Is there any smart way for saving? How to live in an economic way?

Hi there,

A few ideas below for you to consider—

— 1) Having a high yield savings account
Although interest rates have been cut for major banks in SG, it’s still better than average saving accounts which pay negligible rates of 0.0X %. Do scout around for promotional rates for young adults :)

—2) Consider Hybrid accounts like Singlife
Singlife is a unique product which is a bit like insurance,endowment and high yields savings account.
It’s 2.5% per annum for the 1st 10k currently (subject to change and not guaranteed) but you can withdraw anytime without penalty. I’m sure there are also similar products out there as well.

—3) Fixed Deposits or Endowment plans
Fixed D and endowment rates are quite low in comparison with previous years but it cant be helped. If you are considering a fixed interest rate with principal sum protected, you can check out the rates at banks in SG as well as short term endowment plans— do note that your money would be “tied down” as withdrawals would be subjected to penalty.

— 4) Explore ways to earn your keep
You can sell things on Carousell or find a part time hustle to earn more— 开源节流。 To increase your cash flow, you not only have to save but also open up streams of income,isnt it?

Hope these help! If you need more ideas on finding your 1st job, do check out my profile link’s blog post :)