Advice on savings plan

[tobiast]

Hi,
I am currently 20 year old, able to fork out 100 per month and looking towards a savings plan.

I am thinking of creating a CIMB savings account with a 0.8% interest pa if i were to deposit at least 100 per month into the account and a 1k start up fund

Any other advice on other savings plan would be welcomed.

Thanks!

 

[wooty100]

Concentrate getting your cash surplus up first .

20yrs if you are not working and $100 is allowance savings, ur plan is pretty much the only plan .

If you are working, $100 could seem alittle low for a working adult . U may wan to revise and review your personal budgetting and cash flow.

Conclusion, u probably shld just stick to bank current accounts for now. If u looking for more long term savings products can look more say 2 to 3yrs from now

 

[KenwhyKen]

there are good stocks that you can buy under $500 per lot, but u probably dont have the time to do research and dig out

simple way is to buy the big REITS, those are simple to understand since their value is tied to property and rental

if u buy a retail reit, then if their shopping center rent or property value start to fall, ur reit will also fall...very simple...

with ur starting fund u can probably get 1 lot...its dividend will cover commission and still be better then a bank account yield

save another 1 year...1 more lot...double the dividends income now..

u can look at dividend warrior blog for good example...

 

[converse2010]

there are good stocks that you can buy under $500 per lot, but u probably dont have the time to do research and dig out

simple way is to buy the big REITS, those are simple to understand since their value is tied to property and rental

if u buy a retail reit, then if their shopping center rent or property value start to fall, ur reit will also fall...very simple...

with ur starting fund u can probably get 1 lot...its dividend will cover commission and still be better then a bank account yield

save another 1 year...1 more lot...double the dividends income now..

u can look at dividend warrior blog for good example...

Those big REITs that I saw cost >$1k/lot easily.

Based on TS' budget, seems like not really enough to get 1 lot. :/

 

[Dividends Warrior]

TS should save up.

Then buy some dividends stocks or REITs.

Singpost is within your budget.

Starhill Global is also within your budget.

If possible, try to save up more than $100 per month. But I guess u are still a student......so kinda difficult. Unless u take up a part-time job.

If you are still a student, just save up diligently in a normal savings account. Once you graduate and get a stable job, learn to invest your savings.

Good luck!

 

[tobiast]

Hi all,

Thanks for your replies, i am currently awaiting to serve the nation.
currently able to spend 2k on investments, this does not includes the savings I already have.
I just want to try out investing or earning some side income either by dividends or interest rates.

 

[Carnesir]

Hi all,

Thanks for your replies, i am currently awaiting to serve the nation.
currently able to spend 2k on investments, this does not includes the savings I already have.
I just want to try out investing or earning some side income either by dividends or interest rates.

2k is fine. but i rather u use it in tangible things like go for further studies or courses, driving license those soft skills etc... these will value add your earning power in the future..

once u hav a stable income from job in your 20s, go for stocks and increase your holdings. dividend stocks are good since they provide stable income but the returns is like 5-7% a yr. other then these if u are good can try trading which can yield 10% etc but it really depends on the market and your trades.

highest interest rate for banks are cimb savings and standard chartered, please note for each of their attractive interest rates there are conditions attached. please do your due research before committing to any.

im using scb for credit card purchases which gives me 5% cashback and cimb savings for interest rates which is 40x higher then posb/ocbc/uob savings rates.

 

[tobiast]

Hi,

I think i will save it in CIMB to gain the small percentage of interest as to force myself to save monthly for the higher interest rates.
And wait till i start working to start my portfolio.

Thanks everyone for your advice!

 

[Lost_Found]

no amount is too small for saving...is the habit that u shd start now...
i have frenz working for at least 3-5 years, but with no saving

 

[emosilver]

Hi, sorry for using TS's thread but I would like to ask about saving accounts too? I'm looking into Maybank's Privilege Plus Savings Account interest rate of 0.4375% p.a. (more like a normal bankbook account) and CIMB's StarSaver Account interest rate of 0.8% p.a which is like a MSA. Just like to ask, for long term run, which is better? Both seems to be good in different ways.

Appreciated on advice for saving tips.

Thanks!

 

[knightdreamer]

Hi, sorry for using TS's thread but I would like to ask about saving accounts too? I'm looking into Maybank's Privilege Plus Savings Account interest rate of 0.4375% p.a. (more like a normal bankbook account) and CIMB's StarSaver Account interest rate of 0.8% p.a which is like a MSA. Just like to ask, for long term run, which is better? Both seems to be good in different ways.

Appreciated on advice for saving tips.

Thanks!

to me both are different, cannot compare apple and orange both bank target at different groups.

Maybank's Privilege Plus Savings Account, offers insurance which i don't need. The max interest is 0.5% with 50K deposit. Most of all, it is for those age 50 and above. If you are around that age and no insurance cover you may consider this.

For cimb the troublesome part is to ensure that the required put in money($100) every month, but you can overcome this by putting one lump sum to enjoy 0.8% interest.

of cos there are others things like fees that i did not touch on but look though the T&C and ask CSO if you have any enquiry.

 

[emosilver]

to me both are different, cannot compare apple and orange both bank target at different groups.

Maybank's Privilege Plus Savings Account, offers insurance which i don't need. The max interest is 5% with 50K deposit. Most of all, it is for those age 50 and above. If you are around that age and no insurance cover you may consider this.

For cimb the troublesome part is to ensure that the required put in money($100) every month, but you can overcome this by putting one lump sum to enjoy 0.8% interest.

of cos there are others things like fees that i did not touch on but look though the T&T and ask CSO if you have any enquiry.

Hi,

Thanks for replying. Eh, i'm not that age yet. Still "young" though but hitting the big "3" soon. Well, i'm managed to get one of my folks to joint the Maybank's Privilege Plus Savings Account with me but it's for my own use, not for them as they did open another for themselves. That's why i'm asking around.

Yup, i called up the CS from CIMB to ask already is it possible to put lump sum twice a year, she said it's ok.

Hmmm, another savings account with higher interest rate i could think and google around is the OCBC MSA. That one i don't have to worry about putting S$1k in to open the account? But in order to earn the interest of 1%, got to lock up for 3 years though.. By then, the stocks or shares amount has risen.. *saw Starhub's shares price is now double of what it was a year ago* Really dunno how to buy those shares/stocks by then?

Anyway, thanks again!

 

[hwmook]

to me both are different, cannot compare apple and orange both bank target at different groups.

Maybank's Privilege Plus Savings Account, offers insurance which i don't need. The max interest is 5% with 50K deposit. Most of all, it is for those age 50 and above. If you are around that age and no insurance cover you may consider this.

For cimb the troublesome part is to ensure that the required put in money($100) every month, but you can overcome this by putting one lump sum to enjoy 0.8% interest.

of cos there are others things like fees that i did not touch on but look though the T&T and ask CSO if you have any enquiry.

5% and 0.5% is a hell lot of difference. If they give 5% interest, all will chiong there.

 

[Dividends Warrior]

5% and 0.5% is a hell lot of difference. If they give 5% interest, all will chiong there.

Must read the terms and conditions.......

 

[emosilver]

Must read the terms and conditions.......

Noted and thanks, dividends warrior kor kor.. pai say, got to call you kor kor cos you're older.. and thanks for being our role model!!

 

[knightdreamer]

5% and 0.5% is a hell lot of difference. If they give 5% interest, all will chiong there.

Ha thanks for the highlight guess shouldn't burn midnight oil

 

[altya1]

TS should save up.

Then buy some dividends stocks or REITs.

Singpost is within your budget.

Starhill Global is also within your budget.

If possible, try to save up more than $100 per month. But I guess u are still a student......so kinda difficult. Unless u take up a part-time job.

If you are still a student, just save up diligently in a normal savings account. Once you graduate and get a stable job, learn to invest your savings.

Good luck!

how to start buying dividend stocks? Interested but don noe where to start, can u pm if not convenient to speak here?

 

[saysuzu]

how to start buying dividend stocks? Interested but don noe where to start, can u pm if not convenient to speak here?

you can open POEMS account for starters

 

[deathman91]

you can open POEMS account for starters

2 Years ago de thread... Really?