The Secrets to Financial Independence  

We work hard to ensure that we will have a financially secure future not only for us but also for our children. Unfortunately, ensuring a financially secure future is very challenging and it cannot be perfected right away. No matter how difficult it is, it is still possible. We only need discipline and our greatest resolve to make things happen.

If at this moment we acknowledge that we need to improve our finances and eventually walk our way to a financially secure future, we are one step closer to our goal. It starts from there but we still need to know few things to be successful and live comfortably here in Singapore in the future. Here are some secrets that should be revealed so we can all live in financial independence:

  • Assess our monthly expenses: Before saving, we need to ascertain our monthly expenses first. We have to know how much of our monthly income go to our expenses. This simple act can give us a picture of things that are necessary and are not. We can be successfully in this step by categorizing our “wants” and “needs”. Remember that “needs” are things that we cannot live without and “wants” are things that we can do without for a long time.
  • Think ahead: To avoid another financial pitfall, we should think ahead and prepare for it. Example, we can get a health insurance. It eases us to think that whatever the future holds, we are ready for it.
  • The percentage: Whenever we receive our monthly salary, we have to determine the percentage of our savings whether it is 10%, 20% or 50%. We have to decide a sensible amount for no matter how small it is, it can make a difference. If we do not want to save it in a bank, we can consider other investments.


  • Be out of debts: Credit cards are popular here in Singapore. There is nothing wrong with that but we have to determine when it is too much. We should be out of debts if we want to live comfortably and avoid the anxieties of creditors and collectors knocking on our doors.
  • The “spend less” routine: If there is a less expensive alternative, we should consider it by all means.
  • Track it: There is nothing wrong with bringing a journal and listing all the expenses for the day this way we will know where our money went. It will also ease us.

Knowing how to spend and save successfully is the trick to financial independence. Hopefully we will now know what to undertake.