• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Go to Expat Living Hong Kong
Get our Newsletter

Lifestyle Guide To Moving To & Living in Singapore - Expat Living HomepageLifestyle Guide To Moving To & Living in Singapore - Expat Living

Moving to Singapore and not sure where to start? Expat Living is the essential lifestyle guide to living in Singapore.

Menu
  • Living in Singapore
      • Living here
      • Neighbourhood Guides
      • Schools
      • Property
      • Work And Business
      • Finance
      • For Guys
      • Environment
        • horoscopes for julyHoroscopes for July 2022!
        • Sasha's Fine Food - SupermarketGrocery stores, groceries online or supermarkets in Singapore
        • Ultimate Performance SingaporeBest gyms & fitness studios for getting fit
        • Dairy FlatsWhat’s like living in Dairy Farm Heights?
      • View all
    Close
  • Things To Do
      • Things to do
      • EL Events
      • Calendar
      • Competitions
      • Noticeboard
        • horoscopes for julyHoroscopes for July 2022!
        • puzzle answers for expat livingPuzzle Page answers for July! How did you do?
        • image of Forest adventure grand course for things to do with kids in SingaporeFun Things To Do In Singapore
        • Billie Eilish Happier Than EverWhat’s on this week and beyond
      • View all
    Close
  • Kids
      • Enrichment
      • Kids Things To Do
      • Mums & Babies
      • Schools
      • Tots & Toddlers
      • Tweens & Teens
        • MADDspace performing arts school in Singapore kids singing showcase performanceGot talented children who love the spotlight?
        • image of Forest adventure grand course for things to do with kids in SingaporeFun Things To Do In Singapore
        • Little Artists Arty Party kid's birthday party ideasBest children’s party venues in Singapore
        • Invictus International School singaporeA Change in Curriculum at Invictus
      • View all
    Close
  • Homes
      • Home Decor
      • Readers’ Homes
      • Furniture
        • Table wareFabulous dinnerware, tableware and crockery!
        • B55Fab furniture, home decor & art galleries in one spot!
        • kids beds and children's roomsKids’ furniture that’s quality, fun and cool
        • Danish Design's designer furniture piecesDreamy designer furniture pieces!
      • View all
    Close
  • Travel
      • Asia
      • Australia & New Zealand
      • Rest Of World
      • News
      • Travel Offers
        • India colorful festivalTop travel tips for visiting India
        • CrusieA Singapore cruise with skydiving, a wave machine & fab food!
        • vietnam 1Everything you need to know about Vietnam!
        • Cruise in SingaporeVisit 3 destinations in 5 days on this exciting cruise
      • View all
    Close
  • Wine & Dine
      • Asian Cuisine
      • Western Cuisine
      • Bars & Clubs
      • Groceries & Speciality Services
      • Recipes & Classes
        • Sasha's Fine Food - SupermarketGrocery stores, groceries online or supermarkets in Singapore
        • Le-Bar-SofitelWhere to go for the best high tea in Singapore
        • The StoreLatest bars in Singapore: New drinking spots!
        • weber singapore duxtonBecome a guru at the Grill Academy Weber Singapore
      • View all
    Close
  • Style & Beauty
      • Fashion
      • Hair & Beauty
      • Beauty Offers
        • one of the best hair salons in singapore chez vous hideaway best balayageBest Hair Salons in Singapore – Our Reviews
        • urban CompanyNail salons in Singapore we’ve tried & tested!
        • hyper PigmentationTypes of pigmentation, removal & treatment
        • eye treatmentsOur guide to popular eye treatments
      • View all
    Close
  • Health & Fitness
      • Dental
      • Fitness
      • Medical
      • Wellness
        • Ultimate Performance SingaporeBest gyms & fitness studios for getting fit
        • kids dentistTips from orthodontists & kids’ dentists in Singapore
        • Pure Fitness ClassesGet your fitness and yoga trial passes for beginners
        • pilates 40sFitness after forty at FitNut Loft!
      • View all
    Close
  • Shop
    • PRINT MAGAZINE
    • DIGITAL MAGAZINE
    • BOOKS
    • Close

Do you have a financial plan?

15th November 2018 by Lindsay Yap 3 Min Read

https://expatliving.sg/financial-tips-budgeting-expat-financial-planning/

We all lead busy lives, but it pays to find time to keep on top of our finances. Here, Andrew Talbot of Expat Financial Planning, part of Globaleye Group, highlights some things we should take note of when managing our money. 

While many people make financial plans in time for the start of a new year, it should really be an ongoing process. Such a plan can act as a road map for your money – and, like a map, it’s helpful to look at once in a while to ensure that you’re on track. Lifetime financial forecasting is a way to help you examine how your spending, savings and investing will affect your plans for the future. It can help you see how much you need on hand to live comfortably and, most importantly, prepare for the ongoing costs of your lifestyle and any unexpected expenses.

Globaleye financial planning laptop
Are you keeping track of your expenses?

#1 Start crunching the numbers

You should envisage a range of “what-if” scenarios. For example:

  • What if I pay off my mortgage in 10 years’ time using my investments? How will this affect my future finances?
  • What if I use my inheritance to purchase a rental property when I retire? How will this affect my retirement income?
  • What if I take a lump sum from my savings to build an extension on my house in five years’ time? Can I still afford to retire at 60?

Running through the numbers allows you to see how much you need in order to achieve your financial objectives. The plan can be based on your own timeline and inputting real-life events relevant to your own circumstance. You can get financial planners to help you with it. These calculations will help to bring money to life and, in turn, help you manage expectations. You don’t need to create an incredibly detailed plan with profit forecasts for your household, but you should create a set of financial objectives for the coming year.

#2 Scrutinise your spending plan

It may sound incredibly tedious and boring, but if you get your budgeting right, you’ll have more money available to enjoy yourself. The biggest issue you could face without planning is having a lifestyle that doesn’t match up with the amount of money you’re earning. Often, when we take a good look at our finances, there are always things we can forgo to save money.

#3 Get insurance

Home insurance is one thing and car insurance is obligatory. But for many people, that’s as far as they get when it comes to ensuring their assets in life. Failing to insure your income, life or health could cost you a lot more than you expect if anything happens. Consider getting income protection and critical illness cover and, if something unexpected happens, it’s likely to be more worth it than you think.

Globaleye financial planning signing a will
Having a will is more important than you think!

#4 Write a will

Many of us don’t have a will, but by neglecting to make one, we’re leaving behind a major headache for our loved ones if something happens to us. Writing a will doesn’t have to be complicated, especially if your financial affairs are relatively simple.

#5 Giving to charity

If you make a contribution to a registered charity in Singapore, your donation will be tax deductible. Furthermore, your donation will be deductible at two-and-a-half times the original amount. For example, a $300 donation means that $750 will be deducted from assessable income. The amount will be automatically deducted from income assessment at the time of your income tax submission in April each year.

Note that cash donations must be made to an approved Institution of a Public Character (IPC) or the Singapore Government for causes that benefit the local community. Not all registered charities are approved IPCs. Therefore, donations made to a charity without approved IPC status are not tax-deductible.

Written in collaboration with:
#26-01, Maybank Tower
9824 1470 | 6240 6865 | expatfinancialplanning.com | avriowealth.com


Get more handy advice on
Living in Singapore.

Heading home or to a new expat post?
The expat’s guide to where to live in Singapore

Lindsay Yap

Living in Singapore all her life, Lindsay loves finding out what's on and fun around town. Besides binge-watching sitcoms and pigging out on her favourite hawker food, she enjoys exploring new places and is constantly adding to her travel wish list!

Get the latest events, stories and special offers
sent to your inbox.

By signing up, you'll receive our weekly newsletters and offers, which you can unsubscribe to anytime.

Categories: Finance Living in Singapore Tags: Expat Financial Planning Financial Advice Financial Planners Financial Planning Living In Singapore Personal Finance

You May Also Like

What’s like living in Dairy Farm Heights?

Invictus International School singapore

A Change in Curriculum at Invictus

Profile: Anne Trads Juel Sauerberg

Primary Sidebar

  • Competitions
  • Noticeboard
  • Subscribe
  • About
  • advertise
  • Contact
  • Privacy

© 2022 Expat Living Singapore, All Rights Reserved.