How to save money?

[snow89]

I'm thinking to start saving money, I have been spending my monthly salary too reckless. My target is is to save 1 - 1.5k every month, but if this amount is in bank account, I will tend to spend it off. What is best place to keep this money so that it is out of my reach to spend but still in good hands and at the same time earn some good interest. I currently only has a bank account with POSB, would it be wise to put it under fixed deposits or bonds? How long should I save for if I put my money into the mentioned options for starters like me? Would anyone be kind enough to guide me? Thanks!

 

[Darkzi0n]

Ocbc 360 for a start. If really no discipline then keep ur posb and transfer ur monthly budget there n spend money there.

Then decide how much risk u can tolerate.
No / low risk = fd, ssb
Low / mid risk = bond fund, strong corporate bond
Mid/ high risk = stock/ ETF

Mix and match to suit ur risk profile

 

[starfish.starfish]

Also the time horizon for this saving is important. Is it going to be part of your emergency fund? Or you can leave without touching for the next 10 years. And what is your risk profile? Can you accept short term volatility or no risks kind.

You will have to know all these before choosing the savings method.

 

[CuteArtProject]

You can try to open another bank account with "example" Bank of China.

This make it harder for u to draw money. Don't make any ATM card.

Just monthly transfer your saving to their account.

 

[jq75]

I'm thinking to start saving money, I have been spending my monthly salary too reckless. My target is is to save 1 - 1.5k every month, but if this amount is in bank account, I will tend to spend it off. What is best place to keep this money so that it is out of my reach to spend but still in good hands and at the same time earn some good interest. I currently only has a bank account with POSB, would it be wise to put it under fixed deposits or bonds? How long should I save for if I put my money into the mentioned options for starters like me? Would anyone be kind enough to guide me? Thanks!

i think there's a kind of daily auto deduct from your bank account to another savings acct option under posb.. can try tt, an amount u are ready to commit daily

start with something small, once u can manage and curb the speeding urge, increase tt contribution amount.

 

[Sai777]

1. Open an account with an ulu bank and do not apply ATM. Someone suggest BOC which is good and safe.

2. Setup a standing order with POSB that will transfer $x to BOC at pay day.

3. Set a goal of saving amt over a period e.g 5 years.

4. Review the amt every year end to ensure target is met. Transfer a fix amt to FD to earn higher interest. If you are familiar with bond (as you mentioned), transfer the sum to bond.

 

[peterchan75]

Savings = income - expense.
1) In SG expense context, can do without a car ? Less frequent on restaurant ?
2) As for income, can you get a higher paying job ? Start a business ?
3) How do you deploy your capital once you have enough savings ?

Not that you cannot spend but be more selective. It's all about habits.

Good tips here. It does not cost you much. Maybe on bandwith. BUT the 5 hours that you spend on this audiobook may prevent spending money on unnecessary things.

 

[Chasingdreams]

I'm thinking to start saving money, I have been spending my monthly salary too reckless. My target is is to save 1 - 1.5k every month, but if this amount is in bank account, I will tend to spend it off. What is best place to keep this money so that it is out of my reach to spend but still in good hands and at the same time earn some good interest. I currently only has a bank account with POSB, would it be wise to put it under fixed deposits or bonds? How long should I save for if I put my money into the mentioned options for starters like me? Would anyone be kind enough to guide me? Thanks!

put the savings into CPF monthly, money in safe hands and guaranteed interest by PAP

 

[RetRace]

Savings = income - expense.
1) In SG expense context, can do without a car ? Less frequent on restaurant ?
2) As for income, can you get a higher paying job ? Start a business ?
3) How do you deploy your capital once you have enough savings ?

Not that you cannot spend but be more selective. It's all about habits.

Good tips here. It does not cost you much. Maybe on bandwith. BUT the 5 hours that you spend on this audiobook may prevent spending money on unnecessary things.

This. Thanks for the good share

Sent from Singapore using GAGT

 

[wahkao3]

Ocbc 360 for a start. If really no discipline then keep ur posb and transfer ur monthly budget there n spend money there.

Then decide how much risk u can tolerate.
No / low risk = fd, ssb
Low / mid risk = bond fund, strong corporate bond
Mid/ high risk = stock/ ETF

Mix and match to suit ur risk profile

got any low risk high return? I am hard up over low risk high return

 

[Jwlng]

How high do you expect? 5%? 10%?

 

[littlepinkparish]

it's all about lifestyle

 

[hwarzoner]

currently i am following this ratio 70-15-15, mine a bit extreme, of course u can tweak to suit your own lifestyle

70% savings
15% basic necessity
15% entertainment, enjoyment, buy things etc

 

[doody_]

I'm thinking to start saving money, I have been spending my monthly salary too reckless. My target is is to save 1 - 1.5k every month, but if this amount is in bank account, I will tend to spend it off. What is best place to keep this money so that it is out of my reach to spend but still in good hands and at the same time earn some good interest. I currently only has a bank account with POSB, would it be wise to put it under fixed deposits or bonds? How long should I save for if I put my money into the mentioned options for starters like me? Would anyone be kind enough to guide me? Thanks!

Create another account and set up a recurring FAST transfer a few days after your salary is credited. My money is automatically shuffled around via recurring FAST transfers. No effort needed and hard to overspend when the money isn't easily available for use.