Adjust your money-saving mindset
We should also adjust our money-saving mindset, for example by treating the monthly retirement savings as a means to securing your children’s future. For example one can set aside retirement savings as the first expense of each month, arranging for a sum to be automatically transferred to a MPF voluntary contribution account upon salary payment. Such habit will surely help bolster your retirement savings.
Alternatively, borrow from the rule of envelope budgeting and divide your monthly expenses into different envelopes so that you have a clear idea of your budget and your expenses.
If you are too busy to plan for retirement, you might consider seeking professional help. According to our survey, nearly 60% of those with higher RQ (meaning better prepared for retirement) have sought help from professional financial planners, nearly two fold that of those with lower RQ. These people are more likely to save up enough to live out their ideal retirement life.