Quick guide to getting your finances ready for 2023

After the challenges of the past two years, things are looking up as Singaporeans fill up the streets again. With the new year approaching and a fresh start on the horizon, there’s no better time to check your finances and make the necessary updates to ensure you’re on the right track for a great 2023.

Are your financial plans still a good fit?

Body check-ups alert you to potential concerns so you can make the changes you need to stay healthy. Similarly, financial health checks help you understand whether you are on track for your planned financial goals or need further adjustments.

Regular financial health checks are important because changes in personal circumstances may derail your plans, making re-planning necessary in order to achieve your financial goals. Or perhaps your risk tolerance may have changed, and your investments may need to be adjusted in view of market movement and trends – especially due to continuing geopolitical tensions.

What do you need to assess?

Here are 5 questions to ask yourself:

• Are you following a budget, and do you have enough for emergencies?

Take a look at your monthly expenses to decide where you could spend more wisely. Additionally, you should always set aside some savings to accommodate any sudden changes in your life.

• Is inflation eroding my savings?

If your money isn’t growing enough to keep up with inflation, its value will decrease over time. Consider instruments and plans that will make the most out of your current finances.

• Have you checked your investments lately?

Over time, regular market movements may cause your portfolio to shift and hence increasing the risk of volatility. Moreover, your risk tolerance may have changed, making it necessary to re-look your portfolio.

• Have you set aside enough retirement funds?

The retirement gap is growing, and many retirees are discovering that their savings aren’t matching up to their retirement goals. That could mean cutting back expenses and even returning to work.

• Do you have sufficient protection coverage in the event of major illness or disability?

This is another critical protection gap that could drain your hard-earned savings, and also affect your earning power, impacting your family’s current lifestyles.

Getting on the right track

Insurance plans are an ideal solution for your financial well-being. Manulife Singapore offers solutions in Protection (Life & Health), Savings, Investments and Retirement categories, with insurance plans designed to cater to the varied needs of customers at different life stages.

Another tip for balancing your finances is to open an SRS account and make voluntary contributions. The SRS funds can then be used to pay for single premium insurance plan with the possibility to increase your retirement funds.

Get a financial consultant to help you choose the right insurance plan

Financial health checks are as important as body check-ups. Speak with Manulife’s financial consultant to review your financial situation.

There’s no better time than now. Manulife Singapore is offering up to 10% off the first-year premium for Protection and Health plans, up to 15% off the first-year premium for Savings and Retirement plans, and enjoy up to 30% additional welcome bonus for Investment-linked policies. Plus, you can receive up to S$800 in shopping vouchers when you purchase these plans. Terms and conditions apply.

So don’t put off your financial health check this year. Choose right with Manulife and make 2023 the year you get yourself future-ready.

This content was produced in partnership with Manulife Singapore.

Please be aware that all forms of investments carry risks, including the risk of losing all of the invested amount. Such activities may not be suitable for everyone. We encourage our investors to invest carefully. All information provided in this article is on an "as is" basis, and is purely for information purposes. It is not intended for trading purposes or financial advice. Neither we nor any of our partners is liable for any informational errors, incompleteness, delays or for any actions taken in reliance on information contained in this article.

Important Notes

This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. There may be high costs involved if you terminate the policy early, and your policy’s surrender value (if any) may be zero or less than the total premiums paid. This material is for your information only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

We recommend that you seek advice from a Manulife Financial Consultant or our Appointed Distributors before making a commitment to purchase a policy.

Information is correct as of 19 October 2022.