🗓️ 21092025 1519
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financial_planning
1. Financial Goals
| Goal | Timeline | Target Amount (S$) | Priority | Current Progress (S$) | Monthly Allocation (S$) | Target Date |
|---|---|---|---|---|---|---|
| Starting a Family | Medium | 50,000 | High | 0 | 1,500 | Dec 2027 |
| Help with Loans/Shared Expenses | Short | 20,000 | Medium | 0 | 800 | Dec 2025 |
| Renovation | Medium | 80,000 | Medium | 0 | 1,200 | Jun 2028 |
| Retirement | Long | 1,000,000 | High | 0 | 2,000 | Age 65 |
| Emergency Fund | Short | 30,000 | High | 0 | 1,000 | Jun 2025 |
2. Current Financial Position
Income Tracking
| Income Source | Type | Monthly (S$) | Annual (S$) | Notes |
|---|---|---|---|---|
| Primary Job | Active | |||
| Side Projects | Active | |||
| Investments | Passive | |||
| Total |
Tax Savings Calculation (Annual)
| Item | Amount (S$) | Tax Bracket | Tax Savings (S$) | Notes |
|---|---|---|---|---|
| Gross Income | ||||
| CPF Contributions | ||||
| SRS Contributions | ||||
| Taxable Income | ||||
| Total Tax Savings |
Expense Tracking
| Category | Type | Monthly (S$) | Annual (S$) | % of Income | Notes |
|---|---|---|---|---|---|
| Needs (50%) | |||||
| Rent/Mortgage | Fixed | ||||
| Utilities | Fixed | ||||
| Groceries | Variable | ||||
| Transport | Variable | ||||
| Insurance | Fixed | ||||
| Phone/Internet | Fixed | ||||
| Wants (30%) | |||||
| Dining Out | Variable | ||||
| Entertainment | Variable | ||||
| Shopping | Variable | ||||
| Travel | Variable | ||||
| Savings & Investments (20%) | |||||
| Emergency Fund | Savings | ||||
| Investments | Investment | ||||
| Total | |||||
| Net Surplus |
3. 5-Year Forecast & Budget Planning
Monthly Check-in Questions
- Can I save more money this month?
- Can I cut back on big ticket purchases?
- Can I save on groceries/subscriptions?
- Am I on track for my financial goals?
- Any income opportunities to explore?
Budget Allocation Target vs Actual
| Category | Target % | Target Amount (S$) | Actual % | Actual Amount (S$) | Variance |
|---|---|---|---|---|---|
| Needs | 50% | ||||
| Wants | 30% | ||||
| Savings & Investments | 20% |
4. Investment Strategy by Timeline
Short Term (< 2 years)
Purpose: Emergency fund, immediate goals
- high_interest_saving_accounts - 2-3% p.a.
- short_term_t_bills - 3-4% p.a.
- Allocation: 30% of savings
Medium Term (2-10 years)
Purpose: Starting family, renovation, major purchases
- singapore_saving_bonds - 2-3% p.a.
- Robo advisors - 4-6% p.a.
- Allocation: 40% of savings
Long Term (10+ years)
Purpose: Retirement, wealth building
- central_provident_fund - CPF contributions
- exchange_traded_funds - 6-8% p.a.
- Real estate - Property investment
- Allocation: 30% of savings
Key Investment Principles
- Diversification: Don't put all eggs in one basket
- Dollar-cost averaging: Invest regularly regardless of market conditions
- Risk tolerance: Higher risk for longer timeframes
- Tax efficiency: Maximize SRS, CPF contributions
- Liquidity ladder: Balance between growth and accessibility
5. Credit Card Strategies
Golden Rule: Pay off bills every month
Cashback Cards
- Focus on categories with highest spending (groceries, transport)
- Target 1.5-2% cashback on general spending
Miles Cards
- Good for travel goals and dining
- Consider annual fees vs benefits
6. Action Items
- Set up automatic transfers for goal savings
- Review and optimize insurance coverage
- Open CDP account for government securities
- Research robo advisors for medium-term goals
- Calculate optimal SRS contribution for tax savings
References
- takeaways from https://youtu.be/SVhdsNiO7Qs?si=7GpjuCo_TC8bo_TW