Wellness Wednesday: How to Manage your Finances For a Better Head Space

PUBLISHED March 2nd, 2022 06:00 am | UPDATED March 7th, 2022 08:00 pm

Find yourself feeling anxious or unable to sleep whenever it’s time to pay the bills or planning for big purchases? You’re not alone. Money and mental health are more closely connected than you think, and financial stress can often cause anxiety, fatigue, insomnia and depression. Letting this fester can lead to a vicious cycle of poorer mental health and even more financial problems. It’s no wonder then that one in two adults with debts have a mental health problem. 

Getting a headache just thinking about it? Well don’t, because we’ve rounded up some ways on how you can keep your pockets full and your mind clear. 

Grow Your Savings, But In a Safe Place

First of all, maximise your savings by placing it somewhere that it can grow. Everybody loves a good interest rate, but that’s not the only thing you should care about. After all, high yield products may give you fast results, but you could also risk losing your money overnight. That’s not a very calming thought, is it? 

The best thing to do is look for a product with a risk level that you’re willing to accept. In this environment of uncertainty, insurance savings plans such as Dash PET by Etiqa Insurance are a safe way to get more value from your savings. 

A plan that helps you Protect, Earn and Transact, Dash PET currently gives you the highest returns** of 1.5%* p.a. on your savings, affordable (read: free) insurance coverage, and an easy way to transact. On top of that, enjoy peace of mind knowing that Dash PET is capital-guaranteed. That means you’ll never lose the money you’ve put in!

All you have to do is save from as low as S$50 and up to S$30,000 to enjoy the following features: 

• Best interest rate** of 1.5%* p.a.: Enjoy 1.3%* p.a. and 0.2%^ p.a in bonus interest when you opt in for free protection, on the first S$10,000 of your savings. For savings above first S$10,000 you earn 0.3%* p.a.
• Enjoy free protection: Get free COVID-19 coverage, including vaccine side effects, and complimentary Death & Total and Permanent Disability^ coverage of up to $50,000.
• Capital-guaranteed savings: Your money is safe from external markets and fluctuations.
• No lock-in period: Enjoy the flexibility of topping up or withdrawing your funds anytime without any penalties.

You’ll also be pleased to know that Dash PET is protected up to specified limits by SDIC. 

Plan For Life’s Unexpected Events

If there’s one thing that COVID-19 taught us, it’s that you’ll never know what kind of curveballs life will bring. Trust us when we say those curveballs will come. And when that happens, you don’t want to be caught unprepared. Here are two ways to do so. 

Build an emergency fund

The general rule of thumb is to have enough in your emergency fund to cover at least three to six months of your expenses. This ensures you have sufficient money to live, and gives you time to recover if you have to take time off work or find a new source of income. Also make sure your emergency fund is kept somewhere safe and liquid like Dash PET, where your money isn’t locked in for a fixed period and you can retrieve it anytime. 

Protect yourself with insurance

With the rising cost of healthcare, insurance is the one thing standing between you and a hefty medical bill. By having sufficient insurance coverage, you’re also ensuring that you choose to focus on doing what’s best for you, instead of worrying about money. 

If you’re holding back because you think insurance is costly, here’s the good news: Dash PET is offering its users FREE insurance for Death & Total and Permanent Disability^, with coverage of up to five times your account value (capped at S$50,000). Opting in for this free coverage also gives you a bonus interest of 0.2% p.a^. on the first S$10,000 of your savings! 

If you prefer more protection, you can also boost your coverage with Dash PET’s add-on protection plans – Major Cancer, Accidental Death and Death & Total and Permanent Disability – with premiums starting from a very affordable $0.02 a day (based on S$10,000 sum assured for a 17 year-old female non-smoker). Once again, you’ll receive bonus interest, but this time you’ll earn up to 0.25%# p.a. for each protection plan that you activate.

Live Well and Spend Smart

Once you’ve done the basics – in other words, saving what you can and protecting yourself with insurance – the next best thing you can do for your finances (and wellbeing) is to be selective with your spending. 

By this, we don’t mean scrimping on every dollar, or choosing the cheapest option each time. Instead, prioritise quality over quantity; pay yourself first by spending on things that are beneficial to you. For instance, splurging on a S$200 monthly gym membership that will help you reach your fitness goals would be a better investment than a S$300 pair of sneakers that you’re only going to wear once. 

When you do spend, be selective about how you pay. As much as possible, choose payment methods that reward you, such as through Singtel Dash – the all-in-one mobile wallet that not only houses Dash PET but also gives you reward points each time you dine, shop, commute and remit. The points can then be redeemed for vouchers at Grab, foodpanda, Cold Storage, and more. Did we also mention that all Dash users are privy to curated deals from brands like Shopee, Zalora and Agoda? Now that’s a smarter way to spend. 

Enjoy Peace of Mind with Dash PET

Knowing you’ve managed your money well can be a great mood booster, and with Dash PET, that’s more than possible. Whether it’s growing your money responsibly, protecting you against life’s curveballs, or helping you get more out of your money by spending smart, Dash PET is a versatile product that helps you manage your finances better. 

From now till 31 March 2022, be rewarded with S$10 cashback when you sign up for Dash PET and save S$5,000 or more. Visit dash.com.sg/dashpet for details.

To sign up, launch Dash > Home screen > Grow Money. Singtel Dash is available to all users, regardless of telco. You can download the app via this link here. 

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This article is written in collaboration with Singtel Dash.

 Disclaimers:

• The information in this article is meant purely for informational purposes and should not be relied upon as financial advice.
• **Compared to similar digital insurance savings plans available for subscription, as at 9 September 2021. This comparison does not include information on all similar products. Etiqa Insurance does not guarantee that all aspects of the products have been illustrated. You may wish to conduct your own comparison for products that are listed in www.comparefirst.sg
• *For the first policy year, 1.30% p.a. up to S$10,000 and 0.30% p.a. for subsequent amount in Account Value. Crediting rate is non-guaranteed.
• ^Additional 0.2% p.a. to the existing 1.3% p.a. returns for your first S$10,000 Dash PET savings during the first policy year while the complimentary protection is active. Complimentary Accidental Death coverage will be offered for the same duration if you are not eligible for this add-on protection. Sum assured will be based on your age and occupation.
• #Additional interests of up to 0.25% p.a. from each activated payable add-on protection applies to the first S$10,000 account value of your active Dash PET policy.
• Dash PET is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). This advertisement is for general information only. Terms apply. Full details of the policy terms and conditions can be found in the policy contract on dash.com.sg/dashpet. Protected up to specified limits by SDIC. As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is accurate as of 2 March 2022.

Top Image: Joshua Earle on Unsplash