What's a good savings plan for students?

cactusjack23 SG · 2010-02-07T16:31:46+00:00

for few hundred bucks, see how you can get involved in silver..............wait for price to drop back to maybe even below 10 bucks then dump in those hundre...

cactusjack23 SG

I have a couple hundred bucks with me now

i think i should start growing my money

what's a good savings plan with returns that is suitable for me? low income as i am a student

i have been looking at some of the NTUC income plans but im not very sure what they are talking about lol

maskedangel SG

im nuder some aia shit thingy, where i have to put x amount per month for 5 years, and leave it to rot for another 5 years before it matures. return is slightly less den x2 of total amount put in.

cactusjack23 SG

o sounds pretty cool

kcockicht SG

i suggest you concentrate on studying, working or gaining some experiences. if you like to help people make money you can take up business or economic, related subjects. once you have enough capital of your own you can start making and managing money for your own. otherwise just put in the bank.

cactusjack23 SG

hm okayz good idea too

likeyou SG

Open saving account.

Dont touch the account.

Keep pumping in money into the account.

Until when you graduate and working, look for ntuc agent to recommend you any package that will make your money grow.

FireIce SG

eh........ too little for any investment
returns not even enough to 塞牙缝

when hit 4 digits then say lah

^Acid^ aka s|aO^eH~ SG

eh........ too little for any investment
returns not even enough to 塞牙缝

when hit 4 digits then say lah

eh fifi... no ask him invest on Pee member?

cactusjack23 SG

bumpz

Junyang700 SG

Few hundred too little to invest in anything in Singapore.

Put in bank, bank also deduct you $2 monthly for failing to achieve $500 or $1,000 minimum balance for most accounts.

You can try exchanging foreign currencies (See SELL column at money changer) with the money changer and when the rate is good (see BUY column at money changer) and sell it to the money changer for more money. But you must spot right. LOL... But these few days Singapore Dollar at its lowest.

Bangulzai SG

wa currency arbitrage

sinicker SG

there are endowment plans where you can set aside about $100/month.

i can do it but i'm not coz' i need the $$ for any rainy day that may come.

cactusjack23 SG

huh i tot exchange with money changer largely is you lugi one?

or exchange with bank better

likeyou SG

yeah those stupid rule!

Junyang700 SG

huh i tot exchange with money changer largely is you lugi one?

or exchange with bank better

Must see which money changer. Some are good.

But for currency wise, normally you need to have lots of patience.

I tried once....

Money changer sold to me at 1000AUD to 1050 SIN....
Money changer bought back from me at 1000AUD to 1210 SIN
Total Profit SIN$160...
Took me about 8 months.

likeyou SG

NIce investment!

cactusjack23 SG

haha sounds interesting junyang

still a long way for me to go i dont know a thing about forex -_-

any direction you can gimme on what to read up on etc?

As romanista2001 SG

don't be ridiculous lah................the spread that these money-changers charge are hundreds of pips apart...........

Junyang700 SG

haha sounds interesting junyang

still a long way for me to go i dont know a thing about forex -_-

any direction you can gimme on what to read up on etc?

Haha... Urm... At the moment I do not see anything interesting. Our currency is dropping these few days like MAD.

You can check out the rates at Yahoo Finance.
Observe for a while and probably you can decide on something.

Junyang700 SG

don't be ridiculous lah................the spread that these money-changers charge are hundreds of pips apart...........

In Singapore, the spread isnt that big.

You go Japan, you get a shock out of your life. =X Their spread is like 30% - 40%...
Yen currency was trading at 52 yen to 1 SIN dollar back in November in Japan when the actual rate is 65 and our local money changer is trading at about 64.