Use IEC’s suite of interactive tools to improve your financial health!
The interactive tools provide you with free analysis and action plans for budgeting, saving, investing, handling debt, understanding and improving your net worth, or planning for your retirement, to help you better manage your money!
Tools include online calculators, downloadable budgeting worksheets, and the IEC Money Tracker mobile app.
Think carefully before you use your credit card or borrow money, understand the interest or fees involved, and always try repay debts in full and on time. Avoid ‘buy now, pain later’! Use the IEC Debt Calculator to review and manage your debts.
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An initial credit card debt of $20,000 may give rise to a total debt of $67,551 if you only make minimum payments each month.
Borrowing money is always easier than paying it back. If your card has an annualised percentage rate of 34.5%, and you only make the minimum payments each month for an initial credit card debt of $20,000, it could take you over 26 years to pay off a total debt of $67,551*!
* Minimum payment calculations vary depending on the rules of card-issuing companies.
Download the IEC Money Tracker app to start planning now!
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A family holiday for four costs around $20,000 on average. Are you making the most of your family budget and tracking your expenses to save for an annual?
What are your family goals – would you like to take your family on vacation? For a family of four, a short family trip* can cost around $20,000. Develop a budget and track your family expenses to ensure you make the most of your budget!
*Assuming a family of four joins a four-day Singapore trip, with a per-person tour fee of approx. $5,000.
Use the IEC Financial Health Check to evaluate your financial health. It provides you with free analysis and action plans for budgeting, saving, investing, debt issues, understanding your net worth, or planning for your retirement in order to help you better manage your money!
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It is best practice to save up a financial buffer of about 3 to 6 months of expenses, to help you avoid needing a loan in case of unexpected financial needs.
According to the IEC Research: Knowledge, Attitudes and Behaviour towards Money and Debt, 43% of Hong Kong people had not prepared emergency funds to cater for their unexpected financial needs. Do you have such an emergency reserve? Start planning now to build up a fund of three to six months of living expenses, to help you deal with any unexpected crises.
If you want to enjoy a dim-sum breakfast every day after you retire, or you wish to have the disposable income to be free to do what you like, it’s time to make plans for your future. Use the IEC Retirement Planner to work out how much you’ll need for your retirement, and get a free analysis report.
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In 30 years, a set of shrimp dumplings may cost $100.
Every year, restaurants increase their prices. In 30 years, a set of shrimp dumplings costing around $46 today may cost over twice* as much!
*Assuming an annual price increase of 3%, prices could rise to $100.