What's a suggested way to divide up the $600 solidarity budget money? Should I invest it or keep it in a high yield bank account, or use a small portion for living expenses or? What will you do? - Seedly
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Anonymous

Asked on 13 Apr 2020

What's a suggested way to divide up the $600 solidarity budget money? Should I invest it or keep it in a high yield bank account, or use a small portion for living expenses or? What will you do?

27 yo this year.

Currently working part time as an Essential Worker.

Have a JUMPSTART account with SC.

Haven’t max out 20k.

Only at 11k$

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    If you have outstanding credit card, you could consider the $600/- to clear this debt.

    Can also reduce the interest being charge for outstanding balance.

    Reduction can improve your Credit Score with Credit Bureau Singapore.

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    I have a simple principle when it comes to managing finances - any amount that does not come from my normal course of work is always saved or invested for the future. This includes bonuses and allowances (if any).

    Acccordingly, if you do not need this money immediately, then consider setting it aside for your future.

    I share quality content on estate planning and financial planning here.

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    Colin Lim

    Colin Lim

    Level 7. Grand Master

    Answered on 14 Apr 2020

    This 600 is supposely for this month stay home. The govt bring the payout forward is because we gonna spend more at home. If u are already investing... This money can be part of the investment.

    However i suggest you to look at your cash flow and overall emergency funds so that you can make an informed decision.

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    Yang Teng

    Yang Teng

    Level 9. God of Wisdom

    Answered on 13 Apr 2020

    If you have enough savings (emergency funds) and comfortable investing most of the money then you can do that too. Since this is a one off payment, there's a few things you can consider.

    Lump sum investing now, but with your capital being limited, your options will be less too. Regular small sum investment (e.g. $100) over the next few months either through a regular savings plan or a roboadvisor. So you can keep all in your bank account and withdraw what you require every month.

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