facebookShould I still be allocating cash to a high savings account from my monthly salary if I have already saved up for my emergency fund? - Seedly

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Anonymous

13 Dec 2020

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Saving Hacks

Should I still be allocating cash to a high savings account from my monthly salary if I have already saved up for my emergency fund?

Have saved 10k after 10-11mths of putting away 50% of salary. Should I create a new account with gigantiq/Singtel Dash to save up the next 10k by allocating 25% to savings & 25% to investing or should I put the 50% of my salary from now on to my Stashaway investing portfolio?

I’m not attached at the moment but thinking of the possibility that I might need the money in short term eg 3-5 year should I have plans for marriage or BTO and incase my stashaway portfolio is losing money?

Discussion (2)

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Hey,

don't put ur big ticket items money in investing because it's an risk that you are taking.

for investment, you must be comfortable with the possibility of losing the money potentially.

Good point you highlighted. Open an new account is a πŸ‘ idea.

emergency fund just a portion of saving. your saving components should include:

  • emergency fund (loss job)

  • life event (marriage,BTO,kids)

  • Warchest

  • irregular expenses (travelling, buying car?, buying expensive thingy)

Once all above settled, then u can stop saving. Full investing. This ensure u would never need to sell ur investment just to get a quick buck.

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