With the far-reaching impact of the pandemic looming ahead; even with the brighter prospects of economic recovery due to massive fiscal stimulus and measures, it would be wise to err on the side of caution.
April is the month designated to raise awareness of financial literacy, and the call for this important life skill becomes more pressing in the face of uncertainties we may encounter. Yes, one can consider financial literacy as a vital skill, for without it one may be inhibited from realising bigger ambitions through different life stages.
Let us look at what financial wellness means at each stage of life:
In your 20s: Hone Your Skill To GROW
Having just started out in your career journey, this is the time to start growing your savings aggressively; before you begin take on more financial responsibilities as you enter life milestones of marriage and parenthood. First and foremost, have a comprehensive budget in place and be sure to stick firmly to it.
In your 30s: Refine Your Ability To PROVIDE
Now that you have entered a new era, it is opportune to rethink your budget. With more life and financial priorities, you may like to adjust your protection and coverage needs, as well as start putting away more toward your retirement fund.
In your 40s: Strengthen Your Resources To OPTIMISE
This is the moment to ramp up your financial wellness efforts. It is also a time in life where you begin to see your household expenses begin to skyrocket. You would want to recalibrate your plan and ensure your strategy is aligned with your short-term and long-term goals, while factoring in the needs of your children and dependents.
Wellness can be defined as attaining a good balance in all aspects of your life. To achieve the financial goals you have made, be sure to have a strong strategy. Should you need some help reviewing your current plan and progress, we would be happy to speak with you anytime.Share on Facebook Share on LinkedIn Share