Are you financially prepared?
Being financially prepared protects you during unexpected events in your life

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At this stage of life, your savings goals have most likely shifted from having enough money to go on a vacation or buying the latest designer shoes to much larger and more important goals such as buying a house and saving for your children’s education.

Steps in building an emergency fund

A house is one of the biggest purchases you can make and this will require a lot of time and effort. Buying a home can be daunting but these steps can make the process manageable and help you make the best decisions possible.

1. Determine how much you can afford

Everyone has their dream house, but it is also important to be realistic and take stock of your personal finances to see if you can afford it just yet. You might want to consider renting a more affordable home while you save for the house you’ve always dreamed of owning.

2. Start your research early

Once you’ve determined how much you can afford, start reading websites, newspapers and magazines with real estate listings. Take note of particular homes that you’re interested in and make sure you stay in your pre-determined price range to avoid the temptation of buying a house that might end up being a financial burden. It would also be a good idea to ask your friends or relatives who have experience to help you in your research – the more information you have on hand, the easier it’ll be to come to a decision later.

3. Minimise your debts

You should look at settling debts such as credit cards or your personal and car loans if you can afford it. This gives you a better chance to qualify for a mortgage on a new home.

4. Shop around for mortgages

Compare interest charges and fees of different lenders. You will have many questions when purchasing a home and having experienced, responsive mortgage bankers assist you can help make the process much easier.

5. Consider closing costs

There are fees and expenses that you need to pay to finalise your mortgage including legal fees and Mortgage Reducing Term Assurance. Allocating funds for these would be helpful or you can alternatively negotiate with the seller to have them shoulder a portion of the costs.

Steps in building an emergency fund

Despite the rising cost of tuition, having a good education is still a major priority for parents in today’s modern economy. Having a high level of education opens up more employment opportunities and as parents, paying for your child’s education is probably one of your biggest financial concerns.

By starting a savings plan early, preferably when your child is born, you can reduce the burden of taking on a large amount of debt for their higher education. With the high and ever-rising cost of education, you may feel that saving up enough to cover the costs can be an impossible task, but you just need to come up with a good savings plan and stick to it.

However, saving up for your children’s education doesn’t only mean that you’re saving for their school and tuition fees. In the future, it might involve paying for expenses such as boarding, transportation, books and supplies and personal needs.

To get started, arranging for automated transfers to a separate savings account is a good idea. Additionally, you can consider alternative financial instruments that provide higher returns such as insurance plans and unit trusts.

Our financial planners are available to speak to you about different savings and investment solutions that are best suited to your financial situation.

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