How to Manage Your Finance?

Managing your finances is a very tedious task especially for the ones who don’t understand accounts and finance at all. Most of us, even the ones who have just stepped adulthood have a job. We may have our own startup, work in an MNC, or maybe a government employee.

We are here to let you understand some of the financial management skills which you should have learned before you started earning but it’s better late than never. Many of these skills have already been learned by you at your workplace and so we will help you in applying the same to your real life.

1. Budgeting

During prudence, most organizations, even the non-profit ones go through budgeting. Typically, in most organizations budgeting is initially done at the department levels and then after the departments submit their budget to the concerned team, the team then provides a consolidated budget to the management. This is done just to make sure that the company is not spending more than it is earning. They want to make sure that the cost never goes more than the revenue generated. If the companies are spending more than they are generating then they need to borrow the money from some financial institution at a hefty interest.

Same goes for you, you should follow a budget for yourself and your family and abide by it through the month. If you are a salaried individual then it should not be a very difficult task for you as you already have an idea about your spending and earning even before your salary credits. Simple budgeting would assure that you don’t fall into the hands of banks who will extract the robust interest from you.

The budgeting will also help you in analysing your savings and investments.

2. Expand your revenue streams

If you get to any company’s profit and loss statement then you might come across a common thing about them is that they have multiple revenue-generating sources. They might have a core business but with it, they also have a complementary business that might not even be linked to each other.

For example, ABC is a company that has a website and serves as a marketplace for the buyer and seller to meet. With every transaction, they charge a percentage from the seller which serves as being their core business. Now, this company also earns from Ad sales and Affiliate marketing which they earn through the organic traffic that enters their platform and gets to the other websites that come as an ad on ABC’s website. This serves as a complementary revenue generation and to your utter shock, let me tell you that these companies do better in their complementary business than their core ones.

As an individual, you can also choose to boost your income aside from what your salaried job gives you. A product manager can always be a content writer if he is passionate about that, a content writer in the day job can also be a marketer as a freelancer, a businessman can always choose to donate in the CPF account.

3. Spending on capital

After expanding your revenue stream, the best thing to do is to take a closer look to the “Personal Balance Sheet” and compare it to those of the company’s.

The balance sheet of the companies has some of the basic components on the asset sides, such as cash, patents, machinery and equipment, and investment properties. These are some of the assets that help the company in generating revenues. These are basically the elements that help companies survive in the market.

To an individual, an affordable home, food, and utilities are the asset which helps us to survive and help us to generate revenues. Without this, we will not be able to work or live.

Investing in some of the bonds, stocks, and properties are some of our retirement plans. These are the assets that come under the asset category of our balance sheet. Some of the intangible assets such as a home loan or education loan also serve as an asset to our livelihood. We sometimes chalk out some liability to fund these useful assets.

What comes under the liability section of your personal balance sheet is the extraordinary honeymoon or the party that you have bashed bring your bank balance to half. If you try to argue that the $3000 bed and the $2000 sofa set is an asset, let me tell you, it is not as it has a depreciating value of minimum 10% every year and by the time you decide to sell it, its price would have come down aggressively and you would really think hard if to sell it off or throw it away.

4. Educate yourself on tax breaks

Big corporates hire lawyers or consultants who assist them in maximizing their tax returns. In short, these companies spend to save.

As an employee, most of us do not hire any consultant to help you with our tax return. We also don’t need any of them unless we are into some illegal activities. Simply educating ourselves about tax and its benefits we will be able to save much of it in the long run.

Never underestimate the power of tax knowledge that might help you in saving big time. If you spend hours arguing with the credit card company to waive off your late fee charges then you should invest sometime in understanding the tax matters.

5. Prioritizing your spending

Anyone who runs a company will tell you that there a million needs of the company that needs to be met, for example, fancy pantry, old equipment needs to be replaced urgently with the newer ones, old computers with the newer ones, lovely meeting rooms etc.

These priority lists differ from company to company. An e-commerce company needs to invest in the computer in the first place whereas a manufacturing company needs to first change its equipment and the ad agency should first prioritize in going for a fancy pantry and lovely meeting rooms.

As an individual, you should also prioritize the needs of you and your family. There are families that spend heavily on a child’s education whereas your child goes to a less expensive school, you may prioritise the need for an expensive car that they need to chuck out from their list.

If you’re also a business owner and have some trouble with your fundings, don’t hesitate to connect with us for a business loan.


Read Our Other Articles.

Business Loan Invoice Financing in Singapore: A Business Loan For SMEs

It is never easy having to rely on multiple clients for income. As reliable as they may be, no client is immune to the need for an occasional late payment request, especially in times of economic crisis like global pandemics or recessions. Neither is a 60-day invoice that you issued to a client going to […]

Business Loan Business Loan In Singapore: How Can A Business Line Of Credit Help Your SME?

As a business owner, you probably have had your fair share of experiences managing tricky financial situations. Finding yourself in a position where your business finances are not enough to cover operational expenses can be daunting. In times like this, turning to a business loan in Singapore can be useful. A business line of credit, […]

Business Loan Business Loan In Singapore: When Should Your Business Consider Payroll Loans?

Managing a business in Singapore is not easy. Operating costs such as payroll make up for a considerable percentage of your monthly overheads. As a business owner, you may have run into a cash flow crunch and need a quick influx of cash to pay your employees or hire extra help. This is where many […]

Business Loan How A Business Loan Can Prepare Your Business For A Post-Pandemic World

2020 has been one of the most challenging years for businesses worldwide. With COVID-19, there are many unexpected costs and preparations to be made. Although many companies in Singapore have reopened, it may take some time before business picks up. If you are a business owner, what should you do to prepare you and your […]

Business Loan Business Loan In Singapore: Guide To Taking An in-house auto financing Loan

Is your business in need of vehicles for transportation? Or are you an individual looking to own a car in Singapore? Whether you are looking for a fleet of vehicles for your catering, delivery, or cleaning business, or just an individual looking for a car, business loans in Singapore can be a great help to […]

Business Loan 4 Essential Questions To Ask Before Engaging An SME Loan Broker In Singapore

This period of unexpected circumstances in Singapore is forcing SMEs to face monumental challenges. Businesses from almost every sector have been impacted by the recession and the Covid-19 situation. If your SME business has been hit, you are likely looking for solutions right now to tide through this season. So where does a Singapore SME […]

Business Loan Should You Engage An SME Loan Broker For Your Business In Singapore?

At some point in your business, be it at the start-up or expansion stage, you might find the need for extra funds to push it forward. You might also be wondering if it’s worth engaging the services of an SME loan broker for your business in Singapore.  Would hiring a loan broker add value to […]

Business Loan How Credit Rating Affects Your Business Loan In Singapore

If your business is in need of funds and you’re seriously considering taking a loan, you will need to know the importance of credit ratings. No matter what sort of business you run — a large global business or a local SME, credit ratings play a significant role in helping you secure loans. In fact, […]

Business Loan Getting A Business Loan Doesn’t Have To Be Hard. Read These 4 Tips.

Your business needs that extra funding to allow it to move forward. If you are unsure of which lenders to go to or how to approach them, the process of getting a business loan can be daunting. Borrowers often make the mistake of not doing thorough research on which lenders to approach or the types […]

Business Loan Business Loan In Singapore: All About Expansion Financing

If you own a small-medium enterprise (SME) business that has charted success in consecutive years, you might be thinking of scaling up your business further. The question is whether you have enough resources to see through your plan. This is where taking up a business loan in Singapore in the form of expansion financing could […]

Business Loan Business loan In Singapore: What Is A Bridging Loan And How Can It Help My Business?

What Is A Bridging Loan? A bridging loan is designed to help companies and individuals tide over a short period of financial challenge.  For companies, this is a type of business loan that can be used to increase working capital while waiting for longer-term financing to come in.  To individuals, a bridging loan usually applies […]

Business Loan Business Loan In Singapore: What Is Auto Financing – Car Flooring Loan?

Whether you’re a business owner in the automobile dealer industry or looking to start up your own auto dealership, you’d probably know how expensive inventory for automobiles is. Businesses that have to deal with such huge purchases usually take up business loans in Singapore to manage their inventory and showroom. For a business owner in […]

Business Loan How To Start A Business In Singapore: 6 Simple Ways To Get Funded

Are you a business owner? Do you own an SME in Singapore? Or perhaps you are thinking of finally launching your startup? There are many challenges when it comes to running a business. Businesses that have been around for an extended period of time could be thinking about expansion and growth. On the other hand, […]

Business Loan An SME Loan Broker In Singapore Vs A Direct Lender: Differences You Should Know

You might have an impending need for extra working capital in your business. As you research possible sources for a loan, you might have come across the services of an SME loan broker in Singapore. But what exactly is an SME loan broker? How can such a broker fit into your plan of getting a […]

Business Loan 5 Reasons Why Your SME Needs a Working Capital Loan

Utilities, staff salaries, inventory, equipment rental — these are just some aspects that make up day-to-day operational costs. To keep your business running, you first need to have enough capital to get it started. And this is perhaps the greatest challenge of most businesses. Working capital is, fundamentally, a term for having money on hand. […]

Business Loan How Does Getting An Sme Working Capital Loan Help My Business?

Taking a working capital loan in Singapore is common among SMEs. In short, a working capital loan is a specialised type of loan designed to help businesses cover daily operational costs.  Unlike other business loans, working capital loans generally do not need you to state the purpose of borrowing, as these loans are short-term and […]

Business Loan Everything You Need To Know About Getting A Working Capital Loan For Your SME In Singapore

It can be challenging running your own business. There are many hurdles SMEs often face — from administrative matters, ideas-generation, to finding enough money to fund your business. Many approach banks and private financiers for SME working capital loans in Singapore when facing such financial difficulties, especially during the initial phases. Working capital loans can […]

Business Loan How Much Should You Get For Your SME Working Capital Loan

If you’ve been following this space, you would know that we’ve been discussing what working capital loans are and how they can benefit SME businesses. Working capital loans help SMEs finance day to day operations and provide short term solutions to pressing challenges such as seasonal fluctuations and downturns. Perhaps your business needs to take […]

Business Loan 9 Things To Ask Before Getting A Business Loan In Singapore

Gone are the days when banks are the default go-to place in getting a business loan in Singapore.  Small and medium-sized enterprises (SMEs) these days have various options ranging from banks to private financial institutions that offer different types of business loans. As your business grows, it would most likely need more financing to expand […]

Business Loan 5 Common Misconceptions On Getting A Business Loan In Singapore

Thinking of striking it out on your own? Do you have big plans and an ambitious vision but don’t have enough capital yet? Getting a business loan in Singapore might just be the first step you need to take! Many business owners hesitate to take a business loan due to a range of reasons. It’s […]

Business Loan Why Your Business Loan In Singapore Might Have Been Rejected

There’s nothing more frustrating than to find out that your business loan application has been rejected.  Business owners look to banks and financial institutions to get business loans for a myriad of reasons. Whether it is to expand, innovate, or to cover day to day operations, having access to funds at the right time is […]

Business Loan Business Loan In Singapore: 6 Tips To Increase Your Approval Chances

Does your business need a loan? Have you already tried applying for loans in the past but got rejected?  In Singapore, it’s almost impossible to go about building up your business without getting a business loan. Having your business loan rejected can be extremely troublesome.  If you have been following this space, we have previously […]

Business Loan 6 Reasons Why SMEs Take Business Loans In Singapore

In Singapore, 65% of the economy is made up of SMEs. From e-commerce startups to financial products, there are all sorts of SMEs in the Singapore market. With a high saturation of competitors in different markets, growing your business is extremely challenging in Singapore.  On top of stiff competition, SMEs also face the challenges of […]

Business Loan Avoid These 6 Mistakes When Applying For A Business Loan In Singapore

Starting a company can be a challenging feat. Not only must you have a good business idea, but you must also get enough capital. That’s not even considering all the countless administrative matters to handle. The first part, getting a good idea, is often already established when the company is founded. However, most companies struggle […]

Business Loan Business Loan Options Every Business Owner Should Know

Thinking of starting a business? Perhaps it has always been a dream to strike it out on your own? If that sounds like you, you are going to need a business loan.  Having enough capital will make a world of difference for your business which is why knowing where to get the best business loan […]

Business Loan SME Working Capital Loan: 6 Types Of Short Term Financing Options To Boost Your Working Capital

Running a business costs money. If you are an experienced business owner, you would know that it is not easy to run a startup in Singapore. From employees’ pay to inventory, or even just turning the lights on, the cost of day to day operations adds up. That is why loans are unavoidable when you […]

Business Loan Working Capital Loan For SMEs: 5 Essential Questions To Ask When Taking One

Have you ever considered taking a business loan to meet the financial needs of your Small and Medium Enterprise (SME)? If yes, you probably have heard of working capital loans for SMEs. In short, working capital is the money companies use for daily operational expenses. Managing your working capital properly can be challenging for an […]

Business Loan Digital Presence and E-Seller loans in Singapore

As the world is moving at a fast pace, the society is converting into a cashless society. People are more likely to be digitally active and doing business. Online selling and buying have become a new business market. The new generation is drawn towards the trend and soon the world will convert into a society […]

Business Loan 7 Ultimate Reasons Why Successful SMEs Get a Business Loan

Small and medium enterprises (SMEs) continue to be one of the biggest players in Singapore’s economy. Based on a survey conducted by SME Magazine, SMEs continue to grow amid economic difficulties. The data also showed that the average revenue increases by about 109% than the previous year. As SMEs increases in numbers, we have observed […]

Media CNA | The Entrepreneur 2019

This series celebrates the achievements of 10 businessmen and women who prove to have what it takes to break boundaries and emerge as winners of Singapore’s Entrepreneur of the Year Awards (EYA).

Media | 10 Business Leaders Recognised as Entrepreneur of the Year

From training aspiring pilots to lending money, 10 local entrepreneurs received the Entrepreneur of the Year Award (EYA) 2019.

Media MoneyFM89.3 | The Breakfast Huddle

Find out how local firms are helping F&B SMEs scale their businesses.

Media The Business Times | CEO Conversation: Transforming into a Digital Financial Services Provider

Singapore-based Capital C Corporation has come a long way since the inception of its money lending arm in 2011.

Media e27 | The Case for Alternative Lending

In the last decade, we have witnessed rapid growth in the alternative lending space, with the creation of new business models opening up the range of alternative lending products available.

Media APAC CIO Outlook | How Fintech is Driving Innovative Lending

In Singapore, SMEs account for around two-thirds of the workforce and a large chunk of GDP growth.

Get Your Business Loan Now.

Apply now, and receive your business loan within 24 hours*.
We know that many business owners are facing a very trying time now due to COVID-19 outbreak.  Please be assured that we are committed to supporting you during this challenging period.  Reach out to us today.