While winter can be painful for our friends in the Northern Hemisphere, we are pretty blessed here in Singapore with the cooler climate and a flurry of festive celebrations from December to February. From Christmas to Lunar New Year and New Year’s Day in between, the seemingly endless celebrations and happy feasts mean high expenses. Wondering how you can maintain or increase your savings 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 or cut back on Lunar New Year snacks. After all, safe distancing measures are still in place, and each hosting family can only host up to 8 visitors at any point in time.
Besides that, organising a home 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 2020 (Friday)
New Year’s Day: 1st January 2021 (Friday)
Lunar New Year: 12th February 2021 (Friday)
Li Chun (Beginning of Spring): 3th February 2020 (Wednesday)
#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. Check out the auspicious timing specific to your zodiac sign here.
^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 [tranche is currently closed] – a flexible whole life insurance savings plan available at Tiq by Etiqa Insurance – offers a guaranteed crediting rate for the first 3 years, where one can make top-up whenever you like. The key feature? You can make partial 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.
Boost your savings in 2021
The year has barely started, and it would soon be Li Chun and before you know it, Chinese New Year would be over. From experience, time flies so you should start getting your savings game plan ready for 2021, 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.
Information is accurate as at 15 January 2021. This content is for reference only. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC. 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. 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.
Tiq by Etiqa Insurance Pte. Ltd.
A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.
With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.
Discover the full range of Tiq online insurance plans here.