Anonymous
Been spending a lot recently almost breakeven monthly but I plan to cut down and start afresh from 2019 onwards. Looking forward to plan ahead and learn from the community first before setting the correct resolutions for the new year.
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Jason Sing
30 Nov 2018
School Of Hard Knocks And Life at School Of Hard Knocks And Life
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Hariz Arthur Maloy
29 Oct 2018
Independent Financial Advisor at Promiseland Independent
Hey Anon, instead of looking at a 'savings plan', get a financial plan first.
Steps and actions you'll take every step of the way to ensure your goals are met and you get to live life comfortably.
Financial planning is not just products. It is a action plan. Some of the basics you need to make sure would be:
1) Build an emergency fun of about 6 months of your salary. DON'T TOUCH THIS. Only for rainy days.
2) Protect your downside. Hospital plan, life insurance, income replacement insurance.
3) Plan your financial goals and requirements. How much by what age, what will the money be used for, % to set aside, optimising your asset allocation, managing your changing risk profile, etc.
4) Stick to the plan. Review and update when significant life milestones are met, when your income changes, when new life is added to the household. But stick to it if nothing big changes and watch your goals start coming to life.
All the best Anon! :)
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Brandan Chen
29 Oct 2018
Financial Planner at Manulife Singapore
Before we start on savings or wealth accumulation, perhaps we should get started on getting your ris...
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Start by saving first to accumulate your capital for investment or trading.