Meaningful financial planning begins with understanding your goals

What is financial planning?


Look at your current reality and sources of wealth (including fixed assets such as housing, and non-fixed assets such as cash savings, investments and current earnings)


Ask if there's a gap between where you are and where you want to be


Work out a plan to reach your goals (via financial planners or digital tools)

The importance of Central Provident Fund (CPF)

CPF is a tool for retirement to ensure that Singaporeans have a steady stream of money to withdraw when they reach 65 years old.
CPF contributions = 20% of employee's salary + 17% of employee's salary contributed by the employer + compounded interest rates
There are 3 main CPF accounts:
• Ordinary Account (housing, education, investments)
• Medisave Account (healthcare)
• Special Account (retirement)

Ensuring continued savings for the future


Depends on your definition of living comfortably and other financial commitments


Focus on upskilling and education through:

• Trade-specific resources from unions

• SkillsFuture Credits

• Continuing Education and Training courses from Institutes of Higher Learning

Additional tips


Know your ‘why': Why do you want to save money and go into financial planning?


Try to find a balance between embracing new experiences that costs money and saving for your future


How much you decide to save depends on how you define happiness and how much money gives you happiness


Useful financial literacy platforms include: Institute of Financial Literacy, MoneyOwl, TheWorkSalaryMan and Money Smart

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