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Women & Their Money
Keep Your Money In The Pink Of Health
Apr – Jun 2010
Anne Tay shares with us how to make sure our finances stay rosy through discipline and good planning.
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Anne Tay
Vice-President
Wealth Management Singapore
OCBC Bank
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In our daily lives, women plan for a lot of things. From intimate family gatherings to schools for the kids, from career objectives to travel plans and shopping trips.
In fact, there is an even greater need for us to plan how to manage our personal wealth so as to achieve and ensure financial security at different life stages.
To help you get started, here’s a 7-step guide to financial planning:
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| Step 1 |
| Keep your financial goals simple |
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Being cost conscious is the cornerstone of wealth-building. Begin by reducing your daily expenses to create the additional savings, such as saving 10% of your pay or putting that amount into a different savings account. Find one that pays a higher interest rate while offering additional lifestyle privileges to maximise your benefits.
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| Step 2 |
| Take care of emergency needs |
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Have at least 6 months of your savings in liquid assets, which are those that can be converted to cash quickly with minimal capital loss. Savings accounts, fixed deposits, treasury bills, and money market unit trusts are financial instruments that allow you to tap into quickly should the need arises.
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| Step 3 |
| Take care of your high-interest paying debts |
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Pay off debts such as credit card bills that will hurt you the most. The normal credit debt will cost you 24% per annum. If you are constantly struggling to pay off credit card debts, you are clearly over-spending. Take this as an opportunity to revisit how you are spending your money and be more prudent. |
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| Step 4 |
| Protect against your liability |
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Hedge risks that will affect you the most by transferring it to the insurance company. For example, if you have a huge mortgage to service, you need a Mortgage Reducing Term Assurance (MRTA) that will take care of the loan, should unfortunate events happen.
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| Step 7 |
| Embark on an investment plan |
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Besides savings, make your money work harder for you through investments that can enhance your wealth. Invest consistently and take the investment risks that you are comfortable with. Maintaining a diversified portfolio will minimise the risk factors.
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| Secure the right combination of asset classes to take advantage of changing market conditions |
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 Introducing the Schroder Multi-Asset Advantage which allows you to participate in the growth of global markets using a diversified multi-asset portfolio:
- Participates in global market recovery with investment allocations into assets like equities, bonds, commodities and property.
- Adopts a Dynamic Allocation Investment Strategy which works to optimise your portfolio performance and maximise returns.
- Not sure of where and when to invest? Allow your portfolio diversification needs to be taken care of in a single investment.
To learn more about how the Schroder Multi-Asset Advantage can work to your advantage, visit any OCBC branch, call 1800 438 6088 or click here now!
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Important Information
The information provided herein is intended for general circulation and/or discussion purposes only. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. Without prejudice to the generality of the foregoing, please seek advice from a financial adviser regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase the investment product. In the event that you choose not to seek advice from a financial adviser, you should consider whether the product in question is suitable for you. This does not constitute an offer or solicitation to buy or sell or subscribe for any security or financial instrument or to enter into any transaction or to participate in any particular trading or investment strategy. OCBC Bank, Singapore Island Bank and its respective associated and connected corporations together with their respective directors and officers may have or take positions in the securities mentioned in this report and may also perform or seek to perform broking and other investment or securities related services for the corporations whose securities are mentioned in this report as well as other parties generally. No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein.
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| Congratulations to the winners of "Dreams For My Kids" contest! The 5 journals with the most Likes collected win over S$600 worth of prizes each. Find out who the lucky winners are! |
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