Monday, 1 May 2017

An introduction to one of my favorite software: GnuCash


GnuCash is a free and open-source personal and small-business accounting software. There are also other alternatives such as Money Dance, Microsoft Money and You Need a Budget (YNAB)

From managing your day-to-day expenses to tracking your *stocks, it's a great way to see how much you own at a glance. GnuCash operates on the double-entry bookkeeping concept; meaning that every transaction you make will affect another account. It also enables you to set budgets which show you your projected balance in the future.

*For online quotes, you need to install a plugin which you can get it here.
A peek at my personal accounts for a local context.

Sunday, 30 April 2017

A Comparison Of Monthly Saving Plans


What is a Regular Savings Plan?

Regular Savings Plans allow you to invest a set amount of money every month which can be used to buy shares or unit trusts. This concept allows the users to make use of Dollar Cost Averaging (DCA) and also save on commissions charged by brokerages.


Why use a Regular Savings Plan?

As mentioned earlier, saving on commissions. Typical brokerage fees for Singapore cost between $10-$25 depending on the brokerage firm. With an RSP, your commission charges may be as low as 1% or $1 depending on the amount you set aside.

Wait, isn't 1% higher than normal brokerage fees? 

Yes and no.

As you can see above, the brokerage rate is 0.20%. Unfortunately, there is also a minimum commission fee of $10 per trade (assuming it's in SGD).

POSB SAYS | POSB Save As You Serve

POSB has come up with the Save As You Serve scheme which gives 2% p.a interest on your monthly savings. This might seem like a good scheme to save but it also depends on how much you currently have in your savings account.

POSB has also kindly provided a nice graph/chart showing how your savings will grow.
from POSB's website (base interest is 0.05%)

How do you calculate 2% p.a?
(0.02/12) × $100 = $0.166 or $0.17 according to the chart.
From the chart above, your $100 contributed at month 1 would have turn into $4.08 at the end of two years; simply by calculating $0.17×24.

A simple way of calculating it is just by calculating the interest rate on your total accumulated monthly savings.

I made a calculator for this. Check it out here!
I recommend downloading it instead of using it online though

Saturday, 29 April 2017

SIM Only Postpaid Plans Comparison

Most people don't need flagship smartphones with top of the line processors. With the rise of affordable smartphones by companies like Xiaomi that cost ~$200, SIM Only plans are a great way to lower your monthly bill. Another great thing about these plans are that you won't be locked in a contract for two years.

Click here for the spreadsheet!