Save in a bank account first

Hi Mr Tan,

I'm really glad that I happen to read your blog! I have been searching online and looking for the right saving plan for myself but I just couldn't find one that I understand. I've tried looking at some websites of banks and insurance companies, it got me more confused. I need some advice from you.

I am a fresh graduate, earning $1.6k per month. I would like to do some saving plans for my future to invest in a fund that will grow after like 5 – 10 years.

I'm kind of in dilemma because I'm thinking of furthering my studies next year if I manage to get into a local university. Should I start my saving plans now or wait till I'm working full time permanently?

MY REPLY

You can read this FAQ


I suggest that you save in a saving account with a bank first. The interest rate may be low, but you do not incur any upfront investment cost. When you are clear that the savings can be locked up for the long term, you can invest in a low cost fund, which is described in my FAQ.

I hope that this suggestion fits into your needs.