Would it be advisable to start a savings plan now? I currently don't hold onto any and I was wondering if this is a good period to work on it?

We need to know more about you in order to determine whether it is the right time to do so. For instance, are you able to maintain the same or similar level of income despite the current situation? Or do you have surplus in the bank that you won't need in the short to long term?

Here is a general guide to your cashflow:

Understanding Your Personal Cash Flow

This is because a savings plan require a basic level of commitment and discipline. Otherwise, an early termination may result in losses.

Thereafter, spend some time to establish your objectives for doing so. For example, it could be for retirement planning or to supplement your holiday spending year after year.

Now, if you are capable to proceed, then start as early as you can. This is because it takes time for the money to grow.

Finally, do your own research and speak with an experienced consultant to know some of the key things to look out for when choosing the right savings plan. Above all, it is your hard-earned money.

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