Hey guys, I’ve been working for 2 years now and I’m just starting to be more conscious of my savings and spendings. I earn around 3k plus every month (save in normal POSB account) and save around 1k -? - Seedly

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Asked 1w ago

Hey guys, I’ve been working for 2 years now and I’m just starting to be more conscious of my savings and spendings. I earn around 3k plus every month (save in normal POSB account) and save around 1k -?

Save around 1k - 1.5k every month in DBS Multiplier account (for my wedding). I mostly use paywave whenever I can (retail therapy, dining, Sephora, 7-11 etc) and the only bill I pay is my Mobile bill on axs (StarHub) . My 1st question : what credit card should I apply for, I want more cash back. 2nd : should I switch my salary account(POSB savings) to dbs Multiplier account and get a credit card that’s tied to it? 3rd : what’s the best savings account?

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Hi, there! It's awesome that you're conscious of your savings - so kudos to that! Now, we can look at growing your savings. You might want to first start off by opening a bank account with potentially higher interest rates and credit your salary into that bank account to earn the said higher interest rates. You can look into the DBS Multiplier Account or OCBC 360 Account. Next, you can look at putting your savings into various instruments to make them work a little harder for you. Before you look into any instrument, make sure that you know what your risk appetite is and what products are more suitable for you. For a start, you can look at bonds like Singapore Savings Bonds for low-risk investments. I'd definitely suggest that you speak to a seasoned Financial Consultant / Financial Advisor to help you work through this. Or speak to several and get a sense of what is most suitable for you. As for the use of credit cards, you can look at cashback cards. Look out for credit card promos to ensure that you make the most out of a card. Of course, always pay your credit card dues in time so that you don't incur any additional charges! :)

Hope this helps!

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