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Outstanding debts can inflict severe dents in even the best retirement plans which have been carefully crafted over a lifetime. Incurring a debt is seemingly unavoidable in the modern age,as a result of both higher cost of living and consumerism.

With each passing year,more and more Singaporeans are diving into the debt pool as they struggle to cover their daily expenses and make ends meet. As of December 2016,the average Singaporean household incurs an estimated $55,000 of debt,which is a 3% increase over 2015. Easily 75% of this household debt stems from unresolved mortgage loans. Some of this unsettled debt may even force retirees to expend their assets to cover their debt rather than passing it on to their beneficiaries.

However,there are several ways to effectively settle outstanding debts to ensure it doesn’t put a crimp on some of those best retirement plans you’ve come up with.

1. Establish a Budget and Track It

Creating a proper budget is a great way to analyse and plan finances. By allocating a set amount of money towards a specific expense per month,the amount of expenses can be monitored more stringently and precautionary steps can be swiftly undertaken if the expenses overshoot the stipulated budget. It is only through proper budgeting can individuals or households create the necessary surpluses to pay off any existing debts.

Certain financial tools,such as Excel spreadsheets or even Mint.com,are particularly useful in keeping track of a personal or household budget.

The main problem for an individual who does not keep track of his/her monthly expenditure is that he/she does not know if he/she ends the month with a net reduction in savings,i.e.,spending exceeds income and eats into savings. Knowing the amount of leftover balance is crucial since a continuous negative balance might lead to the creation of new debts. It is this type of debt that is the most dangerous as it rolls over at seemingly manageable interest rates month after month. Before the individual knows it,he/she would have made hefty payments on interest alone.

Tracking tools are thus crucial in identifying areas of weakness in one’s monthly spending habits,but an individual must take affirmative action to reverse the negative balance situation. This can be done via listing out the monthly expenses and employing necessary cut backs on certain expenditures. Discipline is the key.

2. Laddering Debts by Interest Rate

Laddering debts is another technique used in settling outstanding debt. It involves listing out all current debts by interest rate,starting from the highest interest rate to the lowest interest rate. The debt with the highest interest rate costs the most money,so this debt needs to be settled first.

By paying off the most expensive debt first,the overall debt will be reduced significantly faster. Some individuals who incur multiple debts per month and employ laddering in their finances usually settle the minimum payment required for each debt,and use the balance cash from their payments to settle more of the debt with the highest interest rate.

For example,let’s compare two debt instruments: one,a credit card with an outstanding balance of $4,000 with an interest rate of 24% and another,a credit line with an outstanding balance of $8,000 with an interest rate of 16%. Ideally,the minimum monthly payment required to settle each debt would first be made,and any leftover finances would be funneled to repaying more of the credit card debt even though the amount owed may be lower.

Laddering is especially useful in tackling multiple debts while avoiding the accidental creation of another new debt. Laddering also instills a sense of financial discipline that is good in tackling unresolved debts and preventing those debts from inflicting too much harm on those retirement plans you’ve kept in mind.

3. Balance Transfers

Balance transfers is another tool used to cut back on interest expenses whilst settling an attempt to pay off a debt over several months.

For example,given the competitive nature of the unsecured credit market,banks often provide very low teaser rates for clients who transfer their existing unsecured debt from other banks. The effective interest rates could be as low as 4% p.a. versus the normal 24% p.a. one pays on credit card balances. However,the catch is such promotional rates lasts only for a certain period,for example 6 months. Nevertheless,balance transfers can lower the interest costs of an existing debt.

Balance transfers do carry their own risks. Individuals transferring balances must remember to either settle the debt after the transfer or look for another such opportunity before the lower interest on the account to which the balance is transferred expires,otherwise he/she risks paying an even higher interest rate.

Individuals using the balance transfers may also fail to address the continuous build-up of debt,thus wiping out any benefit from such a strategy. In the end,despite this cost-saving strategy,individuals end up with even more debts that impinge on savings,not to mention any future retirement plans.

4. Contacting Consumer Credit Counseling Services

If a person is having immense trouble settling their debts or even coming up with the minimum monthly payments,they should consider engaging a consumer credit counseling service. In Singapore,this service is aptly named as the Credit Counseling Singapore (“CCS”) and offers solution-based credit counseling for individuals beleaguered by financial debt.

The CCS’s debt management services only cost $130 and pairs up debt-laden individuals with a credit counsellor. The credit counsellor will assess the indebtedness of an individual’s situation and assist him/her by making a financial estimate of the debts owed,identify available resources which can be used to cover the debts and even plan a monthly budget which incorporates all living expenses. Solutions to tackle the debt problem and monthly negative balances will be meted out to alleviate the burden of debt.

If one is concerned over how his/her debt would affect his/her retirement plans,contacting the CCS would be the right way to go. If the retirement plan has already taken the old debt into account,proper financial restructuring could reduce the interest and installment payments that need to be made.

Even the best retirement plans may be in jeopardy in the face of unresolved debts. By adopting better financial habits such as establishing a budget,laddering debts and transferring balances,an unsettled debt situation might become easier to handle. If a debt problem persists,the CCS can be engaged to work out a solution to stave off unresolved debts. Financial advisers may also be consulted to better streamline finances and handle monthly expenses,thus ensuring a more secure and better retirement in the future.

Hundreds of millions of people around the world use blogs because they are so feature rich and user friendly. Online users really don’t want to be bored,ever,and even serious audiences prefer something with substance behind it. While blogging is a terrific business model,there’s no escaping the fact that serious work needs to be done,every day. We have chosen to share three of our treasured secrets about how you can create a blog that brings cash to you.

So as to conduct WordPress software,you need two items,a domainname, and webhosting services. There are various companies offering web hosting firms. You,therefore,need to choose carefully to be able to receive the very best available support. It’s sensible to go for a business that provides free domain name to its own clients in addition to a reduction on web hosting providers.

There’s 1 reason why it’s very good to start your ownWordPress blog,-. This is the fact it is free software. As a consequence, you can download it for free,modify it and create any kind of site you choose. It’s also open-source software. This means is you could get the source code since it’s readily available for each and everyone who uses the computer software. You,therefore,get to analyze study and alter the source code to your personal liking. Getting the WordPress software also provides you an opportunity to use the 2600+ themes in addition to more than 31,000 plugins which are available for download. The themes and plugins may be used for any kind of site to make it even more attractive.

If you’re thinking about your first blog,then establish some positive and realistic goals,first. When you have something to shoot or aim for,then you will naturally figure out a way to get there. Not having any goals in mind-even if they are vague-means that you’ll have a harder time building an audience. So be careful that you don’t set impossible goals unless you’re the real hard driving kind of person. Actually, there is so much more to this than can be covered in one paragraph.

The worst thing you can do for your business is have a non-specific audience you’re addressing with your content. The widgets you are promoting on your blog are not for everybody, they’re specifically for your target market.

You can easily see this in action on almost any blog whose creator has a clue. Just know that if you’re trying to sell something to everyone,they won’t buy it and you’ll be wondering why. Besides, if you don’t know who you’re talking to,it’s really hard to know what to say to them.

You will of course have social media accounts at least on the three biggest sites – so use integrate them into your blog. Set it up to automatically email your list and take some of the “busy” work out of your hands. If your are brand new to blogging,then this may all seem like Greek to you,but it’s really easy to find out about and learn. Stick to the creating and let the automatons do the rest of the work.

There are all sorts of things that go into the creation and promotion of a profitable blog. All the people who have ever tried and failed also failed to get up and keep trying – so which one is you? It’s all up to you; everything is always up to you,so do the smart thing and do it the right way.

One thing that you want to realize relating to this discussion concerning - is that it can become as effective as you want; it is dependent on how you scale your own promotions. A large percentage who start a company on the net do not have any idea,or even of one,in regards to the energy inherent in their personal thoughts and habits of thinking.

Sure,there is a learning curve that you need to tackle,but do not lose momentum from fear you do not know enough to get started.

There’s more wisdom than you realize from the admonishment to take things one step at a time. It’s fine to read an ebook and thenwork to execute whatever the ebook was around,and in fact make it a habit to not read 2 in a row without taking some kind of meaningful action.}

A new study published by DePaul University in Downtown Chicago has found some interesting data as it pertains to e-scooters and their effectiveness for trips over the Chicago Transit Authority’s train system.

According to researchers,residents of apartment buildings in Downtown Chicago like AMLI or The Streeter are better off taking e-scooters to work if their trip is less than three miles away. If someone lives in one of these furnished rentals but works more than three miles away from it,experts say that person should instead use the city of Chicago’s highly-respected public transportation system to get where they need to go.

The Chaddick Institute for Metropolitan Development study says that e-scooters are a highly efficient way to travel short distance in the city. E-scooters resemble normal push scooters but feature a motor on the back. While slower than traditional bicycles,many say they could become as ubiquitous as Divvy bikes,the city’s bikeshare of choice.

“We’ve done some studies on Divvy,on ride sharing,even congestion. Then dockless bikes came,and they’re not necessarily leaving,but that was the hot issue last year,” says Dr. Scott Smith,one of the assistant directors at Chaddick.

As bikeshare and scootershare programs have gotten more popular across the country,researchers have spent countless hours studying the effectiveness of such programs and whether or not they should be adopted even more than they are now. A few of the factors researchers look at when comparing how share services stack up against cars are travel time,convenience and reliability.

Many of Chicago’s most popular neighborhoods for temporary housing and restaurants were also studied by DePaul,including The Loop,Lincoln Park and Streeterville. After simulating 10,000 trips across various neighborhoods,researchers felt they had enough data to go on to come to some important conclusions.