Asked on 09 Jan 2019
Share some tips, tricks and hacks that will help others in any way with their personal finance journey!
Here's a cool resource Seedly has for everyone too: https://blog.seedly.sg/read-me-first-your-personal-finance-journey-starts-with-this-article/#savings-account
This is the task for the 9th Jan giveaway for two pairs of Seedly PFF 2019 tickets. Winners will be picked by the Seedly team and will be announced along with the next task on the Seedly Facebook Group.
Those who commute using an EZ-Link card, you may consider installing the "Circles.Life - Events, Rewards & Telco" mobile app:
This app gives you 10 Life Points for every ride taken on the bus or train using your EZ-Link card. These Life points can later be redeemed for the following rewards:
Grab ride vouchers ($3 for 300 Life Points)
Golden Village movie discounts ($2 for 200 Life Points)
foodpanda food vouchers ($3 for 300 Life Points)
As I have taken 79 rides to-date, I have accumulated 790 Life Points.
Here are the screenshots of what the rewards redemption looks like:
Assuming you take one ride from home to anywhere and then take another ride back home each day, that's 20 Life Points per day. Repeat this process for 10 days, and you will be able to redeem 1 Golden Village movie discount for 200 Life Points. 15 days to redeem either 1 Grab ride voucher or 1 foodpanda food voucher for 300 Life Points.
As an additional hack, each ride transfer gives you an additional 10 Life Points! For example, supposed I'm in Yishun and I need to travel to Aperia Mall. I tried taking bus service 857 and then transfer to bus service 133 . Then, to travel from Aperia Mall to Serangoon MRT, I tried taking bus service 13 and then transfer to MRT service towards Punggol (North-East Line). The next day, I checked that 40 Life Points has been given instead of 20 Life Points!
Download and install this app today for your personal finance journey!
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09 Jan 2019
I had my first credit card last year and the first bill shocked me. I didn’t realise I have spent that much. As each transaction is not deducted immediately from my account, it makes me feel that my expenses is low along the month. (Without proper tracking of expenses of course.)
Ever since, each time I charged a transaction to my credit card, I will transfer the exact amount to my DBS PayLah immediately. (Not accounting for the cashback I will earn.) And when my credit card bill is due for payment, I will transfer all the money in my DBS PayLah to my account and pay off the bill. As the bill amount will definitely be lesser than what I have transferred in total due to the cashback earned, I will treat the differences as an additional savings I have every month.
This method has worked very well for me for the past few months and it’s not longer painful each time I have to pay for my credit card bills. To me, it is to treat the credit card like a debit card (transferring away what is charged to your credit card immediately to prevent overspending) but yet gaining the credit card benefits (earning cash backs & getting higher bank interest for DBS multiplier.)
Hope that some of you might find this tip useful and handy.
I'm not well versed in investment so I'll focus on the small little things about saving, which people tend to overlook. Hope this can help somebody.
If you draw a regular monthly salary, there are many options - UOB One, DBS Multiplier, OCBC 360. Choose one that matches your spending pattern the most.
Otherwise, you may also consider POSB Cashback Bonus. Salary is just one of the components, which would potentially make this account attractive to freelancers, housewives, people with income less than S$2,500 etc.
Always set aside a portion that you intend to save when you get your pay (or allowance, if you're a student) before you do anything else.
This is the kind of interest that you DO NOT want to have!
A can of drink doesn't cost much (
Small Savings of at least $500 starts with SSB
SRS for Tax Rebate but is better to do at the end of the year and from Feb 2019 SSB is an added option.
Top up MA to max and then SA if cash flows allows.
Voluntary Contribution to all 3 CPF account after pt 3 less the Annual Limit.
In spending on needs, get cash rebate or miles credit card, but only do it when you can afford full payment and not just pay the minimum amount and compound cc interest.
High Yield Account which work with pt 5 and pump up ur Savings.
All the above pts is best utilize after u saved the amount u targeted by age x and the excess is spent within the means.
if not, u have to try and increase ur income and reduce ur spending.
I'll kick it off! Quite a simple 'hack' that most people will know. This is with regards to credit card applications and free gifts. You've seen those credit card applications that offer a free cool looking luggage that you'd really like. But wait! There's a minimum spend.
The easy way to get by this would be to buy grocery vouchers with the card to hit that minimum spend, and voila! Said luggage is yours! heh! After all, we do need to buy groceries don't we?
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Never mix insurance with investment, period.
Avoid ilp and whole life as these are rubbish products.
One tip is to save more money by using a piggy bank!
always save before you spend, a little goes a long way and don't spend more than you earn.
Learn to window shop, if possible, with an empty wallet. Why, you may ask. This is to resist temptation and without money, credit cards, etc, you can’t buy anything. Once you are conditioned to resist temptation, you can avoid impulse buying based on (e)-marketing.
When you can do so, you would be able to save up a considerable sum of money.
Break ur income into several jars such as expenses, savings, insurance, investments, assets, etc, and make sure follow strickly with the allocation.:) but im still not there yet.. haha.. says is always eaiser than done.
Use a credit card whenever possible to earn points or miles.
Use the credit card which gives the best benefits for the category of the expenses (dining, utilities, transport, entertainment, shopping and insurance (especially if it is the largest expense). Make sure you don't need to spend a minimum expenditure that is too hard to hit in order to get the significant rebate or benefit, spending over your budget just for the rebate. Never pay for annual fees, always negotiate for a fee waiver.
Maintain a spreadsheet of inflows of funds and expenses under specific categories so that you can focus on how to minimise expenses/increase inflows in those areas. Over a longer period, you will have a very good idea and trend of inflows/outflows and be able to better manage your spending against your income.
Read up useful websites on tips on how to put on cards to better use e.g. Milelion and learn from the experts, and Seedly of course, to discover ideas on better management of personal finance matters from like-minded individuals!
if you see a reasonably promising contest on Facebook, worth your time and effort, try taking part. You might just win yourself a voucher or prize!
Always offer to pay for meals first and then collect from friends afterwards! You’ll gain on the cash back!
You can also sign up for ABT with TransitLink to use your MasterCard on public transport rides! East tracking of transportation expenses and maybe earning of cash backs from the little amounts accumulated?
If you’re a student or NSF, who don’t have high expenditure, loans etc with the bank, can consider for high interest savings account without no strings attached. Like CIMB FS A/C.
As $5 are lesser in distribution/ come across lesser, save every $5 note that comes into your wallet. At the end of the day, put it into a piggy bank etc. You would have come up to a substantial amount by the end of the month!
I hope I am not longwinded with this but here goes.
Using an analogy of a boat in the ocean. Location, goals and direction
(1) Seek to understand yourself first. What are your beliefs and value? Where do you stand currently.
(a) in terms of income,
(c) habits (both good and bad) that waste, or helps you to save money.
Knowing your location will help you to find the direction that you want, towards your goal.
(2) Seek for information (right here at Seedly), for further help (the goal you want).
Ask questions and search through https://blog.seedly.sg/read-me-first-your-personal-finance-journey-starts-with-this-article/ for the information you need.
(3) Once you can focus on the ones you want to know, you will know the direction to go to.
Read up the bite-sized articles (small step) so that you can reach your goals. Remember, its a journey (many small steps will help you) once you have goals in place.
There are a lot of good saving hacks mentioned already.
My tip for you is to focus on growing your earnings, your income first. With it, saving up is a lot easier. I've a video on it below
First, Don’t keep too much cash in bank accounts, unless they are high interest savings account. Put all the rest into different investments and diversify them. :)
Second, As for high interest Savings account, find out how to earn higher interest. For instance, for OCBC 360, I myself do not buy insurance from them, but I can invest in their products by buying 20k worth of unit trusts etc.
Third, I personally do not believe in spending in order to gain small perks, such as spending in credit cards to get cash back, and also spending like $500 to earn higher interest for the high interest saving accounts. They totally contradict with the idea of savings and these extra perks of earning few dollars do not justify the chance to save hundreds.