Wednesday, April 19, 2023
Friday, March 31, 2023
Thursday, March 30, 2023
Medical debt can considerably burden individuals and families worldwide, particularly in Southeast Asia. As healthcare costs continue to grow, more and more people are struggling with medical debt in the region. This particular region can struggle when it comes to medical bills. Here's what you need to know about it.
Southeast Asian Medical Debt
Debt is common for many people in the region, but it's particularly burdensome for those who experience health issues. Healthcare is often expensive and out of reach for Southeast Asian citizens, leading to debt that can last years. Here's a look at the Southeast Asian countries with the highest average medical debt and explore ways to manage this financial burden.
Indonesia
Indonesia has the highest average medical debt in Southeast Asia, with an estimated average of 31% of annual income spent on healthcare expenses. Certain provinces such as Bali and Java spend a lot more on their healthcare, with an over 180% increase in these provinces. This can be attributed to the low coverage of the country's public health insurance and the absence of comprehensive financial protection schemes. As a result, many Indonesians use their savings or borrow money to pay for medical expenses.
Philippines
The Philippines follows closely behind Indonesia, with an average of 27% of an individual's annual income spent on medical expenses. It's estimated that Filipinos spend about PHP 9,000 (nearly $200) annually on medical bills. While the country's national health insurance program, PhilHealth, aims to make healthcare accessible and affordable for everyone, the reality is that many Filipinos still struggle with covering their medical bills due to the high out-of-pocket costs for hospitalization, medicines, and procedures.
Vietnam
Vietnam has an average medical debt of 22% of its annual income. While the country has made significant progress in expanding health insurance coverage and reducing the burden of healthcare costs, many Vietnamese still face difficulty paying for healthcare services, particularly those in rural areas where healthcare infrastructure is limited.
Malaysia
The average medical debt in Malaysia is around 6% of annual income, which is lower than the other countries on this list but still a significant financial burden for many. The high out-of-pocket expenses, especially for specialist care, and the rising cost of private medical care are some factors contributing to Malaysians' increasing medical debt.
Thailand
In Thailand, the average medical debt is around 4% of annual income, one of the lowest in Southeast Asia. However, with healthcare costs rising rapidly, particularly for chronic diseases and aging-related conditions, many Thais still struggle with medical debt. Additionally, the country faces a significant challenge with debt due to costs incurred by tourists and foreigners.
Tips in Paying Your Medical Bills
Managing medical debt is a significant concern in Southeast Asia, and these countries have some of the highest average medical debts in the region. However, there are ways you can prepare for these medical bills or even be able to pay for them outright. Here are some tips you need to know.
Thursday, December 22, 2022
Wednesday, December 21, 2022
If you want to ensure that your income is stable, then you need to diversify it as much as possible. There are lots of steps that you can take to ensure that this is the case. It’s just a matter of finding the investments that are going to work for you. These are the options we recommend you consider here.
Stocks
First, you need to ensure that you are exploring stock options. Stocks may seem like an inpenetrable market, reserved for those who have watched Wall Street one two many times. However, this is not the case. Anyone can invest in stocks. Although, if you’re not quite sure of yourself on a market like this, then it can be worth thinkking about using a broker. A broker will help ensure that you are constantly making the right decisions here and ensure that you aren’t taking on too much risk with investments like this. You could also complete your own research to ensure that you don’t end up with poor choices.
You might assume that you need a sizable amount of money to invest in stocks. However, this is not the case. Penny stocks are available that are perfect for anyone, even if you are working with a low income overall.
Property
The next thing that we’re going to look at is property. You can purchase a property, and then decide what you want to do with it. Some people are going to want to fix up the property and sell it on for a profit. Other people are going to purchase a property so that they can live in it themselves. But, for those people who want more of a stable income, then you can look into purchasing a property to rent it out. If you don’t have the money to purchase the property in the first place, you can look at how to get a loan for a rental property, and go from there.
Property is a fantastic option when it comes to getting an income, as you either receive one lump sum, or you can receive regular payments helping with day to day life.
Small Business Options
Finally, you should make sure that you are exploring small business opportunities. There are lots of small businesses that could be great here. For instance, you might want to think about setting up a blog. Once you set up a blog, you can easily make money from it if you attract the right interest from businesses. Or, you could set up an ecommerce shop and sell whatever you are interested in online. Wholesale products are the best choice here because you can buy in bulk and then sell them individually for a solid profit.
We hope that you have found this article helpful, and now see some of the fantastic ways that you can diversify your income. It’s important that you are doing everything in your power to keep things fresh as much as you can, especially if this is something that you are passionate about. We wish you the very best of luck, and hope one of these options work for you.
Wednesday, September 28, 2022
Tuesday, September 27, 2022
In order to solidify your financial future, you will need to take four simple steps: assess your current financial situation, set realistic goals, hire a lawyer and financial advisor, and invest for the future. By following these steps, you can make sure that you are on the right track to securing your financial future.
Assess your current financial situation
The first step to solidifying your financial future is to take a close look at your current situation. This includes looking at your income, debts, and expenses. By understanding where you are financially, you can make better decisions about where to go from here.
If you're not sure where to start, there are plenty of resources available online and in libraries that can help you assess your finances. You can also find helpful tips in magazines and books about personal finance. Once you have a clear picture of your current financial situation, you can begin setting goals for the future.
Set realistic goals
The next step is to set realistic goals. This means setting goals that are achievable and within your reach. It's important to be realistic when setting financial goals because if they're too lofty, you may become discouraged and give up before you reach them.
Some things to consider when setting financial goals include how much debt you want to pay off, how much money you want to save, and what you want your financial future to look like. Once you have a plan in place, it will be easier to take the necessary steps to achieve your goals. If you need help getting started, there are goal-setting worksheets available online or in personal finance books that can assist you.
Hire a lawyer and financial advisor
The third step to solidifying your financial future is to hire a lawyer and financial advisor. This is important because they can help you make sound decisions about your money. Lawyers can help you create a will and trust, which are important for protecting your assets after you die. A financial advisor can assist you in investing your money so that it grows over time.
There are many different lawyers and financial advisors to choose from, so it's important to do your research before hiring anyone. You can ask family and friends for recommendations or look for reviews online. Once you've found someone you're comfortable with, schedule an appointment to discuss your finances and get started on planning for the future.
Invest for the future
The fourth and final step to solidifying your financial future is to invest for the future. This includes saving for retirement, college, and other long-term goals. Again, it's important to start investing early because the sooner you do, the more time your money has to grow.
There are many different ways to invest your money. For example, some people choose to invest in stocks, while others prefer bonds or mutual funds. There are also many different accounts you can open, such as a 401(k) or IRA. Talk with your financial advisor about what options are best for you and how much you should be investing each month.
In conclusion, following these four simple steps can help you solidify your financial future. By taking the time to assess your situation, set realistic goals, and hire a lawyer and financial advisor, you can make sure that you are on the right track to securing your financial future. And finally, don't forget to invest in the future so that you can reach all of your goals.
Wednesday, July 6, 2022
In a perfect world, we would all have enough money to cover our monthly expenses with ease. Unfortunately, that's not always the case. Sometimes, financial gaps can leave us feeling lost and uncertain about our future. If you're struggling to make ends meet, don't worry - you're not alone! In this guide, we will discuss some of the best ways to fill those pesky financial gaps. We'll talk about everything from budgeting to saving money to earning extra income. So whether you're looking for short-term or long-term solutions, we've got you covered!
Evaluate Your Spending
The first step to filling financial gaps is to take a close look at your spending habits. Where are you wasting money? Are there any areas where you can cut back? Evaluating your spending will help you get a better idea of where your money is going, and it can also give you some ideas for ways to save in the future. If you're not sure where to start, try creating a budget. Write down all of your income and expenses for a month, then see where you can make some adjustments. There are also many helpful budgeting apps and websites that can make the process easier.
What Should Be On Your Budget?
- Housing: This includes your mortgage or rent, as well as utilities and other housing-related costs.
- Transportation: This includes things like car payments, gas, and public transportation.
- Food: This includes groceries, dining out, and any other food-related expenses.
- Personal: This can include things like clothes, hair cuts, entertainment, and gifts.
- Savings/Debt Repayment: This is important to include in your budget so that you can make headway on your financial goals!
Once you've evaluated your spending, it's time to start thinking about ways to fill those financial gaps.
Earn More Money
One option is to earn more money. If you're not bringing in enough income to cover your expenses, you may need to find a way to boost your earnings. This could mean getting a higher-paying job, picking up some freelance work, or even starting your own business.
Getting a Higher-paying Job
If you're looking for a more stable solution, you may want to consider getting a higher-paying job. This could mean switching careers, going back to school for additional training, or simply doing some research to find out which companies are offering the highest salaries in your field. Also, don't be afraid to negotiate! If you're not happy with your current salary, talk to your boss about a raise. It never hurts to ask!
Freelance Work
If you need to earn some extra money, but you don't want the commitment of a full-time job, freelance work may be the perfect solution. There are many ways to get started with freelancing, and you can often find work that fits around your existing schedule. Some popular freelancing platforms include Upwork, Fiverr, and PeoplePerHour. Alternatively, you could also start your own freelance business by offering your services directly to clients. No matter how you choose to approach it, freelancing can be a great way to earn some extra cash and fill those financial gaps. Also, don't forget to set aside some money for taxes!
Starting Your Own Business
Another option for earning more money is to start your own business. This could be anything from starting a blog or an online store to offering your services as a consultant or coach. If you have a unique skill set or talents, there's likely a market for it! Of course, starting your own business takes time, effort, and dedication. But if you're willing to put in the work, it can be an extremely rewarding experience - both financially and personally.
Cutting Back on Expenses
If you're not interested in earning more money, another option is to cut back on your expenses. This could mean making some lifestyle changes, such as moving to a cheaper apartment or eating out less often. You may also want to consider cutting back on unnecessary costs, like cable TV or subscriptions that you don't use. Of course, everyone's situation is different, and there's no right or wrong answer when it comes to cutting back on expenses. It's important to do what feels right for you and your family. If you're not sure where to start, try looking at your budget and seeing where you can make some adjustments. Even small changes can add up over time!
- Eating out: This is one of the easiest places to start cutting back, as it can be expensive to eat out regularly. Instead, try cooking at home more often or packing your lunch for work.
- Clothes: If you're spending too much on clothes, consider scaling back your wardrobe and only buying what you need. You could also try shopping at secondhand stores or consignment shops.
- Housing: If you're paying too much for rent or your mortgage, it may be time to look for a cheaper place to live. This could mean downsizing to a smaller home or apartment or moving to a less expensive area.
- Transportation: If you have a car, you may want to consider selling it and switching to public transportation. This could save you money on gas, insurance, and maintenance costs.
- Entertainment: There are many ways to entertain yourself without spending money, such as reading books, watching movies at home, or going for walks in nature.
- Pinecone Research
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- InboxDollars
Start a Side Hustle
If you're looking for a more long-term solution, you may want to consider starting a side hustle. This could be anything from starting an online business to becoming a pet sitter or freelance writer. There are endless possibilities when it comes to side hustles, and it's a great way to make some extra money on the side.
Popular Side Hustles
Here are a few popular side hustles that you may want to consider:
- Become a pet sitter: If you love animals, this could be the perfect way to make some extra money. You can start your own pet sitting business or join a platform like Rover.
- Start a blog: If you enjoy writing, you could start a blog and make money through advertising, affiliate marketing, or selling products and services.
- Do odd jobs: If you're willing to do some extra work, you could make money by doing odd jobs for people in your community. This could include anything from yard work to dog walking.
Final Thoughts
There are many ways to fill those financial gaps, and the best solution will depend on your individual situation. If you're not sure where to start, try thinking about what you're good at and how you can use that to your advantage. There are many opportunities out there, so don't be afraid to explore them!
Saturday, February 5, 2022
Many Singaporeans worry about their financial management skills. But research shows they're doing pretty well. The 2019 GoBear study has found that Singaporeans had the highest financial literacy rate in Southeast Asia. Interestingly, Singaporeans also have a lower perception of their financial literacy than their actual knowledge and skills.
We can't blame Singaporeans for feeling this way, though, especially today. The pandemic had also hit them hard. In 2021, one in two Singapore residents believed they couldn't cope financially if they unexpectedly got sick or lost their job. This might've contributed to the rise of personal loan and overdraft balances among Singapore's young adults.
But the fact that Singaporeans are more financially-savvy compared to their SEA peers remains true. How did they achieve such success?
Financial Management Skills Are Developed in Childhood
Schools around the world don't usually teach personal finance. But Singapore has a different game plan. Singaporean schools didn't always teach financial management, but they've changed that in 2013.
In that period, the Ministry of Education proposed teaching financial management to secondary one and two students. They would also help teachers gain the skills needed to teach the subject.
Mr. Tharman Shanmugaratnam, the Minister of Finance at the time, added that under the national financial education program, more avenues would be given to people undergoing financial distress.
A pilot program was developed to train social workers and counselors on financial literacy. It has allowed social workers to give guidance to low-income households. In addition, MoneySense delivered targeted messages at key points in an individual's life. For example, if a Singaporean were about to get married, MoneySense would recommend affordable vendors for them.
Citi Singapore and Singapore Management University (SMU) also launched financial literacy programs. But they're targeted at young adults aged 17 to 30. The program seeks to help young adults develop a firm foundation in managing their money early in their working lives.
Thanks to these initiatives, Singaporeans learn essential financial skills early in their lives. They don't have to wait until earning their first salary to understand financial management. Not every Singaporean may have perfect financial health, but they sure know how to save for a rainy day.
Easy Access to Debt
Singaporeans are big credit card users. According to YouGov, 73 percent of them own at least one credit card. Fifty-six percent owned more than one, while 10 percent held six or more. Their research suggests that the more Singaporeans earn, the more likely they will obtain more credit cards.
When it comes to paying their credit card bill, Singaporeans are highly disciplined. Eight-eight percent pay their debts in full, and only nine percent pay them partially. The ones who pay the minimum amount stand at just three percent.
Given all these, Singaporeans make low-risk borrowers, granting them easier access to debt. True enough, personal loan delinquency rates remained low in the country, despite increased borrowing activity during the pandemic. Overdraft delinquency rates, however, rose.
Young adults borrowed too freely during the pandemic. But authorities didn't worry. Even during the peak of COVID-19, the unemployment rate in Singapore was only around five percent. That meant that most borrowers could still repay. The worst-case scenario was the unemployment rate rising as the pandemic carried on, which fortunately didn't happen.
As of November 2021, it went down to 2.5 percent, down from 2.6 percent in October. This had indicated that Singaporeans could pay their loans back easily.
Diverse Options for Those Who Can't Repay a Debt
Since Singaporeans are financially literate, they can avoid defaulting on a loan most of the time. But if things spiral out of their control, they know their options.
One of the easiest ways to get out of debt is to get a debt consolidation loan. In Singapore, you only have to be at least 18 years old and employed to qualify for this loan. Only one valid ID, payslip, CPF contribution for the last 12 months, and income tax notice are your requirements. Some providers may or may not ask for more documents, but often, these would suffice.
The easy access to this kind of loan allows Singaporeans a sense of security when borrowing money. They know that they don't have to run or rely on friends and family if they can't pay. Loan providers are more than willing to help them, breaking the stigma toward financial troubles.
Singaporeans indeed can serve as role models when it comes to financial management. Their educational programs should inspire other countries to do the same for their schools. If students are taught how to manage their money, no one will grow up feeling lost when it's time to build their wealth.
Thursday, May 27, 2021
Everybody wants to have a place to call their home. However, the process of getting your very own home can be a bit more complex than most people think. It goes without saying that buying your very own home or property will take years (or even decades) to achieve. However, most individuals and families don’t have the luxury of saving up for years, especially those with responsibilities.
Fortunately, professionals and hard-working adults can still afford a comfortable home through a mortgage loan. However, getting a mortgage loan is easier said than done since you’ll need to go through a variety of hoops. Here are some things that you’ll need to know when it comes to expediting mortgage loans.
Be Transparent
First and foremost, one of the best ways of cutting down on time and energy for your mortgage process is by being transparent with your employment history, spending, and financial power. It’s important to keep in mind that the mortgage processing time can be rigorous. Many loan-issuing agencies will put a great deal of time into investigating and uncovering information about their applicants. The best way of ensuring that you’ll get no problem with your mortgage application is by being well-meaning and honest. Remember, the last thing that you want is lenders investigating information about you that you haven’t divulged to them.
That said, one of the best ways of increasing the likelihood of getting your mortgage approved is by being transparent and making a full disclosure as early as possible. Setting the lender’s expectations will give your lender ample time and resources needed to evaluate whether you’re fit for a mortgage loan. Let’s face it: lenders and well-meaning businesses wouldn’t want to give a loan to felons and individuals that might have a “questionable” history.
Although the chances of meeting serious criminals who want a loan are quite low, many borrowers think that their record of credit card mishap that they made a decade ago would be lost in time. In reality, there are many records that lenders can delve into that could unearth many secrets regarding your financial history. Thus, you’ll need to be as honest as possible with your lenders.
Build a Personal Relationship with the Processors
Communication goes both ways. Many lenders want to build trust and friendship with their borrowers since this is a good way of knowing their financial background and social standing. On the other hand, borrowers should also build trust with their processors.
Once you’ve finally applied for your mortgage, your lender can vouch for your information, property appraisal, and document acquisition. When you’re getting your loan approved, you’ll need to treat it as if you’re talking to a business partner; both of you want something from each other, and both parties should work together to achieve that goal. Not only is your lender a source of your status information, but this can also give you a head’s up on what you’ll need to do.
Negotiate Early On
Another thing to consider is that value of homes can fluctuate, especially when there are might structural issues that can arise from home inspections. This can often lead to problems from negotiations between sellers and buyers. Let’s face it: nobody wants negotiations to drag on for weeks; what could have been a simple transaction will become increasingly complex. That said, negotiate early and set things in motion as soon as possible. When you come to an agreement or a middle ground with your processor, you’ll be surprised at how much time and money you can save.
Don’t want to hassle yourself with negotiations and a mountain of paperwork that you might have to sign for your mortgage? There are always business organizations that have your back in financing your dreams. If you haven’t chosen a property just yet, you can check and purchase houses and lots for sale through bank financing. Not only is this a hassle-free process, but these businesses are known for giving the best deals in the real estate market.
Tie Up Loose Ends
Lastly, an important factor to be cognizant of is that most loan commitments will have special conditions you’ll need to fulfill. This is another way of saying that they’ll need more information and documents regarding you. Whether it’s evidence of insurance or a history of previous loans, you’ll need to know that you’re almost there when it comes to getting that homeownership that you’ve always been wanting.
There are various ways to expedite your mortgage loan approval process. Still, it’s important to keep in mind that you’ll need to be transparent with your financial history while staying on the good side of processors. At the end of the day, building trust and transparency among lenders is the best way of getting your mortgage approved as soon as possible.
Thursday, February 25, 2021
Monday, February 8, 2021
Saturday, February 6, 2021
When it comes to your financial health, you should be concerned with more than how much is in your bank account or how much you are earning alone. There’s another measure of your financial health that is just as crucial for long-term planning: we’re talking about credit. Here, we’re going to offer a reminder as to why credit is so crucial and, from there, look at the steps you can start to take to improve it.
The importance of credit
First of all, it’s important to remember what your credit score really is. It’s a numeric value that is assigned to you, as a person, by a host of credit organizations. Effectively, it’s a measurement of how reliable you are when it comes to sticking to the terms of a credit agreement, whether it’s a loan, a long-standing bill order, or otherwise. Your credit can dictate the terms of future loans you get. Better credit typically means better terms such as lower interest and more flexible payment periods. As such, if your credit score is too low, then you can expect to repay more for each loan compared to someone with a higher credit score, for instance. But how do you improve your credit score?
Make sure that you pay everything on time
The most important way to keep your credit score up is to make sure that you’re not falling behind on your existing credit arrangements. Don’t think about applying for anything else until you’re sure you have your current set-up in order. If you have trouble remembering to pay bills and can easily fall behind that way, then consider using apps that can give you bill reminders, or setting up accounts with your creditors that allows for automatic payments directly from your bank to them. If you’re using rolling credit such as a credit card, then you should make sure that you’re making frequent repayments, rather than just climbing out of the hole once you get deep enough in it.
Get out of unarranged debt
Not all debt is terrible for your credit rating, but that’s something to get into later. Unarranged debt, such as being late on bill payments or falling behind on your credit card can very much be detrimental to your credit score. If you’re deep into unarranged debt (i.e., debt that isn’t tied to a loan that you planned to take out, such as an arranged overdraft), then you should look at ways to get out of it. If you need to take advantage of a debt relief program, then consider making a move on it. The sooner you are out of debt, the sooner your credit score can start to heal again.
Make sure there are no false black marks on your credit report
Your credit report is a record of your past and existing credit arrangements. It is used, in part, to determine what your credit score will be. Every person has the right to access their credit report from one of the three major credit reporting agencies at least once a year. From there, you can take a closer look to see if there are any black marks, such as outstanding debts, that you should take care of. However, it is not uncommon for people to find that there are records that should not be on that credit report, such as late repayments that you don’t really owe, or records that, by rights, belong to someone else. If you see any records on your credit report that don’t make sense, it’s typically recommended that you get in touch with the company that filed the report in the first place.
Make use of your credit
In some cases, it’s not a low credit score that is the problem. You might not have much of a credit history, to begin with. That might sound like a clean slate to you, but most lenders and financial institutions are looking for someone who can provide proof that they are able to stick to their financial arrangements. Making use of low credit options such as guarantor loans, with someone else as a signatory, can help. You can build up your credit history by showing that you are able to stick to the letter of the loan agreement.
Mind your utilization rate
If you’re making use of any forms of rolling credit, such as a credit card or an overdraft, it can be healthy to use them and repay them again. Much like taking on a manageable loan, this is a way of building your credit score. However, you should pay attention to how much you are relying on these forms of credit and how “deep” you are into them. This is known as your credit utilization rate. Typically, a lower credit utilization rate will be better for your credit score. You don’t want to constantly be as deep into your overdraft as it allows. You should use it wisely, instead.
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About Me

- Eileen
- Left the corporate world to pursue a lifelong dream of being a successful writer. I am a daughter, a sister, a wife, a mom and grandmom enjoying everyday with faith and love in my heart as I go on this journey called LIFE.
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