Hi Anon,
When you're talking about big-ticket items, I guess you're referring to saving for short-term goals? These goals are usually big purchases that you plan to make within 1-5 years time, and some examples include buying a car, a house or your wedding.
If you are 18-26 years old, here's what I'd suggest for your emergency funds:
Max the $10k in your SingLife Account (to maximise the 2.5%)
Leave the rest of your emergency funds in SC JumpStart
This is due to the liquidity issue of the SingLife Account. It states that funds may take up to 3 hours before it reaches your bank account, after you make the withdrawal request. For an emergency fund, you will need it to be extremely liquid, especially if you encounter an emergency where you need the money immediately. This is why I suggest having some funds in your SCJS account.
For my short-term goals, I'm placing them in a separate account from SingLife and JumpStart, so that I do not mix them together.
I'm using StashAway Simple as a place to store my funds for short term goals. This is because it provides a slightly higher return, but it is less liquid (it takes around 3-4 business days before the funds will be transferred to your account). It is also relatively safe (there is still some risk, but not as risky as investing in stocks and other investing instruments).
If you are trying to build up both your emergency fund and save for your short term goal at the same time, I would suggest allocating a portion of your income to go into each account.
If you'd like to learn more about emergency funds, I have written an article on my blog that covers this topic more in-depth.
Also, if you are interested in signing up for the SingLife Account, you can use my referral link for both of us to get $10 each into our account__. You'll need to create the account, and activate your SingLife debit card too. For more information about the SingLife Account referral, you can read the article on my blog as well.
Hi Anon,
When you're talking about big-ticket items, I guess you're referring to saving for short-term goals? These goals are usually big purchases that you plan to make within 1-5 years time, and some examples include buying a car, a house or your wedding.
If you are 18-26 years old, here's what I'd suggest for your emergency funds:
Max the $10k in your SingLife Account (to maximise the 2.5%)
Leave the rest of your emergency funds in SC JumpStart
This is due to the liquidity issue of the SingLife Account. It states that funds may take up to 3 hours before it reaches your bank account, after you make the withdrawal request. For an emergency fund, you will need it to be extremely liquid, especially if you encounter an emergency where you need the money immediately. This is why I suggest having some funds in your SCJS account.
For my short-term goals, I'm placing them in a separate account from SingLife and JumpStart, so that I do not mix them together.
I'm using StashAway Simple as a place to store my funds for short term goals. This is because it provides a slightly higher return, but it is less liquid (it takes around 3-4 business days before the funds will be transferred to your account). It is also relatively safe (there is still some risk, but not as risky as investing in stocks and other investing instruments).
If you are trying to build up both your emergency fund and save for your short term goal at the same time, I would suggest allocating a portion of your income to go into each account.
If you'd like to learn more about emergency funds, I have written an article on my blog that covers this topic more in-depth.
Also, if you are interested in signing up for the SingLife Account, you can use my referral link for both of us to get $10 each into our account__. You'll need to create the account, and activate your SingLife debit card too. For more information about the SingLife Account referral, you can read the article on my blog as well.