plan that you agreed upon – that’s why it’s important that you pay your dues diligently.

But when you have multiple loans piling on top of the other, their due dates can get jumbled up which increases the likelihood of you missing a few due dates. If this goes on, the interest charges will snowball in effect which means you get to save up less. Hence, before getting a suitable loan from any one of the reliable money lenders in Singapore, to  help you make sure that your loans are settled accordingly – try organising them on your calendar so that you will be reminded if they are coming up soon.


With the right tips on hand, you’re able to get a better hold over your finances and settle your loans smoothly. As such, paves the way to having better finance management over time.