Manage Your Finances Better | Financial Planning in Singapore 2022
Budgeting | Insurance | Investment
by Priyadarshini
7 January 2022
Do you lack financial discipline in life? At some point, all of us want to make better financial choices and save money for the future. After all managing finances in Singapore is not a cushy affair. In this blog, we tell you how to manage your finances better. So Singaporeans, pay attention!
Manage Your Finances Better in Singapore
Examine Your Investment Assets and Insurance Policies
Sound financial planning, on the other hand, is critical to achieving long-term financial goals such as, oh, not having to work your entire life. Even if you’ve diligently created an investing portfolio and purchased all the necessary insurance policies, your work isn’t finished. In general, your investing requirements alter over time based on your age and risk tolerance. So, while you may have invested the majority of your money in growth companies when you were younger, you may want to shift your money to blue chips as you get older and more risk-averse. It’s also a good idea to examine your insurance policies or reassess your insurance needs on a regular basis.
Revisit your Career Objectives
Most of us go through workday after the workday in a haze, with scarcely a second to breathe and consider why we’re working so hard in the first place. Is it already three years in your dead-end job? Spend some time over the holidays reflecting on where your career is headed and where you want to be in the future. Working without a clear career strategy is pointless.
Outline your career goals and consider how you want to achieve them. Put everything in writing so you may resort to it for inspiration or when faced with difficult career decisions. This is a crucial step to manage your finances better in Singapore.
Sell Old and Unused Items
The only thing holding us back from cashing in on things we don’t require is sheer laziness. So, strive to set out a weekend every quarter to spring clean your room and photograph the clutter. It may take a few hours, but once everything is online, all you have to do is sit back and wait for the bids to come in. You’ll not only be removing clutter and getting rid of those hideous apparel items you’re embarrassed to admit you own, but you’ll also be earning some extra cash.
Examine Your Credit Card Statements
If unchecked, recurring bills can be a nightmare, but the good news is that it just takes a few minutes to go through them and save money each month. Collect all of your recurring bills from 2021 in the first few days of the New Year. Not just monthly bills like phone bills, but also annual ones like insurance. Determine whether you can reduce the amount you pay for each of the bills. You might even be able to eliminate some of the expenditures entirely.
Phone costs are one area where many individuals may safely save money. Are you making the most of the time you’ve been given? Would a more data-heavy plan be beneficial to you? Look at all possible options and make the best choice that gives you good value for money!
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