facebookI'm turning 30 soon and I have no savings plan. How and where should I start? - Seedly

Anonymous

18 Apr 2019

General Investing

I'm turning 30 soon and I have no savings plan. How and where should I start?

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.

Discussion (3)

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Jason Sing

30 Nov 2018

School Of Hard Knocks And Life at School Of Hard Knocks And Life

Start by saving first to accumulate your capital for investment or trading.

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! :)

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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