Cost of living is an evergreen issue for individuals working in Singapore. Given that stress from managing personal and household finances not only impacts employee productivity but also one’s health (Garman, Leech, & Grable, 1996), it makes sense (and cents!) to make time for financial planning.
Here are three things you can do:
1. Select your goals
Are you aiming to be debt free, planning on purchasing a new place, putting aside money for your children’s education, building your retirement funds?
2. Review your financial needs
Creating a balance sheet will help you assess the areas of expenses and savings/investment that you may want to work on. Moneysense has a template for both planning a family budget and assessing your assets and liabilities.
3. Find ways to optimize your resources
Creating a budget will help with you track both the expenses and savings/investments that you envisage making. A family budget excel spreadsheet can be downloaded from SME toolkit.
It’s never too late to start!