New to the sav­ing game? Start with these three steps.

If you’re at sea about how to start, here’s what Gina Heng, CEO and co-founder of private in­vest­ment firm Marvel­stone Group, ad­vises.

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Find out how much and how of­ten you can save

Track your spend­ing to de­ter­mine a pat­tern. If you’re mind­lessly spend­ing $150 a month on cof­fee, try re­duc­ing this and see if you miss the money. Do the same with non-ne­ces­si­ties, and slowly in­crease the amount you save un­til you’ve reached a point where you feel strapped for cash. This will give you an in­di­ca­tion of what your sav­ing lim­its are. Sud­denly carv­ing out a lump sum to save will only cause with­drawal symp­toms.


Cre­ate small goals Have goals that span the next three, six, 12 and 18 months. Rather than think­ing “I want to be a millionaire by 50”, go with “By the end of this year, I would like to have saved $5,000”. It’s eas­ier to cal­cu­late how much you must save to get there. Share these goals with your friends so you’re ac­count­able. From there, build a re­al­is­tic long-term goal. Use tools like a CPF cal­cu­la­tor (find it on the CPF site) to see how much you’ll have in your re­tire­ment fund – it will help you make ed­u­cated de­ci­sions.


Find a fi­nan­cial strat­egy that works for you Once you’ve hit your monthly goals, you also need to ask your­self what you in­tend to do with the money. You may want to speak with a fi­nan­cial ad­viser on pos­si­ble in­vest­ment plans, or use the sav­ings as down pay­ment for a house or even to start a busi­ness.

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