Asked by Anonymous
I'm ashamed to say that 3 weeks into the new year and I'm already overspending and not hitting the amount I'm supposed to save. How to I help myself achieve my financial goals better?
Save first before you spend, transfer the money you supposed to save to another account first straight away when u get ur pay or do monthly giro also can. Think of your goals and think hard about it. Make sure you want it so bad that you can do anything to reach the goals.
Put your money into an account that makes it difficult for u to withdraw cash or which penalises u if u withdraw.
Bank accounts: find those with few atms, eg cimb i think only has two atms.
If you are comfortable with investment, invest in sg savings bonds - they take a few working days to redeem. If you have a lot of cash to spare, place in fixed deposits and endowment plans.
Oh yeah and cancel your credit cards.
The above are short term solutions only, but i hope it slowly adjusts your mentality to be more frugal. You can develop further from there.
Ask yourself why did you overspend?
No need to immediately cut down but slowly reduce, as long as you hit your target.