Building a solid savings habit is among the simplest, smartest moves to make.
It goes beyond covering emergencies like home repairs, medical bills, or even an urgent overseas trip. Having a stash of cash means you can take on more in life — from that epic backpacking trip to a dream home renovation — without derailing your progress.
The key to saving regularly is learning to manage your expenses. Here’s a look at some ways to juggle needs and wants — and hit your savings goals.
Set up a standing instruction to transfer your targeted amount into a non-spending account.
With savings done, you have the rest available for monthly expenses.
The Money In / Money Out feature in digibank lets you see where your money is going. This helps you decide the expenses to limit, and budget better.
Look for inflation-fighting deals such as those on DBS and POSB Credit Cards. You can also set a spending limit to curb your spending!
Experts recommend at least 10% a month. But you can aim for what’s comfortable for you and review regularly.
To check if you have enough emergency cash, just use Plan on digibank.
Pro Tip: Interest payments can eat into your savings.
Use a debt consolidation plan to help manage interest on your cards and loans.
Take the work out of saving, while making your money work, with these solutions.
Pro Tip: As you can only have either a Multiplier or Cashback Bonus account, pick the one that fits your lifestyle best.
Earn up to 4.1% p.a. bonus interest for crediting your income, spending, insuring and investing with us.
Earn cashback when you perform 3 or more types of transactions monthly.
Enjoy higher interest when you credit your salary and set aside savings every month with us.
A disciplined approach to saving with the benefit of protection against life’s uncertainties.
Once you’ve hit your emergency cash target, don’t stop saving. It’s extra savings you can put to work with the other habits! If you’d like ideas on building up your emergency cash, your Wealth Planning Manager will be glad to help.
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