Financial Goals February 2021

Financial Goals February 2021

Above is the progress of me reaching my targeted financial goals for February 2021. As you can see from the chart, the total value of my financial assets have decreased by 0.5% from January.

The decline is due to increased spending during the Chinese New Year period which resulted in less cash in my savings account.

The total value of my financial assets comprised of the following

  • Insurance savings (NTUC RevoSave, Singlife, Dash EasyEarn, Dash PET)
  • Savings accounts (POSB, OCBC, CIMB)
  • Singapore Savings Bonds
  • Current value of my stocks
  • Forex
  • Supplementary Retirement Scheme

Singapore Savings Bonds

In February, I have collected the following interest payout from the Singapore Savings Bonds I have bought every month over the years. The payout is sufficient for a daily cup of coffee throughout the month.

  • February 2020 (GX20020V)
  • August 2019 (GX19080E)
  • February 2019 (GX19020V)
  • August 2018 (GX18080F)

Dividends

No dividends received at this point of writing. However, I am expected to receive the dividends payout from SPH REIT and ParkwayLife REIT on 26th February.

Forex

Forex ROI February 2021

Forex ROI declined further to 7.54%. Not a fantastic month.

Renewing Open Electricity

Open Electricity

I am renewing my open electricity. It has been 2 years since I switched to an open electricity retailer. Back then, there were two standard price plans which are the Fixed Price Plan and Discount Off the Regulated Tariff Plan. I have opted for the Fixed Price Plan with SembCorp Power at 17.78 cents per kWh.

I have received a letter from SembCorp Power notifying me to renew my contract with them. Recently, I have heard from my friend that there was a lack of discounts given for renewal with the same open electricity retailer. So the big question comes. Should I renew my contract or switch to another open electricity retailer? Should I choose the fixed price plan or discount off the regulated tariff?

Below are the price plans that I have gotten from the individual open electricity retailer’s website.

Fixed Price Plan Discount Off Tariff Plan
Retailer 12 months 24 months 12 months 24 months
SembCorp Power 16.99 17.63 25.10% 23.60%
Tuas Power 16.99 17.63 25.11% 22.00%
Keppel Electric 17.45 17.69 NA 23.00%
Senoko Energy 17.18 17.63 25.00% 23.60%

As you can see above, SembCorp Power and Tuas Power offers the most competitive rates for their Fixed Price Plan (12 or 24 months). If you are going for Discount Off Tariff, I will go for Tuas Power (12 months) and SembCorp Power or Senoko Energy (24 months).

Below is the Electricity Tariff from 2017 to 2021. The orange and green lines give you an indication of how much you will be paying per kWh if you decided to opt for the discount off tariff plan.

Electricity Tariff 2017 to 2021

The downside of opting for the Discount Off Tariff plan is that when electricity prices suddenly hikes, you are actually paying more than the fixed price plans.

With all my research done, I have decided to renew my contract with SembCorp Power.

Even though SembCorp Power’s 12 months contract offers a lower price, I dislike the administrative work of having to do my research and renewal that soon. Thus, I opted for the 24 months plan.

I believe electricity will get more expensive and thus I am taking on the 24 months Fixed Price Plan whereby I will be paying 17.63 cents/kWh.

If you wanted to sign up for SembCorp Power Price Plans after reading this, use my referral code 8XSWFGMN to earn $20 bill rebates. Bill rebates will be used to offset your monthly electricity bills.