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Savings

Managing your cashflow

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Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 8. Wizard
Answered on 17 Sep 2019
Consistency of dividends paid out over the years, any funky management decisions (case in point, OUE). As to when is a good time to buy, look at the spread between nav and current price. Find an entry point when the spread is around its lowest. Hope this helps.

Lifestyle

Savings

Payments

Hi JY, I do good old excel, with data running back 10 years that I can analyze. But that's because I started doing this before the widespread age of smartphones. But if you're searching for an app, try the ones in the link here: https://www.shopback.sg/blog/best-expense-tracker-app

Savings

Lifestyle

Education

Hi anon, You can still achieve it, but it is quite difficult. Other than obvious ways such as getting a scholarship for university, and saving the bulk of the living allowance, you will have to hustle . One of the most common ones would be teaching tuition. Let's assume that you can earn $500/mth giving tuition while you are in NS and university (2 students, one on each weekend). That works out to be $30K in 5 years. You're now down to having 3 more years to save another $70K. If you make a reasonable assumption to save $2K a month when you start working, again, with $500 from giving tuition and $1500 from your take home pay, not including bonuses or AWS, you will hit another $72K savings in 3 years. But the trade off, is that you must be prepared to sacrifice your time, and not engage in wealth destructive habits.

Bank Account

Savings

Expenses

Fresh Graduates

DBS Multiplier

SCB Jumpstart

Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/ Next, I will suggest for you to have a maximum of two bank accounts for budgeting. The best way to do this is via automation and this is how I do mine: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/ For the salary account, you may consider one of the high yield salary crediting accounts like DBS Multiplier or UOB One. Either way, do your own analysis by understanding your cashflow and choose one that fits into your needs. For the expense account, Standard Chartered JumpStart works well or another other accounts with zero minimum balance works fine. If you plan it right, you won't need three bank accounts or bank accounts for three purposes. In your case, if you were to plan savings and expense within the same account, then there exists temptation to use more money than you actually need. (Check the post on how to create a monthly budget for more details.) Here is everything about me and what I do best.

Career

Savings

Tuition; there will still be a big demand for it. You'll need some level of qualifications however Emcee-ing. I've seen some friends host weddings for decent pocket money, but you need to have the gift of gab Ad-hoc sales jobs can be considered too, e.g. at IT show, where you just need to work for a few days

Financial Planners

Investments

Savings

Entrepreneurship

Hi Rishi, I second Hariz. Pen and paper works best. I did try goalsmapper which can quickly plot certain scenarios, but in the end, it can't account for all the parameters that I wish to input, especially when you start to work on CPF interset withdrawal, etc. In such situations, I have some Excel sheets that work better.

Investments

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Stocks Discussion

Daryl Liao, Fti
Daryl Liao, Fti
Top Contributor

Top Contributor (Dec)

Level 7. Grand Master
Answered on 15 Dec 2019
Hey there. Definitely! You have to start somewhere. although it seems small now. But you gain experience as you go and it's always better to make mistakes when your portfolio is small than big right? :)

OCBC 360

Savings

Bank Account

Family

OCBC

OCBC 365 Credit Card

Hi anon, I would just skip the wealth tier altogether. You should be earning the extra interest as a result of your actions (i.e., salary crediting, spending on credit card, etc) instead of letting the extra interest guide your actions (e.g. purchasing an investment product or insurance policy that might not serve your needs). It's all well and good if you find something that suits you, but do understand that your insurance options will be extremely limited since OCBC partners with GE, and you might want to know what other insurers can offer (work with an independent financial advisor for that). On the investment side, it's usually on unit trusts, but OCBC has (as of this time of writing) a little over 500 funds to choose from. Other platforms such as POEMS will have more funds for you to choose from, and you won't have any sales charges as well. TLDR; I would just pretend the wealth tier doesn't exist and focus on salary crediting, CC spend, and increasing my average monthly balance by $500/mth.

Bank Account

Savings

OCBC

OCBC Frank

Standard Chartered

DBS Multiplier

Lky
Lky
Level 4. Prodigy
Answered 1d ago
I keep my FRANK account with little to no balance as my savings like you are in accounts with higher interests, most likely to be cancelled before I turn 26. I use it mainly for withdrawals without my debit cards using the PayAnyone app

Bank Account

Savings

I believe that's your dividend from one of the ETFs you hold.
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