It’s your quiet little corner of the world. A place where you can just be. It’s also your biggest investment. Finding a home that your head and heart both agree on, can be quite a challenge. From zeroing in on the location to vetting the builder, from working out your budget to choosing the right financing, there’s a lot to think about before you sign on the dotted line.
You’re already picturing yourself behind the wheel of your shiny, new ride, the open road in front of you. But before you can drive away into the sunset, there’s plenty to think about. Does it fit your budget? Is it right for your family? Will it go the distance? Once you’ve zeroed in on the car, figuring out the financing is important to enjoy a smooth ride home.
You're looking to push yourself. Find a more fulfilling job. Build a career out of your passion. Whatever your reasons for choosing to study further, it’s one of the most important investments you’ll make. Will the program help you grow? Do the fees fall within your budget? What about scholarships? Do your homework well, and it’ll be easier to find the right answer for you.
There may be no way of predicting the future, but the right education will equip your children for its challenges. It’ll also connect them to
better opportunities. It’s crucial to plan ahead, though. With inflation and schooling costs on the rise, the earlier you begin, the better. There really is no better gift you can give them.
We all need a break from time to time. But not all of us plan well for it. We tell ourselves the time’s not right. Or there’s a bigger priority that needs our attention (and savings). By simply thinking ahead, and managing your money better, you can enjoy all those well-deserved holidays, minus the guilt. Bon voyage, we say.
There’s a reason they call it the golden years. Fewer responsibilities. Plenty of time. And if you’ve planned well, enough savings to let you make the most of it. The key to a great retirement is to begin early, research your options and invest right. That way, when the time comes, you’ll have enough to take care of the necessities. And to enjoy those luxuries as well.
They say you should hope for the best, and prepare for the worst. Especially when it comes to your family’s security. Managing your assets well will save them a lot of stress and uncertainty. And you don’t necessarily have to make sacrifices today to build them a safety net for tomorrow. Some smart planning is all it takes to leave them the legacy they deserve.
A few useful tips:
- Don't base your decision on how the market is poised. Real estate is cyclical, so waiting for the perfect time isn’t the best idea. Instead, choose to buy a home when you find the right place that fits your budget.
- Factor in additional costs like property tax and maintenance when you’re making your decision, to avoid any unpleasant surprises later.
- A home is only as good as the neighbourhood it’s in, so make sure yours is right for you. See what your daily commute will look like. Check for good schools nearby. The area your home is in, will have a huge effect on its value.
- Get a thorough inspection of the house done before you make your offer. If you find any issues, you can use it to bargain and bring the price down.
- Your credit score will have a huge impact on your home loan. So keep an eye on your credit if you’re thinking of buying. If something isn’t right, you’ll have the time to correct it. It is best to keep expenses low for a year before applying for a loan.
- Narrow your choices down to models you like, which also fit in your budget. Choose cars that would cost at least 5% less than your monthly budget. That way, the regular fuel costs, repairs and maintenance won’t make a dent in your paycheck.
- Make sure you factor in the cost of the insurance into the price of the car. You can get an insurance premium quote online for yourself to understand how it’ll impact you.
- Think twice before going for the extended warranty offered by a dealership. It can be quite expensive and the coverage you get is often very limited.
- If you’re thinking of buying a used car, get a thorough check-up done by a mechanic before making your decision to rule out any concerns.
- Take your time with the test drive to make sure this is the perfect car for you. Even better, take the family along, so you can find out if they feel the same way.
- Getting a good scholarship is not just about getting good scores. Community service, work experience, diverse hobbies and international travel will all raise your chances by making your resume stand out.
- When it comes to programs and universities, the most popular choices may not necessarily be the best choices. Talk to your advisor to zero in on the courses that’ll give you the best returns on your investment.
- If applying to programs in more than one country, keep a close eye on their schedule and deadlines. That way, you can prioritize better and save yourself the last-minute stress.
- Once you’ve narrowed down on a few programs, start looking at accommodations, ideally on-campus for the first couple of years. You can also get a clearer idea by connecting online with other applicants and seniors.
- Know what to expect in terms of internships and jobs before you get there. Finding a good position can be a boon for your finances and your career tomorrow.
- Involve your children early on in the process of saving. Talk to them about your plan and have them pitch in, however small the contribution. Teaching them how to manage their money will hold them in good stead for life.
- When their future depends on regular investments by you, it’s best to prepare for the worst. Get adequate life insurance to protect your plan.
- Review your portfolio at least once a year, to make sure your target amount will do the job. Both tuition fees and cost of living can rise faster than you expect, so keeping an eye on inflation is a good idea.
- Put the power of compounding to work for you. Disciplined investments, coupled with an early start, will make a huge difference in the long run.
- Base your plan on how much time you have left to reach your goal. If your kids are nearing teenage, investing more aggressively in equity investments could yield higher returns.
- Choosing all-inclusive packages can help you save quite a bit on food, accommodations, etc. Moreover, many of these can be customized to your liking.
- Sign up for loyalty programs for airlines and hotels, and earn points while you travel.
- Don’t just set up a dedicated account for your holidays. Also set up automatic transfers every month. It’s a smaller dent on your paycheck and can add up to some pretty impressive savings later.
- Instead of traveling in peak season, travel just before or after the swarm of tourists arrives. You’ll get much better deals that way.
- Go for a credit card that lets you earn miles while you spend. And fly without spending anything on your next holiday.
- Go online to calculate how much you’ll have saved when you retire, based on your current investments. That way, you’ll know if it’ll be enough for the kind of retirement you have in mind.
- When you’re nearing retirement, it’s good to keep aside at least two years’ worth of liquid savings. Then, even if the market sees a downturn, you won’t have to suddenly sell your investments for less.
- Automate your savings through a systematic investment plan. And sit back and relax knowing you’re working towards your goal every day.
- When you move jobs, instead of withdrawing your EPF, transfer it. This’ll give a big boost to your savings over time.
- Whenever you get a windfall (through a raise, for instance), don’t spend it all. Divert a percentage into your savings.
- Do an honest assessment of your finances. How much do you spend on things that are not necessary? Make small, gradual changes to cut down on those frivolous expenses.
- Put paying off debts on top of your priority list. And protect your savings for the future.
- Have an emergency fund that offers easy liquidity, for any unexpected hiccups along the way.
- Keep a diversified portfolio, and keep reviewing it over the years. It can protect your savings against the impact of market fluctuations.
- Think beyond the immediate future. And invest accordingly. Having a long-term strategy while building your portfolio is a lot more fruitful than instantly reacting to market highs and lows.
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