Singapore Saving Bonds are a unique sort of security also known as Singapore Government Securities (SGS). It has some incredible traits that make it appropriate for almost everyone who chooses to invest in it. These bonds are exclusively helped and supported by the government of Singapore at all times. They have an eligibility standard of 18 years and above, only people of eighteen years and above are eligible to invest in it. They have a whole process on how to buy Singapore savings bond. Interest rate plays are major role here and have a huge benefit as every year the interest rate lifts. They have fixed minimum and maximum investment amounts of $500 and $2, 00,000 respectively. According to the issuance calendar, fresh new bonds are granted every month.
In addition, saving bonds can be redeemed in any month with zero loss for re-treating the investment prematurely. There is a strict note on the redemption amount as well; it should be in multiples of S$500. There are certain circumstances in which saving bonds can be transferred, such as the death of the holder of bonds. Otherwise, they cannot be disseminated. These saving bonds cannot be purchased or traded in an open call or vowed as collateral. After the death of the bondholder, the savings bonds may be disseminated to the person who is the rightful inheritor of the bondholder according to the law or the dead person’s wish. There are four major steps for your first savings bond. First, are your needs for it, second is applying through ATMs or net banking portals, third checking the results, and fourth receiving the interest payment.
Most importantly, how do you manage money smartly and wisely? Managing and organising your money sharply and wisely can be a bit tricky and in some cases impossible as well, the reason being carelessness and lack of time to manage it. If one knows how to manage their income and expense, managing money become quite easy. With just a few things, you can effortlessly do it, for instance, by saving little by little, smart budgeting, and looking after your income and expenses. It is merely a task to do. Here are a few ways, which can help manage your money wisely and smartly:
- Prepare a chart of your monthly income – analyze your monthly income properly without including the bonus or increments that you are not sure of. Add up, only your guaranteed income and nothing else. This will aid in drafting an accurate budget. In addition, it will make you happy when you will be surprised by the additional bonus, tips, and more.
- Keep a track of all your expenditures each month – after evaluating the income, analyze your expenses. Expenses on rent, childcare, house, and more should be included and should be limited or avoided as much as possible. Keep the receipt of all your expenses, which will help in managing your future budgets.
- Divide your expenses into essential, non-essential, and fixed expenses – essential include your daily and basic needs like food, electricity bills, transport, etc. Non-essentials include movie tickets, parties, junk food, etc. Moreover, fixed expenses are those that cannot be avoided like rent, loans, payments, etc.
Hence, managing money can be as easy as anything can. In addition, many people might ask – which bank in Singapore has the highest interest rates? The answer is, yes, as it is one of the highest among the banks. You should be prudent in your choice of bank, as it would reflect in your savings later. Moreover, it would be imperative for you to look for the best available saving options to meet your specific needs.