Life is made up of a series of key life events. Planning for what comes
your way is important. Here’s what you need to know about CPF in these life
Financial planning is important. Be it saving for your retirement or managing your healthcare needs, it can never be too early to start planning. Check to see if your bases are covered and steer yourself in the right direction with the checklists below.
It's easier to do your sums when you have the right tools. These calculators can get you started with your planning. Or you can
click here to see all our calculators available.
The key to managing your money is to spend less
than what you earn. You can start by setting goals and keeping to a monthly
budget to manage your money.
Complete this checklist to find out how you fare
in managing your cash flow.
By simply listing your spending, you can save money in the long run. Tracking your expenses will highlight your spending patterns and help you identify unnecessary expenses.
Here are some guides to get you started on expense tracking:
Start a savings habit by setting aside at least 5–10% of your monthly income. By doing so, you would be in a better position to handle any unexpected changes in your income or lifestyle.
Read more about savings here:
Every missed bill payment causes you to spend more money on late charges and accrued interest. Keeping track of your monthly financial obligations helps you prevent unnecessary debt. Ideally, your monthly financial obligations should be less than 60 per cent of your gross monthly salary.
Learn more about debt management here:
Tracking your expenses helps you gain better control of your finances. You can also create a budget to set goals and plan how to spend your money.
Here are some resources that can help with setting a budget for yourself:
Now that you are in the habit of saving, you can start growing your savings and build up an emergency fund for a rainy day.
Learn how to build your wealth and protect yourself from the unexpected here:
Paying your bills in full and on time boosts your credit score, which in turn gives you better interest rates and easier access to loans.
Learn about making smart financial decisions here:
Adequate financial protection goes beyond having an emergency fund. You may consider other forms of protection such as insurance policies to ensure your various needs are covered. As always, exercise care and review available plans to get the best coverage.
Find out more about insurance here:
Please click here to sign up for CPF Email Alerts!