Asked on 27 May 2020
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.
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 :)
Was looking at Stanchart... but too old for that. OCBC360 to credit all my salary in(for now)!
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...
Setting aside a fixed budget to spend
Cooking my meals instead of buying out
Walk instead of taking the bus
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 :)
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.
Singlife to get the interest rate.
Good rate for now so to fully maximise it.
SSB/SGS/Bonds for the not so liquid portion of savings. Holding on for the older higher yields versus current low rates.
Savings challenges like no spend weeks, doubling the amount saved every week etc. To motivate myself and for incremental savings.
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...
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
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