Money Moves 2024 – Ready, set, go for your financial goals
The new normal is here to stay. As we welcome the Year of the Ox, Covid-19 safety measures will upend the way we celebrate Chinese New Year and how we go on with our lives. Even during these exceptional times, being MoneySmart about your choices isn’t that hard. Ride the Ox by the horns this year with these MoneySmart ways to make your financial goals happen in 2021. Brought to you in collaboration with POSB.
Chinese NewNormal Year
This year’s festive celebrations will be very different. Even though it’ll be challenging to gather all your loved ones to welcome the Year of the Ox, we can still keep traditions of gifting and ushering in prosperity alive in savvy new ways. Check out our video and article on how you can be MoneySmart this CNNY!
MoneySmart Ways to Celebrate #CNNY
Let’s ring in the Year of the Ox in a socially-distanced way with these safer alternatives, to keep your family physically and financially healthy.
More details on CNNY money tipshere!
Be More MoneySmart
As we kick off what hopefully will be a better year, one of the best things to do is get your finances in order. Organising your money into different funds is a great way to start. Emergency funds, retirement savings, your child's tuition fees are some ways to start framing your thoughts. MoneySmart x POSB show you how to start your 2021 finances off well!
Want a better way to plan and manage your money? This article will help youget started.
Keep Your Financial Health in Tip-Top Shape
Don't wait for a financial storm to hit the economy before you get your finances in order. Always take care of your financial standing by putting your strategies and plans into action.
Though things are starting to look up in 2021, it’s still good to be cautious with money as the economy recovers. Check out last year's #RecessionReady article here for some greattips and tricks!
Save More Money
You can’t go wrong with saving more money this year! Creating an emergency fund and starting a retirement nest egg are good ways to set yourself up for the future. With an emergency fund, you'll have peace of mind whenever unexpected expenses arise. While a sizable nest egg will help you financially for retirement next time.
Being retired and broke ain’t fun!
3 Ways to Start Your Emergency Fund
Use a dedicated deposit account, such as POSB My Account, for your emergency fund and set aside a realistic amount that you can commit to.
Supplement your savings
Start saving with ease by allocating a reasonable percentage of your income into a regular savings plan like POSB Invest-Saver.
Add on some endowment products
Make your plans more comprehensive with endowment products that can grow your money.
Go into the details of how an emergency fund can be achievedin this article.
Protect Your Savings
So we already know savings are important, but it’s equally important to keep your hard-earned savings from getting depleted by unforeseen medical expenses. That’s why, shifting your strategy from just growing your money to protecting what you’ve saved is a good idea. One way you can do this is with the right health insurance, so that if you need it - your policy pays for you.
Don’t blow your savings on hospital bills - How to do it with health insurance!
Grow Your Money
Sadly, the money we earn through our salaries doesn’t grow on its own. That’s why investing some of it wisely will help grow it in the long run. With so much volatility in the market, you might be thinking whether it’s sensible to enter the market in the middle of a pandemic. One way to start is by knowing your risk appetite before making any investment moves. If you haven’t started investing, these articles will help you figure out a good starting strategy.
A fuss-free way to start investing?
How much risk is too much risk? Find out what your risk tolerance is here.
Safer investing in an unsafe market?Find out what to consider in this article.
Borrow More Wisely
A home loan is literally the biggest loan you’ll ever take in your life, so figuring out how they work and what you need to become a homeowner is important. If you’re already a home owner but haven’t looked at your interest rate since you first started paying, don’t sleep on it in 2021! Refinancing your mortgage can help you save tons of money by getting you onto more competitive interest rates.