AIA saving plan

[adversary96]

dis agent trying to pull a fast one on u. saving and invest are separate.

since u are looking for savings plan, do u hav any target interests rates and time horizon?

I dont really bother by the interest. For the period maybe 5-10 years will be good?

 

[Thoreldan]

Taking home about 2k
My expenses include cigarettes,food,transport,bill add up to about $800-$900 at most. Looking to save about $500-600 a month

Start by reading up on low cost, well diversified etf

 

[winthony]

Taking home about 2k
My expenses include cigarettes,food,transport,bill add up to about $800-$900 at most. Looking to save about $500-600 a month

Please set aside cash for liquid savings! That would be my best advice to you if you want to instill a habit of savings. I think it would be more effective than forcing yourself because if you are unable to foot the premium, the penalty is not worth it.

I think what you need now is to

1) Set aside cash for yourself on a consistent basis first. Voluntarily on your own. See if you can do it first because you can have the ability to touch your own cash reserve for any purpose but not a savings plan in the short term.

2) If you are looking to save $500~$600, split it. Split it to 50/50, 50% in your cash and 50% in a savings plan.

I have seen clients who opt in for savings plan and within in a few years, they surrender it as they are unable to continue paying the premium in the long run. But if you wish to go ahead, remember, its all about commitment

 

[boredboiboi]

Taking home about 2k
My expenses include cigarettes,food,transport,bill add up to about $800-$900 at most. Looking to save about $500-600 a month

Saving of 5 to 10 years but long term saving plan, guaranteed breakeven is about 15 years. With bonus of course will be earlier but we say guaranteed 1st. =)

And please ensure yourself a emergency funds of min 6 months of expenses

 

[adversary96]

Saving of 5 to 10 years but long term saving plan, guaranteed breakeven is about 15 years. With bonus of course will be earlier but we say guaranteed 1st. =)

And please ensure yourself a emergency funds of min 6 months of expenses

I see.. I will find other suitable plan

 

[boredboiboi]

I see.. I will find other suitable plan

I think its better to find 1 agent to sit down and discuss. But surely there is a plan for u. I guess u have to think again about that friend suggestion.

 

[Value.Matrix]

Let me know if traded endowments are what you may want to look for too.

Discipline, honestly, put into your own savings insurance like Singlife Account may be better. Its not as easy to take out the money, and the interst currently 2.5%.

 

[saikangwarrior]

Bro don’t bother with the insurance. Make some effort to look up Fundsupermart RSP, just 30mins will do. Invest in the s&p500 or heck even the es3 of sgx, commission is just $1 per month, make a genuine effort to arrange an auto deduction to this regular saving plan.

I confirm you will make better returns than insurance

 

[Mr. Wood]

I dont really bother by the interest. For the period maybe 5-10 years will be good?

if no consideration of interest, in my order of preference,
Singapore Savings Bonds
Stashaway Simple /Endowus Cash
Resale endowment
Voluntary top up to CPF