Your financial planning checklist

A checklist from your trusted financial planning partner

If you’ve only got a minute:

  • Unfortunately, going through this checklist and acting on the items will take more than a minute
  • If it’s not a good time now, use this one minute to schedule a 30-min slot in your calendar to go through this list – trust us, it’s worth it!

Financial planning is a very personal journey as we have different priorities and varying needs. However, it doesn’t have to be complicated - what if there’s an easy reference free of financial jargon to help you start or close gaps in your financial plan?

That’s the reason why we designed this financial planning checklist for you. Simply check off items on this list and be on your way towards having a robust financial plan.

1. Save like you mean business

The first task on the list is none other than building savings as a discipline – that’s the foundation from where everything else starts and the reason it’s the number one item on this checklist.

Check these off today:

Break down your expenses so you have a better understanding of your needs and wants. This makes it easier for your to re-prioritise your spend and cut down on “wants” such as vacations, entertainment subscriptions or even bubble tea! 

Ensure you have enough emergency cash to cover at least 3 to 6 months of expenses or more if you have dependants. If you are self-employed, have enough to cover at least 12 months of expenses. 

Save at least 10% to 20% of your income and adopt the “Pay Yourself First” approach to automatically channel your savings to a separate account once you receive your pay, before you start spending. 

Your savings need not stay idle. Start your saving habit the smart way – multiply your savings with DBS Multiplier.

2. Commit to mapping out your financial journey

You’ve started saving but not sure what to do next? Or have you been too busy at a new lifestage – your first home or a recent newborn – to think of reviewing your financial roadmap?

It’s not too late – make a commitment to look at it today.

Check these off today:

Take stock of your current financial health.

Use NAV Planner (it’s free) to see how your financial decisions are shaping your finances.

Need help or want a second opinion? Meet our friendly Wealth Planning Managers for unbiased financial advice that’s based on your financial goals. 

3. Safeguard yourself and your loved ones

Everyone wants to protect themselves and their loved ones from the unexpected. But many postpone or avoid dealing with insurance because injury, illness, accidents, disasters, and death are topics we’d prefer not to think about.

However, it is there to safeguard you and your loved ones so you and them both can have a peace of mind – and you can focus your energy on living more!

Check these off today:

Transfer the potential cost of your hospital bills to your insurer by getting your own personal health plan.

Stay protected with an adequate life insurance plan that meets your commitments. Not sure how much is enough? Find out today.

Cover your whole family – from young ones to seniors – with personal accident protection right this instant.

4. Manage your debt, because you can

From personal to housing loans, most of us will come face-to-face with debt at some point.

As such, managing debt is a foundational cornerstone of prudent financial planning - that’s why it is important to have this on your checklist.

Check these off today:

Taking up a home loan? Source for the best plan which meets your needs.

Have an existing home loan? You may be able to reduce it through refinancing.

Trying to get out of debt? We’re here to help you work your way out of endless bills.

5. Make your money work hard for you

If you want to succeed in this financial planning journey, you can’t be working hard alone. Your money must work hard for you as well.

Unfortunately, not everyone is doing that. Luckily for you, you have this financial planning checklist on your side!

Check these off today:

You don’t need a large capital to start investing. Set up your own regular savings plan with Invest-Saver from only S$100 a month.

Take the first step towards building your own stocks portfolio with a DBS Vickers account.

Or simply leave it to our DBS Investment Team of experts with digiPortfolio.

6. Secure your future

Few in Singapore start early retirement planning young, so here’s the golden rule: While it’s not the end of your journey, the earlier you start retirement planning the easier it gets.

Check these off today:

Have a retirement goal? You can do better – visualise your retirement lifestyle and write down each element. Then, work backwards from there.

Not sure what it looks like? Get help – there’s no need to be shy.

This checklist works only if you act right now

Fight inertia and start checking off some items right now to be on your way towards having a robust financial plan - any action is better than no action.

Bookmark this page and check back periodically to assure and affirm yourself how far you have progressed. Share this with your family and friends too!

Ready to start?

Speak to the Wealth Planning Manager today for a financial health check and how you can better plan your finances.

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Alternatively, check out NAV Planner to analyse your real-time financial health. The best part is, it’s fuss-free – we automatically work out your money flows and provide money tips.

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Disclaimers and Important Notice
This article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability. 

All investments come with risks and you can lose money on your investment. Invest only if you understand and can monitor your investment. Diversify your investments and avoid investing a large portion of your money in a single product issuer. 

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

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