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Friday, December 2, 2022
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GUY HAS $20K SAVINGS BUT $30K IN DEBT: “SHOULD I INVEST THE MONEY OR PAY OFF DEBT”

What should I do with my savings? I will have $20k saved up by the end of this month.

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I don’t earn much, so I would like to have something that is low-risk. I don’t want to end up losing half or all of my money. I’m also a complete noob when it comes to money and I have no idea what to invest in.

I’m thinking that maybe it’s a good idea to invest it. What should I do with this $20k?

I hear that there are banks that give high returns for deposits of $20k up to 8%, but I don’t know what that bank is. Or should I apply for Singapore Savings Bonds via POSB?

I also have a $30k debt with OCBC for my student loans. Should I pay that off first? The interest rate seems higher than SSB but the idea of giving all my hard-earned money to a bank feels bad.

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Netizens’ comments

  • Are you paying your student loan by installment? Personally I would try to pay off the loan asap, any balance I would place it in SSB.
  • Best to pay off your debt first unless you manage to beat the interest rate of your loan
  • Agree with the rest as well that paying off your study loan first jf possible. Saved and scrimped during the first ten months of my first job to pay off the loan when I first graduated. Feel so relieved until the next debt – housing.
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