Debts & Loans
5 Characteristics of Debt-Free Singaporeans 

1. Paying Attention to Details 

People without debt monitor their personal finances very closely. The key is to start looking at your credit card statements and monitor your expenditure every month, then compare it with your income and see where you can cut back. 
2. Pretending You Make Less 
You can improve your situation with a change in perspectives. Imagine you make half, a quarter of what you do and formulate a budget with it. Debt free people live on much less than they make, this allows them to but aside money for a rainy day and allows more financial independence in the future.

3. Saving Up 
Whether you got a significant bonus or fat ang baos from Chinese New Year, you should think first of paying yourself, the same goes for your regular paycheck. Make it a habit to make a deposit. Debt-free people know even the smallest amounts now will give you much more financial freedom in the future.
4. Knowing How To Say No 
You may get lots of invites to parties and expensive dinners or work lunches with colleagues, don't be afraid to say no (unless it's their treat of course). Debt-free people know that saying no to smaller, unnecessary expenditures can lead to greater savings. Authentic hawker or kopitiam food is delicious too.

5. Valuing Experiences  

Debt-free people aren't focused on material things. They value experiences more than having the latest gadgets or the latest fashion. Living simple and happy is key in the pursuit of a debt-free life. To become debt-free, you are going to have to shed some of your current bad habits and take on some new, more constructive ones. 
More help on money management and how to grow your wealth.
Written by:
Editorial Team