Sunday, 1 January 2017

New Year Financial Resolutions 2017

New Year Financial Resolutions 2017
Happy new year! Like everyone else (or at least it appears so on my Facebook's news feed), I am going to start the year off with some new year resolutions for the 2017. 

1. Grow my investment account 

Grow my investment account to reach the $100,000 mile stone, hopefully without any capital injections. Last I checked it is approximately $70,000. Nonetheless, I will still aim to inject $10,000  of fresh funds for 2017. 

2. Save up for renovation fund

Start saving up for our (just in case you are wondering, 'our' means me and my wife) renovation fund. Our HDB flat is expected to complete on 4Q 2018 leaving us with less than 2 years to save up for the renovation. Based on what conversations with some of our friends, prices of renovation and furniture could easily set us back $30,000-$50,000 nowadays. 

Although we can probably secure a renovation loan, we feel that it is better to save up as much as we can with time still in our hands (honestly, we have been putting this off for quite some time). Renovation loan rates are currently around 5% pa, which in my opinion is not the most attractive. 

3. Reduce/maintain expenses

This is the most difficult resolution to achieve. Most of my spending now are on necessities like transport, food and weekend movies. Imagine working for 5 days a week and can't even have a good meal or watch a movie to relax on weekends. Tough decisions to make.....

The minimum I could do is to maintain my expenses. Definitely 1 step closer to financial freedom if my income grew and my expenses didn't.

4. Conclusion

Some say that new year resolutions are always difficult to achieve. Therefore, let's take our first baby step today on 1st January 2017. While this year might be a tough one for Singapore's economy, no one can predict how the market will perform. I hope all of you could achieve your financial resolutions and have a great 2017!


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Financial freedom = Passive Income > Expenses. Always remember that there are two sides to the equation of financial freedom. Beside working on how to improve our passive income through investing, we should never neglect the expenses portion. By striving to improve both side of the equation, we can achieve our financial goals and win in the game of money.

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