Creating Financial Resolutions for Myself in 2018

Office Towers into the Sky

Last year, I used a checklist I found on a financial blog to plan my financial resolutions for 2017. A year has come and gone, and it is time to review and plan my resolutions for 2018.

Target #1: Saving 30% of my paycheck (Status: Achieved)
Next Target #1: Saving 50% of my paycheck

After a calculation of my net worth, I concluded that I saved more than 50% of my paycheck in 2017. However, I am not that surprised with it since I am currently debt-free and single. I hope I can maintain this streak.

Target #2: Building up my $10,000 emergency fund (Status: Achieved)
Next Target #2: Maintaining my $10,000 emergency fund effectively
I have cleared this target and I am considering means to put park a part of my emergency funds into Singapore Savings Bonds, since it is considerably liquid and has a higher interest than my savings account.

Target #3: Get adequate insurance cover (Status: Sufficient..?)
Next Target #3: Read up more about insurance

After lots of research and asking-around, I decided to invest a little to cover my medical bills during accidents and hospitalization. I am sure one can never be too careful, but I think I am sufficiently covered for now. However, I do think that I need to be educated more about this as I approach my thirties, since insurance tend to change often and become more expensive as we age.

Target #4: Pay off 80% of my debt (Status: Achieved)
Next Target #4: Do a projection of foreseeable debts

Being debt-free, this target is not a big feat. However, I do plan to purchase a house in the foreseeable future, so I am leaving this target here for reference for my future self.

Target #5: Invest $300 every month (Status: $100 Achieved)
Next Target #5: Invest $300 monthly
I have read up and began threading carefully into low-risk investments to grow my funds. I also created separate accounts for savings and investments to set boundaries for myself. Apart from parking my emergency funds in SSB and reviewing my regular investments in STI ETF, I would like to get more knowledgeable and experienced in other kinds of investments.

Target #6: Track my expenses daily (Status: Somewhat Achieved)
Next Target #6: Track my expenses daily
Similar to last year, I tracked my expenses on a monthly basis by downloading my bank statements to reduce time inputting expense records and analysing the data. The habit gave me a good image of how well I was managing my finances and which areas I can improve.

As a summary, I have begun reading up on insurance policies and types of investments to protect and grow my wealth. However, I still think that I am and would like to remain conservative with my expenditures into anything related with probabilities.


Creating Financial Resolutions for Myself in 2017

Office Towers into the Sky

Recently, I came across the blog of SG Budget Babe which documents a Singaporean’s journey to financial independence a few days ago. I was really inspired by her efforts and thought of using the Reader Challenge checklist she posted in 2015 to check how well I was managing my personal finances.

Target #1: Saving 30% of my paycheck (Status: Achieved)
Thanks to my parents, I had the habit of saving up since young. I achieved this target ever since my first paycheck by first putting aside a third of my monthly salary for personal savings as a top priority. No sweat.

Target #2: Building up my $10,000 emergency fund (Status: Check Required)
I had been using a single account to store funds for various things; my personal savings, my accumulations for large purchases (eg. my computer, travel plans) and my emergency funds. I think I would be more informed of my own financial status if I were to manage my accounts separately and properly.

Target #3: Get adequate insurance cover (Status: Zero Knowledge)
To be truthful, I had no idea of what insurance I was covered by. I know that I have a monthly deduction for Aviva and that’s all. Heck, I don’t even know anything about insurance, apart from that they pay out only when you get injured, hospitalized, disabled or die. I think it is high time I get myself educated on this.

Target #4: Pay off 80% of my debt (Status: Achieved)
I settled my study loan quickly, so I am currently debt-free. However, thinking of future debts worries me. Which leads to…

Target #5: Invest $300 every month (Status: Zero Knowledge)
I think I have started out late for this since I have zero investments now, but it is never too late to start. I would like to start by learning the various types of investments available and see which kinds are suitable for me to invest in. At the same time, I would like to get a feel of investing by growing some funds into low-risk investments.

Target #6: Track my expenses daily (Status: Somewhat Achieved)
Tracking expenses daily proved to be a difficult habit to maintain, but thanks to this cashless age, most of my payments were made by card or contactless methods. To track such expenditure, all I had to do was to download my transactions at the end of each month from my bank accounts and volia.

As a summary, it appears that my thriftiness has helped me to clear my debts quickly and save up properly throughout my years. However, my lack of knoweldge in insurance and investments prevented me to move on to protecting and growing my wealth.

Sake (Japanese Rice Wine) – Summary


I participated in the Sake Appreciation Singapore 2016 as a booth helper, which perked my interest in Japanese Rice Wine even though I don’t drink. Here are the posts of my research on the topic.

Sake – What is it?

Sake – How is it Produced?

Sake – What are the Types?

Sake Appreciation Singapore 2016