What should I do with the extra cash I have on hand per month? Keep to bolster savings, purchase personal insurances, or start investing small? Any suggestions would be appreciated. Thanks! - Seedly
 

Savings

Investments

Insurance

General

Asked by Anonymous

Asked on 29 Aug 2018

What should I do with the extra cash I have on hand per month? Keep to bolster savings, purchase personal insurances, or start investing small? Any suggestions would be appreciated. Thanks!

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.

0

Answers (3)

Sort By

Most Upvote

  • Most Upvote
  • Most Recent
Brandan Chen
Brandan Chen, Financial Planner at Manulife Singapore
Level 7. Grand Master
Answered on 29 Aug 2018

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

0 comments

1
Gabriel Lee
Gabriel Lee
Level 8. Wizard
Answered on 29 Aug 2018

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.

https://www.posb.com.sg/personal/landing/posb-says/savings-account.html

Another $100 can be put into a robo-advisor monthly like StashAway by doing dollar cost averaging.

0 comments

1
Serene Toh
Serene Toh
Level 6. Master
Answered on 21 Sep 2018

Start building up your emergency fund. Then leave it in high interest account. After that can start thinking about insurance & Investment

0 comments

0