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Chin Guo Qiang

Food, Tech and Hobbyist Photographer [Sony Alpha 7 user]

Chin Guo Qiang

Project Manager (Executive, Application Systems) at Singapore Prison Service

16Upvotes

About

Food, Tech and Hobbyist Photographer [Sony Alpha 7 user]

Credentials

Project Manager (Executive, Application Systems) at Singapore Prison Service

Chin Guo Qiang

Project Manager (Executive, Application Systems) at Singapore Prison Service

16Upvotes
  • Answers (28)
  • Questions (1)
  • Reviews (4)

Savings

Lifestyle

General

Start by paying 50% income (nett income after CPF deduction) to yourself in a good savings account, before settling monthly expenses. Food and entertainment wise can drop by $100 to see if you are comfortable with the new Budget. If you have marketable skills can do some side jobs to supplement your main income, and make this extra income pay for your monthly food and entertainment expenses of $800 (estimated). Hope this helps !

Lifestyle

Savings

I’ll try to limit myself to 3 Grab rides for going to work in a week, cutting down to just 1 (purely indulgence for waking up later than usual then GrabHitch to workplace). If this fails, top up a fixed amount (ie. $30 - $50 per month, then use accordingly for Grab rides. Empty GrabPay wallet means no Grab for the rest of the current month). Takes discipline to do this method though.

Credit Card

Promotional Codes

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Credit Card

DBS

Think the main issue is the Income statement for DBS. Last time there was this rumour of POSB Everyday Card requiring 24 months or 2 full years of CPF contributions at the point of card application. Don’t think DBS is that strict now for such T&Cs. Just try reapplying for the DBS Credit Card again, make sure your CPF contribution is at a constant monthly rate first.

Career

Family

Lifestyle

Save 100% of the Bonus Amount into the savings account first for a month, then plan on what to do with it. Careful planning makes the money work better.

General

Not disciplined enough to do savings as per plan, managed to hit 50% of target only :(

Wedding

Lifestyle

Quality vs quantity, start with the guest list and make sure of the guests invited are likely to support and attend your wedding event. Next, make some compromises for wedding planning such as photoshoots and wedding photographer coverage. If Budget is out for videography, replace with a photo montage or DIY video, creativity plays a part here for cost effectiveness. Note : Please do not be overly tight on budget and kill off the whole wedding planning, wedding is an once-in-a-lifetime experience, so some costs will become sunken costs.

Savings

Lifestyle

Bank Account

I would say either of the following. 1. CIMB FastSaver (1% interest for standalone accounts of parents) 2. Leverage on high interest savings accounts of the working siblings, where the first $75,000 (DBS Multiplier), $35,000 (OCBC 360, basic higher tier interest), earns potentially 1.55% (DBS Multiplier) and 1.25% (OCBC 360). This can be done with Salary crediting and minimal credit card spending ($1 on DBS Cards with DBS Multiplier account). Parent can be paid with the extra interest amount from this account, on top of the monthly allowance of $1,400. Note : A fixed sum of $10,000 has to be placed in these higher interest rate savings account, in order for the interest rate to work effectively.

Property

General

CPF

Once asked this question to my financial advisor and the short answer is, only pay the HDB monthly instalments with cash if the money to be used is not for any other purposes. Otherwise, CPF payment might be better, so that liquidity is there for cash funds to do other investments, which may yield more than HDB Concessionary Housing Loan of 2.6%. If not, can do partial payment of the HDB loan with cash, reduce the loan amount partially with this method.

Retirement

Savings

Career

I would say do the job that you like for $30,000 a year, at least for 2 years. Meanwhile, keep the expenses in check with that level of budget, to prepare yourself for better savings on that $100,000 a year job. More income, same expenses level = Higher savings ratio. Investments come naturally with more savings on hand as liquid funds.
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