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Humanising Finance
December 2015
4 personal finance questions to ask yourself before the New Year
Did you reach your savings goals this year? With the year coming to an end, it’s a good time to do a financial health check to find out if your goals are still on track.

To help you do so, we’ve come up with a list of 4 questions to help determine if your finances are in the pink of health or need a little pick me up.
1. Are you spending more than what you earn?
This forms the basis of personal finance. If you find yourself struggling to pay your monthly expenses, you could be spending more than you earn! This will result in a negative cash flow which results in the lack of savings.
2. Has anything changed in your life during the past year?
Our personal situation changes all the time – we get married, have children, change jobs, buy homes, etc. Such events may affect your financial situation and it is important to see if your current goals are still relevant or sufficient for your needs.
3. What are your personal financial ratios?
There are several financial ratios you can use to gauge your financial health. Ratios such as your debt-to-income ratio, your personal savings rate, and the size of your emergency fund will help shed some light on the status of your finances. There is no hard and fast rule on what ratio one should adhere to but generally, it is good practice to save about 10% of your monthly income and have an emergency fund that can cover 3-6 months of expenses.
4. Are you properly insured?
There is a difference between having adequate coverage and spending a lot on insurance. Health insurance, life insurance, and term insurance are some of the common ones that most people have. As mentioned earlier, your needs can often change along with your life events so it is also a good idea to re-evaluate your needs from time to time. Events such as starting a family may mean that you need to either increase your coverage or start a savings plan for your child’s future needs.
This list of questions provide a good starting point to evaluate how you should tweak your finances to ensure that your financial plans are still aligned with your present and long-term goals and needs.

To get a better idea of how you can manage your finances, you can also seek professional advice from a financial advisor. Most banks including Maybank have a team of professional wealth managers who can work with you to understand your needs and recommend a suitable savings and investment plan to protect and grow your wealth. Should you be keen to find out more, feel free to visit any of our Maybank 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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