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SavingsSaving is the habit of keeping money aside for a specific purpose. Spending everything you earn will leave you with nothing to fall back on when in times of dire need. Sure, you want to enjoy and have fun, but struggling for money every day is not something you’d want to do for the rest of your life.
You can always plan your savings depending on where you intend to use them. Short term savings include vacations or purchases like buying a vehicle. Long-term savings can be used in cases of emergencies, to pay off your kid’s educational expenses or clear off the down-payment on your home. The smartest place to store your savings is in a bank account, where you also have the chance to earn a small value in the form of interest. |
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InvestmentsTo put it in simple words, investing involves using your money in a way that will make more money in the long run. You could invest in a number of ways like trading in stocks, trusts, bonds or you could invest in either real estate or a business. It is always better to save a certain amount of funds in surplus before you consider investing anywhere, for investment at its core, is a risk.
There are a lot of factors that come into play when you decide to invest, from how much and where you’d be willing to spend, to the economic climate of your country. Good investment planning could lead to a comfortable retirement, peace of mind and a rich lifestyle. However poor or no investment planning could result in heavy losses, both personal and financial. |
“Rule number one: Don’t lose money. Rule number two: Don’t forget rule number one.”
- Warren Buffett
- Warren Buffett
Why be worried?
Singaporeans are living longer lifeLiving Longer will require more funds to sustain your desired lifestyle. Start investing early would enable compounding to work to your advantage.
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Cost of Living is on the RiseFuture goods and services will cost more. Plan well and plan early to avoid having your savings depleted during retirement.
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Saving rate < InflationYour saving rate is no longer keeping up with inflation. To maintain your current buying power you will need to invest your money that will earn you at least as much as the inflation rate.
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Smart Investing made easy for every life stage
Get a bigger bang from the first buck100% of premiums invested from the start so every dollar works for you.
Lower investment costs - no sales charge and no bid-offer spread - means you get even more out of every dollar. Cap on charges - No more supplementary charges after paying 13 years of premiums. Dollar cost averaging evens out market volatility so you don't need to time your investments. |
Flexbility that keeps up with youGet access to cash should the need arise. No more charges after you pay 13 years of premiums.
Options to top up- capitalise on opportunities or invest your extras to reach your financial goals faster. If the going gets tough, opt for a premium holiday and pick up again when your finances turn around. Free fund switching - freedom to switch your evolving risk appetite and adapt to market movements. Free auto fund rebalancing to keep your portfolio on track and risk exposure in check. |
Get a bigger safety netKeep your investment growing no matter what. If you become critically ill, we'll waive all future premiums so you can focus on recovery.
Payor Benefit - if you become critically ill, disabled or deceased, we'll take care of all future premiums so your child's future stays on course. |
Do not save what is left after spending, but spend what is left after saving.
-WARREN BUFFET
R E C O M M E N D A T I O N S
Reasons to save
Prepare for cost of raising a child
Parents will have expenses for visits to doctors and for delivery of their baby in a hospital. These fees can range from about $4000 to $20,000. Total costs of up to 10 years of schooling can range from several thousand dollars to $100,000 or more. NUS estimates costs for tuition and expenses to be at least $14,000 per year. Going overseas for university can easily cost nearly $500,000. |
Prepare for cost of retirement
With inflation, the cost of living will only become higher in 30-40 years time. If you have prepared $181K in your retirement account at the age of 55, you will be receiving approximately $1600 from the age of 65 to 80 years old. Based on analysts projection, depending on the lifestyle we wish to live, one should have at least $3,000 monthly to sustain a comfortable living. |
Prepare for your emergency fund
It's important to have an emergency fund set aside to cover unexpected expenses. This could be an unexpected appendectomy or a sudden job loss. If the economy starts to slow down and your job is at risk, you'll be thankful if you've socked away a goof amount into your emergency fund to tide you over until you find a new job. Ideally your emergency fund should be about three to six months of your expenses. |
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