Financial Planning

Out of the Box Ways to Grow Your Wealth in the Year of the Ox

Today, Singapore is considered one of the richest countries in the world – both culturally and financially (Business Review 20201). Still, there are many who would like to increase the rate at which they’re amassing their wealth. Some might try to cut back on their spending habits while others start to explore the world of investing. Still, there’s a group of individuals who are ready to try something a little outside of the box. Here are five uncommon ways to grow your wealth in 2021.
Utilise a High-Interest Savings Account (Women’s Weekly 20202)

A high-interest or high yield savings account is a savings account that offers above average interest rates. This type of savings account offers both safety and flexibility when it comes to your financial funds, helping you to meet and exceed your savings goals. It can also help to consolidate banking transactions, which gives you more control over your money.

Donate Money for Tax Relief (SingSaver 20203)

Another prudent way to save money this year is to consider tax deductible donations to help those who are less fortunate – and in turn, providing you with some tax relief. In order for donations to be tax deductible, they must be made in cash and approved by the Institution of a Public Character (IPC) or the Singaporean Government for a cause that will benefit the local community.

Hunt for the Best Deals (SingSaver 20203)

If there’s one thing for sure, it’s that Singaporeans know how to find a good deal! Savings of all sizes are equally important when it comes to increasing one’s wealth, saving more and more over time. In order to find the best deals for just about anything – restaurants, travel, retail, and more – it takes time, research, and planning. For example, some holidays encourage certain sales, so waiting to purchase that particular item until it has gone on sale can save a significant amount of money. Do your research, find the best deals, and then plan for purchases when the time is right!

Audit Your Financials (AsiaOne 20204)

It’s important to regularly audit your finances to ensure your expenses are never exceeding your income level, but when planning to save more during a particular year, this auditing process can be especially helpful. Examine not only your physical finances, but also your “money baggage”, or way you feel about money. You won’t be able to make savvy money decisions if your deeper beliefs about it aren’t clear to you. Replace any negative feelings about money with positive ones and watch how your spending habits shift!

Stop Waiting – Do Something Now (AsiaOne 20204)

There’s no better time than now to get your financial affairs in order. Regardless of how old you are, what stage of life you are in, or what your money goals are, don’t wait to make changes today. Savings can compound, so the earlier you get started, the better!

Finances can feel overwhelming, which is why many continue to live without control over their financial future. See how working with a financial consultant can help to change the way you look at your money – and help you to find new ways to increase your overall wealth!

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Content Sources
1 - Cristea, Mihai (April 2020), What Makes Singapore So Rich?, retrieved from Business Review International
https://business-review.eu/international/what-makes-singapore-so-rich-209711
2 - Ping, Chong Koh (June 2020), 20 Ways To Save Money And Grow Your Wealth, retrieved from Women’s Weekly
https://www.womensweekly.com.sg/gallery/family/save-money/ways-to-save-money-grow-wealth/
3 - Ching, Sue Mae (August 2020), Uniquely Singaporean Things We Do To Accumulate Wealth, retrieved from SingSaver.com
https://www.singsaver.com.sg/blog/unique-ways-to-accumulate-wealth
4 - Chen, Chip (August 2020), Can’t seem to save money? Here are 7 easy ways to get rich, retrieved from AsiaOne
https://www.asiaone.com/money/cant-seem-save-money-here-are-7-easy-ways-get-rich