Cultivating Good Financial Habits

Sound financial planning is important to help us fulfil our aspirations in life, especially as we want to live well, for longer. Our employees and Financial Consultants share how they are getting financially Ready for 100. Jaspal Grewal, our Senior Strategy and Proposition Executive, shares how cultivating good financial habits can help him to reach his life goals, and using a digital app like Pulse to make financial planning more efficient.

1) Tell us more about yourself.

I’m engaged and plan to get married in two years’ time. Some of my interests include watching and playing sports, and I have been representing Singapore in field hockey for the last seven years.

2) How can financial planning help you to achieve your current life goals?

My current goals are to save up for my wedding, honeymoon and Build-To-Order flat which will be ready in 2023. In the longer term, I want to save for my kids’ education and plan for a comfortable retirement in my early 60s.

To achieve my goals, I focus on developing good financial habits such as being disciplined about saving and spending my money wisely. For instance, I differentiate between needs and wants, and budget for big ticket items such as wedding costs. I also set small goals which serve as checkpoints for me to reach the big goals.

Financial planning can also help me to navigate the obstacles that could hinder my progress to achieve my goals. For example, unforeseen circumstances such as a loss of income may occur, and it is important to accumulate enough savings to live off while looking for a new job.

3) What are some small milestones/steps that you have taken to help you achieve your financial goals?

Since I started working, I have been keeping tab of my spending habits to better understand my monthly average expenses. After factoring in my average spend, I set aside part of my income as savings to achieve my goals.

As I am not a risk-taker, I value safety in financial investments. I intend to start investing in Real Estate Investment Trusts (REITs) and savings plans to help reach my financial goals. REITs will provide me with good dividends, while savings plans ensure that I save in a disciplined manner.

Growing my wealth as fast as possible is not a priority for me. There is more to life than having a large bank balance and plenty of assets. I try to find a balance between living life comfortably and having time for my family and self-care – which will ultimately give me a greater sense of fulfilment.

4) Will you use an app for financial planning?

I would be keen to use a financial planning app if it could help me to track my progress more effectively. For example, my wedding is coming up soon and I am looking to try out a new budgeting app to monitor my expenditure for this major life milestone. It will be useful if I can use the app to segregate and track my spending in different categories and get notifications on how much of my budget is left. This would allow me to re-allocate my budget to areas which may need more money.

Start on your financial planning journey with Pulse today. Click here for more information on its features.

This article is for your information only and does not consider your specific investment objectives, financial situation or needs. We recommend that you seek advice from a Prudential Financial Consultant before making a commitment to purchase a policy. Information is correct as at 1/12/2021.