Tuesday, February 28, 2006
Ok, now a more serious issue. I've been talking about planning for the future and trying to work out a savings to give me a good start in the future. So, I don't bloody have disipline to save. Seriously, somehow, if I'm poor, I can really really really stretch my remaining dollars. But if I'm not too tight, I'll just spend very generously, just like every younger adults out there. It's especially difficult for me to resist buying gifts for darling. (Not that she demands them or expects them). Also, there are people who'll keep saying that a sponsored student should have alot of money to spend. So usually if I have the cash to spare, I'll throw treats, just to shut them up. So, I've figured that if I move my sponsorship allowance money away altogether, I won't touch it. Exactly what I've done! Opened shining new bank account with Standard Chartered today.
Three banks for consideration.
1. POSB, Save-As-You-Earn Account. For this Account, it'll deduct a fixed (set by urself) amt of money from your monthly pay and channel it into this account. The perk is that, at the end of the first year, you'll get a 10% bonus of ur INTEREST! Second year is 20% of interest. Sounds good? The bad, the INTEREST is 0.25% p.a. so effectively, the interest is 0.275%.
wtf... I can probably stand around a drain and pick more than 10% of interest. Duh...
For the below three, there's no auto deduction feature, but with online banking, I could easily set a recurring transfer to my new account.
2. UOB, I-Account. The perks, 0.75% p.a. interest. I-Account got no passbook, but got ATM, and Chequeing service. The bad Min of 30k or 3k initial deposit, either which I don't have.
3. UOB, Campus account The perks, 0.75% p.a. interest. Got PAssbook, got ATM, VISA Debit, Chequeing. The badIt's for fucking uni students only (so I heard).
wtf... I'm doing tertiary education also loh.
4. Standard Chartered e$avers Account. The perks Whooping (fucking) 1.88% p.a. interest. Everything done online. No passbook, no ATM card, no cards, no chequeing. The bad No passbook, no ATM card, no cards, no chequeing. Minimium age of 21 years.
Well, suits me. Haha, don't want to touch this money anyway. But the no book no card part is irritating if I need activate the money.
Hee... A friend once told me, you should divide your pay into 3 equal portions. One for needs, one for wants, and one for savings (investments).
For the needs, I need to pay off my fees and bills and transport. and of course meals.
For wants, seriously, I don't buy many luxury items. I've been thinking of a digi cam and earbuds for the longest time.
For the savings/investments. I've got my NTUC Income Ideal Plan and now my e$avers!
These are for my future references, hope I'll never look back and regret that the aboves were bad moves.
Posted by NuhC at 11:58 PM
