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Wedding

Resale HDB

CPF

Savings

Do you start talking to your gf/bf about finance before or after getting proposed to?
J
Just_Saying
Level 4. Prodigy
Updated 44m ago
It really depends on the stage of the relationship, and the stages definitely is alot wider than just before/after proposal. I think you can have a good talk about future finances when you are pretty certain that he/she is the one that you want to live with or potentially married to. For some couples, they do proposed in less than a year of relationship, while others takes even up to 10 years! So it depends on the type of relationship, and the how magic works between 2 individuals. But for a traditional boy/girl relationship (the more conservative ones), i believe that finance talks should happen prior to proposal, as most girls are simply taking proposal as an official promotion to fiancee only. They are ready for to build a family with you even before proposal.

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Investments

Savings

I finally decided to start investing and not leave it in the bank for years. Do you all have any advice on what I should invest in? I am willing to leave it untouched for 3 years?
Fatty Finance
Fatty Finance
Level 4. Prodigy
Updated on 09 Feb 2020
Singapore Savings Bond or continue keeping it in the bank. Look for other high interest savings accounts (dbs multiplier, ocbc 360 or uob one etc etc) that can guarantee your principal. I agree with all the others, 3 years is pretty short time period for investing. Given the volatile start of year 2020, there is no guarantee you will gain anything more by investing than just leaving it in the bank for 3 years. In fact, it is possible to lose more. Which brings us to another key factor: how much can you afford to lose? This will determine which kind of assets you should invest in - stocks or bonds or a mixture of both.

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AMA The Woke Salaryman

HDB BTO

Savings

How do i save up more money when im a dip holder working 1yr and just bto-ed with commitment?
Dare to Finance
Dare to Finance
Level 2. Rookie
Answered 6h ago
I think your first step here would be have a money talk with your spouse and get your financial goals aligned. By that I mean, 1) Predict any potential big finance commitment. (Flat renovation cost, number of kids, wedding cost, etc) 2) Reflect on financial status and go back to step 1 3) Afterwards, you should have a rough gauge of how much $$ you guys will need. From there I assume you have about 5 years time horizon? You can then split your savings into 2 main portions. 1) Investment 2) short term endowment plan The split among these 2 is up to you but I would recommend 30% investment and 70% short-term endowment plan. If the investment did not go well, at the very least you still would have the 70% from endowment plan. Alternatively you could just put $ in high interest savings account instead of short term endowment plan but there's no guarantee that they wouldn't change the % in the next 5 years. For starters, you can check out this link. https://sg.news.yahoo.com/best-short-term-endowment-plans-070306144.html You and your spouse can also consider getting more income by doing a side hustle together! Might be tiring but it will be worth it! Afterall the $$ you earn when you are younger are much more valuable thn when youre old. Hustle while young! These are just my 2 cents =). I hope that my respond is of some help to you! Do check out my instagram where i create personal finance content =) www.instagram.com/daretofinance

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AMA The Woke Salaryman

Savings

FIRE Movement

Hi TWS, I know you managed to hit 100k by 28, but for now with your current net worth, how did you have the conviction to pursue tws and also be on the path to financial freedom.?
He Ruiming
He Ruiming, Co-Founder at The Woke Salaryman
Level 5. Genius
Answered 19h ago
I think money (or happiness, even) isn't the be all and end all of life. I'd like to lead a life that is useful to others. TWS does that at the moment, and the work is fulflling. As far as financial independence is concerned, it's important that I walk the talk. Why would someone listen to me if I haven't experienced it? I think achieving financial independence/freedom myself will add to my credibility and also send our community a message that it IS possible. In this age where voices scream that social mobility is dead, I think the ability to believe in yourself is very important.

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AMA The Woke Salaryman

Career

Savings

Monthly Income: $3.1k from FT job, $600-$1.2k from PT job. Saves about $1.5-$1.8k a month. Personal Goal: save $100k by 29 yrs old. What should i do to speed up the process to reach my goal?
Yang Teng
Yang Teng
Top Contributor

Top Contributor (Aug)

Level 9. God of Wisdom
Answered 20h ago
The most effective ways to reach your goal early are to increase income and decrease spending. For increasing income, it may be harder during this period (depends on industry) to ask for a promotion or a pay rise but not entirely impossible. You can also evaluate your spending habits and to see which areas can be further cut down. Besides these two ways, you can also make full use of your current cash. You can put them in high-interest savings account and invest a portion for wealth accumulation to reach your goal earlier.

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AMA The Woke Salaryman

Savings

Open to share how much you manage to save each year till you hit 100k @ 28 years old?
He Ruiming
He Ruiming, Co-Founder at The Woke Salaryman
Level 5. Genius
Answered 20h ago
Approximate figures: End of 2014 – $6000 (25) End of 2015 – $30,000 (26) Saved $24,000 End of 2016 – $60,000 (27) Saved $28,000+ End of 2017 – $100,000 (28) saved $30,000+ Investment returns helped to make up the rest.

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Lifestyle

Savings

Investments

Anyone came across Ramit Sethi and his concept of money dials? Did you find your money dial? Care to share?
Takingstock @
Takingstock @
Level 7. Grand Master
Updated 1d ago
I asked the question, and now documenting my own thoughts on this concept, which is supposed to highlight what turns you on or off. Convienence I think I totally get this one. So I could learn to cook and make beer, but I pay for a nice beer at Harry's or a pub weekly because I enjoy the time to be alone, space out, think about things, and even answer seedly questions there... So I am paying for me time . Travel I also learnt this gradually, I would pay extra for comfortable flights, and maybe an extra night for some trips, because it is to relax and I wouldn't want to end up on red eye flights, squeezy seats which would be uncomfortable to take a nap in. So I do have a certain comfort level in my expectations. Health & Fitness I am paying for my anytime membership, because it is near home, and there are times I like the peace and quiet there. So again convienence and discipline. I can't afford weekly personal training sessions, but hmmm could I budget for once a month? Maybe I can fit that into my overall timing. Experiences I once paid 3k for a week stay at a nice apartment in New York overlooking Statue of Liberty. It was damn expensive, but I guess that's why I wanted to try see how it was to live relatively well in New York (I couldn't afford to eat nice then though lol). Would I try that again? Could it be that I should schedule 1 week travels in countries (maybe yearly) and try how it would be like to live there? Freedom I am investing a lot to generate dividend income that could help pay my mortgage payments, and hopefully an easier life if I choose to settle for a job with 30% less pay for less stress. Relationships Haven't been too stingy with this one yet, I think my family is at a decent level of comfort. I think it would be good if I increase the allowance I give my parents, and I think the more important thing is carving out quality time for family. Hmmm what would it be like to pay for weekly cleaner? Generosity / Charity I think I would like to help some kids get quality education / love. So my donations have been going towards pocket money fund / boys town, etc. Would be nice if I could help with tuition?? Luxury definitely not my area. I feel uncomfortable mingling with high ses folks. A nice good class bungalow would be cool, but I can't see that fit into my life. social status same as luxury... Low priority. Self improvement Been doing a lot of these, and well it would be cool to learn TCM and economics / public policy... Those are some dreams I have for retirement... Not sure if I am doing this right though...

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CPF

Retirement

Savings

What if CPF RA exceed Enhanced Retirement Sum (ERS) at age 55? If choose not to withdraw, how much CPF life can pay? Using 1M65 as an example, how much CPF life pays based on 1million balance at 65?
Hi JTan, I believe that the maximum you can top up your RA to at 55 is the year's prevailing ERS. After that, you'll continue to grow the RA monies via interest paid to that account, which, if you have ERS, should oustrip the rate of increase of the ERS. The rest of your monies would then reside in SA/OA/MA, depending on your account balances. With the CPF SA shielding trick, you could easily end up with $500K across your SA and RA at 55 and that will be quite a good safety net. With CPF LIFE paying you from 65, and leaving money in SA to compound at 4%, you'll have 2 guaranteed sources of money when you retire, CPF LIFE plus interest/interest+principal withdrawals from your SA. I personally am aiming to rely on CPF as the first layer of guaranteed income, but will definitely have more layers built on top of that.

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Investments

Savings

Insurance

Endowment Policies

What do you guys think of the Great Eastern SP Series 2 (1 year endowment) plan that pays 1.05% pa? I have maxed out 10k in Singlife.?
GREAT SP Series 2 offers 1.05%p. guaranteed return for a one year lock-in period. While it is attractive, there are some other products in the market you can consider. If you can afford a longer lock-in period, we would recommend you to check out eEASY save V. It provides you with a higher return of 2.68% p.a. guaranteed return for the first six years. If you are not keen to lock up your funds for six years but would still like high returns, do keep a lookout on our blog as we have something exciting coming up.

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COVID-19

SeedlyTV S2E01

Investments

Insurance

Savings

Economics

Stocks Discussion

I'm a student looking to start my personal finance journey. With the current economic outlook being so bleak, what should I be doing first?
Jia Min
Jia Min
Level 5. Genius
Answered on 09 Apr 2020
1. Spending For starters you could target your spending habits by tracking it consistently. Although there are lesser chances to shop at most retail stores now during this circuit breaker period, you could still track your expenses on food and essential items. You could record your expenses using Excel or download the Seedly app. Reason being so, once you know what you are spending on according to the different categories (eg. Food, Groceries, etc.) you can really pinpoint which catergory you would like to spend lesser. 2. Savings Savings account wise, you might consider opening a CIMB FastSaver account as its interest rates are higher than the base 0.05% interest rates. For the first $50k in your CIMB FastSaver account balance, interest rate is 1.00% p.a. Also, you do not need to credit any salary or fulfill any credit card spending which is great for students without salaries and credit cards. In short, target your spending and savings first. Build your foundation well and afterwhich your personal finance journey will get better with time. It would also be good to acquire new skills and review your existing insurance policies if you have them too.

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