MS ADELINE KHOO, 26, SINGLE
Ms Khoo is an accounting executive at a local telco, where her job scope includes assisting with the yearly budgeting, quarterly forecasting and monthly closing of accounts.
She lives in a four-room Housing Board flat with her family of four and contributes regularly towards her parents' allowance.
In her leisure time, she exercises and swims. She is studying for an Association of Chartered Certified Accountants qualification, which she expects to receive in December next year.
Her lifelong financial goal is to save enough for marriage by the age of 33, as well as for her needs after retirement.
What are your financial goals?
I hope to earn sufficient money to meet my daily needs of transport and food consumption, as well as to contribute sufficiently to my parents' monthly allowance. I also hope to have savings for rainy days in the future, retirement and my parents' old age.
How far do you think you are away from your goals?
I am still working towards my goals, but there is a gradual progression towards them. For the past seven years, I have been allocating a fixed amount to my savings monthly.
But the quarterly payment of my school fees can be rather financially taxing as the total annual school fee amounts to eight months' worth of my salary.
Sometimes, I'd need to reduce my expenditure on entertainment, which includes shopping, to cope with the payment.
What are your primary concerns at this point of your life?
I hope to save enough to complete my part-time studies for professional qualifications (Association of Chartered Certified Accountants) at the London School of Business and Finance by December next year, while juggling work.
What is your focus at this life stage?
To save as much as I can while I am still able to work. I hope to save enough to settle down by the age of 33, and have sufficient money for health care during old age.
What have you done as part of retirement planning?
I have set aside $300 per month for long-term investments, saved 20 per cent of my monthly salary, and invested in insurance which provides investment returns as well as an insurance shield. How would you like to live your life when you retire?
I would love to travel around the world, particularly to the European continent.
Get My Paper for more stories.