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Sometimes it concerns me when I thought of my kids' tertiary education needs. That will be 15 years from now and it was a time when I'm also getting older and my income might be affected. It worries me to see things are getting so expensive right now and the term, 'live by your own means' can just be an advice but difficult to implement. Of course, temptations to buy cool stuffs are everywhere and it's not easy to resist.
I will be working out my financial plans soon, which I have been procrastinating all along or do not the 'stamina' and discipline in maintaining earlier plans. It's not easy to do one but my goals has been always -
1. Save at least 10% or more of your monthly income
2. Contribute some percentage aside for emergency funds
3. Grow your investment nest as money will depreciate
4. Contribute to your retirement funds
5. Work out an education fund for your children
6. Insurance coverage for family especially illness
The above seems to be a tall order ! *phew* How you folks plan your financial needs? Let's share it here. :)
I will be working out my financial plans soon, which I have been procrastinating all along or do not the 'stamina' and discipline in maintaining earlier plans. It's not easy to do one but my goals has been always -
1. Save at least 10% or more of your monthly income
2. Contribute some percentage aside for emergency funds
3. Grow your investment nest as money will depreciate
4. Contribute to your retirement funds
5. Work out an education fund for your children
6. Insurance coverage for family especially illness
The above seems to be a tall order ! *phew* How you folks plan your financial needs? Let's share it here. :)
whoa! i dnt hv any financial plan yet but parents planned for me. so i jz do according to them. hehe dey control my spending on my salary!
ReplyDeleteBro..come back and tell me all the details.. me very spendthrift one!
ReplyDeleteBuy properties to invest! I find ladies are better in saving money but then, the men had to foot most bills sometimes. No?
ReplyDeleteCaroline - haha...time for you to learn how to manage your own finances.
ReplyDeletereanaclaire - I myself also dunno ..!
ReplyDeleteTwilight - The financial burden usually is on the guys, even if the wives are working. That's culture! And, same as household chores, it's the wives' job.
ReplyDeletewe planned but God have His own ideas
ReplyDeleteYes... always good to plan ahead and save for the rainy day. :D
ReplyDeleteSee below... ish... more horror story in Skudai. #!@$@#@@!!
http://cleffairy.com/?p=4074
I bought some education policies...and if I should die anytime, my daughter would get the full amount right away.
ReplyDeleteWas saving left right and centre as well, as much as I could (FD's...I don't take risks!) - in the end, she got a government scholarship...so the money is all hers for her to spend once she graduates - buy a house, a car whatever...up to her.
Hi Chris, good for you. Nothing like being ahead of things as we never know what tomorrow will bring.
ReplyDeleteKeep well, best regards, Lee.
smallkucing - totally agreed!
ReplyDeletecleffairy - Sigh.gotta be very discipline!
ReplyDeletesuitaupui - wow...congrats! And, great to hear that she don't need the education policy and can convert to other usage.
ReplyDeleteUncle Lee - I think I am a bit too late though I did started earlier but didn't keep up to it.
ReplyDeleteWe bought bonds and medical insurance for our kids.:)
ReplyDelete