Saving Out For Fruitful Tomorrow from a Tight Economy of Today
These are hard economic times for most people in Singapore as even this robust Southeast economy of the world has not remained immune to the worldwide recession. The small city state of Singapore, made up of 63 islands in the Malay Peninsula south of Malaysia is still one of the largest financial centers of the world but the economy of the country has been stagnant for some time and facing pressures of inflation.
People belonging to middle class, whether in jobs or doing business are finding it hard to make ends meet to maintain a lifestyle that is inspired by the consumerism and materialism of the west. People are paying dearly for their habit of overspending and not following the traditional wisdom of saving for lean times. And fiscal imprudence is the root cause of all ills. The habit of spending all of one’s monthly earnings and not saving a part for future, coupled with the habit of using credit cards indiscriminately for things that are not necessary has left many people in Singapore run high balance in their credit cards.