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The Best 2022 Beginner’s Guide To Money Saving In Singapore

The Best 2022 Beginner’s Guide To Money Saving In Singapore – that will be the topic of today’s article.

If you want to invest as an expat or high-net-worth individual, which is what i specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).

Introduction

Money Saving In Singapore—Saving money is a smart financial habit that will benefit you in the long run, whether you are attempting to save money for a future goal – such as buying your own home – or simply like the thought of having a few extra zeros in your bank account.

Saving is the first step in building money, and it’s as straightforward as it sounds. Here are a few pointers to get you going.

Begin Saving As Soon As Possible

The sooner you begin saving, the more time your money will have to grow. Your savings will grow over time thanks to compound interest, which means that the money you receive is returned back to your principal amount to generate even more interest.

And the best part about getting started early? Because you have time on your side, you can afford to start small. When you first get an allowance or a paycheck, try to make saving a habit. The later you begin, the more money you’ll have to put aside to achieve the same level of savings.

While starting early has obvious advantages, it’s never too late to start saving, even if you missed the boat in your twenties.

Make A Financial Plan

To save money, you must first determine how much you can afford to spend and how much you are currently spending. This is where having a budget will be useful.

Begin by keeping track of your expenses and comparing them to your income. Do you find yourself spending more than you earn? Other expenses that occur on a regular basis but not necessarily on a monthly basis, such as student loans or life insurance premiums, should be included.

This gives you a better picture of your financial situation and helps you avoid overpaying. A budget is an excellent place to start when determining how much to save each month and identifying places where you can save money.

Set Financial Goals For Yourself.

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The Best 2022 Beginner's Guide To Money Saving In Singapore 3


“Do not save what is left after spending; instead, spend what is left after saving,” Warren Buffett once advised. Make saving for your future a goal rather than an afterthought by paying yourself first.

Set monthly savings goals and be honest with yourself about how much you want to save. Would you be able to save ten to fifteen percent of your monthly salary, or even more? Stick to a budget that you know you can stick to. You don’t want to put yourself in a position where you have to give up halfway through.

Consider what you’re saving for at the same time. Are they short-term objectives, such as the PlayStation 5 you’ve been eyeing, or long-term objectives, such as retirement?

Calculate how much you’ll need and when you’ll need it. This not only offers you something to strive for, but it also helps you figure out how much you can spend.

Have a variety of saving options

Depending on what you’re saving for, you might want to consider splitting it. To begin, create at least two separate accounts. One is for your everyday spending, and the other is for your remaining savings. You limit the chances of accidentally using your reserves by isolating your funds.

If you want to keep your savings separate, you can split them out even more. You could wish to set aside money for your wedding, retirement, or an emergency fund, for example. This gives you a clearer visual indication and makes it easier to keep on track with your savings.

To Save More Money, Employ The Correct Tools

Instead of letting your money sit dormant, search for products that will help it grow. Select a savings tool that meets your individual requirements.

Bank accounts, for example, are perfect for daily costs because withdrawals and deposits are not restricted. Meanwhile, insurance savings plans like GIGANTIQ, which is highly liquid and gives attractive returns of up to 1.8 percent p.a., would be a good place to put your emergency cash. (Please note that GIGANTIQ is presently sold out; however, you can express your interest here!)

Consider insurance savings plans like Tiq Easy Save for mid- to long-term goals. It comes with a high crediting rate of 2% p.a., which is guaranteed for the entire six-year lock-in period – ideal for that BTO flat.

It’s also beneficial if you already have some funds and want to increase them. You can save between S$10,000 and S$200,000 per year for two years, or pay a flat sum at the commencement of the policy and save 1.5 percent on your first year premium.

You also don’t have to be concerned if your plans alter. If you need to access your funds right once after a devastating life event, such as being diagnosed with a terminal disease, you can do so at any time, even during the first six years.

Keep An Eye On Your Money As It Grows

Progress is a never-ending pursuit. Regularly review your finances and evaluate your progress to ensure that you are on track to reach your objectives.

As a result, you’ll be able to spot any gaps fast and react before it’s too late. Do you have a habit of overspending? Make it up to you the next month. Life is fluid, and sometimes all you can do is adapt to it.

You’ll have a better grasp of your needs and even discover new ways to save if you stay on top of your personal savings strategy.

How to Succeed in Money Saving in Singapore

The most difficult aspect of saving is getting started. It is, however, simple to accomplish once it has become a habit. Focus not only on saving well, but also on saving wisely.

To maximise your savings, choose the correct tools. This includes insurance savings plans, which provide you with not only a safe means to grow your money but also supplementary life insurance and a head start on expanding your insurance coverage.

Pained by financial indecision? Want to invest with Adam?

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Adam is an internationally recognised author on financial matters, with over 748.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.

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