In Your Best Interest…

unilogo.gifYou and you alone, are ultimately responsible for your financial well being. Your decisions will affect how you live on a day to day basis and in the long term. Handling the financial issues associated with starting out, establishing a household and having more responsibilities can be stressful.

A solid financial foundation can help you spend less time and effort on your finances so you can devote your time and energy to other important matters like your job, your family and your future.

The only reason for earning a fat salary is not to blow it away for the good times; a sensible option can be to save some for future when destiny decides to pick on you. Putting some money aside in a savings account is a safe bet, as the ‘market’ can be a tricky territory to tread!

Reaching a point of financial security is a process that takes time, effort and perhaps some sacrifices. However, the results are worth it. By starting early, you can put time on your side. By doing a few things right from the beginning, you can make that process easier and minimize the sacrifices you may be forced to make later.

Save what you do not spend. After you have paid your bills each month, move what is left over to your savings account. You will probably want to keep some funds in your checking account to cover unexpected expenses, but by moving excess funds to your savings account, you will be accumulating assets and probably earning more that what you would have earned if you left your excess funds in your checking account.

Opening a savings account is easier than gobbling up a delicious piece of cake. All one has to do is to walk up to any high street bank and open an account. There are different types of accounts for different needs; you can easily select yours according to your means and requirements. The good life will be here before you know it. Putting a little money away today means big dollars for later.

The interest rates that you will get, differs from bank to bank and account to account as well. The rates will be slightly lower in an easy access savings account but then you will get instant access to your money whenever you need it and no notice or penalties for on the accounts.

As for now all I can say is no one can foresee the future and one should be ready to tackle the issues waiting for you in the future (yes there will be a few, life is not a fairy tale) and by having a plan B to every problem that raises its head, you can actually give your life a “…happily ever after” ending.

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5 Responses

  1. Jag says:

    Hi mate,

    Good advice there.

    It is very important to save for rainy day. Always aim to save at least 10-20% of monthly income (not hard and fast rule though).

    I think you make a good point of having savings just in case of emergency. If one is doing business, an emergency fund is especially important as there are a lot of uncertainty and risk involved, and a good sum of cash to fall back on is always good.

    An informative post once again, Robin!

    Cheers,
    Jag

  2. Jag says:

    Opps, I wanted to say aim to save at least 10-20% of monthly income.

    That’s the thing about commenting. I can’t edit what I just wrote. 😐

    Jag

  3. Robin Bal says:

    Hey Jag,

    Thanks a lot. I edited the change you wanted to make, no worries.

    I always believe saving is a habit we need to cultivate, once you start, you get better at it with time.

    Take care and Cheers.

  4. Jag says:

    Hi Robin,

    I just want to add, while saving is a good habit to cultivate, it is not enough just to save.

    One definitely has to invest, as the saving rates will definitely not beat the inflation rate in the long run (at least this is the case in Singapore).

    Cheers,
    Jag

  5. Robin Bal says:

    You are absolutely right on that mate, saving money alone isn’t good enough. If the Bank interest rate is 3%, you are not making, money due to inflation. This applies everywhere buddy not Singapore alone. In todays world you need a financial instrument which gives a real return better than the Banks. Investing is about the only way you can beat inflation and achieve a decent real return. Real return on investment is actual return minus charges and inflation.

    Thanks for pointing that out.

    Take care and cheers.

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