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Independent Singapore
a day ago
- Business
- Independent Singapore
Recession-proof your wallet: 6 smart cuts to strengthen your finances in uncertain times
As speculations of economic ambiguity amplify, people are already trimming expenses, and the numbers prove it. From January through late March 2025, expenditure for clothing and accessories retailers fell by nearly 4% compared to 2024, with March alone plummeting 5.3%. Luxury fashion outlay for each household saw a 9% decrease last year, while footwear sales remained flat. In a nutshell, customers are silently turning from indulgence to saving. But an unstable economy doesn't have to mean a personal financial catastrophe. It's the ideal time to be deliberate about where your money goes. Cutting back isn't just about surviving a recession; it's about practising stronger financial behaviours that last. By reconsidering specific types of spending, you can improve your financial elasticity and lessen pressure, all while being equipped for whatever is coming. According to an article from New Trader U , here are six major consumption practices worth reevaluating when the economic prediction turns gloomy: New cars: A costly drive into depreciation – A new vehicle may be thrilling, but it promptly drops in value once you drive it off the lot. In difficult times, assuming a huge monthly expense for a depreciating asset can ruin your financial elasticity. Unless it's an actual requirement, consider sticking with your current automobile or try exploring the second-hand market instead. See also Park Shin Hye and Yoo Ah In's latest movie is a hit Luxury goods: Trade labels for liquidity – Expensive fashion and designer accessories may feel like status symbols, but they don't offer you the security of a vigorous investment or savings account or a lifestyle without debt. With luxury expenses already diminishing, this is one of the easiest areas to slash without losing the basics. High-interest debt: Avoid digging a deeper hole – Having credit card balances or taking on new high-interest loans during unpredictable times is like attempting to plunge into an ocean with chains around your ankles. With the standard credit card interest rates topping 22%, it's best to work on settling down remaining balances rather than getting into new ones. Bulk buys: When less is more – Normally, buying wholesale can save money, but it also puts away cash that can be used elsewhere. During difficult times, liquidity matters. Unless you're stockpiling purely for basic needs, don't jump on piling up your storage room with six months' worth of paper towels or food stuff. Tech upgrades: Stick with what works – Your laptop, smartphone, or tablet might not be the newest models, but if they still work, then hold onto them. Tech advancements are among the most optional overheads, and postponing them or ignoring them can keep hundreds in your wallet for more urgent matters and financial goals. Impulse buys: Deals that drain your budget – Clearance or midnight sales are intended to lure you into buying things you didn't plan to acquire. A deal is only a deal if it aligns with your needs and your financial capability. That '50% off' label doesn't matter if you never wanted the item in the first place. A stronger you, regardless of the economy Difficult times call for prudent decisions and wise choices. By making practical decisions now, you're not just responding to the economy or addressing your financial limbo; you're taking control of your future. Intelligent expenditures today mean greater freedom in the future. See also What to do when you feel super sleepy at work?
Independent Singapore
4 days ago
- Business
- Independent Singapore
The millionaire mindset: 3 powerful ways wealthy people think differently
What distinguishes those who create long-term wealth from those who live paycheck to paycheck and struggle financially? According to a recent article from New Trader U, it's not just earnings, inherited wealth, education, or pure chance. The difference lies in mindset, how people approach life, and what they think about money, opportunity, and how they spend the most valuable resource on earth—time. Research indicates that self-made billionaires have espoused mental agendas that unswervingly direct their decisions and choices toward continuing success. These aren't innate qualities or strictly protected secrets; these are hands-on, easy-to-learn methods of thinking that anyone can acquire and develop. Here are three fundamental patterns of thinking that distinguish wealthy individuals: Long-term advanced thinking People of permanent wealth are reinforced by a mindset that favors 'long-term' over 'short-term.' Instead of pursuing instantaneous rewards or freaking out about short-term expenditures, they ask—How will this decision affect my finances 10 or 20 years from now? See also The Cheapest & Most Expensive Areas to Live in Singapore This future-focused mentality changes their behavior and, ultimately, their actions. Rather than indulging in fleeting pleasures, they invest in growing assets, such as businesses, stocks, and real estate. They also understand that time is the ultimate leverage factor. In their professions, they are more into learning, gaining experience, and networking. They understand that acquiring experience may not immediately yield compensation, but that it lays the groundwork for future success. The capacity to postpone self-gratification is a trademark of sustainable wealth-building. 'It can't be done' vs. 'This is possible' Where others see impediments, the wealthy see launchpads and building blocks. This approach is particularly evident in times of economic recessions, failed attempts, and personal disappointments. While most would react with distress or defeat and then withdraw completely from life, financially successful individuals view these episodes as remarkable opportunities to innovate or transpose for advancement. They meet challenges head-on and with curiosity, not panic, asking, 'How can I benefit from this?', 'What can I learn from this situation?' rather than 'Why is this happening to me?' Wealth machines vs. paychecks The wealthy don't just work for money; they build systems that make money for them. While many people focus on increasing their pay, wealthy individuals concentrate on accumulating assets that generate passive income. This mentality frees them from the trap of swapping time for money that can lead to financial independence. All financial decisions are sifted through a simple lens—Will this multiply in value or create income? If not, they move on. Mindset: The first investment These three thought patterns are not kept back for a select few. They're psychological habits anyone can espouse and implement. The good news is that you don't need so much wealth to begin thinking like a well-heeled individual. Start with one change—ask better questions, meet a challenge head-on, or use your time on something that will pay off in the future. When you're consistent, your mindset can become your most treasured asset on your ride to financial independence. See also What Are Singapore Treasury Bills and Are They a Good Investment?
