4 February 2022
By the time you hit 30, it’s time to establish personal goals and think about self-development. Some people may choose to start a family and embark on a new chapter in their life. However, the cost of hosting a wedding, having kids, and buying property should not be taken lightly. Considering the huge expenses at this stage of life, budgets need to be balanced.
With this in mind, it’s worth adhering to the following principles of wealth management:
As your marital status and family structure change, recurring family expenses will increase, but it is often difficult to assess the precise amount. A holistic view of your financial position can be obtained by establishing a budget that lists:
The primary objective is to achieve a balance between income and expenses.
If you don’t have enough to cover necessary expenses, you need to explore other ways to boost your income (e.g. find a new job or your spouse re-joins the workforce) while eliminating any non-essential outlay such as entertainment, clothing, eating out, or going on long trips.
Even if you have money to spare at the end of the month, you should spend it in moderation. Plan for your retirement by investing any savings without compromising your quality of life. After starting a family, your retirement plan is no longer a personal matter. Goals, budgets, and investment strategies may have to be adjusted. Financial pressures often intensify if either you or your spouse is unemployed. Apart from covering family expenses, budgets must also be prepared for your post-retirement life.
How to Protect Yourself and Your Accounts Online
Technology has enabled us to live with convenience and accessibility more and more each day. We have great power at our fingertips and can effortlessly perform numerous tasks from our phones and laptops, including managing our finances online. However, as we grow more adept at using these apps and tools, and as technology evolves and becomes increasingly sophisticated, we must continually educate ourselves on how to safeguard our data and security,and avoid becoming targets of cybercriminals.
Tips to manage your budget
Keeping an eye on income and spending is not easy. However, working to a budget can simplify matters. Once you have established a reliable system that tracks your money, you’ll find it easier to take control of your finances.
Investing when markets are volatile – How markets fared a year since the pandemic
In 2020, we released our first edition of the “Investing When Markets Are Volatile” series, where we discussed three lessons from history that all investors should know about market volatility.
How to Protect Yourself and Your Accounts Online
Technology has enabled us to live with convenience and accessibility more and more each day. We have great power at our fingertips and can effortlessly perform numerous tasks from our phones and laptops, including managing our finances online. However, as we grow more adept at using these apps and tools, and as technology evolves and becomes increasingly sophisticated, we must continually educate ourselves on how to safeguard our data and security,and avoid becoming targets of cybercriminals.
Tips to manage your budget
Keeping an eye on income and spending is not easy. However, working to a budget can simplify matters. Once you have established a reliable system that tracks your money, you’ll find it easier to take control of your finances.
Investing when markets are volatile – How markets fared a year since the pandemic
In 2020, we released our first edition of the “Investing When Markets Are Volatile” series, where we discussed three lessons from history that all investors should know about market volatility.
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