Asked on 16 Jun 2020
Just found out I'm pregnant and currently renting a room at our friend's place. Any advice?
Oh Yi Ning, Financial Advisor at AIA Singapore
Top Contributor (Sep)
Answered on 06 Aug 2020
Do get a liquid savings account eg. Singlife etc to get a bit of interest while you're saving. You might have to sit down with your partner to jot down the incurrable expenses and see how much you have to save then.
All the best!
Financial planning is an integral part of life. You can reach me here to find out more.
These two calculators will help you:
The above stipulates the guidelines for automated savings.
The following will describe the costs needed for a home in Singapore (taking CPF into consideration)
TLDR: Start saving 20% of your income monthly.
Time to start a small liquid savings account with your partner, each can put in about $100 as a headstart and review after 3 to 6 months, then adjust accordingly.
For the sum interest rate, you might want to consider OCBC Bonus+ account (min. $500 monthly without any withdrawls).
Do take note to do up the OCBC account if you are comfortable with saving up $250 or more per person upfront, and stash it away as emergency funds for children and other major expenses.
OCBC Bonus+ account: https://www.ocbc.com/personal-banking/campaign/july2020-deposits.page