Savings strategies to achieve your financial goals
As an expat working in Singapore, it is likely that your disposable income on a monthly basis is higher than it was when you were working in Australia, or elsewhere. The key question is – “Are you making the most of this opportunity, financially?”. It is important that your savings are aligned to your own personal financial goals. The first step in this process, of course, is to clearly define your financial goals.
By clearly defining your financial goals and ensuring that your savings strategy will get you there, you and your family can have peace of mind that you are on track and making the most of your time abroad.
The 8th Wonder of the World – Compound Interest
Case Study – A Disciplined Savings Strategy
The Situation
Allan, 32 years old, is currently living and working in Singapore as a Senior VP with a large multi-national, having been here for 2 years. He is currently living with his partner, Amy, who is currently not working. Allan has quickly realised that he is not making the most of his higher disposable income in Singapore, in safeguarding his financial future. Recognising that he needs our advice and guidance in developing the right strategies to make the most of his time in Singapore, we met with Allan and put him on track.
The Solution
The first step was to explore Allan’s current financial situation and clearly define what financial success meant to him so that we could define the right goals. We were able to determine that there were three key personal financial goals for Allan:
- Reaching financial independence by age 50
- Buying an investment property in the next 18 months
- Sending his future child to the top university
Once we had determined each of Allan’s key financial goals, we were able to apply financial targets and savings strategies to each, with their own individual time frames.
Scenario
Allan agreed to automate his savings into diversified investment portfolios, one for each of his financial goals with appropriate investments based on their time frames. Allan was quickly able to purchase his first investment property faster than he expected, and he is well on track to achieving his goals of financial independence by 50 and having the funds to send his future child to the world’s top university.
Work with Australian Expatriate Group to design your own savings strategies
Click on the buttons below to arrange a time to meet with an Australian Expatriate Group adviser to discuss how a disciplined savings strategy can allow you to achieve your financial goals.