interest-ing

Received the quarterly statement for my special savings account (I use POSB’s MySavings Account) yesterday, and was rather amused (an odd emotion, really!) to see that my savings have been generating about $5 in interest monthly for the past few months. That is around 0.24% interest pa.

My finances and I have definitely come a long way since I started my first official job in December 2010. $5 seems like a rather a small amount, but isn’t really, seeing that my savings generated about $0.24 a month when I first started using this special savings account.

One has to accumulate a certain amount of capital before thinking of investing. I have saved diligently for the past 1.5 years and will hit my magic number by the end of this month. Then I will move into the next phase, building and preserving wealth! Watch this space.

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