*Source: Investor and Financial Education Council - Retail Investor Study 2021
*Source: The Investor and Financial Education Council – Financial Literacy Monitor 2021
*Source: The Investor and Financial Education Council – Financial Literacy Monitor 2021
The dream of studying abroad
Many people long to travel to see the world, study overseas or go abroad for working holidays when they are still young and don't have much family obligations.
Have you wondered if you are passing up the opportunity due to poor financial management?
Common problem
What is stopping us from achieving our dreams?
Going abroad can be costly with airfares, tuition, accommodation daily expenses and such to consider. Those who are employed may also have to leave a job with stable income behind.
If you plan to go abroad, be sure to prepare in advance. Work out a clear savings goal and regularly review and track your progress.
How to retrieve
With the right tools, you are on your way to success.
Use the free IFEC Study Abroad Budgeting Worksheet to keep track of your financials. Learn more!
A gift to parents
Our parents have worked hard to provide for us and now is the time to show them our appreciation.
A number of young people may think of taking their parents on a memorable trip. However, a holiday does not come cheap, so how can this become a reality?
Common problem
If you plan ahead, you can avoid traveling on a shoestring.
Whether you are treating your parents to a nice holiday or traveling alone, you need to be well-prepared for the various travel expenses.
You don't have to turn into a penny-pincher to save money. Start by setting a savings goal early and give yourself enough time to achieve your goal. Make regular or monthly contributions and that way, you can achieve your goal without feeling overwhelmed or stressed.
How to retrieve
With the right tools, you are on your way to success.
Establish a plan to achieve your savings goals with the free IFEC savings goal calculator! Learn more!
A dream wedding gone wrong
Wedding planning is not an easy task as you want to create precious memories with your better half.
How can you make your dream wedding happen?
Common problem
How to start planning a wedding?
Planning for your big day is a significant task with numerous details to consider. There are expenses stemming from catering, photography, outfits, flowers, honeymoon and more, which can bring upon financial and psychological pressure for any couple.
To avoid financial surprises, it is important to have realistic expectations; make a list of your needs, set a budget, and manage expenses. By making thoughtful choices within your means, you can create a wedding that is beautiful and memorable while staying within budget.
How to retrieve
With the right tools, you are on your way to success.
Plan and manage your wedding expenses wisely with the IFEC Wedding Budgeting Worksheet! Learn more!
A missed job opportunity
The chance of landing a job is not solely based on your resume or interview performance. Your credit score can also play a big part in the hiring process.
This is especially true when applying for positions in the finance, banking, or insurance industry in which you will be handling finances. Employers often look at the candidate’s credit record to get a sense of their integrity and money management ability.
You might miss the chance of landing the job if your credit record is deemed questionable.
Common problem
What can affect our credit scores?
Credit scores are mainly determined by five factors including payment records, total credit/loan balance, length of the credit history, type(s) of credit account(s) and newly opened credit account(s). Out of these five factors, payment records carry the most weight. Frequent overdue or delayed payments could put your credit score at risk, and proper debt management is the key to a good credit score.
How to retrieve
With the right tools, you are on your way to success.
Review your financial status with the IFEC Financial Health. Check now! Learn more!
Expenses do add up
It’s so easy to sign up for all sorts of subscription and streaming services so that we can enjoy music, shows and videos anytime and anywhere.
But have you taken the time to evaluate if these services are really needed? You may be surprised to see how many are not as well-utilised, and how much money you can save by trimming down on the unnecessary expenses.
Common problem
Why do these expenses inadvertently increase over time?
Many are tempted by the one-month free trials of online services and continue the service simply because they forget to cancel, making the subscription an ongoing, but unnecessary expense.
To stop this from happening, first take a good look at your expenses, prioritise them, and remove the ones that are no longer needed. The money that is saved can be put towards saving, investment, or simply buy something that is more meaningful! Don't let your hard-earned money go to waste.
How to retrieve
With the right tools, you are on your way to success.
Declutter your expenses with the IFEC Cut-back Calculator now! Learn more!
An unrealised home makeover
Home is where the heart is, and a home makeover can not only update an outdated residence, but also improve its ambiance, making it all the more enjoyable to wind down for the day.
When there’s a will, there’s a way. But what about the finances to make it happen?
Common problem
Renovating is less costly than buying a new property, but why is it still out of reach?
You will first need a well-thought-out budget and a step-by-step savings plan. Take a look at all the associated costs behind each item and you may have to prioritise and make reasonable choices based on your budget. Consider if there are areas that you can DIY and remember to shop around to get comparative quotes.
How to retrieve
With the right tools, you are on your way to success.
Sort out your plan with the IFEC House Renovation Budgeting Worksheet now! Learn more!
