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Managing your cashflow

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Savings

Payments

Lifestyle

What are your life hacks to save time and money?
Brandon Lim
Brandon Lim
Level 5. Genius
Answered 2w ago
1. Set life goals and have a plan on how to achieve them 2. Have a timetable everyday. 3. Spend only what you need.
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Savings

National Service (NS)

Savings Accounts

Investments

How much can you save during NS? Any NSFs care to share your tips and tricks and how much have you saved up since?
Jit Thong Ling
Jit Thong Ling
Level 3. Wonderkid
Updated 8h ago
I'm a 3SG in an Infantry battalion. So my take-home allowance is $1121.80 (-$3.20 for chevron membership...) I've been in service for 16 months (6 more months to ORD!) and have amassed a savings of $11k. Now let's go onto the tips and tricks. 1) I'm a stay-in personnel. (free meals + no transport fees, if you are stay-out consider the concession for NSF) 2) I only order-in once a week and I order with my friends. (save on delivery fees) 3) I wash my clothes in camp using a washing machine. (save utility bills) 4) On bookout days, I take public transportation back home or grab back if I leave camp after 9pm. (claimable! Just contact your S1 welfare clerk) 5) I make use of my 'status' as a NSF to get discounts and benefits when I'm buying snacks or food outside. 6) I hold off purchasing new clothes and shoes cause let's be real, you aren't wearing it that often as a NSF. 7) I invest $400 USD monthly into a S&P 500 RSP on FSMONE and it has given me a 8.54% return. So I make my allowance work for me. 8) I also do YouTube on the weekends. (Channel: abettermanth, heh sorry for the shameless advertising) 9) Get your IPPT Gold and Marksman ($300 + $200 in cash) 10) Make use of the dental centre if your camp has one for free dental services. Remove your wisdom tooth during your NS time to save on the operation costs! That's all for me. Stay strong brother!
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Savings

Family

Lifestyle

I'm 17 y/o and my parents control the money I earn. Any advice?
Jit Thong Ling
Jit Thong Ling
Level 3. Wonderkid
Answered 10h ago
The 2 answers below mentioned very good points. However, it is important to understand your parents' POV that they are worried that you will spend your hard-earned money without concern. I believe you can talk to your parents about and convince them that you spend your money wisely. For e.g. You can chart your income and expenses month and justify your purchases. Have a good talk with your parents about this over dinner. Nothing cannot be discussed as a family.
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Savings

Savings Accounts

Singlife Insurance

Promo Codes

Does Singlife have any referral code or fees?
Damian Yeo
Damian Yeo
Level 4. Prodigy
Answered 2w ago
Hi you can join using my referral link for free $10! https://app.singlife.com/rDf1Nd6Xt8
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Insurance

Savings

Payments

Would it be better to buy insurance policy from an agent or ownself through online portals? I have sorted out my priorities, just wanting to find out if I get more discounts (promo or credit card etc)?
Do check our platform - PolicyPal is a free policy management website. You can have access to quotation across different insurers and have enjoyed exclusive promotions on our platform. We will also link you up with the agent of the respective insurers should you be interested.
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Savings Accounts

Singlife Account

Savings

Now that jumpstart interest have been reduced to 1%, should i move my savings to Singlife instead?
Hello! Even though jumpstart's returns has been halved, it is still the best savings account without any requirements to meet (from what I've seen thus far). Hence, it would be a good idea to keep this account while opening up a singlife one at the same time.
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Singlife Account

Insurance

Savings Accounts

Savings

Hi, say if I have opened a SingLife account with the minimum amount of $500, and say weeks later I would like to deposit in extra money, is there a minimum amount that I need to adhere to, or does any amount work?
Hello, the app indicates that there is a min. transfer amount of $500 as well for subsequent deposits into the account but you can probably check with their customer service to clarify.
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Savings

Investments

$20,000 in savings at age 23. Am I on track to reach $100,000 by 30? Should I start investing?
JG
Joey Gaeth
Level 5. Genius
Updated 2w ago
Need more information if $20k savings includes your 6mths emergency funds and your salary and tax bracket to determine whether achieving $100k at 30yo will be an easy feat or a difficult one for you. Most importantly, whether you need to pay back your tuition loan or your parents have kindly paid it full for you. (In this context, i'll assume you don't have a student loan to repay) Assuming you have your emergency funds aside of $20k, and exclude all other living costs, insurances and taxes, saving $80k in 7years, which is abt $11.43k per year (barely even $1k/mth) is definitely possible, whichever industry you're working in assuming you're a graduate with a degree. During the ages from 21-30, i think how much savings you have depends on your lifestyle as much as your salary. Let's assume that you have $4k/mth salary. Saving $1k (25%) is not that hard because you're not paying house rent. If you're not a person who goes to club and spends $500 each wk in luxury good or monthly vacations to Bali, that should be achievable. And all these is without factoring in investing. If you invest another 25% of your salary ($1k) monthly, that will be an annual investment amount of $12k. If you manage to enjoy an annual return on investment of 7%, this $12k would turn into $19,270 at the end of 7years! If you're a beginner in investing and willing to DCA monthly consistently for the next 7years, you can do your research and consider investing into a world diversified etf like IWDA, or if you believe US growth can still outgrow its performance the last 10y, go for VUSD/CSPX. Wish you the best!
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Savings Accounts

Investments

Lifestyle

Savings

How much money do I need in my lifetime as a Singaporean?
Hi Anon! This depends on your age, short term and long term goals (considering the big purchases you would make during those periods, eg: car, house, children's education etc) and your lifestyle habits. Think about the age that you wish to retire and how much you wish to retire with to support your life after retirement. Do note that inflation levels will increase over the years and you would need more money to support yourself. Remember to read up or seek any professional advice if this is a concern to you and you may start financial planning properly!
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Savings Accounts

Savings

DBS Multiplier Account

Standard Chartered JumpStart Account

Singlife Account

I'm a fresh grad trying to decide which savings account to open. Was gonna go for DBS Multiplier until they revised their interest rates today. Any recommendations?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Answered on 01 Jul 2020
Hi Anon, I think it really depends on your situation. If you are able to hit the $5k-15k transaction amount, the interest rate will be 1.1%. That 0.1% might not make such big of a difference. The good thing about SC JumpStart is that it is very flexible with few requirements. The debit card has a 1% cashback on any transaction using Mastercard, which is really useful! Then again, with the DBS Multiplier, you may be able to sign up for a credit card that has more benefits based on your lifestyle, so that's something to consider too. SingLife has a really attractive interest rate currently, and I would suggest to keep the $10k there for the time being. Even if it does drop to perhaps 1.5%, it still would be more competitive compared to other savings accounts currently. There is no right or wrong answer, ultimately it depends on what you're comfortable with doing and whether you can get the most bang for your buck based on your lifestyle!
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