How to Budget and Save in Your 20s and 30s (Part 1/2)

The economic and job uncertainty wrought by the pandemic has made more folks keenly aware of the need for good financial discipline and a rainy-day kitty. But what are good budgeting practices? How much emergency funds do you really need, and how do you set this aside?

Chin Teck, 32, a father of two young kids and Jasmin Jayadas, 30, who lost her full-time job due to the pandemic, share their challenges in saving and budgeting.

Financial experts Christopher Tan from Providend and Jolene Ong from the Institute for Financial Literacy weigh in, giving their tips on proper budgeting, buying insurance, building up an emergency fund and the basics of investment.

Produced in partnership with MoneySense.

(JASMIN)
00:00 Introduction
01:51 Why do budgeting?
02:15 Budgeting basics: 3 easy steps
02:34 Online budget calculator
02:48 Phone apps to track expenses
02:54 Use debit, not credit cards, if you tend to overspend
03:33 Saving before spending
04:00 Rebuilding your emergency funds
04:58 How to save up for your wedding
05:45 Buying BTO vs resale flat

(CHIN TECK)
07:24 Introduction
08:26 How budgeting changes as you grow older
08:56 How much of your income should you save?
09:46 Budget using your bank accounts
10:39 What can you do to avoid splurging on impulse?
12:14 You need a "bad mood fund"
12:48 Are you spending too much on insurance?
13:59 Endowment plans and investment-linked policies (ILPs)
14:25 Exchange-Traded Funds (ETFs)

WATCH Part 2: How To Start Investing In Your 20s & 30s For Retirement    • How to Start Investing In Your 20s & ...  

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