Asked by Anonymous
Asked on 29 Aug 2018
Because of past spending habits supporting my younger siblings, I have only had started having spare cash.
Currently serving NS, estimating around $200 savings/unutilized cash per month. Estimating ~$2.5k in savings and ~$500 in Nikko AM SG STI ETF via RSP with the only insurance I have in addition to the AVIVA SAF coverage paid for by the SAF.
I have a CDP account and currently in the process of getting a brokerage account set up.
If you are already contributing 500 per month into STI, perhaps, u can use this opportunity to bolster your savings as per what Gabriel suggested. Better to always have some spare cash on you post ORD
Hi, you can consider opening a POSB Save As You Earn (SAYE) account and contribute $100 into that account monthly. If you do not make any withdrawals for 2 years, you'll be able to earn an additional 2% interest in that account. I feel that it is a great way to kick start your savings with your NS salary.
Another $100 can be put into a robo-advisor monthly like StashAway by doing dollar cost averaging.