But my life is the one I’m living now!

It’s hard to plan for a faraway future when the best times to be had are in the present moment


Many people don’t like to think about the future.
 

This can be due to many reasons. It’s too far away; it’s scary to think of the unknown; my life is in the here and now. When you put financial planning into the equation, it can be an even more burdensome task.
 

It’s also seemingly become popular to proudly believe in #YOLO, and perhaps blame our financial failures on the government and the high cost of living in Singapore.  Yes, we absolutely agree that we only live once and we want to enjoy all that life has to offer while we can.
 

What if you could strike a balance?

Denying yourself all of life’s pleasures in the present moment isn’t sustainable.  It would just make you and your loved ones miserable.
 

The solution: save a little, spend a little.
 

Adopt a disciplined approach to saving. As routinely as you check out the latest online sale or dine out, make it a habit to also set aside some savings regularly.  The best way is to make this process automated.  For instance, have a Giro arrangement where a portion of your income is automatically channelled to a savings plan on pay day .  Increase this portion when your income goes up, such as when you have pay increments or annual bonuses.
 

This forced discipline is useful when the time comes for you to retire and you realise that, without much work, through the power of compound interest, your monthly savings have already snowballed into a tidy amount.
 

You don’t have to quit all of life’s little luxuries; just make sure you’re striking a balance between your present and your future.
 

Bonus: Get a savings plan that gives you regular cashbacks

Yes, these do exist.
 

Aviva’s MyRegularPay or MyEasySaver are two examples of savings plans that let you contribute an amount that you’re comfortable with on a monthly basis.  From as early as the following year, these plans also give you an annual cashback so you can also indulge in a little treat – be it a holiday, a new gadget, or a branded fashion accessory.
 

So you can have your cake and eat it too.  Isn’t that the best of both worlds? 

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