For those who travel, you’d have realised that it pays to plan early for your next trip. As we were scourging the calendar for public holidays and long weekends in 2020, something hits us. Christmas and the Lunar New Year are exactly one month apart, and New Year’s Day is in between. While that means endless celebrations, happy feasting and the odd trip or two, expenses are going to be high. So how can we ensure that we still have savings to set aside during these siong (meaning ‘tough’ in local dialect) months? Read on for some practical saving options!
Start saving more now
Save first, then spend the remaining! Hopefully the 13-month bonus does come around to ease our financial burdens, right? Before you start rolling your eyes at us for stating the obvious, we meant that you can plan ahead and allocate a greater sum of your income for savings during the ‘off-festive’ months. Instead of the usual percentage, challenge yourself to save an extra 10-20 percent more! Set a goal and you may just realise how resourceful you can be.
Reduce festive expenses
Economy not doing well, so angbao^ money has to shrink? It’s going to be so disappointing for those around you. But hold on! Let’s not forget the real purpose behind these festive seasons. Ultimately, it is about spending quality time with loved ones, sharing and being kind to one another. You can adopt cost-effective alternatives to reduce your expenses. For example, instead of store-bought presents, how about a practical homemade gift? If everyone at home agrees, you can even set a no-present rule during Christmas. Besides that, organising a house party or reunion dinner at home instead of dining out during the festive season can help you to save much!
Keep track of these ‘important’ dates and be mindful of your expenses:
Christmas Day: 25th December 2019 (Wednesday)
New Year’s Day: 1st January 2020 (Wednesday)
Lunar New Year: 25th January 2020 (Saturday)
Li Chun (Beginning of Spring): 4th February 2020 (Tuesday)
#TiqOurWord In Singapore, it is common to see people queuing up to make deposits at the banks during Li Chun because it is deemed to be a lucky practice.
^Ang bao refers to cash gifts, usually wrapped in red envelopes, which’d be given to loved ones and friends as a form of blessings during the Lunar New Year.
Explore easy saving options
Besides keeping a frugal lifestyle to reduce expenses, you should explore how to better accumulate your savings. One option to consider is an insurance savings plan. Such plans tend to be popular with beginner investors due to its simplicity and convenience.
For short to long term saving goals
ELASTIQ – a whole life insurance savings plan available at Tiq by Etiqa Insurance – offers a guaranteed crediting rate of 1.80% p.a. for the first 3 years, where one can make top-up whenever you like. The key feature? You can make flexible withdrawals from your account any time after 90 days with no penalty or interest clawback. F.Y.I. interest is calculated on a daily basis. There is also a non-guaranteed loyalty bonus to enjoy if no withdrawal has been made after 36 policy months, and death benefit at 106.8% of your account value.
#TiqOurWord Plan ahead and start saving now with ELASTIQ to make the most of your money. Think extra earnings to cover the ang bao budget. But take note that if your account value falls below the minimum value of S$5,000, admin charges will apply. Learn more.
For those who are saving for a short or mid-term financial goal, you can consider eEASY save V, which currently offers a high guaranteed crediting rate of 2.68% p.a. for the first 6 years and death benefit at 101% of your account value. There’s also a non-guaranteed loyalty bonus and free partial withdrawal benefit. At the end of year 6, you can either make full withdrawal or continue saving at prevailing market rates. Find out more here.
Mid to long term saving goals
For those with long term money goals to fulfil, check out eEASY savepro – a participating insurance saving plans that offer a potential yield of up to 4.07%* p.a. with more than 100% capital guaranteed upon maturity and death benefit of 105% of total premiums paid. Choose to accumulate your savings in either a 7 or 15 years policy term. Learn more here.
Get ready for 2020
We are almost four months away from 2020 Lunar New Year, and three months from Christmas. From experience, time flies so you should start getting your game plan ready for the New Year, and ensure that you always make the best value out of your money.
Is there a financial goal that you are working towards? Be it short, mid-term or long-term, we offer a suite of insurance savings products at Tiq to cater to your needs. Simple and convenient. Visit here or WhatsApp +65 6887 8777 for more info.
*Illustrated yields are 4.07% p.a. & 2.51% p.a. based on the illustrated investment rates of 4.75% p.a. & 3.25% p.a. respectively. Benefits payable may vary according to the future performance of the participating fund.
As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC.
Information is accurate as at 17 September 2019. This content is for reference only. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore.