{"id":774523,"date":"2026-09-18T08:44:09","date_gmt":"2026-09-18T08:44:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/774523\/"},"modified":"2026-09-18T08:44:09","modified_gmt":"2026-09-18T08:44:09","slug":"how-to-budget-and-manage-your-money-wisely","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/774523\/","title":{"rendered":"how to budget and manage your money wisely"},"content":{"rendered":"

Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today.<\/a><\/p>\n

SINGAPORE \u2013 Rather than restricting your expenses, having a budget lets you spend guilt-free on both your needs and wants.<\/p>\n

That was the main takeaway of a panel discussion held on Sept 17 as part of The Straits Times\u2019 InvestMe campaign<\/a> aimed at increasing the financial literacy of its subscribers.<\/p>\n

To budget well, you must first envision the lifestyle you want, said Leon Loh, financial services consultant at GEN Financial Advisory.<\/p>\n

Loh, who spent 22 years in corporate finance, said many people he has spoken to struggle to figure out how much money they need for retirement.<\/p>\n

\u201cWhile some might estimate that they need between $5,000 and $8,000 a month, they might not have a clear idea of their spending pattern and what they spend on,\u201d said Loh.<\/p>\n

This makes budgeting and tracking expenses a good way to understand one\u2019s spending needs, he said.<\/p>\n

Loh\u00a0was one of two panellists at the\u00a0third ST InvestMe event \u2013 Smarter Ways To Manage Your Money \u2013 held at the SPH Media auditorium at News Centre in Toa Payoh North.<\/p>\n

The panel discussion was moderated by ST senior business correspondent Chor Khieng Yuit\u00a0and hosted by ST Invest editor Tan Ooi Boon.<\/p>\n

Loh has tracked his expenses since 2002, initially using an Excel spreadsheet before switching to apps.<\/p>\n

\u201cEvery weekend, I\u2019ll consolidate the numbers from my app and look at my spending track… then I\u2019ll know if I\u2019m on track or if there are areas that I have to pick up the slack on,\u201d he said.<\/p>\n

A budget is like a blueprint, said fellow panellist Tan Huey Min, general manager of Credit Counselling Singapore.<\/p>\n

\u201cYou work so hard to earn your money, so tell your money where to go. Otherwise, you won\u2019t even know where your money goes to,\u201d said Tan, who also tracks her expenses on a spreadsheet.<\/p>\n

Having a budget does not mean you cannot have fun with your money, said Tan.<\/p>\n

\u201cYou can spend on your wants, but set a limit. Have some fun \u2013 you can watch a movie or meet up with your friends. It\u2019s OK to have some \u2018fun money\u2019,\u201d she said.<\/p>\n

But having a budget is not enough \u2013 one must make sure they are spending according to their plan. This is especially important in retirement, when people no longer have a monthly salary to rely on.<\/p>\n

Retirees should work out how much their desired lifestyle costs and compare that with recurring income from sources such as CPF LIFE and their private investments.<\/p>\n

They should also have savings available for less predictable expenses like medical treatment, home maintenance and replacement of household appliances.<\/p>\n

Loh said cash flow becomes particularly important during retirement because retirees need to ensure their financial resources can last throughout their lives.<\/p>\n

Another smart move is to ensure that you do not use loans to pay for non-essential expenses such as overseas holidays.<\/p>\n

Before taking on a loan, one can consider the acronym PAO \u2013 purpose, affordability and options \u2013 Tan noted.<\/p>\n

For instance, before you use your credit card to pay for your plane tickets, you should consider whether you can afford the loan repayments and whether there are alternative options, such as postponing the trip until you have saved enough for it.<\/p>\n

The panellists also stressed the importance of financial resilience, which is the ability to withstand shocks such as unexpected hospitalisation for a medical condition.<\/p>\n

When asked if it was too late for those in their 40s or 50s to begin financial planning, Loh said starting earlier gives savings and investments more time to compound, but people can still take action later in life.<\/p>\n

\u201cIf you are already in your 50s and 60s, you have to plan for your retirement based on what you already have and the lifestyle you can realistically live with, rather than take excessive investment risks and end up losing it all,\u201d said Tan.<\/p>\n

Ultimately, the amount a person earns does not necessarily determine how financially secure they are, said Tan.<\/p>\n

Someone with a high salary who spends heavily can end up with less savings than someone earning less but consistently saving, she said.<\/p>\n

The Sept 17 event was the third in a series of six financial literacy courses, with more being held in the coming months. They cover topics such as smart investing, financing life goals, expense management and property strategies.<\/p>\n

To attend these courses, just sign up for the ST InvestMe 24-month All Digital or All Digital and Print subscription package, which costs $29.90 per month.\u00a0<\/p>\n

Existing subscribers can recontract or upgrade their current plan without incurring any penalty for their existing plans.<\/p>\n

In addition to the courses, subscribers can access\u00a0the InvestMe website<\/a>, which offers practical tips to help them plan their finances better.\u00a0<\/p>\n

The website will also feature columns and articles from ST Invest every weekend. The next financial literacy course \u2013 Financing Your Dream Life \u2013 will explore smart money management tips, with advice on how to spend and borrow wisely.<\/p>\n

Subscribers can attend this event on Nov 19 at the SPH Media auditorium or join the session online.<\/p>\n","protected":false},"excerpt":{"rendered":"Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE…\n","protected":false},"author":2,"featured_media":774524,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,4174,4175,56,54,55],"class_list":["post-774523","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/774523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=774523"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/774523\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/774524"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=774523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=774523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=774523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}