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Start Young & Save Up For A Winsome Future

By delta April 6, 2014

Saving money is a good habit that ought to be cultivated from young.
When I was a kid, I have a piggy bank which I would save my money into but the piggy bank was never full because I would use up my savings to purchase things that could only satisfy my impulsion temporarily.

Looking back, I realised how foolish I was to have spent my money on unnecessary wants and I regretted not heeding the wise counsel of my parents. If only I had understood the real value of money back then, I would probably have used my money to invest in assets that would grow over time. An asset is any item of economic value, especially that which could be converted to cash. Some general examples of assets are house, stocks, and machinery.

If you share similar sentiments as me, I would like to tell you that it is never too late to start saving up. You probably might have this question, “How much should I save every month and how much savings should I have in my bank account?”

As a general rule of thumb, you should ideally be saving at least 20% of your salary every month and you should have an emergency fund of at least 6 months’ worth of salary. For example, if you earn SGD$1,800 a month, you should be setting aside SGD$360 and saving it up; and you should ideally have SGD$10,800 in your bank account as an emergency fund. If you diligently save 20% of your salary every month, it will take you exactly 30 months [2.5 years] to build up your emergency fund.

Your emergency fund should not be used at any point of time unless you are facing a dire crisis that are caused by sudden medical expenses, unemployment and natural disasters [which are not very likely to happen in Singapore].

What next after you have 6 months’ worth of salary in your emergency fund?

Once your emergency fund is complete, you should open a fixed deposit account where you can put it aside to accumulate interests. However, you should bear in mind that the interest rate for fixed deposits is rather low and putting your money into fixed deposits will erode the value of your money over time. Hence, it is important to counteract the effects of inflation by investing in assets that will accumulate wealth for you.

Fixed Deposit Interest Rates
(information accurate as of 6 April 2014)

Banks DBS Bank CitiBank Standard Chartered Bank UOB Bank OCBC Bank
Interest Rate 0.55% 0.1% 0.75% 0.65% 0.65%
Remarks Minimum SGD$1000 Deposit 

Maximum Tenor of 24 Months

Minimum SGD$10000 Deposit 

Maximum Tenor of 36 Months

Minimum SGD$5000 Deposit 

Maximum Tenor of 60 Months

Minimum SGD$5000 Deposit 

Maximum Tenor of 36 Months

Minimum SGD$5000 Deposit 

Maximum Tenor of 36 Months

What if you want to save and invest at the same time? If you want to do both at the same time, it is possible but you have to be really disciplined and manage your finances wisely.

Here’s how you can invest and save at the same time.

There are a few ways that you can go about to invest your money but for starters whom do not have a big sum of money and the expertise to do so, there are a few investment plans in Singapore which you can tap on.

Saving-Investment Plans POSB Invest Saver OCBC Blue Chip Investment Plan Phillip Capital Share Builders Plan
Remarks Investing only in the Nikko AM Singapore STI Exchange Traded Fund 

Can start investing from SGD$100/month

Low sales charge of 1% per transaction based on a monthly investment amount of SGD$100

No fees for selling the units

 

20 over counters to choose from 

Can start investing from SGD$100/month

Buying Fees: 0.30% of the total investment amount or SGD$5 per counter, whichever is higher

Selling Fees: 0.30% of the total sales proceeds or SGD$5 per counter, whichever is higher

To Transfer Shares to CDP Account: SGD$10.70 per counter

20 over counters to choose from 

Can start investing from SGD$100/month

To Transfer Shares to CDP Account: SGD$20 per counter

Handling Fees-

Total Investment Amount Less Than SGD$1000: SGD$6 if less than 2 counters and SGD$10 if more than 3 counters

Total Investment Amount More Thn SGD$1000: 0.2% of total investment amount of SGD$10, whichever is higher

There are pros and cons to each regular investment plans but ultimately, you should choose one that suits your needs the most. We will be sharing more about Savings and Investments in our upcoming articles so do look out for it if it is a topic that will appeal to you!

ocbc blue chip investment planphilip capital share builders planposb invest saver plansingapore fixed deposit savingssingapore investment blogsingapore lifestyle blogsingapore regular savings plansingapore savings blog
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Author delta

Melvin is an Entrepreneur, Life Coach, and Chinese Metaphysics Practitioner. He holds an EMBA and he is a passionate and engaging teacher, known for his unique combination of science, research, and spirituality.

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    A jack of all trades, Melvin was a waiter, coffee barista, hotelier, and is now a digital marketer specialising in Search Engine Optimisation and Content Writing. His hobbies include wine-tasting, boating, reading and travelling.

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    Brought the kiddos out to have a go at the #family Brought the kiddos out to have a go at the #familybike at #punggolwaterway. The staff doubted that we could last for the whole 2 hours peddling this behemoth but we did. Lol! 😂
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Brought the kiddos out to have a go at the #family Brought the kiddos out to have a go at the #familybike at #punggolwaterway. The staff doubted that we could last for the whole 2 hours peddling this behemoth but we did. Lol! 😂
Happy Valentine’s Day everyone! ❤️ Happy Valentine’s Day everyone! ❤️
Happy 1st birthday to Jacob, our youngest boy who Happy 1st birthday to Jacob, our youngest boy who never fails to make us laugh with his silly antics and cheeky smile!
Say hello to the bunny siblings! Hope everyone is Say hello to the bunny siblings! Hope everyone is having an enjoyable festive period/long weekend. May we all be healthy and well this new year. 🙏
今天早上我们一起去#gaigai. Morning outing 今天早上我们一起去#gaigai. Morning outing with the kiddos. Guess where?
Had a lovely #ChristmasDinner /celebration at our Had a lovely #ChristmasDinner /celebration at our humble abode yesterday and we had a great feast! #Christmas2022
Here’s wishing everyone a joyous and merry Chris Here’s wishing everyone a joyous and merry Christmas! May all of your dreams and wishes come true! #merryxmas2022
Things you do while you’re on leave: catching up Things you do while you’re on leave: catching up on backlogs! Finally done with Jacob’s handmade keepsake! This shows my fine motor skills is still not too bad.
Sisterly-brotherly love! Jiejie sayang Didi on the Sisterly-brotherly love! Jiejie sayang Didi on the head and Didi’s expression is just #priceless.
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