Financial planning is a systematic approach to help you make the best of your existing finances using available financial tools to achieve your goals. Through proper financial management, you will be better equipped to meet your life goals, such as buying a home, saving for children's education, planning for retirement and more. Find out how you can see where you are financially, with our SMART Financial Management Guide (under More Information).
Financial Planning Services
As part of our mission to empower fellow Bruneians, we want to help you create a holistic financial plan to reach your short to long term goals. At BIBD, our dedicated teams of qualified consultants are there for you, whenever you need personal guidance on managing your wealth, while maintaining confidentiality of your personal information.
Features & Benefits
- We offer three types of financial planning programmes: Awareness Programme, Financial Literacy Programme and Comprehensive Programme.
Awareness Financial Literacy Comprehensive What is it? Basic introduction on the importance of financial planning An activity based programme to introduce financial planning for students at different stages of their school life An innovative and interactive way to learn about financial planning and its applications Duration 60 – 90 minutes 90 – 120 minutes 2 days Recommended for General Public Students General Public or Private Groups (Corporate) Type of Programme Talk Activity-based seminar Training Workshop Class Size Not specified, dependent on venue capacity. Not specified, dependent on venue capacity. Minimum 12, maximum 20 participants per class Fees Complimentary Complimentary Fees apply; please enquire from our team.
SMART Financial Management Guide
Keep Track of Your Money
It is important to record your spending to calculate your average monthly expenses. This can help you evaluate whether there are any unnecessary expenses that you can save on. When your monthly income is more than your monthly expenses, this means that you have excess money which can be used to achieve your financial goals. However, if your monthly expenses are more than your monthly income, it is most likely that you are in debt (i.e. you owe others money). If you are, this is where it is crucial for you to take a closer look at your finances and learn how to manage your debts.
Manage Your Debts
As debts increase, they can quickly become a burden to you especially if you do not manage it well. If you happen to have any extra savings, you should first use part of it to pay off some of your debts. Start with debts that charge you the highest rates, such as credit cards and overdrafts. Ensure that your debt repayments are prompt to avoid any additional late charges.
Protection For You And Your Loved Ones
Life is full of uncertainties and sometimes this may lead to emotional and financial burdens. Although there are no shortcuts to overcome such emotional stress, there is a way to help you reduce your financial losses. For peace of mind, you should protect yourself and your loved ones against possible financial risks with a suitable Takaful (Insurance) coverage.
Saving Up For Emergencies
While each person has a different set of financial goals, one of the first goals that everyone should prioritise to achieve first, is to build up an emergency fund. This fund will come to your immediate aid in times of need. The recommended amount for an emergency fund should be equivalent to at least 3 to 6 months of your monthly income or 6 to 12 months of your monthly expenses.
Making Your Money Work
If you have any extra money kept in a regular savings account, you may wish to explore other types of Investments available, such as mutual funds and shares, and the opportunities of better returns these products could offer you. This would normally involve some decision making on the choice of Investments that suits the level of risk you are willing to take.
However, it is important to take note of Investments scams such as "pyramid schemes". These kinds of Investments normally offer very high returns over a short period of time with claims of little or no risk.
Planning For Your Retirement
It is never too early to plan for your retirement. The earlier you start the more likely it is for you to achieve your retirement goals and enjoy a comfortable life after retirement. It is essential for you to first determine the estimated amount that would be sufficient for you to survive throughout your retirement period. This way you can then calculate how much you need to save on a regular basis before you reach retirement.
Sometimes managing your finances alone can be a daunting task, and you would like to seek a professional opinion. Feel free to call us at +673 2238181 to arrange for an appointment with one of our financial planning consultants.