What are some of the bad habits that people have in managing their finances? - Seedly
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Anonymous

Asked on 16 Nov 2018

What are some of the bad habits that people have in managing their finances?

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Yang Teng
Yang Teng
Top Contributor

Top Contributor (Aug)

Level 9. God of Wisdom
Updated on 16 Nov 2018

Spending more money to save money. Buying things in bulk when you don’t really need it but because they are cheap. Afterwards will throw them away cuz past expiry date.

Not having a plan. Without a plan, you’re planning to fail.

Not including some debts(credit/home/etc) into their own financial statement as they are too embarrassed/self conscious about it.

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Yong Loong Hin
Yong Loong Hin
Level 3. Wonderkid
Answered on 21 Nov 2018

I know someone who travelled all the way from Jurong to Eunos to buy 50 Otaks for a BBQ gathering because the unit price was cheaper (not sure how much cheaper). Then have to throw many of the otak away because can't finish them at the end of BBQ.

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Yong Kah Hwee
Yong Kah Hwee
Level 8. Wizard
Answered on 17 Nov 2018

Thinking buying something extra (such as drinks/upsizing meals) is just a few cents extra. it adds up

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Gabriel
Gabriel
Level 8. Wizard
Answered on 16 Nov 2018

Failing to do budgeting and end up overspending especially if they have/use a credit card.

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Thinking mobile plan is cheaper than sim only + buying phone elsewhere.

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Nicholes Wong
Nicholes Wong

17 Nov 2018

No corporate individual and no rewards only student plan.
Loh Tat Tian
Loh Tat Tian

17 Nov 2018

As a family, there are post paid plans with 30% discount and also, yearly upgrade (fee waiver). Could sign and sell the phone instead. These are some hacks which can beat Sim only plans. Of course, do your due diligence
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Being enticed into purchases by these wordings...

OFFER!!

DISCOUNT!!

FIRE SALES!!

TODAY ONLY!!/LIMITED TIME!!!

ADD ONLY $XX/$0.XX FOR XXX!!!

BEST VALUE!!!

NEVER-AGAIN SALES!!

YOU WILL NOT REGRET!!! (Actually you will lol)

Instead, hold your cash back and return a week later if you really need to buy.

(1) IF you need to, you'd buy regardless because you can't wait.

(2) IF you can wait, you can wait for the next sales.

(3) IF the next sales doesn't happen; (1) will happen. IF (1) doesn't happen, it means (2) can happen. Repeat the process and you'd notice you actually don't need it at all = save money (hooray!)

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Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 9. God of Wisdom
Answered on 18 Nov 2018

Can boil down to FOMO for me, say coupons are expiring and they are enticing me to apply it before a certain date. They even extend the deadline for the coupon. Book depository has been doing this to me and a major part of my library is all thanks to this..

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Elsa Goh
Elsa Goh
Level 6. Master
Updated on 07 Jun 2019
  1. Spending to save.

  2. Buying endowment plans / topping up srs / topping up cpf / any other similar forced savings when it would have done better in a multiplier bank account or when you are unsure if you will ever see that money when you really need it.

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Yang Teng
Yang Teng

21 Nov 2018

Hmm...I agree endowment plans aren't really helping (esp where ROI is lesser than expected and principal not guaranteed) but I do think topping up CPF helps! You get tax relief (1) and accrue higher interest rates normally one wouldn't be able to get (2)
Elsa Goh
Elsa Goh

23 Nov 2018

Personal opinion bah. The way they keep locking up the money scares me.
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