Prioritizing financial goals can sometimes seem hard, especially with the high cost of living that seems to be ever-increasing. Although there is no blanket procedure on how to go about it, it will help to admit that you need to have some financial priorities.
However, you can start by deciding where you would like to be in a near, medium and long-term future as concerns your finances.
Having effective financial goals can prove to be beneficial
Planning Your Finances For Your Special-Needs Loved One Future
Looking after the physically challenged is an extremely challenging task, both emotionally and physically for family and the challenged. This is with the consideration that these challenges are different for each family. Even then, the most overlooked need is financial planning for the special needs member.
Unlike normal children, many special needs children require regular financial support which is usually covered directly by family members, through government incentives and also other financial institutions like licensed money lenders offer personal loans in cases of emergencies.
How then can you set an effective plan for your special needs child future?
- Opening a Trust with SNTC:
This will ensure that your special needs child is cared for in the future and is among the most effective choices for a secure future. SNTC trust will work with the special caregiver to see that the financial obligations of the special needs individual are met. Additionally, the government supports SNTC, thus fees and interest charged are favorable.
- Go for the Special-Needs Savings Plan:
This was established in 2014 whereby parents contributed towards this scheme using the CPF savings which ensures that their relatives are cared for through the regular scheme of fixed payouts when their parents pass on.
- Funding a Healthcare Plan:
In Singapore, getting sick can be an expensive affair, but what when you are unwell in what ways can you then finance the medical bills? In the recent past, the government has taken on a multi-layered scheme with participants in private employment, the government, the insurance industry, and each individual to assure an efficient health scheme.
The government using initiatives like providing grants to the health sector, Medifund, Medisave which helps individuals build up their savings, Medishield and different life schemes has assisted make healthcare a lot affordable.
Thus all you will have to do is select a scheme that fits you, and you can get better health-care in the country. Personal loans by moneylenders can also help you fund the scheme of choice too.
What Amount Will You Pay For Your Child’s University Fees In 20 Years?
In this article, we will state the amount you need to cover your child’s higher learning. So then, how much is a tertiary education in the country? These costs keep changing each time but according to NUS tuition fees, a year stands at $9350 for each academic year. Thus this totals $37400 for a 4-year course. Also, it has been estimated that this cost keeps growing at 3.2 percent p.a in the past 6 years hence this cumulatively puts an estimated cost of 70221 by 2035.
- Grading Your Money Goals after Graduating:
After finishing formal education and having done some tarmacking you finally land that job which gives you the much desired financial freedom. It is then that you realize that you need to order your monetary goals but you do not know how to do this.
First, begin by identifying your money goals and arrange them in order of importance beginning with short-term goals followed by long-term objectives. Ensure that the goals are realistic and more refined. By ranking your objectives, this approach can help make your decisions thus classifying them as important, important urgent, not urgent, not important, and also not important urgent.
How to Prepare for Successful Retirement
Preparation for retirement is key in financial planning and it requires a mix of sound strategic planning and discipline. Look at the possibilities of owning a family home, making investments and grow them. Importantly starting right away is best. Avoid waiting until you are much older. Below are pointers to guide you.
- Buy a Home You Can Afford:
It is prudent to buy a home that is within your financial capability, a home that you can afford without extending yourself financially. This is since getting a pricey home will only wipe out all your savings and leave you with nothing at all.
- Wisely Grow Your Investment:
An investment in your saving tool after retirement, therefore it is wise to carefully decide where and with whom you want to invest your money. Have the likelihood of the investment venture earning profits instead of loses.
- Time Counts:
Saving and beginning to invest as you prepare for retirement is the best practice. A popular error in planning for retirement is waiting until you are too old. Preparing at an older age can be challenging and you might not eventually accomplish.
Monetary Mistakes to Avoid in Your Marriage
For couples, not having financial planning in a marriage is among the fateful mistakes to ever make in life. This is because there will be no financial goal for the couple to work towards thus an emergency event will only mean they are ill-prepared for it, not to mention a lack of planning for the future.
Let’s look at some common money mistakes that married people make around financial issues.
- Lack of regular money-talks and refusing to applaud your spouse when they deserve it:
In each relationship, communication is important hence for success in your relationship money-talk needs to be upheld. The couple should agree on key economic concern and praise each other on attaining a set financial milestone
- No Accounting:
Having financial accountability is a key component in any marriage. Most couples make mistakes if they merge their financial accounts yet fail to set regulations and rules guiding their spending of the money.
- Not Establishing Goals and Future Planning:
Establishing your financial goals will entirely be profitable for the couple, hence coming up with your business goals immediately will assist you in making the right decisions as regards money and will prevent unnecessarily spending.
In Closing
Although the cost of living in Singapore is ever-increasing yet wages remain unchanged. Singaporeans should find tools to help them grow their earnings for a secure financial future. Importantly, having financial goals will help you plan on securing both your future and the future of your loved ones too.
