3 (Free) Financial Resources You Can Tap On Today, In Order To Arrange for A much better Tomorrow
Similar to cleaning up our homes to make sure that they are as clutter-free as Marie Kondo's, the need to be surface of our financial matters is a very common and perennial one among Singaporeans.
Just as clutter finds its way back into our homes after a lapse of diligence, continual effort is essential to ensure our personal finances stays in tip-top shape. While effort is required in both our homes and finances, the outcomes are dramatically worthwhile.
Most of us have demanding jobs, an energetic social and family life, and may 't be certain of where to start. Furthermore, the amount of information we need to absorb and skills we have to acquire can be very daunting.
There are mandatory government policies regarding CPF, MediSave and HDB that we need to comprehend; insurance coverage gaps that people have to identify; setting a financial budget and keeping to it; making investments based on our goals and risk appetite; and more.
To aid you in getting going on your lifelong journey of mastering your individual finances, listed here are 3 comprehensive and invaluable resources that Singaporeans can tap on – free of charge.
# 1 Are You Ready?
Whether you want it or otherwise, the Central Provident Fund (CPF) is a crucial pillar in the lives of each and every Singaporean in the day they're born (and have a MediSave account created and get enrolled into MediShield Life).
While the main role in our CPF funds would be to ensure our retirement adequacy, we are able to also employ our CPF monies to cover our homes, education, make investments, and much more. Thus, holistic financial planning in Singapore cannot neglect the options supplied by CPF.
To help Singaporeans better understand making the very best utilization of their CPF monies, the CPF Board created and continues to maintain Are You Ready?, a portal which brings together regularly updated content in a wide range of formats, for example articles, videos, infographics and republished articles across the Singapore personal finance landscape.
The details are categorised by life stages, which makes it easy for first-timers to get up to date with the information that matters to them, whether it is starting work, likely to get wed, buying a home, or get yourself ready for retirement.
Another section that's worth bookmarking may be the Tools section, containing calculators developed by CPF that can be used to project things like the eye you can generate out of your various CPF accounts or estimated CPF LIFE payouts based on the money you've inside your CPF Retirement Account.
# 2 NAV – Your Financial GPS
Does your resolution this season include better management of your capital? If that's the case, you wouldn't like to become passing up on NAV.
NAV is a comprehensive suite of resources developed by DBS and POSB to help you improve your financial know-how, empower you to definitely critically assess your personal financial needs and develop action plans according to your stage of life and specific finances.
From an intuitive digital financial “advisor” that provides you insights in your money habits and personalised suggestions regarding how to build or adjust your operating plan, NAV also offers a repository of quality, relevant content, a wide open community for discussion of money matters, in addition to in-person events and free one-on-one consultations. NAV aims to provide the various enablers you need to assist you in finding your way.
Just like decluttering your home, financial planning and review ought to be done continually and be a natural part of your routine instead of a powerful, annual affair.
With NAV you can study and find out concepts and knowledge and be empowered to create financial planning decisions with full confidence. Since the focus is on education, NAV's offerings are specifically designed to not be “product-led”.
Keen to discover a new area within personal finance? Set aside serious amounts of attend a class. To date, there has been workshops on wedding event planning and investing with ETFs, among others.
If you prefer to read easy-to-understand articles during a tight schedule, you are able to take your pick from a large assortment of articles available covering popular topics such as growing your wealth, getting a home, and protection.
And when you have questions about what you've read, you are able to post your questions in the NAV community and be a part of discussions with fellow Singaporeans.
If all these resources really are a little overwhelming and you prefer the human touch, you are able to choose a personal one-on-one appointment with a NAV crew member. These sessions will help you create a customised operating plan based on your purpose or review where you stand at in your financial planning journey. It is also completely free and conducted inside a neutral, non-product driven environment.
With NAV, you can learn about personal finance and master your hard earned money, in your way.
# 3 MoneySense
MoneySense may be the national financial literacy programme through the Monetary Authority of Singapore and Ministry of Manpower, with participation using their company government agencies.
Their recently revamped website coincides with a renewed drive towards improving engagement with young Singaporeans. Tools such as the Financial Health Check give you a gauge of methods healthy you are financially in under five minutes, and highlight areas for improvement, ranked according to priority.
Content on MoneySense web site is organised in topical categories like Savings, Loans and Credit, Insurance, Investments, Property, etc, so it's simple to find information that you are searching for.
With policies and rules changing periodically in Singapore, you could have the reassurance that MoneySense is a definitive, authoritative source you can make reference to whenever you possess a question.
MoneySense also runs roadshows and other events to interact Singaporeans of every age group and these are great opportunities for you to get any burning questions answered. You can look at the list of upcoming MoneySense events here.