Individual Factors That Affect Our Finances  

We took the necessary precaution in terms of cutting our spending because life here in Singapore is hard and expensive. We have to save money to ensure more in our future. We already discontinued our credit cards and eat less outside but what if there are other things that can affect us financially without us knowing?


We just do not realize it yet but there are things that can screw our finances. Here are some things:

  • Relationship status: We behave differently when we are alone or with other people. There are those who party and spend like crazy when they are single and spend conservatively when they have families. There are other singles that just stay at home and when they are in a relationship, they tend to spend more money. The key here is to be aware of the changes and make sure that everything is under control.


  • Preferred mode of transportation: If we have long commutes every day, we tend to spend more money. For example, if it takes almost two hours to reach our workplace from our house (and vice versa), cooking is inconvenient so we decide to eat outside. Even if it is at hawker centres, we still spend some money so instead of saving, we tend to spend more. There is also an instance that waiting for the bus is too tiring that we consider a cab.
  • Financial literacy: Not all Singaporeans have high literacy when it comes to their finances. If we have low financial literacy, we might be appeased into a wrong sense of security. We have to understand at least three components to ensure our future – money management, investment and financial planning.


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