4 Practical Things to Do with Your Sing-Guarantee Savings in Singapore

15/05/2019

4 Practical Things to Do with Your Sing-Guarantee Savings in Singapore

4 Practical Things to Do with Your Sing-Guarantee Savings in Singapore

You have been approved for Sing-Guarantee's rental deposit guarantee. That means you just saved a significant portion of your moving budget from being locked in a traditional cash deposit. We know what you are thinking: “What to do with all that spare cash?”

Here are four practical things you can do with your Sing-Guarantee savings.

 

Open a Bank Account

The money you save via a rental deposit guarantee can easily amount to a sum worth three months’ rent. As this is no small sum, you should stash it away in a Singaporean bank account. In this way, you have a financial cushion to fall back—or rest—on.

Popular banks with the locals include DBS, POSB (related to DBS), OCBC, and UOB. Given Singapore’s status as a leading financial hub, though, you will likely find banks from whichever country you are from here in the Lion City.

For convenience, you may want to set up an account with one of the local banks, such as POSB. This is because local banks are found everywhere on the island; so if you sign up with one, you will have an easy time finding an ATM from which to withdraw cash (whenever the need arises). You can also gain access to special rebates on your groceries with credit cards from local banks.

 

Enrol Your Kids in International School

Singapore is a cosmopolitan city that attracts people from all around the world. The ease of doing business, its reputation as a hub for Asia, its safety from natural disasters, and its willingness to hire skilled foreign nationals are probably among the many reasons you chose to relocate here.

The strong demand for an international education has led to multiple international schools being set up to cater for each expat community. You have the Australian International School catering to the Australian community, the Global Indian International School serving the Indian community, and so on. These schools offer your kids an education based on your home country’s curriculum.

Beyond the schools serving each community, you can enrol your child in schools that have the International Baccalaureate (IB) programme. These schools are often global brands, such as GEMS and UWC. Enrolling your kids there may give them the chance to hobnob with star kids. (Indian celebrities are known to enrol their children at UWC.)

Enrolling your little ones in local, public schools is also an option. They will not only experience the flavour of local culture, but be cognitively calibrated for mathematical and scientific greatness by Singapore's reputable education system as well. However, there is a catch: spaces for foreign students in these public schools are very limited, with over 1,800 rejected applications in 2016 alone.

 

Acquire Health Insurance

Unlike the locals, expats in Singapore do not qualify for government subsidies of medical bills. This means that if you fall seriously ill, and visit any clinic or hospital for medical help, the ensuing bill will dent your savings. The insurance provided by your employer for your spouse or children might be inadequate.

Healthcare for you and your family will thus begin from health insurance.

Many insurance companies exist in Singapore, and most of them offer health insurance plans. AIA, AXA, Great Eastern, Manulife, and Tokio Marine are some of the more famous brands here. Whichever company you choose, be mindful about getting a plan that is as fair to your medical history as possible. There is no point in getting a high-premium plan with excessive restrictions on the illnesses and diseases for which you will be covered.

To give yourself a second layer of health insurance, be sure to exercise regularly. You can take advantage of Singapore’s extensive Park Connector Network (PCN) that links parks across the island. The PCN covers a total distance of over 300km, thus allowing you a lot of safe space for jogging, cycling and skating—all fun exercises that can definitely help you lead a healthy lifestyle!

 

Secure Transport

Travelling about Singapore is convenient and affordable. Your two options, public and private transport, are extensive in coverage, and generally easy on the wallet.

For public transport, do as Singaporeans do: get an EZ-Link card. You simply tap it on card readers—on your way out of a bus or an MRT station—to pay your fares. Using it is easy, and this card is your link to buses and MRTs; hence its name!

For private transport, ride-hailing apps rule the market. With Uber out of Singapore, the two ride-hailing companies competing for commuters’ dollars are Grab and Gojek. Gojek is the newer of the two, so they are more likely to offer discount codes, and other such promotions for now. Having said that, Grab is also known for running promotions regularly, and with a new competitor in town, they will likely step up (down?) their pricing game.

Alternatively, you can hail a taxi the old-fashioned way, or buy your own car in Singapore.

 

Want to know how you can save money from using a rental deposit guarantee? Contact Sing-Guarantee now. With our Swiss-standard rental deposit guarantee, you could be doing the four practical things above in less than a week!

 

 

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