HC Tang - Seedly
HC Tang

Sharing my experience & learning. Thank you for your sharing and upvote:)

HC Tang

Financial Enthusiast, Budgeting at The Society

605Upvotes

About

Sharing my experience & learning. Thank you for your sharing and upvote:)

Credentials

Financial Enthusiast, Budgeting at The Society

HC Tang

Financial Enthusiast, Budgeting at The Society

605Upvotes
  • Answers (479)
  • Questions (1)
  • Reviews (23)

Property

Family

Yes must stayed in your currently own resale HDB for the 5 years MOP, after the 5th year then only you can apply BTO. Source: https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/hdb-flat?anchor=PublicScheme

Career

Savings

Investments

Lifestyle

Do both as we need Higher income which brings higher savings to be the capital for investment and all other things but we also cannot just rely on main income alone to increase much wealth without investment. 1) Investment learning : Beside reading , save towards attending some of the recommended courses for investment. This is long term so need to continue learning. 2) License cert: find company sponsor or use your skillfuture credits to sign up for courses, there's also discount for Citizen for some license course. Google to find out more. This is short term easier to achieve and helps boost income and hence savings as your capital for investment in #1. Cheers πŸ˜ƒπŸ‘

Savings

Family

Bank Account

Investments

Lifestyle

Hi. My friend has similar situation as yours, I'll share some of their ways to save $ for your consideration: 1) I'll start with the most straightforward one , children savings: https://blog.seedly.sg/best-posb-ocbc-uob-savings-account-cda-kids-baby-bonus/ To save more , either increase income or decrease expenses or both. If you can increase either one of your income and control spending, it would be the best way. Otherwise , on expenses savings, suggest below: 2) Car - A liabilities rather than assets. Understood that families with young kids with a car really comes in handy. Suggest you do a total annual cost for car , including insurance, maintenance, servicing, petrol , possible cost of repair in 5 to 10 years time (possible change of gearbox if any). These contribute to a lot of cost. Solution: Sell current and start renting by signing not so new MPV for 2 to 3 year Contract, quite a few at SinMing area. My friend calculated cost for rent is cheaper than owning the car. It helps save some. 3) Domestic helper: Continue but start training and getting the kids to do housework. Once they reach 7 and above, the whole family can share household chores and share load together and reduce the salary and extra cost for having a domestic helper. This not only helps family bonding and teaches the kids to be independent, good life skill when they go overseas to Study, to be someone wife or hsuband and learn to be discipline and appreciative. 4) Invest passively in low amount: There's many options of robo advisor allows regular low amount investing. Go to Seedly website blog area to find out more. P/S: On tax planning side, your wife tax will be covered by WMCR and yourself using PTR. If you have run out of PTR of the 3 kids to reduce tax, you can opt for top up CPF SA (7K per year and earns 5-7% interest) or top up SRS account and channel it to a lot of available investment or Robo Advisor and withdraw at retirement age onwards, with a certain strategy). Important: If you wish to use SRS options , do open a SRS account with 1 of the 3 local bank with $1 now before Sept as after that garmen will increase retirement age from 62 to higher age ( means you can only withdraw without penalties after the higher retirement age). Above for your considerations, may it helps πŸ˜ƒπŸ‘ŒπŸ»

Marriage

Wedding

Lifestyle

Shopping

If you only have one major spending : Amex true cash back , 3% cash back for the first 5k up to the first 6 months. If you have more continuous spending, go for Uob one card. Go to their website to find out more.

Investments

STI ETF

ETF

Brokerages

Buy via DBS/POSB under the invest tab, as the key here is regular (Regular Savings Plan - RSP) to achieve DCA (Dollar Cost Averaging), for longer term this platform as it is automated self services, so the fees is much lower than regular brokerage. See this by seedly for more : https://blog.seedly.sg/which-regular-savings-plan-is-the-cheapest/ Cheers

Savings

Bank Account

Investments

Credit Card

DBS

DBS Multiplier

Hi As your salary credit is 1.6k and no credit card,the rest of of category is short term and it's not worth doing everything to get the DBS mulplier interest. You're better of with A+B below: A. Save into the CIMB fast saver and earn 1% (need to maintain min 1k inside and if early close penalties is $50) I've check using Seedly best savings account calculator: https://seedly.sg/tools/savings-account-calculator eg. Assume u have 4k savings, monthly credit salary 1.6k into the account and not withdrawal, you can earn $40 interest per year. Of course you also need to live so the amount would be lessor, but is the best suited plan for your current situations. B. After that monthly buy SSB via POSB / DBS ATM of the amount you could. This will makes it like a bond ladder (LIke multiple investment and matures at different date so that you can have $ every payout month when it matures) . See: ! With A+B, is much better interest that DBS multiplier and much easier for achieve for your case. Hope it helps! Happy Savings! Ref: CIMB Fast saver link: https://www.cimbbank.com.sg/en/personal/products/accounts/savings-accounts/cimb-fastsaver-account.html
Answer image preview

iSwitch

There's a monthly service fee $5.30 (incl of GST) hidden in the fact sheets!!! Most of their plan has it: https://iswitch.com.sg/wp-content/uploads/2019/01/3.-iSwitch-Fact-SheetChope-the-Rate24-MonthsNon-StandardWebsite140119.pdf ! So this will makes iSwitch no longer the cheapest... In fact, adding it with their lowest rates makes it not worth it anymore ...

Marriage

Family

Lifestyle

No. It's between the 2 of you. I'll share a bit more on what i think about traditions: 1) Engagement: I think engagement is a total waste of $ especially the ring. Since we'll then proceed with ROM etc. If it fails then it's an even wasteful events of wasting $. 2) Proposal: Proposal can be something nice to create a good memories, not necessary a must. Just casually ask her for what she think the idea proposal should be as a easy going relax topics to find out more. Also share your opinions and discuss to understand each other's stand. For some girls, it's once in a life time, so they want it to be memorable, in this case as long as it's not wasting too much $, then try to do it more DIY, ask some friend to help manually , preparing, so it's meaningful, memorable and loving. You'll both remember forever. Some girls doesn't mind, as long as you both love each and focus more on housing and building a successful marriage and family together is more important. 3) Wedding Dinner @ Hotel / Restaurant: I do see peole spending 5 to 6 figure for it. The end just a one night events eating, drinking. Most of the $ goes to the venue operators. Couple might or might not remember, but it cost too much to remember. Some rather save it, just have simple lunch and go for honeymoon. Save the $ for housing, renovations and future buildings. You don't want to fight over wedding debts after marriage, it's rather damaging and a sure way to ruin a marriage which could have been happy. The key is still what do both of you want. Discuss with each other, give and take decide what you want. Next stand firm with each other and convince the parents to only let u guys do what you want to avoid doing things for the sake of doing it without extracting meanings from it. It's a life, it's a love reunion that you both celebrate and gonna build a wonderful future for a happy family and kids, that's what most important than anything else. All the best! Cheers :D May you both be Happy always in whatevery you decide to do :)

YouTrip

DBS Multi Currency Account

Travel

1) DBS visa debit card - Transfer $ from your DBS account to the card and change to AUD and store in the card and use. 2) Youtrip - Same as #1 just that you need to transfer to Youtrip account then change to AUD using the app as and when you need then treat the Youtrip card like a debit / master card. Traditional $ changer only suitable if you keep travelling around or one lump sum. Dangerous as you said.
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