Hi, I'm currently still in army, earning about $800 from my allowance, what do you think is the best way to grow my savings? I'm looking at a little bit more growth in value, since i'm still young?

Question

Wong Ming Yao · Accepted Answer

From the allowance of $800, set aside cash that you can save up every month.

Invest in the most important thing which is your knowledge. Read some investment/financial education books such as Rich Dad Poor Dad, One up Wall Street, 5 Rules of Succesful Stock Investing.

If you have some savings, you can park them at SSB meanwhile. The most important thing I wish I did when I was in Army was to save whatever I can, spend lesser during Nights out and learn a high value skillset.

Steven · Answer

You could start by buying Singapore savings bond. Or you could purchase low risk stock by registering with SGX opening a CDP account. I will recommend NEtlinkNBN( looking for it)

Ernest Yeam Wee Leong · Answer

First put most of the money into a high interest savings account or fixed deposits.

Take some of the money to learn personal finance and investing.

You will feel that it is a waste of money in the beginning but ignorance and lack of knowledge waste more money in the long run.

You Xin Toh · Answer

Split that $800 into expenses, savings and wealth portions on a monthly basis. You can use the 50/30/20 seedly framework as a guide.

Put your savings in a high yield saving accounts such as CIMB fastsaver to grow is ideal.

Samuel Chin · Answer

Make use of high-interest savings account due to their multipliers. Check if you hit the requirement (like giro transactions, monthly spendings) and minimum sum needed inside. Can look into Singapore Savings Bond as well if got any extra cash. Spend some time reading up on personal finance since army has much more free time and lesser worries.

Kenneth Quek · Answer

Some thoughts:

- Don't just focus on investments, learn about insurance as well.

- One good insurance to find out more about is the Aviva MINDEF Group Insurance.

- Don't just learn about investing, even as you set aside your emergency funds, and take time to consider your plans, you may want to get your feet wet and DCA small amounts into a regular savings plan or Robo.

- The best way to grow your savings is to earn more and spend less. You are thinking of investing as a means of earning more. Do also take care not to succumb to lifestyle inflation as you earn more, but to keep it managable.

Ashri Mustaffa · Answer

Hello young grasshopper.

Then you'd wanna look at Active Income.

Do a service for people.
Wash a neighbour's car. Tutor someone's kid.
Getting that extra $200 saved over the weekends in a month is faster than investing it when you're starting the adult life.

Flip items on Carousell.
Look at New Listings for second hand things you're familiar with and within your budget. Resell.
Make sure you take a good photo.

Invest when you've started working and set aside min. 3 months worth of income, ie 6-10k.

Paridhi Jhunjhunwala · Answer

Hi!

I would suggest that you divide your income into expenses and savings. From the savings, the first thing to is to create an emergency fund, which should be around 4-6 months of expenses. After this, you can look at buying an insurance plan for an unforseen situation. Now, with the rest of the amount, you can start investing.

You can try a robo-advisor, which will create an optimal portfolio for you based on your investment objectives and risk appetite, without charging a steep fee. They will provide you access to global funds as well so that you can have some diversification in your portfolio.

I work at [Kristal.AI](https://solutions.kristal.ai/seedlypost), and it's my passion to evaluate various upcoming investment opportunities.

Leslie Koh · Answer

Hi Anon,I would recommend that you just apply for the DBS Multiplier Savings Account to get higher interest for your savings, focus more on budgeting as well as managing your allowance and not embark on anything for the time being. Focus on growing a sizable savings amount as your emergency funds.Once that's done, like what Kenneth has mentioned,  do learn about insurance as well.Then I will recommend looking at putting a small amount into a regular savings plan or if you are confident of investing, start with something very low risk like SSB.

MT2020 · Answer

Since you are in army and have no further use for the money, you can put the money in singapore savings bond or an index fund to allow it to grow.

Frankie Rappaport · Answer

Here are some ideas (maybe then not suited to your situation, but maybe yes)

https://seedly.sg/questions/what-is-your-general-investing-philosophy-strategy

start low go slow

but invest regulary, reduce fees to the minimum, doubt advice from 'expert' financial pros,

stay course

Geraldo L. · Answer

You can save $100-$200 every month, putting it into ETFs through dollar cost averaging schemes. A re...

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Aaron Leow · Answer

Find avenues to grow your cashflow first. That would be the fastest way.

$800 a month is enough to save, however if you talk about exponential growth, you will be better served reading and learning more to prepare for opportunities that will come your way.