Isabel Wong - Seedly
Seedly logo
Seedly logo
Ā 
Isabel Wong

Fresh grad who is starting journey to financial freedom :)

Isabel Wong

About

Fresh grad who is starting journey to financial freedom :)

Credentials

Isabel Wong's credentials are not filled up yet.

Isabel Wong

  • Answers (154)
  • Questions (2)
  • Reviews (0)

Lifestyle

Savings

Payments

Which expense tracker app would you recommend?
Isabel Wong
Isabel Wong
Level 6. Master
Answered on 23 Jan 2020
I use spendee to track and then consolidate every month/quarter on an excel spreadsheet to see how I fare over time (as mentioned the data can be easily exported). Spendee is good as it is easy to use and there is a lot of flexibility in terms of categories.
šŸ‘ 0

CPF

Dear respected Seedly gurus, humbly seeking your advice with the following profile: Father (Age 68, Retired with no dependant, house fully paid and CPF of OA-290k, SA-69k, MA-52k, RA-138k)?
Isabel Wong
Isabel Wong
Level 6. Master
Answered on 09 Jan 2020
1) The max amount for tax relief would be 7k. This is because the RA is less than the current FRS (currently $176000 for YA2020). The current FRS amount changes every year. 2) Same as for the daughter in (1). 3) I don't think you can contribute to your father's OA/SA/MA as you can only contribute to your own account? Not sure if I am interpreting your question correctly. To assess whether you should do voluntary contribution to your own CPF would require more details on your current profile. 4) The following link by heartland boy details the calculation. https://heartlandboy.com/money-withdraw-from-your-cpf-at-55/ You will need to dig out the basic retirement sum for your dad's age and determine if you have sufficient property pledge. 5) It is hard for bonds to hit a higher % than CPF (unless u are referring to corporate/junk bonds). If you want a higher % it would be better to invest in equities but I would not really recommend that for your dad's age. I'm not an expert in CPF so my answers may not be completely correct - do drop your questions to CPF I believe they will be able to answer them better (except for the last question)
šŸ‘ 1

Investments

Savings

CIMB

Fixed Deposits

Savings Accounts

Hello! I'm planning to put in 10K, as a fixed deposit for 5 years, to earn some interest, under CIMB Why Wait fixed deposit Scheme (1.8% p.a if done online). Is this a good move?
Isabel Wong
Isabel Wong
Level 6. Master
Answered on 09 Jan 2020
As others have mentioned you will earn slightly above $900 at the end of 5 years. However, it is not exactly the best move out there. If you have a higher risk appetite/ the 10k is not set aside for any important events like education then buying stocks may be a better option. Alternatively, you can open more high yield bank accounts or invest in those 3-year endownment policies that generally now have an interest of at least 2+%.
šŸ‘ 0

CPF

Property

Family

SG Budget Babe

What happens to my co-owned property and my spouse's cpf if she passes away without a will?
Isabel Wong
Isabel Wong
Level 6. Master
Answered on 24 Dec 2019
I think it goes to you under the estate law.
šŸ‘ 0

SG Budget Babe

Cashback

OCBC 360 Account

Citi Cash Back Card

Credit Cards

How to make use of ocbc 365 card and citi cash back card effectively?
Isabel Wong
Isabel Wong
Level 6. Master
Answered on 24 Dec 2019
Ocbc card is more for dining. If you have an ocbc 360 account hitting the min spend for this should be your priority.
šŸ‘ 0

SG Budget Babe

Loans

HDB BTO

Should I take a HDB loan or bank loan for my upcoming BTO?
Isabel Wong
Isabel Wong
Level 6. Master
Answered on 24 Dec 2019
Bank loans are currently cheaper. But refinancing may not always be worth it - as you incur a fee if you refinance. As a bank loan has one of the lowest interest rates now I would take one with a longer period.
šŸ‘ 0

Insurance

Early Critical Illness (ECI)

Critical Illness (CI)

Family

SG Budget Babe

Should I get Critical Insurance for my mum?
Isabel Wong
Isabel Wong
Level 6. Master
Answered on 24 Dec 2019
Is her DM officially recorded? If yes then you can possibly only consider those policies tailored to diabetes patients (if not it will normally excluded from the coverage). You can consider saving and growing a cash pool instead of buying insurance.
šŸ‘ 0

Seedly TGIF

SG Budget Babe

Are we able to export the data we key in seedly into spreadsheet? Looking to generate some trendline?
Isabel Wong
Isabel Wong
Level 6. Master
Answered on 24 Dec 2019
Not too sure but I don't see such functionality currently - can feedback/email the team. It's really useful if this is possible.
šŸ‘ 0

Persons With Disabilities

Insurance

Disability Insurance

SG Budget Babe

Is it more important to get insurance for my disabled child or myself?
Isabel Wong
Isabel Wong
Level 6. Master
Answered on 24 Dec 2019
The most important person would the one providing income and the caregiver (which I assume is you). This ensures that if anything happens to you your disabled child will have sufficient funds for help to be hired/any treatments if needed.
šŸ‘ 0

Investments

Property

Loans

Retirement

CPF

Savings

Family

SG Budget Babe

MileLion

What are the significant expenses ahead that I should start planning for, as a young guy who is getting married soon? Wedding, housing, car, kids, parents etc. How are you planning for retirement?
Isabel Wong
Isabel Wong
Level 6. Master
Answered on 24 Dec 2019
I think you have listed the main expenses. For me personally I'm only aiming for a house and trying to save and grow my wealth as much as I can. There are too many variables when planning for retirement currently so just have a rough goal and work towards it.
šŸ‘ 0
Load more questions
Level 6. Master
520PointsGoal 750
230 POINTS TO LEVEL UP
Browse Rewards