Scale up your finances

As the Chinese zodiac year of the snake draws upon us, this period of transformation is an ideal time to refresh your financial plans. Much like the snake sheds its skin to reveal a fresh, new layer, why not conduct a financial health check, set new financial goals and create a strategic plan to achieve them? 

Step 1: Shed light on your current financial health

How has your spending for the year stacked up against those budgets you’ve set up? If you still have a generic “save more” or “spend less” as a goal, you might not be seeing the gains you were hoping to see. 

As part of your review and as you prepare to set goals for the coming year, set up a system to track your expenses for at least three months to identify patterns (if you haven’t already). Also, take time to review your income and debt situation.

The start of the year is also a good time to revisit your credit score to establish a strong understanding of your current credit standing and detect any inaccurate or incomplete information. To do that, simply go to the Credit Bureau of Singapore to register and buy your credit score report for a nominal fee of S$8 plus prevailing GST. (And if you haven’t started establishing a credit score, check out this piece or this video to find out why having one is important.)

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Step 2: Slither toward success 

Start high-level: Reflect on the fantastic financial habits you developed in 2024 and think about how you can supercharge them in 2025. Was it the way you increased your income or grew your savings? Conversely, what are some financial habits you’re ready to say goodbye to? 

It’s time to set new financial goals for the year. For example, you might aim to save a certain amount of money each month, pay off a specific debt by year-end, or invest in a new financial product. Have fun with it, but ensure they align with your long-term financial objectives and are realistic!

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Step 3: Create your strategic plan 

Outline the steps needed to reach your goals and set a timeline. 
Say your goal is to save more money each month. Create a budget, figure out how much you intend to reduce your discretionary spending, and how you’re putting money away (for example, by setting up automatic transfers to a savings account). 

If your goal is to pay off debt, consolidate your high-interest loans, set up a debt repayment schedule, and negotiate with creditors for lower interest rates. By the way, if you’re still trying to figure out why a personal loan might be more suitable for you versus a credit card or a cash advance on a credit card, check out this piece where we break down the differences and get into the nitty gritty of the matter. 

Now go forth and conquer those goals! Or, as they say, let the games begin!

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Psst! Here’s something else you should know! 

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