Living in one of the most expensive cities in the world, we need to be extra practical about money matters because there’s almost always a price tag to everything in Singapore. But before you start succumbing to financial stress, you can take our word that we are in the same boat, and there’s hope! From enrichment courses to free advice and robo advisors, read on to find out how and where you can get good money advice (including wise words from our leaders at Etiqa Insurance) to build your savings!
Money is not everything, but you need money for plenty of things.
Personal finance online courses
Financial literacy was not typically taught in schools until recently. In the past, many adults entered the workforce with little knowledge on how to manage their finance, and this has resulted in insufficient planning for our long-term future. While there’s no magic formula when it comes to saving money, having the right financial knowledge will certainly help us to save better. There are various personal finance online courses and here are some recommended ones:
|Personal Money Management and Financial Planning by Singapore Polytechnic||Eligible for SkillsFuture Credit, this otherwise affordable course comprises of four parts with the aim of helping participants develop good personal money management skills and to avoid the debt trap.Learn more: https://www.sp.edu.sg/pace/courses/course-type/online/personal-money-management-and-financial-planning|
|The Complete Personal Finance Course: Save, Protect, Make More by Udemy||Claiming to be the most thorough personal finance course available anywhere on the market, this 3-in-1 course includes money topics and exercises based on real life practical knowledge and experience. It also comes with a 30-day money back guarantee.Learn more: https://www.udemy.com/the-complete-personal-finance-course-save-protect-make-more|
|Finance for Everyone: Smart Tools for Decision-Making by EdX||Learn the fundamentals of finance starting with time value of money. You will also learn about stocks and bonds, allocation of scarce resources in a value-add way, and adopt smart tools for making every day decisions. This is a free course that includes real world examples.Learn more: https://www.edx.org/course/personal-finance-purduex-pn-17-2|
“The most valuable thing in the world is knowledge. Everything else in our lives, money, health, things, love, they can all come and go. The one thing that no one can ever take from you once you have acquired it is knowledge.” – Listen Money Matters
Helpful personal finance websites
If online courses sounds like too much of commitment, you can start small with bite-size information from personal finance websites such as MoneySENSE, Seedly or the Institute for Financial Literacy (which is a collaboration between MoneySENSE and Singapore Polytechnic.) There are also various blogs and meetup events on the subject matter.
#TiqOurWord When reading up on money matters, always be mindful of the source. Do your own due diligence and do not follow blindly as everyone’s situation, capacity and tolerance for risk is different.
Robo advisors in Singapore
Robo advisors are rapidly gaining popularity across the world, and you may have wondered if it really works. Providing automated investment advice and solutions based on algorithms, which have been devised based on the company’s own knowledge of markets and investing, robo advisors require minimal human supervision. The ones in Singapore also offer their services at lower rates than traditional funds.
Here’s how a typical robo advisor works: “Basically, you fill in a bunch of questions on your financial goals, your risk profile, your savings rate, etc. The robo advisor generates a recommended asset allocation based off your answer. You transfer in a lump sum, make monthly payments, and the robo advisor makes regular purchases and rebalancing, for a small percentage based fee.” – Financial Horse
While we are unable to tell you which is the best robo investors in Singapore, know that there are choices offered by FinTech companies and banks here. Here are some of them: AutoWealth, StashAway, Smartly, etc.
#TiqOurWord Here’s another fuss-free way to accumulate your savings with low risks: eEASY save V – a non-participating insurance savings plan by Etiqa is offering 2.68% p.a. for the first 6 years. Find out more here.
Good money advice from leaders at Etiqa Insurance
“It can be tempting to indulge in instant gratification, but time is gold. Start your financial early on, so that you do not lose the power of compound interest.” – Jess Kang, Actuarial Manager
“Set up a GIRO arrangement to help you save on a monthly basis. It is important to put aside a fixed amount of funds regularly.” – Sandra Tan, Digital Marketing Manager
“Investing your savings in a low risk insurance savings plan can help you to save more effectively. Check the interest rates and accompanying conditions for the plans that suit your needs best. Personally, I appreciate the flexibility of ELASTIQ insurance savings plan, which allows withdrawal without penalty after 90 days.” – Jeslyn Lim, Customer Experience Manager
Dennis Liu, EVP & Head of Business Transformation and Technology, advised: “Save regularly but don’t save blindly. Invest in yourself, enjoy and spend on invaluable experiences while you are younger. These experiences will also contribute to your wealth accumulation plans in time to come.”
Keep things simple
There are various channels to get good money advice, and on top of the abovementioned, professional financial advisors can also provide good insights with their experiences. As value investor Warren Buffet once said, “It is not necessary to do extraordinary things to get extraordinary results.” Keeping things simple is a good life strategy that can be applied to financial management.
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 29 August 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.