A career as a financial advisor is unlike any other career. As I look back on my journey, I…
New Year was the time to reap the rewards of what we have sowed for the past year. It is the time to pamper ourselves with some gifts for being a hardworking adult for the year. But after more than a month of joy and festivity, it’s now time to get your finances back in order.
To help you get your finances in order, here are 4 financial quick wins that will let you start the year in the right fashion.
For every 10 Singaporean household, 6 are still relying on Singapore Power (SP Group) as their electricity provider. While there’s nothing wrong with sticking to the old and trusted brand of SP Group, here’s a fact that might change your mind. Getting your electricity from SP Group will cost you 30% more than the 12 new electricity providers on the Open Electricity Market (OEM). Nope, you didn’t read that wrongly. It is THIRTY PERCENT.
That’s why the first quick money win to start off 2020 in the right fashion is to switch out of SP Group to another electricity provider. To be honest, it doesn’t even matter which electricity provider you switch to because ANY ONE will help you save.
Post-paid telco plan with contracts was the hype in the 2000s. But it is now 2020 and post-paid telco plans with contracts are so yesteryear. If you haven’t already realized, it is so not worth getting tied to your telco for the phone subsidies that they provide for you. The phone subsidies was a marketing ploy to get you to upsize on your telco plan, leading you to subscribe to a plan tier that you never needed.
This year, it is time to snap out of that overpriced post-paid plan contract by switching to a SIM-only plan. Not only do you get a discount off your monthly subscription fee, but you also get more data usage for the same dollar amount. Plus, you also have the flexibility of switching telco when you find newer and better deals.
A home mortgage is one of the largest financial commitment that Singaporeans have to service. Thus, this makes it the easiest candidate to get some quick money win. For every 0.2% discount in interest rate, you can save ~$2,000 a year from interest rate payment.
And it really isn’t that hard to get those savings. All you have to do is to review your home loan and compare your home loan interest rate against the best rate in the market. So, make sure that you are enjoying the lowest interest rate you can because that’s a few thousand dollars of savings awaiting you.
Compare your home loan against what the market has to offer right here. Once you are ready to refinance, reach out to us via the contact form and we will make refinancing a breeze for you.
If one of your financial resolution for 2020 is to be a smarter saver, here’s a recommendation for you. Instead of saving with banks (who offer a meagre 0.05% interest on a savings account), try saving smarter with single premium Endowment Plan.
Single premium insurance (or endowments) lets you earn potentially up to 4.5% interest per annum on your savings with principal and interest guaranteed. That is way more than what you would have earned if you let your money sit in a savings account or fixed deposit. On top of the higher interest rate, you also have the flexibility of cash withdrawal from the cash value of your endowment. In addition, endowments come with an element of protection that covers you against the risk of death and/or TPD. That’s 3 benefits for the price of 1.