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The new year is a time for new beginnings, and that includes your finances. If you’re feeling overwhelmed by debt, or unsure how to save for retirement, don’t worry. Here’s some financial advisor-approved New Year resolutions to help you stay firmly in control.
- Create a budget (& stick to it)
This is the most important financial resolution you can make. A budget will help you to track your income and expenses so you can see where your money is going. It will also help to prevent overspending (an easy thing to do in Singapore!). - Pay off debt
High-interest debt can be a major financial (and emotional) burden. If you have credit card debt or other high-interest loans, plan to pay them off as quickly as possible. One way to pay off debt is to consolidate your loans into a single loan with a lower interest rate. This can make it easier to manage your debt and save money on interest. - Save for retirement
Retirement may seem far away, but it’s important to start saving early. The earlier you start, the more time your money has to grow. You can open an investment account in Singapore which can not only be tax effective here, but also in other jurisdictions globally. - Get insurance
Insurance can protect you from unexpected financial setbacks, such as a medical emergency or a job loss. Make sure you have adequate health insurance, life insurance, and disability insurance. If you’re not sure how much insurance you need, talk to a financial advisor. They can help you assess your needs and recommend the right insurance coverage for you. - Review your estate
Most people often delay this. So whilst motivation may be higher when you’re sticking to your New Year resolutions, you should try to action them. It’s much easier for you to collate information about your finances and where you’d like them passed onto if the unfortunate were to happen, rather than someone else trying to do this if you’re not around.
Tips for sticking to plan:
- Set realistic goals. Don’t try to do too much too soon. Start with small, achievable aims and work your way up to larger ones.
- Think ahead. Once you’ve set out your objectives, create a realistic plan for how you’re going to achieve them. This may involve breaking down your goals into smaller steps.
- Automate, track progress & make adjustments. Set up automatic transfers to help pay for bills or investments. Keep track of your progress and if you find that you’re not on schedule to meet your financial aspirations, don’t be afraid to adjust. This may involve changing your budget, reducing your spending, or increasing your savings.
- Ask for help. If you’re struggling to stick to your financial New Year resolutions, don’t be afraid to seek advice and assistance from a financial advisor.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested. The levels and bases of taxation, and relief from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
Contact Jamie on Jamie.burgmann@sjpp.asia or +65 9167 9634 to arrange a consultation and discuss your planning needs for your financial future in 2024 and beyond.
The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the St. James’s Place Partnership in Singapore represent St. James’s Place (Singapore) Private Limited, which is part of the St. James’s Place Wealth Management Group, and it is regulated by the Monetary Authority of Singapore and is a member of the Investment Management Association of Singapore and Association of Financial Advisers (Singapore). Company Registration No. 200406398R. Capital Markets Services Licence No. CMS100851.
St. James’s Place Wealth Management Group Ltd Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 02627518.
