Picture this: You are in your 30s and worried about your finances. Your mortgage has increased thanks to rising interest rates, your credit card bills are piling up, and your retirement nest egg is nowhere near where you’d hope it’d be. You thought that contributing to your CPF would be enough… but are now regretting not saving more and investing wisely in your 20s.
Sounds familiar? You are not alone. The Her World 2023 What Women Want survey revealed that 63 per cent of women surveyed have debts – predominantly housing loans and credit card bills – to clear currently, while 46 per cent believe they need to cut down on their spending. Furthermore, 41 per cent aim to retire by 60 with a targeted median savings of nearly $890,000.
Separately, an OCBC survey conducted in 2022 showed that only 41 per cent of Singaporeans are on track with their investment goals.
However, financial experts say it’s not too late to get started. Whether you’ve put it off because you are not sure how or where to start, or you were busy spending your 20s in YOLO mode, it’s possible to hop on the investment train even in your 30s – albeit with a few caveats.
BUILD YOUR SAFETY NET FIRST
If you don’t already have an emergency fund that’s equivalent to at least three to six months of your salary, you should first focus on ensuring that you have money set aside for a rainy day.“Once you’ve set aside three to six months of monthly expenses as emergency funds, you can start investing with the idle funds you have in your savings account. If you have dependents or are a gig worker, set aside at least 12 months’ worth of expenses,” says Lorna Tan, head of financial planning literacy at DBS Bank.
Diese Geschichte stammt aus der May 2023-Ausgabe von Her World Singapore.
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Diese Geschichte stammt aus der May 2023-Ausgabe von Her World Singapore.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
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