Financial planning is all about creating a roadmap that helps you reach your financial goals. It requires you to take a close look at how you use money, including your spending patterns, investment style, and your approach to saving. A good financial plan helps you with budgeting, setting financial goals, paying bills, saving money, and managing loans, mortgages, credit cards, credit scores, and retirement funds. Think of it as a skill set that has to be learned over the years through education and experience. You can work out a financial plan for yourself or work with a professional to create goals and find saving and investing strategies that work for you.
Financial planning can mean different things to different people, depending on their age, lifestyle and personal ambitions. For example, paying off student debt is a common financial goal for young and single professionals, while older adults with families tend to put more focus on investing in a property and saving for their children’s future, as well as their own retirement.
The right financial decisions can ensure you have enough savings for emergencies, retirement, and for occasional luxuries too. On the other hand, poor financial planning may mean you're unprepared for financial emergencies and poor market conditions. Through financial planning, you can:
You can gain better control over your finances with a few simple steps. Sound financial planning takes time and experience, but our guide offers a good place to start.
Begin by defining what your financial goals are. These targets will depend on your age, lifestyle and personal ambitions, however, your goal should be to set aside as much of your income as possible with the aim of gradually building up your savings and diversifying your investments over time.
Once you have realistic goals in place, you should make it a point to stay informed about financial matters and opportunities. Company quarterly financial reports, analyst reports, market outlook newsletters and financial news programs are all common sources of information for investors. Bear in mind that these sources provide opinions, so there are always risks when it comes to acting on such information.
There are several free and useful tools and apps that help you track and make sense of your finances. The budget tracking service Mint is a very popular and practical option as it links your checking, savings, credit cards and mortgage accounts into one platform, making it easy to view and manage your personal finances.
The Citi Mobile® Banking app is designed to help you manage your finances in just a few taps. It offers easy access to your Citibank accounts, your credit cards, and your preferred investment products. You can buy and sell mutual funds, trade in equities, and easily add and convert foreign exchange. You can set up notifications that alert users about their account activity in real time, such as when transactions are made, when a check clears or when a payment is due.
Seeking the advice of an experienced personal finance expert is another way to go. A financial advisor can provide in-depth saving and investment strategies that are personalized to your unique needs and concerns. An advisor will usually take your income, lifestyle, expenses and long-term goals into consideration when they create a financial plan for you. If you're unsure about how to invest your savings or need help managing debt, a financial advisor can help.
Financial planning may look different for you if you have a net worth of over $1 million. Your priorities may shift from taking care of debt and building savings to growing your wealth and succession planning. While a financial advisor can provide useful insights, high-net-worth individuals may benefit more from working with a wealth manager. Wealth managers typically offer a more holistic perspective that includes:
Citigold and Citigold Private Client are both Wealth Management propositions from Citi. These services give individuals access to wealth products and solutions across Singapore, London and the UAE. Also, Citigold clients have a dedicated advisory team led by a Relationship Manager, who is supported by an insurance specialist and treasury expert. To find out more, click here.
The benefits of being financially savvy are far-reaching and should not be underestimated. It is worth mentioning that there is no quick fix for getting smarter about managing your money. By following the above-mentioned financial planning tips, staying informed and keeping track of your spending and saving, you can make steady progress in managing your finances.
In today’s digitally connected world, we fortunately have access to valuable financial knowledge and tools at our fingertips, so why not take the first step to financial freedom?
Estate Planning is more than advanced financial planning, it creates generational wealth. A well-rounded estate plan requires careful planning and attention to detail – whilst planning for all possible future outcomes.
Credit cards offer benefits, convenience and purchasing power… but they require smart credit management to avoid common credit card mistakes. Through responsible credit card use, you will be able to maintain financial stability and make the most from the benefits offered.
How they work. Scammers pretend to be officers from Citi and will inform you that your credit card has been blocked due to unauthorized transactions. They will ask you to re-activate your card by clicking links in their emails or by providing your card details and One-Time PINs on a fake website.
This article is intended to provide general information about finance and investments and does not replace or should be taken as professional financial advice. The content reflects the view of the author of the article and does not necessarily reflect the views of Citi or its employees, and we do not guarantee the accuracy or completeness of the information presented in the article except information on Citibank N.A. – UAE products referenced herein.