Not surprisingly, people are revenge-spending after being cooped up for the last 3years due to covid. More of us are splurging on holidays like there is no tomorrow.
All the long-term financial plans which we had in place for our long-term goals like retirement may not seem so important now.
If you are spending slightly more than usual to pamper yourself, it’s ok to do so for a while say, couple of months, but don’t let this type of spending drag out to years.
Adjust your Expectations
If you want to live a carefree life now, you may have to work longer years or have a more thrifty lifestyle upon retirement
Baby steps to get on track
Slowly cut down on your lavish lifestyle like reducing expensive dinners, or opt for cheaper holidays
Re- visit your cashflow discretionary spending
Differentiate between your needs and wants, and see where you can cut down on discretionary spending
Use contractual savings / investment plans
These contractual savings or investment plans will help you build discipline to save consistently, so that you can reach your financial goals. You should aim to allocate at least 20% of your income to such plans to meet your financial goals
Get an experienced financial adviser to help you
It’s always good to regularly review your finances such as cashflow management, Income Protection and Wealth Accumulation, to ensure they keep up with changes to your income, expenses or life stages.
If you would like to have more ideas on how you can better manage your cashflow, do drop me an email email@example.com or chat with me here
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Winnie is a Certified Financial Planner with more than 10 years experience in financial advisory services, helping many of her clients to achieve their financial dreams, while protecting their families.
With more than a decade of insurance claims experience, she has tangibly helped many clients receive their claims pay-outs successfully, relieving their financial burden.
As part of her community outreach program, she finds it very meaningful to conduct financial talks for companies where the staff can benefit from the talks. Some of the companies who have benefitted include National Kidney Foundation, Singapore National Eye Centre and Singtel.
Despite her busy schedule, she enjoys working out at the gym and playing the piano (currently pursuing Grade 6 ABRSM).
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