29 May 2020
I'll be starting to draw a monthly pay soon, but what should I do with my current savings of $13,000? How much should I keep as expenses, and how much should I move to CIMB / invest?
If you are going to be drawing a monthly salary soon, you may wish to look at Seedly's post on Best Savings Acounts for working adults. Capitalise on the Salary credit for additional interest. CIMB will be good for earning no obligation 1% interest.
I would recommend you to set aside about 6 months worth of expenses in a high interest yield savings account. If you are below 26, Jumpstart account would be great! It offers 2% p.a. for your first 20k.
After you have set aside about 6 months worth of expenses I would suggest you to invest the rest!
I would recommend investing 50% in a market portfolio like S&P500 ETF as it historically yields 10% ...
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Standard Chartered JumpStart Account
Up to 1% p.a.
MIN. INITIAL DEPOSIT
MIN. AVG DAILY BALANCE
DBS Multiplier Account
OCBC FRANK Account