Life is getting harder here in Singapore after knowing that it is one of the most expensive cities in the world. If you do not act immediately, your personal finance decisions can cost you a lot of money at the end of the day without you knowing. You always wonder why you are losing money, it is time that you discover the reasons behind it.

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You lose money every day since every move will incur cost but have you considered your mindset? You drill your minds thinking where you did wrong but you haven’t thought about taking a closer look at your mindset. There are things and customs that you do every day that can cost you money and it is time to discover it.

It is important that you discover the reasons why you lose money so you can change your mindset and save more money in the long run. Here are some reasons that you have to look closely and resolve immediately:

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  • Listening to financial advices of relatives and friends: You trust your relatives and friends so when they recommend something, you listen to them and consider it as well. If you remember that scam of Suisse International, many Singaporeans fall prey. Though the people behind it was penalized, it doesn’t change the fact that many people lose money. It was widespread because relatives and friends encourage many to join. There is nothing wrong if you listen to your family members and unless they are expert financial advisers, you should not entirely put your faith on them.
  • Believing in gimmicks: You have to believe that sugar coating is innate in the society. You get things without thinking of the real picture because companies or institutions sugar-coated it. How do they do that? Well, they bombard you with freebies thereby hiding the real cost. Do yourself a favor and avoid it.
  • Not comparing financial products: You do not compare financial products because you do not understand it or you do not have enough time to understand it. This mindset should be changed because it will turn out that you will spend more. It is important that you compare financial products first so you will know which institutions offer lesser interest rates.
  • Choosing cheapest deals: It is true that you can save when you consider cheap things but sometimes, you have to rely on quality if you really want to save money. There is nothing wrong if you choose cheap deals but you have to consider its true worth.

One of the hurdles to becoming wealthy is your mindset. You have to change it to change your life.

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