Why Do People Have To Paycheck
Living Paycheck to Paycheck? Why You Need to Stop this Habit Before It Is Too Late
Living paycheck to paycheck is a thing that most Singaporeans do. While it is assumed that those who live paycheck to paycheck are Singaporeans with low incomes (and so they can’t afford to save), this isn’t true. Some Singaporeans who live for their next paycheck are people who spend their monthly incomes because they have money elsewhere. To this group, since it is just the monthly salary they are spending, they are still safe financially.
This kind of thinking is the direct cause of the debts that several Singaporeans, young and employed, suffer with on a monthly basis. Saving money is difficult because of these debts. It doesn’t matter that you have an alternate revenue
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This unhealthy focus can affect your work and your mindset, keeping you in that position for a long time –or getting you sacked from it.
2. No Emergency Funds
There is a shocking number of working Singaporeans who a) don’t own emergency funds, or b) have no idea about the importance of emergency funds. Do you also fall into this category? Then this is for you. Going from one month to the next, continuously living from paycheck to paycheck, already indicates a lack of savings. At least you should have some funds set aside for emergencies, but those are absent as well.
Emergency funds exist to take care of all sudden monetary needs that are bound to crop up. An emergency fund is different from your savings, since it has a different use: savings and emergency fund should be kept separately. No one wants to have to use up their savings for a sudden, impromptu event. You shouldn’t have to: that is what emergency funds are for.
An emergency fund is set up to pay for any sudden financial issues that may arise. This includes paying of rent, a hospital bill, or paying the salaries of your staff when revenue hasn’t been
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