A Proven Five-Step Guide Suggested by Junus Tan To Manage your Finance Like a Pro!

by Vicky Mamoria Website Promoter

It's rightly said that a penny saved is a penny earned. Looking around your friend-circle, you may find enough examples of individuals suffering due to their inability to save or save sufficient- even when their earning is pretty decent.

This shows how important it is to manage your money wisely. Life gets easier when you are financially savvy. So here’s a five-step guide, from Mr. Junus Tan Singapore, to take control of your money and manage your finance like a pro. 

1.       Fix Your Financial Goals Beforehand

The journey turns a lot easier if you know your destination and the road leading to it. So the first step is deciding your financial goals, both short term and long term ones- and then planning you’re saving as per the financial objectives set. Make sure these goals are realistic and specific, instead of generic ones. For example, if you want to buy a house, decide how much money you need, considering your current and prospect future income.

2. Plan Your Income-Segregation 

A vital step, this will decide the chance of being successful in achiveing your future financial goals. Segregate your income towards different expenses like your rent, utility bills, groceries, school fees, transport, health care and vehicle maintenance. Junus Tan, a financial adviser in Singapore, suggests that you should spend no more than 50% of your income on these regular expenses. Spare an additional 20% to meet your shopping, dining and entertainment desires. And the rest 30% should be your saving, at any cost. You can use it in market investments and other saving plans. Prepare a plan and stick to it.

3. Having any bank debt?  Get Out Of it ASAP

Bank loans, credit card EMIs and other sorts of credits from any financial institution are always a big hurdle in your future financial goals. So clear them ASAP. If you’ve bought money from multiple source, do take a professional consultation and consolidate them all in one. Fix an EMI to pay it within a set period. You must seek ways to increase your income or cut back on costs, so as to clear your debts quicker.

4. Take a Control On Your Spending Habits

A key reason why many youngsters fail to save is their habit of spending exorbitant. If you’re really serious about your financial goals, do curb the unnecessary expenses. Avoid frequent clubbing, parties and vacations – if these are the reasons to engulf your income. It’s not about killing your desires, but about avoiding that’s a bit too much.

5.  Invest in the right way

You’re smart, educated and well-earning. Your investment should be smart enough to give you better return. However, you should never neglect the risk-factor while doing any investment. Do some research on what are the best investment plans in Singapore as per your saving. Keep anything aside will be piled up as a good saving one day, suggests Junus Tan Sg.

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Created on Aug 17th 2019 07:49. Viewed 368 times.

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