Tenzing pacific services

9 Tips to Kickstart
Your Investment
Savings Plan

One of the most common New Year’s resolutions is to do a better job managing personal finances:
  • 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 then let procrastination and daily life get in the way. We understand, it’s human nature.

But imagine this scenario:

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

That feeling, you know it. You start to feel chipper, enjoying that sense of accomplishment and pride.  Productivity makes you feel good, also human nature.

While that feeling of accomplishment about simple tasks is amazing, we assure you it’s even better when you take control of a critical part of your life such as your finances.

Here are some ideas on how to make that happen: 

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. Typically we suggest setting aside roughly 20% of your income for the future.

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

Watch your savings steadily grow.

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. Regardless of the times, most people can easily name areas they could eliminate or scale back their spending. Consider an audit of your expenses, ask yourself “what’s unnecessary?”

Trim the fat. 

3. Rely on yourself

Your retirement is ultimately YOUR responsibility. In Southeast 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. 

4. Mitigate your liabilities

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

Medical care is relatively cheap in the region but relatively minor medical bills can quickly run into the thousands. Serious surgeries, chronic conditions and ongoing treatments can further escalate that to $35,000, $50,000 and beyond.

At a minimum, 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 Southeast Asia.

Protect yourself and your savings with health insurance.

5. Set ‘Why’ goals

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

  • That nice holiday you’ve dreaming about
  • To have more financial security and flexibility
  • Retirement
  • Home purchase or deposit
  • Children’s 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

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. 

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

6. Don’t try to Time the Market

Market timing, which is the opposite of a buy-and-hold strategy, is buying or selling because you expect a specific change in the price of a stock or value of an index. 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 investment savings plan with recurring monthly contributions  regardless of 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. 

7. Do give yourself time

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

A delay in starting your savings journey means at least one of three results:

  • More contributions required to hit the same target
  • Less earnings in the same period
  • Achieving your goal later in life

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

Earn while you sleep.

8. Ask yourself the hard questions

Just like any project, you want to 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 you can be prepared. Having a plan to build your savings and putting away a small amount of each paycheck is something you can readily do.

Control what you can control. 

9. Ask Yourself the hardest question:

“Are you ready to:”

  • See if an investment savings plan is right for you?
  • Take control of your finances
  • Put an actionable plan in place?
  • Grow your savings, financial security and flexibility?

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

Ask a question. Get a quote. Talk, chat, email – your choice

These articles are intended to give you enough information to make informed decisions, but investment solutions are complicated. Whether you still have questions on this topic or feel ready to take the first steps toward getting a policy, our advisors can help.

contact us

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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:
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- Group Health Insurance

Hunter Deems

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

Speciality:
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- 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:
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- 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"
Tenzing's advisor

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"