facebookHi, I'm currently still in army, earning about $800 from my allowance, what do you think is the best way to grow my savings? I'm looking at a little bit more growth in value, since i'm still young? - Seedly

Anonymous

04 Apr 2020

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General Investing

Hi, I'm currently still in army, earning about $800 from my allowance, what do you think is the best way to grow my savings? I'm looking at a little bit more growth in value, since i'm still young?

Discussion (13)

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Find avenues to grow your cashflow first. That would be the fastest way.

$800 a month is enough to save, however if you talk about exponential growth, you will be better served reading and learning more to prepare for opportunities that will come your way.

You can save $100-$200 every month, putting it into ETFs through dollar cost averaging schemes. A reliable platform would be DBS Investsaver, helps you to invest a fixed sum of money every month into your preferred ETF. Eg. STI ETF, ABF Bond ETF. Abit more stable since you're also new to investing, yet a good start to your investment portfolio.

Here are some ideas (maybe then not suited to your situation, but maybe yes)

https://seedly.sg/questions/what-is-your-genera...

start low go slow

but invest regulary, reduce fees to the minimum, doubt advice from 'expert' financial pros,

stay course

Since you are in army and have no further use for the money, you can put the money in singapore savings bond or an index fund to allow it to grow.

Wong Ming Yao

05 Dec 2019

Product and Community Associate at 8VIC Global Pte Ltd

From the allowance of $800, set aside cash that you can save up every month.

Invest in the most imp...

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