Ask the Expert Series: Post 2020 Budget

In line with the 2020 budget being announced last Tuesday, we are having a special Ask the Expert with Ang Hui Chin, Head of Financial Advisory at PolicyPal, where she will be answering your questions all about financial planning and preschool finances. So start asking your questions from now till Friday ?

Ask the Expert Series: Post 2020 Budget
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How to start saving up for the future? Are there any plans I can buy to start being financially stable as a young working adult?

2y ago

Saving up for the future should start from our first paycheck. Before deciding on the type of plans to purchase, there are a few factors which are important for assessment. What is our current stage of life and current (or upcoming) commitments What is our medium term saving goals What is our risk profile when deciding the amount we require at a certain age (or stage of life) Based on the above, if we have upcoming commitments such as a property or a newborn, life protection policies such as a term or whole life insurance will be of utmost importance. Moreover, these policies tend to be cheaper when we get ourselves covered at younger ages. Typically, one can look at endowment plans which offer flexibility as a form of saving for a goal/retirement. Considering that buying insurance policies are lifetime and long term commitments, it is important for young adults to consider flexibility in the policy. While these flexibility might come at the expense of the returns, there ar