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Once you have set your financial goals and organized your, you need to make sure you are planning your savings. It helps to prioritise your savings according to needs. Depending on the amount you have to save, these can be done one at a time or all at once.

Emergency money – save enough money to support you and your family for three months in case of emergencies such as loss of a job or if you fall ill. You should remember that emergency savings cannot always pay for serious health issues and accidents. Therefore you should consider supplementing your emergency money with protection in the form of life insurance.
Debt repayment – once you have emergency savings, or even as you are building it, think about paying off your debts. High interest rates can very quickly reduce your savings.
Short term savings – once you can afford to, start putting money aside for those short- to medium-term goals, as set out earlier.
Retirement – even if retirement is not your primary goal today, always try to save and invest a portion of your savings for retirement needs. The earlier you start saving for your retirement, the better will be your lifestyle later in life.

One more thing…protect your finances

Insurance is an essential part of your financial planning. Protect yourself and your family against the financial damage that can be brought about by unforeseen events and circ*mstances. As a minimum, you should consider life and health insurance options. Speak with a Chubb Life Vietnam who can create the right insurance solution y for your needs.

With all these elements in place, you are set to begin your savings journey, safe in the knowledge that you have a plan in place to guide you. A financial plan needn’t take too long to create, but its value will stay with you for many years.