Finance suggestions: 3 misconceptions to ditch about cash

Finance tips: 3 misconceptions to ditch about money
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Navigating the world of finance? We debunk three misconceptions referring to saving, investing and insurance coverage.

Relating to private finance, it will probably typically really feel like we’re wading via uncharted waters. However concern not: we’re right here to assist. Let’s delve into the frequent misconceptions round cash that it is best to know. Hold scrolling for 3 of the frequent myths to shelve in relation to saving, investing and insurance coverage.

False impression 1: Purchasing throughout sale season saves cash

Money misconceptions citi
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Image this: you’re strolling round your favorite shopping center and you notice an indication that claims “50% off!”. Who can resist, proper? You purchase an incredible outfit which you’re positive you’ll put on to an occasion sooner or later. Quick ahead a 12 months, and it’s nonetheless sitting in your closet with the worth tag on.

We’ve all been there – whether or not it’s shopping for garments or magnificence merchandise on low cost, or stocking up on meals gadgets we spy alongside the promotional aisle – many people have picked up spontaneous hauls solely to understand we didn’t actually need them in any case. Low cost buying could not all the time be a money-saving hack, particularly if the gadgets you buy find yourself unused for an prolonged time period. Now, it’s time to ditch this frequent false impression and undertake a simple strategy to save!

Give your financial savings a lift with the Citi Curiosity Booster account. With an upsized base rate of interest of 1.5% p.a. (beforehand 0.3% p.a.), now you can develop your financial savings steadily. Plus, unlock bonus curiosity while you do extra with Citi Plus – merely make investments, insure and extra to earn as much as 4.0% p.a. curiosity in your financial savings.

As a Citi Curiosity Booster account holder, additionally, you will get pleasure from an extra 0.4% cashback on the Citi Money Again+ Mastercard – bringing your limitless cashback to 2.0% and translating to extra financial savings while you store. The following time you see that ‘sale’ signal, keep in mind: it can save you extra successfully with Citi Plus.

False impression 2: You want some huge cash to start out investing

Money misconceptions citibank
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The world of investing can typically really feel like a members-only membership. In the event you assume that you just want mountains of cash to start out investing, you then’re very mistaken. The excellent news is, you don’t want a fortune to kickstart your funding journey.

With Citi Plus, you can begin investing with as little as $100 for chosen funding funds. With Citi Plus turning 1, you may benefit from superb limited-time promotions, together with 0.5% gross sales cost on funding funds, 0% unfold on first three qualifying overseas alternate transactions (as much as $120 in money rebate), in addition to six months commission-free purchase trades on-line for U.S., Hong Kong and Singapore markets to assist ease you into the world of investing (T&Cs apply).

Funding merchandise and options apart, you can even degree up your wealth information as a Citi Plus buyer with the curated content material and insights inside the Citi Cellular app.

False impression 3: You solely get insurance coverage as and when required

Money misconceptions 1
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What number of of you establish with serious about insurance coverage solely throughout particular events (comparable to earlier than you go on a visit) or as a result of it’s required (for instance motorcar or hearth insurance coverage)? Don’t get us fallacious; they’re important, however there’s an array of different insurance coverage options that you need to be contemplating relying in your targets and funds, for safeguarding your well being and wealth, securing your monetary future and extra. These insurance policies may help with defending your well being and wealth, securing your monetary future and extra. In the event you’re undecided what you want, Citi Plus may help you establish safety gaps and discover the insurance coverage options suited to your wants.

Oh, and did we point out the fab promotions? You may snag an Aesop journey set while you full a “Reality Discover Evaluation” with a gross sales advisor from Citi. On prime of that, obtain a $100 GrabGifts voucher while you buy an eligible AIA insurance coverage plan via Citi.

Trying to supercharge your funds? Try Citi Plus, the all-in-one digital wealth answer. Whether or not you’re searching for an upsized rate of interest in your financial savings, limitless cashback, or a complete suite of digital banking instruments to develop and shield your wealth, Citi has you lined.

Plus, Citi Plus is celebrating its first birthday with upsized rewards and promotions! Be part of Citi Plus from now to 31 Dec 2023 to be mechanically enrolled in a fortunate draw the place you would possibly simply win a pair of round-trip tickets to Hong Kong from Singapore Airways. Get forward in your wealth journey with Citi Plus – and stand an opportunity to win tickets to your subsequent vacation!

This submit is in partnership with Citi Plus.