Unscrambling financial planning: A quick guide

NAV TL;DR

If you don’t have time to read through the whole article, you can check out our short version below.

  • When you put your plans into action, you are actually putting your money to good use, helping you to achieve your goals in the short, medium and long term.
  • Financial planning provides you with many routes to achieve financial security and fund your aspirations
  • Financial planning helps you discover new goals, motivates you to set them and work towards achieving them
  • With every step nearer to your goal, it gets less complex and more manageable
  • The longer you wait, the further you are to achieving your goals. When you start to plan, everything will start to fall into place

Do your eyes glaze over financial planning jargon?

DO YOUR EYES GLAZE OVER FINANCIAL PLANNING JARGON

Guess that’s how everyone started out too! That’s why we are here to simplify the lingo. Let’s say you have a hundred dollars now. It’s all about how you use this money and what you expect from it. Do you save it for a rainy day, spend on an indulgence, or invest for potential returns? What if you wish to do all three at the same time? How much do you plan to save, spend and invest?

Decisions like these happen throughout your life. When you put your plans into action, you are actually putting your money to good use to help you achieve your goals in the short, medium and long term.

You may hate the boring process of planning but...

You are many steps closer to your aspirations when you plan. If you are a fresh graduate, budgeting and debt management skills helps you service your outstanding university loan smoothly. If you a sole breadwinner, planning puts you in a better position to protect your family financially in the event of emergencies. For young couples preparing for marriage, you may just afford your marital home earlier than expected. If you are a parent, you will be equipped with sufficient money for your child’s future education needs. If you are in mid-career, it’s time to grow your retirement fund. And what if you are just looking to fill your deep pockets? All the more you want to start planning now.

No matter your life stage and income level, you will have goals in mind. And even if your goals differ from the next person, financial planning provides you with many routes to achieve financial security and fund your aspirations.

Don’t get lost in transit!

DON’T GET LOST IN TRANSIT!

More or less convinced that you should get started? NAV website provides online resources to start you on your financial journey. If you want to catch someone for a face-to-face talk, just head down to NAV Hub for advice (no selling!) over a free cup of coffee. However if you prefer to take a more laid-back approach, you can just leave it to the experts. The difficult part is, in fact, deciding when to start. And once you get started, you will realise that with every step nearer to your goal, it gets less complex and more manageable.

What are you waiting for?

WHAT ARE YOU WAITING FOR?

The longer you wait, the further you are to achieving your goals. When you begin to plan, everything will start to fall into place. From prioritising needs to setting financial goals at different stages of life, you will learn to track your budget and adjust your spending habits. As you review your financial health regularly, you will also learn to improve your allocation of money to meet your future goals. Wait no more, start now.

Hello, we’re NAV.

Inspired by the word “navigate”, NAV is an initiative by DBS & POSB created to help you navigate your finances, your way. Whatever your financial goals are in life, no matter what situation you are in, we’re here to help you on your financial journey.

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

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