facebookHelp. I have about $11k debt. - Seedly


Edited 23 May 2023


Help. I have about $11k debt.

<Disclaimer - I did not share this with my wife to avoid conflict and also I prefer to settle this on my own. Please mind my english and financial illiteracy.>

I am a 28 year old Singaporean male. Married and have a daughter. I fell into debt when I first borrowed money from a licensed moneylender which was $3k for a holiday trip.

The reason why I borrow is because I genuinely suck at saving money. Even now, I struggle to set aside money for savings. Reason is because I believe is my commitments.

So after borrowing $3k, I was told to pay $673 for a tenure of 6 months. I agreed. With that money, I settled flight and also expenditures. My wife settled accomadation.

After the holiday, I heard of bank personal loan and without hesitation I borrowed from POSB Cashline. Full amount - $9500. With that money I paid of the loan from the initial lender.

The remaining money was then put into emergency fund and a bit of savings. The repayment for the $9500 was stretched to 5 years and $211 per month. Up to date, I managed to keep up with the installment.

Much later into this year, I was introduced to a credit card called OCBC Cashflo Mastercard with ceiling of $3600 (I spent accumulative of $800 to date). The card will break payments into 3 & 6 months installment (0% interest) with minimum spending of $100.

I also borrowed $2k from the Easicredit account (similar to personal loan) due to recent festivity period as I needed a boost in my expenditure for preparation and such.

Fast forward to today, I have a total of $11k debt which I have to clear. Currently, I am still afloat, I am able to pay off these loans and the credit card bit by bit but I wish to clear them soon,

Here is my financial breakdown on a monthly basis -

Income: $2500 (Nett $2000)


Personal Insurance - $150 Daughter's Insurance - $124 Manulife Equity Investment - $150 Charity to Spouse - $100 min. (can be more) Singtel - $100 Utility Bill - $100 CPAP machine rental -$100

^^^ These adds up to $824

Excluding the loans and credit card as follows.

POSB loan repayment - $211.35

Easicredit - $1900 (Balance amount to be paid with min. $67 per month)

Credit card - est. $800 (Minimum payment as per transaction)

^^^ Amount for the loans is breakdown of per month. (Gross $11k)

From what I understand, my monthly liablilty will now be about $1500. Hence, I can only float around with $500.

I wish to seek opinions and advise for me to see things at a different perspective to better tackle this situation. Thank you!

Discussion (22)

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Deddy T

11 Jun 2023

Financial Consultant at Great Eastern Financial Advisors

Having clarity on what's going on in your financial (health) is priority.

  1. Know what u are spending on. Track your expenses.
  2. Note down all your income streams.

Then draw up 3 columns on a piece of paper or your computer: Income, Needs Spending, Wants Spending.

Categorise each of your expenses into the right spending columns.

Then include your income streams under the Income column.

This can help to give u a better overview on your input and output and whether they are sustainable and whether u shd do it.

Regarding your belief that the spending is too mch on your commitments, I suggest u look for professionals to go through together with u for more detailed go-through.

If u are open, can reach out to me and I can guide u to work this out together.

All the best for your financial journey!

Chin Guo Qiang

Edited 27 May 2023

Owner at Qiang Shu Shu

Firstly, draw up a plan for your monthly expenses, be it big or small and list down the items.

Next, categorize those items that you consider back and forth and it is a daily necessity and need, then split the items up.

3 pots of money to consider : Income Expenses Wants

Income : This part have to see if you can increase from the current takehome pay of $2,000 nett ($2,500 base pay), that will help definitely for first-cut point.

Expenses : Take note of the daily home essentials and necessities, swap with supermarket house brands alternatives if can. Can browse Qoo10 from time to time, they do tend have great deals (like Eversoft 6 x 600ml Shower foam @ $13.90 including delivery recently), which can help to save some pennies culmulatively.

Wants: Draft up a budget plan and save up (in traditional piggy bank method), and only buy the things you absolutely want or desire, once the targeted amount can be met proper.

Do let me know if you need my help on this topic, can share my budgeting worksheet (Excel template) with you, and share along the way :)

Improve cashflow by lower cost of living, maybe lessen the $100 into singtel and use the saving to rank the debts by interest rate % and see if can pay highest one earlier.

NEVER spend more than what you can afford.

I hope the holidays did bring you and your family much joy and happiness, creating fond memories.

Moving forward, I do not think one need to splurge to enjoy - check out free things to do in Singapore for quality family bonding!



Similarly, live within your own means. There is absolutely nothing wrong even if everyone else is driving a Ferrari and you still take MRT.

For your debts, if one day you feel that you cannot handle (either financially or mentally), go seek professional assistance: https://ccs.org.sg/debt-repayment-scheme/.

Or like what others say, just be open to your wife and work things out together as a family.

Just be honest with your wife and tell her that you are in debt and cannot afford to spend so much m...

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