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.

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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!

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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.

Preserve the tradition of gifting even if you cannot meet everyone this year. Choose a safer and easier way to share prosperity by sending an eGift to your loved ones. Just open your DBS PayLah! app to start.
Order CNY necessities online, so you can avoid the crowd and earn rebates at some of your favourite e-Marketplaces, such as Lazada, Qoo10, & Shopee.
Get the best deals with the right card and payment options when you are dining out, shopping for groceries or ordering them online.
Put your kids' ang bao monies to better use by starting their savings as early as now, with POSB My Account for Kids.

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!

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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.

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Being retired and broke ain’t fun!

When it comes to saving for retirement, starting small is better than putting it on the backburner. Worry less about whether you’ll have enough when you’re 65, and first learn what options are available for you.

3 Ways to Start Your Emergency Fund

Save consistently

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.

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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.

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A fuss-free way to start investing?

If you’re a beginner investor, you can consider the dollar-cost averaging approach. It’s a long-term investment technique that reduces your exposure to volatility. You can start with a regular savings plan like POSB Invest-Saver. By investing from as little as $100 monthly, you can grow your investment over time without worrying about timing the market.
If you’re looking for an automated and cost-effective way to diversify your investments, you can set up your digiPortfolio with POSB. With the help of the DBS investment team and robo-technology, you’ll gain exposure to regional and global assets. It represents a fuss-free option for new investors to embark on their investment journey.

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.

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6 Questions to Ask Yourself When Buying Your First Home

Make sure that you have enough cash and CPF for downpayment. Before committing to a home loan package, you can determine the monthly mortgage using a home loan calculator.
Decide on the size, location, features and amenities that you want for your future home. These factors are directly related to the overall property value and the amount you'll borrow from the bank.
Consider POSB’s extensive range of fixed and floating home loan packages. You can take up a loan package that’s lower than HDB concessionary loan rates.
Don’t ever buy a house without an IPA. This piece of document is important because it gives you the guarantee that the bank will lend you money for your future home.
Finding the perfect home can be quite challenging. To help you narrow down your choices while still keeping within your budget, you can look through POSB’s property portal.
Aside from the money you need to borrow, do keep in mind that buying a home entails other costs, such as home renovation and home contents insurance.

Buying a home for the first time? Check out more tips inthis article!

Should You Refinance Your Home Loan?

Refinancing means getting off your existing loan, whether with a bank or CPF, and onto a new loan package with better interest rates. If you're thinking of saving money on your interest rates and are currently on a CPF housing loan, switching out to a bank loan might save you money with a lower interest rate.