It's June 2023. Where to put your money?

Plus a #throwback to an old 2020 post

The Woke Salaryman

Jun 7, 2023

Hi friends,

We’re approaching the 2nd half of 2023 real soon - where has all the time gone? If you’ve been subscribed to us for a while, you’ll know the drill.

Here’s our low-risk list of where the Average Singaporean can consider putting your money at in June 2023:

Who the ‘Average Singaporean’ is:

Age: 30
Monthly gross salary (including employer + employee CPF contributions): $4,680
Monthly take-home salary: $3,200
Emergency savings: $20,000

Where you can consider putting your emergency savings ($20,000) into:

High Yield Savings Account:

SCB Bonus Saver: $826 annual interest

(Assuming you spend $500 - $1,999 on your Card, have a salary credit of $3k or more, and make 3 bill payments online)

Robo Advisor Cash Management Option: (Rates as of 1 June 2023)

~~Low risk | MoneyOwl Wise Saver: $806 annual interest~~

Update as of 31 August 2023: This content was sponsored by MoneyOwl at the time of publication (9 November 2011). MoneyOwl has just announced on 31 August 2023 that it is winding down its financial advisory business and all commercial activities will cease by December 31, 2023. To find out more, visit their microsite here.

High risk | StashAway Simple™ Plus: $1,000 annual interest (btw this is a new product by StashAway!)

Singapore Savings Bonds (July 2023 - 2.82% return)

$564 annual interest
$5,659 interest if held to maturity, 10 years

Also, a #throwback to an old (but gold) post that we wrote in 2020.

These 10 revelations helped me rethink my finances in my 20s

Every $100k saved is one month not working
If you’re not wealthy, you might have to work for shitty people
Your day job isn’t the only way to make money
When you start from zero, building capital is more important than making the best investments
We live in Singapore. There’s no avoiding money in relationships.

As always,

Stay woke, salaryman.