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Effective Financial Planning Strategies

It doesn’t take a genius to tell you that as clean and safe as Singapore may be, it is not the easiest place to live in as far as finances and living standards go. Having a sense of how money works and financial planning goes a long way in helping us have a comfortable life. Whether you’re on the way to retirement, been working a few years, just graduated or have still yet to complete university, understanding effective financial planning strategies helps you to manage your money so you have enough money.

Get a Financial Planner, and trust him/her

To begin with, let me say that some of the fuss and stereotypes about your financial planners from your different insurance companies is almost entirely false. It helps to have someone speak to you about how you can make your money grow, where to put it, and how to make sure it stays there. Who better than someone whose job relies on it? It’s all about making the right choice, and doing your research before meeting your potential financial planner so you’re not smoked into believing everything they say while they get busy planning their own retirement with your money. Oh, and ask questions. Ask what their commission is, ask what happens if you decide you don’t want to work with them anymore, ask for everything in black and white. Ask questions, it takes you places.

Quit talking, start doing

Get started today because you’ve probably wasted the last year in the comfort of knowing that other people have no clue as to how they’re going to plan their finances either. That stops today. Take a look at your financial plan and make revisions. If you don’t have one, make one. It’s a simple view of how much you can earn, how much you spend and where that money goes to, as well as looking at what your assets are. Just based on how much you earn and how much you spend, you can already look at how much you can save and come up with a few milestones. Kids have dreams, adults on the other hand, have goals. Make attainable ones and work towards them. These goals could be anything from wanting to be free of debt, how much you might need to save to get married, buying a home, having emergency cash for a rainy day or something as simple as health insurance. It is with these goals and knowing your financial situation and capabilities that you’re able to look at what is feasible, and how you’re going to get to your goals.

Forecasting

There’s always an added boost in getting help with calculating your expenses as an estimate so you know how to get where you want to go. Money sense provides a set of financial calculators that helps with your financial planning so go crazy. That service is there, and might I add, ever so easily. Click here for more information.

It’s not always about how much money you have in the bank, it’s also about making it grow. Smart saving, managing debt, being insured, making smart investments and planning for retirement will help get you there.