Chinese New Year is here, and while many of us love the food, games and red packets, it is also the time to reach deep into our pockets. Since Chinese New Year comes just once a year, we should not scrimp on spending on our family and loved ones. This is the time to be generous. The saying goes “the more you give, the more you get”. However, most people would find that there are lots of miscellaneous items each month to spend on. A friend’s birthday present, a farewell party for a colleague, a friend’s newborn celebrating his first month and the list goes on…
So how does one save up when there are so many monetary obligations each month? Well, it’s pretty simple. Open a savings account and set aside an amount each month to save once your salary is in. In short, pay yourself first! By paying yourself first, you discipline yourself to spend within your limits. While you may not see the need to save regularly yet, here are some staggering figures for you:
Housing prices have increased about 46% in the last 10 years. Food inflation is up as well, an increase of about 30% since 2003. This means that the HDB flat your parents bought 10 years ago at $200,000 will now be worth at least $292,000. That’s great news for them but not so great for those of us who have not made such an investment.
Another concern will be healthcare cost. Generally, healthcare cost has risen 36.2% in the last decade, and when it comes to healthcare, nobody can really escape from it. What’s great is that you can start saving anytime, and with some of the banks here offering attractive incentive to open a savings deposit account, we say “Save right away”!
From now till 31 March 2015, open a new e$aver account with Standard Chartered to enjoy a high interest of up to 1.35% p.a. on your balance with no lock-in period and no minimum deposit. While its prevailing interest rate on deposit balance is at 0.10% for balances under $50,000, it is the interest rate on incremental balance that you are looking at. Your incremental fresh funds will earn you a 1.10% interest annually, which makes for great incentive to save more each month!
If you make regular purchases on your credit or debit card each month, Standard Chartered has another awesome product to optimise your saving/spending habits as well – the Bonus$aver Account. What you need to do is charge at least $500 to your card each month and earn 1.88% p.a interest on your first $25,000 savings balance. Unlike other current and savings accounts, Bonus$aver is a unique account with interest rates that are higher than any Time Deposits.
From now till end of March 2015, open a Bonus$aver account and deposit at least $3,000 to receive a free Fitbit Flex. Deposit at least $50,000 and you will receive a free Samsung GALAXY Tab 3! What’s great is that while you kickstart your new savings habit, the initial deposit that you put in will already be working hard at earning a high interest for you!
So compare and search today to find the best savings account in Singapore at EnjoyCompare the home of comparison
