SITizen Buzz

Implementing Your Financial Plan

Save, Protect, Invest – SIT alumni learnt the principles for a good financial planning roadmap during a Zoom webinar in December 

 8 Jan 2021
 
 
Implementing Your Financial Plan
Alumni can continue to gain valuable knowledge and practical insights through Zoom webinars organised under the SIT Alumni Career Network.


Financial planning is not just a single set of plans, but a long-term approach of wisely managing finances with a future-focused attitude. On 9 December, 42 SIT alumni learnt about all this and more during the Implementing Your Financial Plan Zoom webinar organised by the SIT Alumni Career Network.

One of the key principles explained during the talk was that a good financial plan covers three areas: Save, Protect, and Invest. By saving and managing one’s existing resources well, protecting oneself with the right insurance coverage against unexpected events, and growing one’s resources through investment, it is possible to establish and carry out a strong financial plan. 

Said Ms Jasmine Wee, a Sustainable Infrastructure Engineering (Building Services) alumnus from the Class of 2019, “I’ve always had the misconception that I need to save at least six months of salary for a rainy day, but the class taught instead that it’s ideal to save six to nine months of my expenditure, as having too much savings will potentially lock up investment opportunities. The workshop certainly helped to align my financial goals and plans, and gave me a better sense that I’m generally on the correct path.”

The webinar was organised in collaboration with the Institute for Financial Literacy (IFL), and was led by Mr Lawrence Tan, an IFL speaker with over 25 years of experience in the banking industry having worked in Singapore as well as overseas with global banks. The talk also offered guidelines and addressed issues such as how much insurance coverage one should get, and general principles for making investment decisions.

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