Long Term Goals & Concerns

"We asked the youths about their future financial aspirations and what were their current financial concerns."

What are the long term financial goals you are working towards?

Daron: They would be for children, education, house and marriage

Yucheng: Education lor, and maybe up to a certain age maybe like 50 or 60 years old, I want to be financially free, so I don't have to worry about money like for retirement lor.

Owen: Um, actually I don’t really have any long-term financial goals that I am working towards. My financial status right now a bit pathetic so I don’t have any extra cash to save ah basically, I really struggling to survive already.

Aiman: So, I plan to go to uni. So I think that's really the main reason why I'm saving more right now.

Jeslyn: I think I'm saving for university education.

Leticia: I am planning to save for my higher education, I want to study at an overseas university. Have to have a set amount of money for things like daily expenses there. Future studies is the key.

Kieron: No actual plan for long term financial goal as well, but generally a mid term financial goal for me, one would be that if I don't make it into the university that I want, I may need to go for further university, so dorm expenses, saving for my further education/tertiary studies expenses.

Solihin: I will have to think about my house and future with my fiancée thus working hard is really important. However, I have an ambition to open up my own company so I will work through this job for about 3 years and then open up a company in the logistics line.

Sabrina: Long term financial goals would be my marriage - wedding, buying a car, buying a house.

Loh Chuan Ren: I am definitely planning on saving a set amount for marriage, that is definitely very important. For education I will set aside some lah but I would not be contributing much to it anyways. I am also planning to go towards the youtube industry, but that's a whole different story as that would require some income also la.

Ryan Goh: I want to try to retire earlier ah since everybody is getting older and the ageing population is getting higher and higher. I want to enjoy my life right before I die so I have more time to spend with my family in the future. The retirement thing is the main one ah, things like getting a car, house, marriage in the future, my savings can help.

Clara: No la, but of course you want to be financially stable to afford a house or live comfortably right and retire and be financially sound. I have been trying to get into investment and all that, to get like more money and manage my finances better. University is not really my goal right now, I'm not sure whether I have the intention of going yet. But definitely want to like earn more ah, I mean who doesn’t right.

Do you feel secure about your current financial situation? Why or why not?

Daron: I feel secure but can be better. I think I can “chiong” more. Maybe like for investments I can invest in other things ah. Like NFTs or buying something and selling it at a higher price on platforms like Shopee, Lazada or Carousell to earn a quick buck.

Yucheng: As a student, yes. But in terms of emergency fund, I would need at least 10k to 20k for me. I mean like it’s called emergency for a reason. I feel like if I go to the hospital or what, the medical fees won't be cheap mah. CPF also cannot cover that much so I guess that's an important factor for me.

Owen: Uh, don't feel secured! Because Food Panda is not fixed salary job. So, I'm not getting the same income every time. So I cannot do my planning. Um, I might say that I will have $250 per weekend, but then like I said, if I am lazy, then I probably will only get like $100 or something like that.

Aiman: No. Because I think the benchmark would be, if my parents were suddenly just to say, oh, you go live out on your own. I'm not going to take care of you anymore. Yeah, I think I would, I would die. I don't think I can live with what I have currently. Yeah, no. So I don't think I'm a hundred percent secure. I'm getting there, but no, I'm not currently. I'm not secure.

Jeslyn: Right now yes, as I am saving enough and I can save more some months but again in the near future when i have to study and get married. The amount I have now I don't think it's enough to make me feel mentally happy. Long term speaking I don't think its enough.

Leticia: I guess for myself, but for my family no. Because of the sources of income and also because we have many family members and the pie can only be splitted so many ways before it is all gone.

Kieron: Definitely not, I still think about how to survive in the future if I want a car, thats why I feel I should plan now. I am more worried because im not sure on the methods I can use to secure more money and also I feel its normal to feel insecure especially being from a below average household. Also because having a car is an impractical use in Singapore but an interest of mine and would definitely detriment my financial situation.

Solihin: Not really. As I mention above lah because debts and current commitments.

Sabrina: I don't feel that ermm that I am secured yet because I am only saving based on my allowance which is $50 a month. My savings is only $50 a month but i feel that once i graduate and start working, probably I would be earning more and definitely i will be saving much more and i will feel more satisfied and secured then as compared to now.

Loh Chuan Ren: Yes but I am not content with it, but it’s not enough. Probably 1 million dollars is enough, that's a good starting point

Ryan Goh: Yah I think so, I think I am quite ok with my financial situation. I think it can better though, maybe will try to tighten the reins ah like invest more and try to get like more side hustles.

Clara: I mean it would be better to save more, a higher %. I can actually start but for me it’s enough lah.

Tell me about a time where you set yourself a financial goal.

Daron: So, remember a few months ago I set a goal to save about 6 months worth of emergency funds. This goal is one I have successfully done and it was around 1 to 3 months back. I think that's one of the successful goals I set for myself and achieved it lor.

Yucheng: Previously I had ah, it was like I wanted to have 3k in my bank at least.

Owen: One of the financial goal I had previously was to save up to get my driving license. So, I did manage to save the money. Because that time I worked at Starbucks, so I worked a lot, which is why I have quite an excess amount of money then I just set aside into another bank account. So that I don’t touch the money. And once I had the amount that I want, then I just use it for my driving license.

Aiman: Mm. So my goal recently was just saving a few amounts of money, like 50%. Last time even before intern, my weekly allowance was $50. Yeah. So I would get $50 a week and my parents would just, um, and uh, asked me to survive on that. So I will always try to keep it like for example I spend 25, I save 25 but usually I always spend 30 and save 20. Sometimes I don't even save at all ah.

Jeslyn: Actually right now no. But last time I set myself a goal to save for my education. But now I don't feel like that is my goal. I will still save but i don't have a specific one now.

Leticia: No not really, just go with the flow.

Kieron: Never did, never had a financial goal for myself.

Solihin: Nope. I only manage to save 20% of the amount.

Sabrina: There was once in 2019 when I wanted to get the new iPhone so I decided to save my own money and buy it, and I did. I saved my pocket money every day and got it within quite a few months. I think about 6-7 months.

Loh Chuan Ren: There was one time where I went below my targeted safety point in my bank account I worked so much, and told myself I need to have 1.5k in the bank. Yes, I went over the 1.5k mark by a few hundred and I was pretty happy about it. And that was the point where I reduced my spending habits and changed it for the better since I saw I had a lot more money now and I told myself that I want to have more.

Ryan Goh: A financial goal that i set for myself maybe like 2 years ago when i really got into budgeting and investing so I would just keep saving all my money. Try to save as much as I can on a daily/monthly basis. Yah, it’s mostly discipline ah, such as not relying on what your friends have and not comparing yourself to them. Like maybe they want to buy this expensive shirt which everyone has. But there is not a need for me to ah. You must separate your needs and your wants.

What do you think helped you achieve them? (Those that said yes)

Daron: I think it's very achievable depending on your spending habits. I think some people have the money but they spend it on luxury goods every month and then their money is just gone. After setting this goal I have become more aware of what I spend on. I will think before I spend my money and think whether it's worth anot. For things like food it's a need so I don't mind spending on it.

Yucheng: Yes, because of intern ah, and I guess working part time and learning how to control your budget as well.

Owen: Mentally wise is that I keep telling myself I want to drive lor. So if I really want it, then I would just force myself to do, to get the, to achieve the goal. Yeah. So sometimes if I want to spend the money, then I will keep telling, I will just ask myself, like why did I want to save like in the first place. So, then I would think of the goal that I set. So then after that I would just follow and commit to it. Yeah, but it's a tough, tough phase ah because like for me, I feel tempted to touch my money if I have

Aiman: In May this year, I really took it seriously. So I saved quite well. My bank account does not look very sad anymore, so I'm happy to see that. So, I would say I did it successfully. Constant reminders and reminding myself why I keep doing that thing. You know, my goals are in life. The issues that I face, definitely because I can’t buy things that I really want in some sort of way anymore. I still do buy things or to treat myself from time to time la. But now I just can't do it as much anymore or like when it's over a certain amount,

Sabrina: I felt that the only reason why I was able to save everyday was because I was aiming towards a goal, and not just having nothing in mind to save money like just every month I am going to contribute to my savings account for no reason. It wasn’t like that. I had a goal that I was working towards. So, I am like seeing my money increase everyday and knowing that the time frame to get this iPhone which I was very crazy about back then is getting shorter. The time frame is getting shorter. So I would tend to really think before spending my money, my pocket money and also it really motivated me to save up.

Chuan Ren: I would say it’s discipline, self discipline is very important that is probably the key. I usually, when I have a want or a need to purchase something I will loko through it first and ask myself if I really need it and gauge how long i will use it for if it is completely pointless I will avoid buying the thing at all.

Ryan: It’s mostly discipline ah, such as not relying on what your friends have and not comparing yourself to them. Like maybe they want to buy this expensive shirt which everyone has. But there is not a need for me to ah. You must separate your needs and your wants.

What are some of the struggles in order to achieve your long term financial goals?

Daron: Definitely there are struggles, as I have a hobby and I have spent a significant amount on my hobby

Yucheng: I guess I am still young, so there are urges at times to spend money on premium products. I guess that's one of the hurdles which I have to overcome to help me to be more financially independent.

Owen: I personally don’t feel that there are any struggles if this investment plan works, according to what I think it will do ah. Yeah, because, um, from what I know, if you want to buy HDB is just the down payment is important but, and then the rest you can just pay using the bank loan. And obviously you also need savings la, because if you want to do renovation, buy furniture, this one all comes up from your own pocket. Maybe that’s one of the struggles lor. From what I am suffering right now is I'm having difficulties in saving up my money. So hopefully next time after I start working, I can manage to save some.

Aiman: Currently what Im facing right now I think, I'm blessed to say everything has been going smooth, but obviously emergencies can happen, like suddenly bad things come up and you have to spend extra money out of your pocket. Struggles also, I can say, social issues. Now, when you go out with your friends, you tend to spend more and sometimes you lose track of your spending and you know sometimes it just happens ah. Yeah, last time. I was like that. I couldn't save a lot of my money from my part-time work. So it was really terrible. I could get like, maybe like $600 after I worked then a week later, all of those money is already gone la.

Jeslyn: I start with a reasonable amount that i can save so like this i don't have much struggles trying to do this long term goal thing , as I am saving literally bit by bit And covid has been helping as I don't feel like "FOMO", but i think long term, I would say I will struggle if I can't see where this money is going. Maybe in the future but for now there is not much of a struggle.

Leticia: I’m not struggling, I don't see any struggle unless it's laziness to go work.

Kieron: Travelling expenditure would be a struggle, once covid is over, i want to get out of Singapore and visit Japan, and Japan isn't a very cheap place to visit. Travel expenditure will affect my plans to save for my long/mid term financial goal

Solihin: The main struggle I have is definitely savings. I have some debts to clear thus saving is really hard. Sometimes I have to use up my savings to clear off some bills as my commitments can be consuming. I have family commitments, wedding commitments and a car as well. However, I have made up my mind to work hard these 3 years so that I can have enough capital to open up my own company.

Sabrina: The struggles would be temptations to get what I want, and it is not really a need and online stoppings and ya all the impulse purchases.

Loh Chuan Ren: I do not have enough time, to deal with school and work part time is a whole different thing, so if I end up taking on both at once it's very difficult. So that's the struggle, which is not enough time. I also do not have much knowledge on investing.

Ryan Goh: Like maybe on a month to month basis, within the 4 weeks of the month maybe there are times I cannot hit my targeted mark and it would go to 5 week or 6 week.

Clara: Firstly it is procrastination and secondly it is lack of self control. I think because I never really took full responsibility of my finances, but I guess I do now. Better late than never right.

What are some of the ways you might need help to counter them?

Daron: Personally is to set a budget and practice on self discipline if i overspend i don't get to eat.

Yucheng: I have to remind myself, like I need a constant reminder that tells me I have to pay monthly for my investments. This would help me to get a sense of responsibility.

Owen: Yeah, for right now, I don't think I can do anything about it, but in the future, um, I might put a percentage of my salary into savings instead, because if I'm working in the future, then I will have a stable income, which also means that I'm earning more than what I'm earning right now. Because if I, if what I'm earning right now is just like maybe $250 a week? Yeah. So as compared to next time when I work, maybe $2 to $3k at least like maybe $300 or $400 can go to savings every month. So that's much better than now.

Aiman: Constant reminders uh, whether it's by someone or for me telling myself ah. My sister also keeps telling me, to save my money because she's already in university and she has problems with money la, and she doesn't want that to happen to me. So, she keeps reminding me, that now I have the money, don’t anyhow spend, save that because in the future you will need it. So, I think it just reminders, constant reminders. And remember what your, remember your goals, remember what you're saving for.

Jeslyn: I think having better motivation and constant prompting will help me.

Solihin: Definitely to have proper financial planning. Since my fiancée works in a financial company, she helps me with planning my finances and ensures I have enough funds.

Sabrina: Some of the ways I do is I shop only if there's a need so I don't really walk around shopping centres or do window shopping unless I really need to get somethings so that's when I will go the shopping centre and i tend to switch off my notifications for online stoppings platforms and if I really need to get something which I really like even though it's not a need, i will only get them during sales since it's cheaper and i will get to save some money.

Loh Chuan Ren: Probably through online sources, there’s probably a lot of videos to look through on financial advice like how to save or how to invest.

Ryan Goh: Maybe I can try to tighten my budget even further ah or maybe I can try to plan out on a week to week basis, like reminders. Maybe within the week if I spend more than I'm supposed to then I should stop.

Clara: It’s like you wanna manage your finances but it’s a bit tedious, we are so busy with our lives. The only thing I can think of right now is maybe like something that helps with finances and give advice. I know that online banking apps do help you keep track of your finances and expenditures but it’s just telling you statistically and it doesn’t have the motivation part I guess. I’m not sure if it’s just me personally but the mafan part bothers me and i like things to be quick and fast and to kind of delve into investing is just too much and kind of draggy ah.