Tenzing pacific services

9 Tips to
Kickstart your
Savings Plans

Every year when people are making their New Year’s Resolutions one of the most common ones pertains to one’s personal finances, including:
  • Achieve one or more financial goals
  • Save more
  • Get financially organized
  • Get an actionable plan in place

We’ve all been there, we’ve all said “this year will be different” and we’ve all let procrastination and our lives get in the way. We understand, it’s human nature. 

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Imagine this scenario:

  1. You have a long list of life admin tasks and errands to run 
  2. You start to knock them out one by one, making progress
  3. You finish them all

That feeling, you know it right? You start to feel chipper, feel a sense of accomplishment and pride.  Productivity makes you feel good, also human nature. You had a roadmap as to what you needed to do and in what order. 

While that feeling of accomplishment on simple tasks is amazing, we assure you it’s even better when you take control of your finances. 

Savings Plan

1) Be Greedy, prioritize your savings plan and yourself first

In the words of Warren Buffet: “ Don’t save what’s left after spending, but spend what’s left after saving.” 

A simple trick is to impose a “savings tax” on yourself. Everyone pays taxes as part of their monthly income. Now it’s your turn to be the tax man and enforce your own  “savings tax” on yourself.  We typically suggest that ~20% of your income should be your personal savings tax which goes into a regular savings plan, investment platform account, or other savings vehicle. 

Utilize automatic contributions to give yourself the discipline to prioritize your savings and yourself first. 

Watch your savings steadily grow.

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2) Audit Your Expenses

You can adopt one of two ways to save more money:

  • Earn more
  • Spend less

Earning more isn’t easy in these uncertain times.  Great for those who are but for those who haven’t, that leads to spending less. Regardless of the times, most people can easily name areas they could eliminate or scale back. By doing an audit of your expenses, ask yourself  “what’s unnecessary?” 

You cannot build wealth with bad spending habits. 

Trim the fat. 

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3) Rely on Yourself

Your retirement is ultimately YOUR responsibility. In South East Asia, without any government or employer provided pension, you’re on your own to save for your future. 

The ball is in your court, start scoring. 

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4) Mitigate your Liabilities

Like tip #3, in Asia we don’t have any safety net for medical expenses. You cannot rely on any Medicaid, Medicare, NHS or other state provided system to take care of you. 

Even here, unforeseen medical bills can quickly run into the thousands. All it takes is diagnosis or even fairly routine surgery. Factor in more serious or multiple surgeries, chronic conditions and ongoing treatments can further escalate that to $35,000, $50,000 and beyond. 

At worst, we recommend getting an inpatient only plan with a deductible. Even if you loathe health insurance, at least get protection for the big-ticket items and make sure you have access to the best healthcare in Asia.

Protect yourself and your savings with health insurance. 

financial advisor

5) Set 'Why' Goals

What is your motivation for increasing your savings?  Set “why” goals, and give yourself tangible and achievable savings goals. What are you saving for?

  • That nice holiday you damn well know you’re going on when all this is over
  • To have more financial security and flexibility
  • Retirement
  • Home purchase or deposit
  • Children’s university education
  • Starting a family
  • Business opportunities
  • General savings
  • 6-months’ salary for emergency fund
  • An international move
  • That car you’ve always wanted
  • Because you deserve it for how hard you work
  • Tired of your current financial status

Just like with your to-do list or errand list, start with goals that are achievable first, then increase your goals as you grow your savings.  Imagine that moment, that day, that feeling of pride and achievement.  Got it? Good, now write down your whys

Without why goals, there’s no what or how.

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6) Don't try to 'Time the Market'

By trying to time the market, you have to be right twice:

  • When you enter
  • When you exit 

Relieve the stress of investing by doing a regular savings plan with recurring monthly contributions no matter what the markets are doing.  Over the long term,  take advantage of dollar cost averaging.  As prices go down, you actually get more units for the same price. 

Sit back and relax, you have a plan, stick to it. 

Savings Plan

7) Give yourself Time

The main driving factor in the accumulation of wealth is time. The longer your money is working for you, the more you will accumulate due to compound interest. 

Any delay in starting your savings journey means one of three things:

  1. The more contribution is later required to hit the same target
  2. The less money you’ll have in the same period
  3. The longer you need to delay your end date

Time is the healer of all wounds, the age-r of fine scotch whisky and wine and it’s what you need to give yourself to accumulate savings. 

Earn while you sleep.

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8) Ask your the Hard Questions

Just like your weekend errand list, you take things one step at a time.  Difficult questions need to be asked and answered.  Here are some:

  • What’s your retirement plan?
  • How will you pay for X item on your ‘Why’ goals list?
  • Is your money working for you? Are you happy with your results?
  • How likely are you to hit your goals if you continue to do what you’re doing now?
  • What happens if you suddenly lose your job or income?
  • What happens if you develop a critical illness?

There are things you can’t control in life, but need to be prepared. Having a plan to build your savings and putting away a small amount of each paycheck is something you can do. 

Control what you can control. 

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9) Ask yourself the Hardest Question:

“Are you open-minded to:”
  • Seeing if a savings plan in right for you?
  • Taking control of your finances
  • Getting an easily actionable plan in place?
  • Growing your savings, financial security and flexibility?

Remember, with anything in life, you have to start somewhere.  And we’re here to help.

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Johannes Heikkila

Advisor
From Finland
Expat for 1 year
Speak Finnish, English & Spanish

Speciality:
- Health Insurance
- Savings Plans

Robert Cunningham

Advisor
From the UK
Expat for 13 years in Thailand & Vietnam
5 years' insurance & financial services

Speciality:
- Health Insurance
- Life Insurance
- Savings Plans

Romain Camillo

Senior Advisor
11 Years in Insurance & Financial Services
Expat in thailand for 7 years
Joined Tenzing in 2020
Speaks French & English


Speciality:
- Health Insurance
- Life Insurance
- Savings Plans"

Nancy Dao

Advisor
From Vietnam
International Business from UK
Lived in Singapore
Speaks Vietnamese & English

Speciality:
- Personal Health Insurance
- Group Health Insurance

Hunter Deems

Advisor
10 years' experience in insurance and investments
Joined Tenzing in early 2020

Speciality:
- Investments
- Savings Plan
- Health & Life Insurance
Patrik Shore Tenzing Pacific Services

Patrik Shore

Senior Advisor
From Sweden & New Zealand
7 years' insurance experience
Joined Tenzing in 2019
Crim Science
Speaks English and Swedish

Speciality:
- Savings Plans
- Health Insurance
- Life Insurance

Geoffrey Mann

Advisor
From the US
Employee benefits & insurance compliance background
Joined the Tenzing team in 2019
Law degree from the US

Speciality:
- Personal Health

Nhu Nguyen

Senior Advisor
From Vietnam
Joined Tenzing in 2017
Fluent in Vietnamese & English

Speciality:
- Group Health & Life Insurance
- Personal Health"

Ian Comandao

Health Insurance Manager
From Philippines
MBA from Duke University
Expat for 20 years in US, China, Hong Kong & Vietnam Worked at Tenzing since 2018
Fluent in English, Tagalog, Mandarin

Speciality:
- Personal Health Insurance
- Group Health Insurance
- Business Insurance

Craig McAvinue

Director of Wealth Management
From the UK
25 years' expereince in investments & insurance
Expat in Thailand for 5 years
Chartered Accountant by trade
Holistic approach to consulting his clients

Speciality:
- Investments
- Savings Plans
- Health & Life Insurance

Quinn Miller

CEO & Managing Partner
From the US
Joined Tenzing in 2014
Expat for 10 years in Vietnam
Finance & Entrepreneurship Degrees

Speciality:
- Group Health Insurance
- Life Insurance
- Savings Plans"
  • 84 35857 2629
  • 84 35857 2629
  • quinn.miller@ten-pac.com

Quinn Miller

CEO & Managing Partner
From the US
Joined Tenzing in 2014
Expat for 10 years in Vietnam
Finance & Entrepreneurship Degrees

Speciality:
- Group Health Insurance
- Life Insurance
- Savings Plans"