After all, starting early means you have more time to grow your savings, seek opportunities to make them work harder and reap the benefits from compounding over time.This long-held habit has helped me to save diligently over the years, which then becomes the much needed “ammunition” for investing. How does it work?
Continue to inculcate a thrifty habit and learn to defer gratification for bigger future financial rewards.to keep track of your expenses and set up a realistic budget that includes saving and spending targets.By doing so, we know which areas we can work on to reduce discretionary spend and enhance our financial situation to manage the uncertainties ahead.While spring-cleaning our finances, adopt a “helicopter” view.
Another tip is to use credit/debit cards that are more suited to your lifestyle and spending patterns to earn cashback, points, and miles. Beyond savings, you’d need to start investing your money for a better chance at beating inflation and longevity, as well as achieving your life goals.For beginners, start off with considering if you need to upgrade to an Integrated Shield hospitalisation plan before moving on to explore other protection-type cover such as life insurance, critical illness, disability income, and personal accident.
You can also consider robo-advisors, which are digital platforms that provide automated, algorithm-driven investing services in the form of curated portfolios with pre-selected instruments based on risk rating.