Posted by Seng Lee on July 31, 2007 – 11:29 am
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I have finally reduced my credit limit for my credit cards from Citibank to $2000!!! Actually I am thinking of reducing it to $1000 but I guess $2000 is a better number. I may consider to reducing it further down to $1000 in near future.
I guess majority of the people would want to increase their credit limit to sky high amount for whatever reason rather than reducing it, I also have this kind of mentality before. The reason for reduction in credit limit is because I want to reduce my chances of impulsive buying of big ticket items.
I found out that the higher the credit limit, the bigger the G monster is. G = Greed.
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Posted by Seng Lee on July 23, 2007 – 4:24 pm
Automobiles are endless pits. They can only depreciate in values by the thousands. Just feeding them petrol is enough to set you back by hundreds per month. Not forgetting the parking fees, regular servicing, some repairs and maintenance work.
1) Use public transportation
Try to use the public transport as much as possible. Singapore is a pretty small country and most of the places are easily accessible by bus and mrt. If you need to travel regularly to CBD area, you can also utilize the Park and Ride Scheme. You can save quite a fair bit from ERP fees, parking fees and also save some time from the horrible traffic jams during peak hours.
2) Sell your automobile
If your current situation doesn’t really require you to own an automobile, consider selling it. No point hanging on to it while eating only bread for daily meals. Yes, it brings you lots of convenience, but is it worth it?
3) Carpool
Find out which colleagues are living near you. If your colleague usually takes public transport, it is a win-win situation to arrange for a carpool. You can charge your colleague a small amount which you can use it to supplement your gas expenses. Your colleague can also save a bit on travelling expenses and travelling time. If your colleague drives a car, arrange to drive on alternate days, this way both of you can save on the gas expenses too.
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Posted by Seng Lee on July 21, 2007 – 6:17 pm
Thinking of getting a credit card but didn’t meet the income requirement of minimum of at least S$30,000 per annum?
No worries, there is hope for you now.
Citibank’s latest addition to it’s credit card range: Citi Clear Card
But the credit limit cap at just S$500 and once you spend more than that, further purchases will be declined until payment is received !!!
Pros of Citi Clear Card:
1) No minimum income needed
2) Anyone above 18 years old can apply
Cons of Citi Clear Card:
1) Credit limit cap at S$500
2) Credit card will be temporarily suspended if minimum payment is not received by due date
3) Monthly paper statement cost S$1 (no cost for electronic statement)
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Posted by Seng Lee on July 20, 2007 – 10:45 pm
This is how I used to spend my money before:
1) Owned a 2nd car (-$1000)
2) Watch a movie every weekend at cineleisure in town (-$40)
3) Eat at restaurants every now and then (-$100)
4) Buy insurance policies without thinking (-$500)
5) Buy breakfast every morning (-$30)
6) Eat lunch/dinner outside whenever possible (-$100)
7) Buy unnecessary things (-$200)
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