Wise Money Saving Ideas for 2011

Wise Money Saving Ideas for 2011

With the start of 2011, we thought it would be a great idea to share some wise money savings ideas for 2011 with our loyal Singapore Savings Account Rates readers.

We have a short collection of wise money saving ideas for 2011 listed below. We hope you find these universal nuggets of information useful in your search to make your money work harder for you.

So here goes the list of wise money saving ideas for 2011:

(1) Keep track your spending
If you wish to save money, it is wise to know how much is coming in, how much is going out and to keep track of where the cents and dollars are going.

(2) Master the art of being frugal
If you don't need it, then don't go out and buy it. Some spenders think that this money saving idea is so restrictive on their lifestyle. Actually, it is the opposite: it is liberating because you gain control of your personal finance and attain mastery in self control of careless spending urges.

(3) Save and pay yourself first
Always pay yourself first when you receive your salary, profit or investment return. Credit a portion of the money you receive automatically into a savings account by default.

(4) Avoid getting into unnecessary debt
Debt drains you of money and steals your financial freedom. Use credit cards for emergencies. Pay off the entire credit card bill each month so that you do not end up with high interest payments.

(5) Choose the best savings account rates
Look out for the highest paying savings or deposits accounts to boost your interest income. Make sure you take note of minimum sums for the bank accounts to avoid paying extra monthly administrative charges when your deposits fall below a cut off sum.

(6) Keep reading Singapore Savings Account Rates
We mean it. This is no doubt a thick-skinned effort of ours. You get updates on selected Singapore Savings Account Rates in Singapore on our finance site. You get occasional wise words on our Singapore Savings Account Rates site. You get savings related news as well. What more can Singapore Savings Account Rates readers like you ask for?

We thank you for your wise visit to our great site!

The Team

Singapore Savings Account Rates.

Singapore Guarantees All Savings, Fixed, Current, SRS, Bank Account Deposits

Singapore Guarantees All Savings, Fixed, Current, SRS, Bank Account Deposits

The Government of Singapore has announced that it will guarantee all Singapore dollar and foreign currency deposits of individual and non-bank customers in banks, finance companies and merchant banks licensed by the Monetary Authority of Singapore (MAS).

This guarantee will run from now until 31 December 2010, according to the MAS and the Ministry of Finance.

It will be backed by $150 billion worth of Government reserves.

Other countries that have such government guarantees are:

• Australia
• New Zealand
• some European nations
• Hong Kong
• Malaysia

Guaranteed deposits are:

• Savings accounts
• fixed deposits accounts
• current accounts
• bank accounts under the Supplementary Retirement Scheme (SRS)

Unprotected deposit accounts are:

• structured products
• any deposit that is pledged, charged or secured as collateral

source: MAS and MOF Joint Statement

Lehman Brothers and AIG Events: Don't Lose Your Savings

Lehman Brothers and AIG Events: Don’t Lose Your Savings

In the light of the collapse of US investment bank Lehman Brothers after it filed Chapter 11 protection that affected some investors who ploughed their savings into structured products like DBS High Notes 5, and the near-financial meltdown of AIG causing queues of panicky customers at AIA offices in Singapore, many savers must be wary of recent events and the safety of their Singapore savings, investments and insurance.

These are uncertain times with uncertain events in the global financial markets. There has not been such financial turmoil nor gut-wrenching events in recent memory. Who would have thought that Lehman Brothers and AIG, such huge financial institutions, could falter so badly and lose their way in their financial pursuit of profits?

How many other investment banks, savings banks or financial institutions are in trouble with similar Lehman Brothers or AIG type of events? How many more Lehman Brothers or AIG will lose their credibility in the future? How many more AIG companies will need saving?

With knowledge of these Lehman Brothers and AIG events, we now know how low things and events can fall. Are our savings, investments and insurance safe? Are we aware of more events that may befall the financial markets that can affect our savings?

The worries will flow during these difficult Lehman Brothers and AIG events and at the very least we should learn some lessons not to lose our savings, investments and insurance. But what can small savers like us do in Singapore?

After seeing events that affected Lehman Brothers and AIG, the last thing Singapore savers want is to lose their savings. We should also not blindly liquidate all savings, investments and insurance, to hide these savings, returns and whatever sources of money under our pillow.

This should really be the time to reflect on what money and savings mean to you. Now is the time to reflect on what you want your savings and investments to do for your life. Of course, in practice it is difficult to find a foolproof way to safeguard your savings AND make money that will boost your own ego.

At the very least, go back to basics. Educate yourself on the various savings, insurance and financial products that you plan to use.

Understand how they work, how long they take to work, how high the potential returns are and how much downside risk you are prepared to stomach in a worst-case scenario.

Use your common sense and do not be swayed into making savings, investments or insurance decisions without thinking hard during the cooling period.

As a reminder, your Singapore bank savings account denominated in Singapore dollars is guaranteed in Singapore up to the amount of S$20000 net of your liabilities. For sums above that savings level, you really must decide for yourself how you wish to deploy your savings in Singapore or elsewhere to avoid a Lehman Brothers or AIG type of event from happening to you.

Take care.
Singapore Savings Account Rates