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Managing your cashflow

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Savings Accounts

Savings

Investments

Standard Chartered JumpStart Account

Alvin Teo
Alvin Teo
Level 6. Master
Answered 2h ago
Emergency funds first and foremost requires the money to be accessible anytime and can withdraw anytime without any consequences and quickly. As such, a savings bank accounts fits this rather than low risk investments. Not only SSB takes slightly longer to withdraw than regular bank accounts, it’s returns if subscribed now is much lower than accounts like multiplier or jumpstart account or Uob one.
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Personal Finance 101

Savings

Investments

CPF

Property

Savings Accounts

Credit Cards

One: Not just high yield savings account. Make a list of ways to increase your total income (i.e. active income, passive income), and at the same time reduce your total expenditure (i.e. fixed expenditure, variable expenditure). Here is a Guide: Understanding Your Personal Cash Flow For instance, find out how you can create a stream of passive income early in your life, and how to build it to cover your fixed expenditure. While doing so, keep your expenses as low as you can. Accordingly, this frees up more net cash flow for wealth accumulation. Two: Generally, we want to maintain about 3 to 6 months of total expenses as emergency funds (explanation in link above, under Part 4.1). However, we need to know your income ability and spending habit to have a layer of cushion that works for you. Let's say you work on a contract basis and job is unstable. How long will you need to find another job of similar or lower salary? Likewise for expenses, we need to know whether fixed expenditure is dominating your cashflow (some words for thoughts in Part 4.1 of the shared post). Three: Have a complete understanding of your existing insurance portfolio. Through this process, it allows us to understand the coverage that we have, any financial gap, as well as to find out whether we are overpaying for our insurance policies. Key Reasons Why: Why Every Client needs an Insurance Policy Summary How much insurance coverage should You have? As a general rule, 10% to 20% of your annual income on healthcare insurance and life insurance Basic Life Cover = 10 times your annual income Critical Illness Coverage = 5 times your annual income As usual, this is the general rule which may or may not make sense. Instead, work with an experienced consultant and plan ahead for your future. This ensures that in the next part when we are focus on building our wealth, we do not need to worry on our health. Four: Have a well-defined investment objective. When your emotions kick in, you have logic to help you overcome your emotions. Consider a step-up annuity to createa a cushion for your fixed expenditure. Besides, have a complete understanding on the risk that you are undertaking for your portfolio. Personally, I prefer to take calculated risk rather than unnecessary risk to reach my goals. More Details: Types of Investment Risk that You should know Therefore, you may wish to ensure that your asset allocation suits your risk appetite and investment objective and your positons are well-hedged. Five: True if and only if you invest in the right assets. Set a proper reminder in and conduct regular portfolio reviews to ensure that your investment objectives can be fulifled and your life goals are still the same. I share quality content on estate planning and financial planning here.
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AIA

Investments

Savings

Endowment Policies

Hi Anon, You are correct, it is a hybrid savings and investment plan. Here's my stand: If you want to have guarantees, a saving plan or endowment plan is one way to do it. If you want to invest, you should not be constrained by the T&Cs of a policy. I would not combine investment and savings in a single policy. I would save monies in a suitable policy for my guarantees, but invest on my own terms. You are correct to say that this current market situation is a good time to start investing, however, I would probably do it on an investment/trading platform, or work with an advisor on that, without being tied down by a policy.
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AIA

Investments

Savings

Hi Anon, Savest is a term used by AIA, I believe the policy is actually called 'AIA Wealth Pro Advantage'. This is a (in AIA's words) "a unique 2-in-1 savings and investment plan that offers the stability of long-term savings and the growth potential of investments, allowing you to reap the best of both worlds." So it is a hybrid savings and investment plan. Here's my stand: If you want to have guarantees, a saving plan or endowment plan is one way to do it. If you want to invest, you should not be constrained by the T&Cs of a policy. Thus, I would not combine investment and savings in a single policy. I would save monies in a suitable policy for my guarantees, but invest on my own terms. Which part of the plan seems complicated to you? (If you provide some details I can see how to address your query further) If something is complicated, then generally I would not want to commit to if I don't know or don't fully understand what I'm getting myself into. You may still be entitled to a free look period if you decide that this policy is not suitable for you. I would suggest that you speak with someone else for a second opinion before deciding on your next step.
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Investments

Savings

COVID-19

Lifestyle

CH
CH
Level 6. Master
Answered 1d ago
Did not read the article. But I guess it is comparison between passive and active. I am a believer in passive investing. The "boglehead" type of investors. Simply over time, timing the market will underperform. It is always a good time to invest. Generally, robos have lower fees compared to traditional brokers, financial advisers and UT providers and are more flexible with investment frequency and amount. Personally, I have most of my investable monies with robos. Hope this helps.
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Savings

Personal Finance 101

Savings Accounts

ZT
Zachary Teo
Level 4. Prodigy
Answered 2d ago
Hmm I think is not true. Based on the information provided by Ministry of Law, you can open a bank account if your official assignee (The Official Assignee is a public servant and an officer of the Court.) agrees to it. Quoted from Ministry of Law Yes. The Official Assignee will assist you in opening a new savings account. This account will allow you to arrange for GIRO payment, make cash withdrawals and access the Automated Teller Machine facilities. he following conditions will be imposed when you open the new savings account: - You have to pay your monthly instalments towards your bankruptcy estate using GIRO through that account; and - You must furnish all information required by the Official Assignee in respect of that account. If the above conditions are not complied with, the Official Assignee can close the account.
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Stocks Discussion

Investments

Savings

Insurance

COVID-19

SG Budget Babe

Savings Accounts

Well it would depend on my risk profile, appetite, and strategy. If I'm risk adverse, I'll never buy stocks, if i love taking risk, I might never buy an endowment plan. So it's an individual choice and it has to be.
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COVID-19

Investments

Stocks Discussion

Savings

Hi Anon, Start today. Plain and simple. It's something I've done myself, suggested to family and to any private clients. There is little benefit to procrastinate. It doesnt matter what the market will look like next month. It could be much worse, a little bit worse, same, better... ? What matters to you most is to be able to invest and not look at it for 5years. It is very likely (when you look back then) a great decision. It is better to give up the idea of finding a market bottom because low can always go lower. Bad news has always been around and may persist. Avoid losses totally is not an investment goal and neither should you wait for "all clear" because it doesn't happen. Have a plan like dollar cost averaging and stick to it Read more from our article "Don't worry about the market bottom" here PS: Follow us also on Telegram too
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Investments

Robo-Advisors

Savings

Syfe

Promo Codes

Dhruv Arora
Dhruv Arora, Founder & Chief Executive Officer at Syfe
Level 6. Master
Answered on 21 Aug 2019
Hi there! We are currently running a limited time promotion to encourage more people to start investing. You will receive $10 cash bonus for every $1,000 you invest with Syfe, capped at $100 per customer. To get started, simply click this link to take our complimentary risk analysis and set up your account.
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Savings

Singlife Account

Gabriel
Gabriel
Level 8. Wizard
Answered 3d ago
Hey Anon, I've been using the Singlife Account since January and in my opinion, it's really attractive as it functions like a bank account and the interest of 2.5% p.a it offers is super competitive and the highest in the market at the moment, with no other terms and conditions, penalties or whatsoever, such as minimum spending, salary credit etc. It is safe as your deposits/capital is guaranteed and insured under the SDIC so rest assured.
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