Set up a short-term savings plan according to your income and expenses. Identify necessary daily expenses, for example family and food expenses, transportation and insurance fee. You may also reserve certain budget for annual tax payment, entertainment and going on vacation
Think about your future goals such as getting married, buying a dream car or a dream home. Establish long-term saving targets and figure out how long and how much you need to save for life fulfilment
Establish a good saving habit by setting aside some money in a separate savings account. Direct debiting the amount from your payroll account to your savings account on payday to make your savings plan more simple and effective
Monitor your cash flow and avoid over-spending by checking your credit card spending and e-Statements regularly via personal mobile and e-banking services
Avoid impulse purchases by making a shopping list. Making use of credit card privileges to save on your groceries. This will help you save even more
Explore on wealth management plans to grow your wealth
Understand your investment preferences and risk appetite before starting any wealth management plans
You may take advantage of investment plans with lower minimum investment amount and flexible tenor for chances to maximise the potential return. Some investment products may also provide 100% principal protection when held to maturity. Choose either long-term or short-term investment plans to suit your needs
With various endowment and annuity plans to develop realistic retirement plans for prudent asset accumulation and life protection
Regularly review wealth management plans and evaluate your retirement reserve by consolidating your assets on hand including MPF schemes, savings and investment returns, against liabilities. You may also consider reducing high-risk investment when approaching retirement age and make your money last for your dependents
All investments involve risks. Investors should note that prices of securities, foreign exchange, commodity and investment products may go up as well as down and past performance is not indicative of future performance. Investors should read the relevant investment offering documents and terms and conditions (including the full text of the risk factors therein) in detail before making any investment decisions.
To borrow or not to borrow? Borrow only if you can repay!