Money Hacks Ep 44: Financial adulting 101 and controlling monthly credit card debt
Synopsis: In this podcast series every Monday, The Straits Times and The Business Times break down actionable financial tips.
This episode is brought to you by OCBC Bank. It is aimed at those in their 20s and are starting to work, and how can set themselves up financially to avoid common mistakes and focus on their careers.
Money Hacks' Chris Lim hosts 20-year-old Vanessa Lim, a temp at The Business Times, and Mr Kelvin Goh, OCBC Bank’s Head of Investments and Wealth Advisory.
In a Frank by OCBC survey of 866 students and young working adults aged 16-29, done earlier this year, only two-thirds managed to stick to a budget - or even have an expense budget - and two out of five struggled to stick to their saving plans.
How to get started after listening to this episode:
1:00 mins - Should you have two bank accounts - one for paying bills and one for saving?
2:04 mins - Mr Goh advises on the first step - how to automate transfers to savings every month.
4:00 mins - Should you stick with only one bank account like the OCBC 360?
5:37 mins - Paying cash for everything means you miss out on credit card perks. How do you avoid drowning in credit card debt when you are starting out in your career? Should you set a credit limit on your card?
7:50 mins - Credit cards should not be used as a back door to overspending beyond your means, but the right accounts mean that interest tiers can grow with you when you are ready for larger financial commitments.
8:20 mins - Can old-school diaries, Excel spreadsheets or even online tools like OCBC's Money In$ights help you budget and track spending and saving more effectively?
Get more Frank by OCBC articles for the young here.
Produced by: Ernest Luis and Christopher Lim
Edited by: Adam Azlee
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Do note: Any financial or investment information in this podcast is for use in Singapore only and is intended to be for your general information. Any particular investment or decision should only be made after consulting with a fully qualified financial adviser.