Save Time, Save Money: Savings for Multiple Goals

Save Time, Save Money: Savings for Multiple Goals

08 Mar 2022

Savings for Multiple Goals

Saving is extremely crucial.  If you are not sure what kind of saving you should have,  here is a list of the savings funds you can consider and begin your saving journey.

1. Emergency Saving Fund  

An emergency fund is a money that you set aside for other savings. The fund is in place to help you deal with life's unexpected events as Emergencies can take the form of unpredictable expenses like medical bills, losing your job, or losing your source of income. Most importantly, your Emergency Fund can help you bounce back from financial setbacks.

2. Down Payment on a home 

If you intend to purchase a home, it’s essential to start saving for a down payment. Having a reliable savings fund can help you stay disciplined and motivate you to reach your goals. Take your time to research and figure out how much of a down payment you may need, and then set a monthly plan to save 2 times the amount you need.

3. Retirement Fund

foAim to set aside at least 20% of your pre-tax salary for retirement. Use tax-advantaged retirement accounts or invest your money for long-term growth.

4. Vacation Fund 

Your vacation trip will feel more relaxing if you know the whole journey has been fully paid for in advance. Instead of putting your vacation on a credit card, consider saving up for your airfare, hotel and other fixed travel expenses ahead of time. But don’t rule out putting the trip on a travel rewards credit card to earn some credit points. However, make sure to pay off the balance quickly with your savings.

5. Educational Fund

Suppose you’re a parent / a working teenager and would like to help your children/ pay for education in the future without relying entirely on scholarships and student loans. It would help if you had a dedicated savings avenue; start saving when your children are young or start working part-time/full-time jobs to keep for school. Remember the sooner you start and the more you diligently save.

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We are an International Investor Relations firm (IR) based in Singapore. We specialize in Investor Relations, Public Relations, marketing, branding, and messaging strategies for clients that include organizations of all sizes across Asia, Oceania and US.
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