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Anonymous
Where should I park my emergency funds
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Victor
24 May 2021
Financial Service Consultant at AIA
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Adjust your monthly budget that is substainable and not be too harsh on yourself. If the something that you want is a want and not a need, maybe can adjust your focus eg: instead of trying to reduce expenses, think of how to get better bank interest in dollar value. A shift of focus might diminish your "want" that don't put money in your pocket. Start small and slowly will get better. Cheers.
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Guess you are into online shopping - ease of getting whatever one needs and wants. If so, suggest you slowly cut down on that habit and pick up a hobby like reading financial planning materials (borrow from the library, if possible). Simply minimize surfing online.
For your emergency fund, you can consider low risk short duration bond funds where liquidity is ensured. Interest rate better than savings rate with the right fund selected. Withdrawal of monies is no issue. Just wait a few days for monies to reach your bank account.
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I park mine in singlife and endowus cash smart ultra. I would suggest opening 2 different accounts 1 for your emergency fund and the other account for spending.
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I park my emergency fund in Binance Flexible savings. 5.79%
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Separate your spending and emergency accounts to different banks, for me I using maybank to store my funds