how i GROW my money in my 20s✨

hi zesties! 🍋

personal finance is HUGE for me and a journey I embarked on 10 years ago. today, I would like to share some tips that helped my money compound over the years, esp as a working adult in my late 20s!

1️⃣ pay off ALL your debts

esp your student debt immediately UPON GRADUATION bc that's when the interest of 4+% p.a starts kicking in 🤮

2️⃣ get sufficient insurance coverage

the basics of hospitalisation and CI plans are a must imo, esp in this age of rising healthcare costs. pls steer away from ILPs bc the fees are absolutely exorbitant 🫠

3️⃣ use a high yield savings account

there's many options like UOB one, DBS multiplier and OCBC 360 that gives you higher interest rates of 3-4+% p.a. by crediting your salary and using their credit cards. pls do not keep your savings in your kids savings account bc you're only getting 0.05% p.a., no way ain't that gonna beat inflation 😮‍💨

4️⃣ use credit cards wisely

by using credit cards to pay for your purchases, not only do you gain cash back/miles, you also get temporary liquidity to earn more interest (see point 3 above)! do take note to pay your bills IN FULL every month tho bc the late payment fees are as high as 26+%.

i would steer away from BNPL products too, especially if you're one who is not good with budgeting.

💖 let me know if you would like more personal finance tips like these!

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