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NK

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NK

  • Answers (7)
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Investments

Savings Accounts

CPF IS

What to do when you have less than 4 digits in your savings account?
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NK
Level 3. Wonderkid
Answered 2d ago
I believe everyone or almost everyone here has said it - save, save, save! I know it can be extremely demoralizing seeing your bank account balance - I started with less than 1k in my account when I was a fresh grad - but just remember, it’s ALWAYS better late than never. So, begin today! :) A habit I’ve forced myself to consistently do every month - once my pay is in, I will set aside my monthly expense amount (say, 1k or 1.5k for months I expect to spend more) and transfer the rest into a higher yield savings account, such as Jumpstart. (For me, I also set aside some other $ for investments, or giving parents allowance) So the only amount I’ll touch during the entire month would be that 1k. This has been rather helpful for me so far :) And, download an expense tracker to keep track of your expenses - this will give you a real-time view of how much you’re spending every month and do make sure you commit to recording all of your expenses regularly, so that it’s accurate. Seeing the actual amount of your individual spendings feels VERY different from just wondering where all your money went to at the end of the month. All the best!
👍 0

Credit Cards

Expenses Tracking

Payments

How to effectively manage multiple credit cards and not overspend on them?
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NK
Level 3. Wonderkid
Answered 2w ago
Personally I think it depends on the purpose of the cards you’re using. For instance, if you have multiple credit cards, perhaps a particular card could be used specifically for big-ticket or pricier items, while another card can be used for your regular daily expenses. It depends on your needs/preferences. Nonetheless I’d suggest to use an expense tracker, it’s honestly very helpful! I think Seedly’s app allows you to record expenses based on the respective accounts so that can be pretty handy. For me, I stick to using only one credit card most of the time, so it’s much simpler to track :)
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Investments

Online Brokerages

Brokerages

How often do you invest/DCA in order to minimize charges?
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NK
Level 3. Wonderkid
Answered 3w ago
For me I’m DCAing quarterly, I think it’s a fairly comfortable period. Though this depends on the platform you use - this would probably be for platforms with relatively higher/fixed charges. Monthly DCA would probably be a bit too much. But if you’re looking at, say, STI ETFs via DBS InvestSaver then its monthly RSP charge is still fine.
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Investments

Robo-Advisors

What's the best robo-advisor for a beginner investor to use?
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NK
Level 3. Wonderkid
Answered 3w ago
Personally I only use StashAway and have never tried any others before, but so far it’s not bad. The app is user-friendly and all the details are shown clearly so I’d recommend it for beginners - it’s how I began my investment journey too.
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Savings Accounts

Savings

What's a good spending account to have?
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NK
Level 3. Wonderkid
Answered 3w ago
I’m guessing you’re asking which credit cards are good for expenses? I’m using the Citi rewards card, it gives 2% cashback for online spending which is pretty decent. And there’s no minimum spending required, which is what I personally want. Or if you can hit at least $600 contactless spending every month, you can consider DBS Livefresh card.
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Investments

Robo-Advisors

Syfe

StashAway

Which Robo advisor should I use? Syfe or Stashaway? And why?
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NK
Level 3. Wonderkid
Answered 3w ago
I agree with Ching Pang’s comment below, personally I use StashAway and I’ve never used Syfe but at least so far I would recommend StashAway as well. The app is pretty straightforward and user-friendly, which is a big plus especially if you’re a beginner at investing. All the details are shown pretty clearly and the app is easy to navigate.
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Investments

Savings

National Service (NS)

How should I start investing? I have $20K and intend to start investing before I enlist for NS. Any advice?
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NK
Level 3. Wonderkid
Answered 3w ago
I’m not an experienced investor, but you could try starting off with roboadvisors like StashAway! That’s how I began passive investing - by DCAing every month, plus the app is rather straightforward and user-friendly so I think it’s good for beginners. It also allows you to select your desired risk level, depending on your risk appetite. And you could research on ETFs too, then gradually explore and understand which ones you’d like to buy.
👍 0
Level 3. Wonderkid
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