• CIMB Pulse
  • Banking With Us
  • Digital Services
  • Promotions
  • Help & Support
  • Quicklinks
CIMB Pulse
Banking With Us
Digital Services
Promotions
Help & Support
Quicklinks
CIMB In The News
Savings Strategies
Investing My Money
Travel Tips
Planning For My Future
Thinking About Insurance
CIMB Vlog
CIMB Compilation
CIMB F.I.R.S.T
Accounts
Cards
Loans & Financing
Investments
Insurance
Other Services
CIMB Clicks
Payment & Transfers
Latest Promotions
Events
Rates & Charges
Download Center
FAQ
Ways to Bank
Regulations & Policies
Security & Fraud

Hey There,

 

Although there is no quick fix to becoming a millionaire, the key to building wealth is to start as early as possible. From saving tips to money management, here are three smart moves to do now that will benefit you for years to come.

Future First: Automate Your Savings

While part of your monthly pay cheque is deducted for your CPF contribution, is this really enough as a safety net for your future? 

 

Try to save 10-20% of your pay cheque and place it into a second savings account. If the temptation to spend is too much, automate your savings by setting a Scheduled Transaction in your online banking account.

 

Go one step further and choose an account that provides you high interest rates with no multiple conditions, such as our CIMB FastSaver Account!

Innovate: Grow Your Skills

It is never too late to build the foundations for wealth. Investing in yourself is a surefire way to increase your value, opening doors to more opportunities and wealth in the future. After savings and debt repayments, spend money on growing your skills that help in advancing your career, or start a side hustle.

 

In the start-up economy, it takes a modest seed fund to start your own part-time venture that will bring in extra income.

Invest Always: Multiply your Money

Double-up your benefits by looking for low-premium investment-linked insurance products. Insurance can prove to be an advantage to cover your financial crisis in times of adversity and unforeseen circumstances.

 

Hold true to the phrase “avoid putting all your eggs in one basket”. Depending on your risk profile, you can invest in low to high-yielding instruments with a calculated risk approach. A sound and minimally risky investment is buying a home – property assets tend to appreciate over time.

 

If you are still unsure of where to start, a professional financial advisor can help you assess risks and strategise an investment portfolio for the best returns.

 

There is no magic bullet to get rich quick but it is not an unachievable mystery either. With these basics, you can start your wealth creation journey no matter how small your actions or abilities and enjoy abundant wealth.

 

 

Yours Truly,

 

Octo.

Important Notes & Disclaimer

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy amongst Singaporeans. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve everyone’s well-being. This in turn, achieves CIMB’s purpose of advancing customers and society.

 

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
#Savings #Investing #Planning

You may also like

Related products for you

You are about to enter a third party website & CIMB Group's Privacy Policy will cease to apply.

This link is provided for your convenience only and shall not be considered or construed as an endorsement or verification of such linked website or its contents by CIMB Group.

 

CIMB Group makes no warranties as to the status of this link or information contained in the website you are about to access.

 

Do you wish to proceed?

Yes, please proceed

Oops! It looks like you need to upgrade your browser.

The browser (or version) that you are currently using will not allow you to fully experience our website.
Select your preferred browser below and upgrade now!