Seedly

Edited 13 Feb 2023

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[Seedly x POSB: Helping Singaporeans Beat Inflation] Community Contest Campaign

Answer the questions below and stand a chance to win an Apple Airpods (3rd Gen) worth $259!

1) Inflation is eating into our finances hard. What tool in digibank can help you keep track of your finances, forecast your future cashflow and also provide you with an overview of your financial health?

2) What are the 6 tips to guard against inflation?

3) What were the top 3 expense categories that saw the highest growth in 2022? (hint: NAV Financial health report, 2022)

4) Prices of daily essentials like groceries have gone up considerably in the past year. What are the strategies/tips outlined by POSB to help you stretch your dollar when it comes to shopping for your essentials?

5) Which of the following is NOT true?

a. Inflation erodes our purchasing power

b. Letting money idle in the bank could hurt our financial goals

c. Investing your money is one way to protect your money from losing value

d. You don’t need insurance for a holistic financial plan

e. All the above

6) What are you personally doing in 2023 to beat inflation?

The winner will be chosen based on:

i. highest number of correct answers on the multiple-choice questions; and

ii. most insightful and/or informative answer in the written format.

Good luck! ✨

For more info about the campaign, visit here: http://bit.ly/3xe1MDT

This campaign is brought to you by Seedly and POSB.

Discussion (49)

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01 Aug 2023

Was a winner picked for this contest...?

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Choon Yuan Chan

31 Mar 2023

Thanks

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Jem Jeremy

Edited 01 Mar 2023

1) NAV Planner

2) 6 tips to guard against inflation:

Keeping our savings in high interest accounts such as DBS Multiplier
Reducing daily expenditure by buying house brands or using cards / payment methods that provide increased rebates and savings such as POSB Everyday Card.
Engaging in better home loan package such as the POSB HomeSaver and POSB Home Loan where a wide range of fixed and floating load interest rate packages are offered.
Invest cash into the market long-term. One such way to do this is through digiPortfolio where they offer portfolios (such as SaveUp, Income, Asia, and Global) to cater to various risk appetites and diversification.
Purchasing insurance can help us avoid unexpected bills from unforseen circumstances. One such example would be the ProtectFirst plan, from just $5 a month.
Keeping track of financial wellness is key to making sure you're on track to your financial goals while factoring inflation, liabilities and recurring payments. One such method would be the NAV Planner, a mobile financial advisor.

3) The top 3 expense categories that saw the highest growth in 2022 are:

1- Transportation

2- Shopping, entertainment and travel

3- Food

4) Strategies/tips outlined by POSB to help you stretch your dollar when shopping for your essentials:

We can apply for credit/debit cards that provide cashback,points or miles such as the POSB Everyday Card which offers up to 10% cash rebate for dining, online and grocery purchases.

When buying groceries we can also opt for house brands or bulk-buy non-perishables for more savings.

5) The option "d" is not true.

Insurance acts as a shield for anyone against unplanned large financial losses due to unforseen circumstances.

6) What are you personally doing in 2023 to beat inflation?

For me, as a fresh graduate I try to visit online forums such as Seedly and Reddit where like minded individuals share about their experiences in everything e.g wedding cost/housing/investing.

I'm doing detailed planning with my monthly budget before payday by setting aside money and tracking my expenses on MoneyManager to reduce unnecessary spending and creating room for investing in for long term in means such as Blue Chip Stocks and DCA-ing quarterly into the stock market Since I have started to earn some income, I have applied for credit cards to stretch my dollar with the miles/points system as well.

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Edited 28 Feb 2023

1) NAV Planner

a) Switch to a high-interest saving account such as DBS Multiplier to earn higher interest

b) Cut back on expenses on daily essentials by using cards that offer cash rebates such as the POSB Everyday Card or buying house brand products

c) Finance housing using loan packages such as the POSB HomeSaver and POSB Home Loan to save on life's biggest expense, your home

d) Invest extra cash to earn higher returns than keeping it in a savings account and stay invested through platforms such as digiPortfolio

e) Purchase insurance to protect your wealth during unforeseen circumstances such as hospitalisation and critical illness

f) Make use of the pocket advisor tools such as NAV Planner to get a complete overview of your financial wellness

a) Transportation

b) Shopping, entertainment and travel

c) Food

a) Using cards that offer cashback or points such as the POSB Everyday Card which gives up to 10% cash rate for dining, online and grocery spendings

b) Linking the PAssion POSB Debit Card to the yuu App to enjoy savings of up to 15% in the form of yuu points by shopping at Dairy Farm International merchants

c) Making use of discounts such as the $3 Cashback for hawker food on PayLah app every Friday.

5) Option d is not true.

6) As a fresh graduate having only spent a few months in the workforce, I plan first to pay off my debts (especially student debt) as soon as possible, possibly by the end of 2023 so that any return I gain through interest in a high-interest savings account or any investments are not eaten away by BOTH inflation and high interest debts. Then, I would build up an emergency war chest in case I lose my job during the impending recession and sort out my insurance before dipping my toes into making my first investment.

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