My hubby and I will get a home in a year. Our renovation budget is $50,000. We are saving $4,000/month. Instead of keeping the money in a savings account, how should we invest it even for just a year? - Seedly
 

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Asked by Anonymous

Asked on 12 Mar 2019

My hubby and I will get a home in a year. Our renovation budget is $50,000. We are saving $4,000/month. Instead of keeping the money in a savings account, how should we invest it even for just a year?

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Aik Kai
Aik Kai
Level 7. Grand Master
Answered on 12 Mar 2019

If you have Multipler or OCBC 360 bank account, just keep it there. You need liquidity so don't put it elsewhere in my opinion.

Besides, these bank account gives quite decent interest every month so it is not a bad idea.

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Yong Kah Hwee
Yong Kah Hwee
Level 8. Wizard
Answered on 12 Mar 2019

For such a short time horizon, it is better to go with something with very low risk, and as liquid as possible.

Consider fixed deposits, high interest savings account or Singapore Savings Bond.

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