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Anonymous
Recommendations for savings plan
Hi, I'm aged 20 with a long-term partner. Currently considering to get a 5 years savings plan ($1000/month) with my partner to save up for house/marriage. Any recommendations for a savings plan? Feel free to leave your contact if I want to further plan with you! :) Feel free to leave tips/advice for young couples finances too!
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You should select a longer duration like 15-20 years, than a single global stock (or U.S. stock SP50...
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Hello. I don't know of many 5-year savings plans. I mostly see 2-year/3-year/10-year plans. Etiqa has Tiq Easy Save which guarantees 2% in the first 6 years, but I think you can get better risk-adjusted returns elsewhere.
For my fiancee and I, we plan to have a kid in around 3-4 years' time. So we are setting aside a monthly amount to put in StashAway's 20% risk index. This is because it kind of functions as an all-weather portfolio with the allocation in stocks, bonds, and gold. I plan to reduce the risk index closer to the 3rd/4th-year mark to protect the capital.
This is definitely riskier as compared to putting the monies in an endowment or savings plan, where your capital is usually guaranteed, but these plans typically allocate a large % of the investment into bonds. And in this low interest-rate environment, I just don't think it's worth it.