Plan for your financial goals
Very often, our current salaries may be insufficient for us to immediately acquire the things we want. However, over time, sticking with a prudent savings and investment plan could help you achieve these goals.
- Identify your investment goals. This could be medium-term goal like buying a car or towards longer-term plans like making a property investment, your child's tertiary education or your retirement.
- Determine how much of your savings can be dedicated to these goals. Remember not to put all your money towards this pot as you'll need some for the proverbial rainy day.
- Work out how much to contribute regularly to this pot.
- Think about your investment horizon. Are you looking to accumulate the sum of money in the next 3 to 5 years or over 20 years for your retirement?
Work out your sums with these calculators
The above is only a rough financial planning outline. You should consult your investment advisor for a more comprehensive planning framework.
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