Your personality makes you who you are, guiding the manners in which you think and behave. Have you ever wondered how it can also affect your financial habits, such as the way you view, save or even spend money?
Let's see which of the following personas best describes you!
The Adventure-lover
Do you love adventures and embracing the unknown? Wildly curious and bold, you are unafraid to explore what lies outside of your comfort zone.
With your appetite for adventure, you might have a penchant for wanting to try new things — be it through chasing the adrenaline with new experiences or dabbling in the latest investment trends.
While curiosity is a good value to have, it doesn’t hurt to tread carefully for a start when making new financial decisions. Especially since adventures with your money is always a risk — your hard-earned savings could be used to fund your long-term goals instead.
Instead of diving headfirst in, why not strike a balance between high and lower risk investment options? That way, you can protect yourself in cases of market volatility, or economic downturn.
The Ambitious Go-getter
Are you always investing in yourself — honing your skills or learning new things — so you are a step closer to your personal goals?
As an ambitious go-getter, you prioritise your own personal development and invest in yourself everyday. Whether you want to further your education or pick up new skills such as yoga or baking, it is important that you are able to embrace your short term needs without losing sight of your long-term goals. But how do you ensure you have sufficient funds to support you throughout your journey?
Try the 50-30-20 budget method1. Set aside 50% of your salary for short-term needs, 30% for wants, and 20% for savings. But this is just a guide — you have the flexibility to choose what suits your lifestyle best, whether it is a higher or lower percentage you’re allocating towards your long and short-term goals.
The key is to find what’s comfortable for you to invest in your passions for the short term, while ensuring you will have enough to hit your big goal in the long term.
The Avid Planner
Do you like planning and thinking of the future? Do you love saving money so you can achieve your goals? Everyone knows saving money is important, but some of us do it better than others.
If you are an avid planner, you likely have a keen saving habit that you can put to good use to help you save for your long-term goals. On the other hand, you might also possess a low risk appetite for investment, choosing to keep a large percentage of your portfolio in cash.
You’re not alone; 71% of Singaporeans save for retirement using bank savings accounts and fixed deposits2. And one of the reasons why people are hesitant to put their money into insurance savings and endowment plans is due to the commitment3 required and the lack of liquidity when trying to meet short term financial commitments. But what if you had a yearly cash benefit to provide flexible funds in times of need?
An insurance savings plan can help you make your money work for you with the power of compounding4. Your long-term goals could be that much nearer now!
Pursue your passions, realise your goals
Do these personalities resonate with you? No matter your thoughts about money, saving is not always easy. A useful tip: Tailor your savings plan to best fit your lifestyle and money habits.
Want to enjoy both structure and flexibility with an insurance savings plan? With
PRUActive Cash, you get a guaranteed Yearly Cash Benefit from the 2
nd Policy Anniversary onwards to meet your short-term financial needs while staying on track to saving for your long-term goals with the Maturity Benefit.
Get in touch with a
Prudential Financial Consultant today to get started.
Disclaimer
This article is for your information only and does not have regard to the specific investment objectives, financial situation and particular needs of any persons. We recommend that you seek advice from a Prudential Financial Consultant before making a commitment to purchase a policy.
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 your insurer or visit the GIA/LIA or SDIC web-sites (
www.gia.org.sg or
www.lia.org.sg or
www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
