How to make your money grow
To start building your “rainy day” fund in a disciplined manner, get a regular savings plan. OCBC’s Monthly Savings Plan, for example, has an interest rate of one percent per annum, which means you get to enjoy better returns than other savings or current accounts. With a short tenure of 24 months, you can decide to put the money to other uses after two years, whether for investment or to purchase a coveted designer bag. The OCBC Monthly Savings Plan does not charge monthly account fees or service charges. Best of all, you only need to save a minimum of $100 a month in the account.
For the long term, you need to consider other ways of putting your savings to more efficient use. If you put all your money in a savings account without investing it, you’ll be sacrificing growth for security. Investing is a way to get potentially higher returns and make your money work harder for you. Investing also helps us reach our financial goals and negates the eroding effects of inflation on our purchasing power over time. Don’t forget about protecting yourself too. The best time to look at insurance is when you’re young and healthy.