[GIVEAWAY] What are your favorite ways to save or multiply your savings and why? - Seedly
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SeedlyTV S2E07

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Kathlyn Laiu

Asked on 27 May 2020

[GIVEAWAY] What are your favorite ways to save or multiply your savings and why?

Giveaway Question for SeedlyTV S2E07!!

Stand a chance to be one of the 3 lucky winners to win 1 GritYard online HIIT sessions and 3 HIIT sessions at their gym after CB ends. (Worth $100)

Giveaway ends on Friday 29th May 2020 at 1200hrs.

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Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Answered on 27 May 2020

Here's my Savings Stack to help me multiply my basic interest rate!

  • OCBC 360 savings account (main account) - Main rolling salary account

  • SCB JumpStart for Joint account savings - $20k at 2% p.a

  • CIMB FastSaver for Joint account extra savings - $5-6k at 1% p.a

  • SingLife savings - $10k (soon at 2.5% p.a)

  • And some short term endowment policies as well

Pretty much this :)

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CH
CH

27 May 2020

Hey, I have similar multiple accounts too, but amount not as satki as yours. but can i also ask why you have multiple accounts, would not it be good to consolidate the lower interests into one higher interests? for me, it is different accounts for different purposes.
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Was looking at Stanchart... but too old for that. OCBC360 to credit all my salary in(for now)!

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Heng Kai Le
Heng Kai Le, Mondomover at School Of Life
Level 6. Master
Answered on 29 May 2020

Well, this circuit breaker, I came up with the habit of topping up my CPF SA account whenever I received petty cash from apps like Socash ( https://diaperfinancingfund.blogspot.com/2020/05/socash-get-cashbacks-from-digital-atms.html ) or Partipost or Milieu.

Yes, I put myself through the hassle of contributing $15-20 to my SA account. It gives me a cheap thrill, knowing that I am doing something, albeit small, to help my retirement plan every now and then lor...

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Koh Jun Jie Jason
Koh Jun Jie Jason
Level 5. Genius
Answered on 29 May 2020

CIMB FastSaver

SingLife savings

Setting aside a fixed budget to spend

Cooking my meals instead of buying out

Walk instead of taking the bus​​​

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Summer
Summer
Level 5. Genius
Answered on 27 May 2020

Firstly, I would try to save as much as possible, starting from small savings everyday. I would ask myself whether it is a need or want before purchasing anything and this has helped me built a discipline not to spend unnecessarily.

Secondly, I love to see my money grow by themselves. I put my emergency savings in a high interest account called Singlife which currently provides 2.5%p.a. for <10k and is the best deal out there. Then, with the excess, I put in 60-70% into passive investing by buying into ETFs, mutual funds and blue chip stocks. With the remaining money, I am currently using it to trade Forex and it hasn't been long since I started :)

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SW
Shaun WQ Lim
Level 8. Wizard
Answered on 27 May 2020
  1. Using OCBC Savings Goals feature to set target and 360 Account to accumulate the liquid portion of savings. The bank will send reminders if the goal is falling behind.

  2. Singlife to get the interest rate.

Good rate for now so to fully maximise it.

  1. SSB/SGS/Bonds for the not so liquid portion of savings. Holding on for the older higher yields versus current low rates.

  2. Savings challenges like no spend weeks, doubling the amount saved every week etc. To motivate myself and for incremental savings.

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Takingstock @
Takingstock @
Level 7. Grand Master
Updated on 27 May 2020

I am one of the 月光族, my cash float is usually less than 500 before my pay day.

I only use OCBC 360 as my main "treasury account", and have fixed transfers each month towards different pools

1) SSBs - not a lot here but I like stashing reserves here, because I still have a tendency to "overspend" when I see money in my accounts. I sort of do a mini DCA on SSBs so I buy more when the yield is more than 2% and less when the yield is less than 2%. But this only happens once or twice per year.

2) regular savings plan - I use bcip to buy few stocks monthly.

3) transfer from my saving goals to cpf top up and srs.

4) when I can't do cpf top up anymore (probably 2022), I plan to use that budget to pay off the cpf amounts borrowed for property purchase. Really want to clear off this loan before I turn 55.

After the heavy spending on items 1-4, I end up 月光族. That's why I have only two bank accounts... A lot of the cash savings are spent elsewhere...

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Kathlyn Laiu
Kathlyn Laiu, Community Associate at Seedly
Level 6. Master
Updated on 27 May 2020

In case you missed our SeedlyTV S2E07 LIVE, you can always catch up on it at this link: https://seedly.sg/questions/topic/seedlytv-s2e07

Answer this question and stand a chance to win this week's giveaway prize from Grityard!

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