GoBearTV Ep 22 | 5 Finance Hacks for First Jobbers

If you’ve just started your career, you don’t want to miss these 5 Finance Hacks for First Jobbers. Still holding on to the same low-interest savings account you had since you were a kid? Say goodbye to it. There are savings accounts out there that will give you bonus interest when you fulfill certain requirements. The requirements differ between from bank to bank, and here are some that you might encounter. The more requirements you fulfill, the higher your interest will be. You’ll also find that many of these requirements are things you are already doing anyway. So don’t wait! Start looking for the best savings account for you. Working life naturally brings about an increase in one’s expenses. And if you have to spend, why not get something for it? By using a credit card for your expenses, you can enjoy cash back, air miles, rewards and more. But remember—you have to watch your spending and pay your credit card bills in full every month. The interest and fees you have to pay on outstanding credit card bills are very, very hefty. So use credit cards wisely! Thank you! Bye! That holiday, that handbag and that new phone can wait. Many of you have education loans to settle, and you must keep up with your monthly instalments. Got a bonus? Consider paying a lump sum or increasing your monthly instalment. The faster you clear your loan, the less interest you’ll pay. Just make sure your bank doesn’t penalise you for early repayments. If you haven’t already done so, now is the time to purchase life and health insurance policies for yourself. Thank you. Your life insurance policy will pay out a sum to your beneficiaries upon your death, while a health insurance policy will compensate you for your medical bills from illnesses. The younger and healthier you are when you start paying for an insurance policy, the lower your premiums will be. So don’t put off getting your insurance policies! They are essential. Thank you. Set aside part of your salary, separate from savings, for investments. You should start small and focus on low-risk investments first. As a first step, look into fixed deposits and Singapore Savings Bonds as a simple way to grow your money faster. You’ll want to look into robo-advisors as well. No, Bear! Not robots! A robo-advisor is an automated investment system that lets you take a hands-off approach towards investing. Robo-advisors are a low-cost option as they don’t require you to maintain a minimum balance for your portfolio. It’s easy enough for everyone, even an investment newbie, to get on board. Do you have any finance hacks for first jobbers to add to the list? Tell us in the comments below! And if you enjoyed this episode, subscribe to GoBearTV for more informative videos. Till next time… See ya!

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