How Does a Zillenial Balance Priorities and Plan for Retirement?

Contributed by YEOH Jan Wai, client of Javier Tan for two years at the time of writing.

Achieving financial freedom is at the forefront of my priorities, paving the way for me to work until the age of 60 and gracefully transition into retirement. To me as a Zillenial, financial freedom translates to the ability to sustain the lifestyle I desire and relish personal time after concluding my professional journey. 

Complementing this goal is my commitment to ensuring preparedness for unforeseen circumstances, accomplished through strategic spending on essential items. Recognising life's unpredictability, I believe in the importance of being ready for the unexpected, ensuring the availability of necessary resources when needed.

In budgeting for saving, investing, and spending, I follow a modified rule—allocating 60% of my income to savings, 30% to expenses, and the remaining 10% to investments. Monitoring my spending closely helps me gain deeper insights into my habits.

Editor’s notes: When asked about his career and finance, Jan Wai revealed that he actually has mild autism and he might have some compulsions, but he doesn't feel that it negatively affects his career and finances.

“I feel that (sic) because of some of the compulsions, I become more prudent in my spending, whereby I check if I am spending too much on certain items which I am able to spend less on, eg. Hotel staycations, I tend to look for cheaper deals, and to make more money, I look for opportunities, eg. Using fixed deposits to generate more income.”

Observing fellow Zillennials' expense management reveals diverse priorities. Some may follow the 50/50 rule, splitting expenses and savings equally, often spending on wants like gym memberships and social activities. Many may prioritise immediate concerns like mental well-being and job stability over financial planning, savouring experiences such as trips with friends and finer dining to embrace their youth.

Revisiting my goal highlighted the significance of early financial planning. I aim to secure a future free from financial worries before retirement. Transitioning into those golden years, I aspire to indulge more in finer meals, enriching trips, and enhancing my living space. Planning for a secure and enjoyable retirement remains vital in my financial strategy!

One crucial step towards better financial wellness is learning about investments, despite my current time constraints. I hope to set aside time to pick up where I left off and continue learning!

Regularly review your monthly expenses, questioning the necessity of each item. Look for chances to further reduce costs, including trimming unnecessary expenditures.

Disclaimer: This content is for informational purposes only and does not constitute legal and financial advice on any subject matter. It should not be relied upon as financial advice.