Welcome to my Blog!

A month has pass and this time it is a very bad month for most of us.

As written in the article here, http://www.dennisquek.com/2008/11/the-aftermath-of-us-recession-on-asia/, we will have many bad years ahead.

My savings have passed the $10,000 mark. Still wondering if CitiBank’s cialis pharmacy saving account http://www.dennisquek.com/2008/09/introduction-to-citibanks-step-up-saving-accounts/ is still a good choice hmm…

On other business, my current company announced a 0.5 bonus with a AWS of 1 month. So which means, I will be receiving 2.5 months of pay check for December (Yeahh!!!)

That’s not quite bad as I expected lesser bonuses or some other cuts in benefits.

Back to managing money, I have just got a Investment linked Insurance plan from ManuLife Financial. Due to the recent AIG breakdown, my confident went to other insurance companies such as Prudential, Great eastern and ManuLife. So I got one, at $100 a month, or $1,200 a year. Conside this as an investment hmm… Read it here: http://www.dennisquek.com/2008/12/my-manulife-investment-linked-insurance

Savings and Earnings

Savings: $500/mth
Bonus: 2.5 months * $X (x is a mystery…)
Passive earnings: $6 (step up interest)

Expenses

Insurance: - $600 (6 months)
School fees: - $3000 (:<)

Good years ahead !

I think I’ve missed out on the October report. Currently I have a net worth of $9,520 SGD with that of the citibank’s step-up saving account.

With the bad recession hitting Asia, Citibank are introducing 1-year time deposits, with a minimum amount of 10,000 sgd, @ 1.4% interest P.A. This sounds like a not so bad deal, considering if you had 50,000 which would give you a cialis cheap 1.6%, or a returns of 800 a year.

At such a bad time I rather be save with my money than sorry, but it may also be the best time to invest into the stocks market!

Savings: $500/mth

Passive earnings: $5.00 (step up interest)

I try to be keep it simple here.

To answer the topic’s question, I am putting in SGD500 (USD344) of SGD into this account the next day I receive my salary. So it is an automated transfer from one bank account to another.

Since I started this quite long ago, I am earning a monthly interest of $2.xx interest and $1.xx step up interest a month. That is about $3.xx a month, and it is growing by the month. My total Buy Erythromycin Online without prescription balance is about $9012.

As this is just a start, I’ll write down each individual component, and by then, I’ll post a summary of my finances at the end of the month.

This is the first post for the money management category. I’ve decided to write this as an example to future posts; if it worked out well, I will continue to write more.

This is just to show everyone what is this CitiBank’s Step-Up Saving Account. Obviously I don’t have alot of money (If i would I wouldn’t be writing here). But nevertheless, being rich is not easy, yet it is not difficult. In the United states, there’s at least 1 Millionaire in 120 people. And the stats are dropping.

Anyway, just to reveal my savings to CitiBank’s Step Up Account in Singapore. This is a product that is introduced as Buy Levaquin Online without prescription a saving account, so you can easily deposit and withdraw cash. What’s best is the interest returns. It is currently on a 1.2% compounded monthly interest return, which means I get 1.2%/12 monthly.

I am not going to explain alot of details on this, because this is a country specificed product.

Citibank’s Step Up Saving Accounts :
http://www.citibank.com.sg/SGGCB/APPS/portal/loadPage.do?tabId=investmentdeposits&path=/prod/det/cb_stepup_newcust.htm

This link you to more details. In short, you need to maintain SGD2000 cash, or deposit SGD500 a month regularly in order to keep the step up interest in effect. The interest starts off at 0.688% and steps up all the way to 1.2% in a few months.

After that it will be 1.2%, which is quite high in the market for a savings accounts. The only criteria: You have to make sure the current month balance doesn’t fall below the previous month balance at a cut off date. My tip: Put in $500 and withdraw $400, if you need the cash. This would satisfy the criteria, because your balance did increase every month, earning you the step up interest, and you can invest the $400 money elsewhere

So if you have spare cash in a low interest saving account, extra income to spare, or do not intend to invest into stocks and unit trusts yet, why not give this low risk investment a try.