Money Hacks Ep 43: Saving for key life goals in your early 20s

12:33 mins

Synopsis: In this podcast series every Monday, The Straits Times and The Business Times break down actionable financial tips.

This episode is brought to you by OCBC Bank. It is aimed at millennials and students who have life goals but aren't sure how to work towards them.

Money Hacks' Chris Lim hosts 19-year-old Lim Li Shian (Liz), a temp at The Business Times, and Mr Vasu Menon, OCBC Bank’s Senior Investment Strategist, Wealth Management Singapore.

In a Frank by OCBC survey of 866 students and young working adults aged 16-29, done earlier this year, almost three-quarters said travelling is important to them, while more than four out of five ranked life experiences as a top priority, along with maintaining relevant skills as part of pursuing further education.

Are these goals realistic?

0:42 mins - Mr Menon guides Ms Lim, who says she wants to set aside money for university studies, travel overseas, or learning a new language.

1:41 mins - He shows her Frank by OCBC's Savings Goals online calculator and how to set aside money each month to achieve her immediate goals.

2:57 mins - Are long-term goals also important for the young to keep in mind?

4:16 mins - Find out why you should not borrow money to achieve short-term goals, like travel trips.

7:00 mins - How about Ms Lim's medium-term goals like owning a car? Find out what advice she gets.

Get more Frank by OCBC articles for the young here.

Produced by: Ernest Luis and Christopher Lim

Edited by: Adam Azlee

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