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Humanising Finance
January 2016
     
4 New Year resolutions you can make to improve your finances
In our previous issue, we provided a list of questions to help get your finances in order before the New Year. Now that we’re in 2016, it’s time to take the next step and make your financial goals a reality.

If you haven’t already, here are 4 easy ways you can start doing to improve your financial health.
 
1. Put aside 10% of your salary
Heard of the phrase that you need to “pay yourself first”? This involves saving a part of your salary before spending on anything else. A good way to ensure that you keep to this habit is to deposit the money into a separate account, preferably one that has higher interest rates so that you can grow your money. One such account that you can consider is the Maybank iSAVvy Savings Account where you will earn attractive interest and also special additional interest-on-interest for your loyalty. Plus, it also allows you to set up sub-accounts so that you can work towards your different saving goals!
 
 
2. Have a rainy day fund of at least 6 months of your monthly expenditure
Most people associate having a contingency fund with the need to tide themselves through a job loss. However, this fund can also come in handy when faced with unexpected costs such as car repairs or any healthcare needs. There are differing opinions about how much to keep in your contingency fund but in general, 6 months is a good goal if you are just starting out.
 
 
3. Get rid of unnecessary recurring costs
Paying for a gym membership you don’t use? Most of us tend to have things that we are paying for but do not fully utilise. Take the time to go through your recurring expenses and cut the ones that you do not need.
 
 
4. Invest your bonus!
Already received your bonus? If you have or are about to, it is a good idea to invest part of it. Maybank Kim Eng offers a Monthly Investment Plan which allows you to start investing with just S$100 a month. This plan automatically buys counters of your choice for you every month, simplifying the process of buying and selling shares! It also provides a wide range of stocks across 5 markets for you to choose from, such as Ascendas REIT, Apple, Google and Tencent, so you have the freedom to invest in your preferred stock.
 
 
These small changes will go a long way in improving your finances and are good resolutions to start off the year with.

If you are keen to learn more about how you can improve your finances, you can also seek professional advice from a financial advisor. Get in touch with our team of professional wealth managers by visiting our branches or make an appointment online to speak with a wealth manager.
 
 
Always wanted to find out more about a finance-related issue? Email us at: corporateaffairs@maybank.com.sg
 
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