Eh, Singaporeans, feeling the pinch? We all know the struggle – high cost of living, the pressure to keep up, and the constant worry about our future. But don’t worry, lah! We’ve dug through a bunch of videos to find some real, actionable tips to help you level up your personal finance game. Let’s get started!
Maximize Your Cashback & Miles
Forget just sticking to one card, hor? Turns out, a smart combo of cashback and miles cards can really boost your rewards. For example, the UOB One card can give you up to 8.33% cashback if you hit the spending tiers, especially at places like 7-Eleven and Grab. But don’t just stop there! Use cashback cards for your daily expenses and then use services like CardUp to convert that cashback into miles. This way, you can fly business class sooner than you think!
- Actionable Tip: Combine cashback cards like UOB One or DBS yuu with miles cards like KrisFlyer UOB.
- Example: Use DBS yuu for groceries and UOB PRVI Miles for other expenses to earn miles faster.
Supercharge Your CPF
Your CPF isn’t just for retirement, you know? It’s a powerful tool for growing your wealth. While your CPF OA earns a minimum of 2.5% interest, you can potentially get higher returns by investing it. You can invest in low-risk options like T-bills or higher-risk options like ETFs. Also, don’t forget to top up your CPF accounts (Special Account or Medisave) to maximize tax relief. And remember, the Basic Healthcare Sum (BHS) is increasing to $75,500 in 2025, so plan your Medisave contributions accordingly.
- Actionable Tip: Explore investing your CPF OA through a CPF Investment Scheme account.
- Example: Consider low-risk options like Singapore T-Bills or ETFs like SPDR STI ETF.
- Actionable Tip: Top up your CPF accounts to maximize tax relief, especially before the end of the year.
Don’t Let Your Money Sit Idle
So many Singaporeans are letting their money sit in low-interest accounts, sian! Don’t be one of them! There are better options out there. For example, UOB One and OCBC 360 accounts offer higher interest rates if you credit your salary and spend on their cards. If you don’t have a fixed salary, consider options like Mari Savings Account or GXS Boost Pockets. And if you’re looking for fixed returns, check out Singapore Savings Bonds (SSB) or T-Bills. The key is to move your money around to maximize your interest.
- Actionable Tip: Explore high-interest savings accounts like UOB One or OCBC 360.
- Example: Consider moving funds between accounts to maximize interest, such as using OCBC 360 for salary crediting and then transferring to HSBC EGA for higher fresh fund interest.
Escape the Rat Race
It’s not just about saving and investing, leh. Many Singaporeans are stuck in the ‘rat race’ because they prioritize appearing rich over actually being rich. Instead of just focusing on budgeting, try to create value at scale. This could be anything from starting a side hustle to improving your skills. And remember, even small steps can make a big difference. So, identify a problem, create a solution, and work consistently towards it.
- Actionable Tip: Focus on creating value and building high-income skills.
- Example: Look for opportunities to solve problems and create solutions, even on a small scale.
Plan for Retirement, Don’t Panic
Retirement planning can be daunting, but it’s crucial. Don’t just keep your retirement funds in low-interest bank accounts. Invest them! Even a small return can make a big difference over time. And don’t panic about the upcoming changes to CPF special accounts. Instead, consider paying off your mortgage, contributing to enhanced retirement sums, or building an investment portfolio. Start early and make informed decisions. And remember, it’s okay to have more than $400,000 in your SRS, especially with the favorable tax treatment of withdrawals.
- Actionable Tip: Invest your retirement funds to outpace inflation.
- Example: Consider investing in equities or ETFs, and don’t be afraid to exceed the $400,000 limit in your SRS.
So there you have it, some real talk about personal finance in Singapore. Remember, it’s not about getting rich quick, but about making smart choices and being consistent. Now go out there and make your money work for you, okay?
UOB One Card | One Of Singapore's Highest Cashback Cards by Kelvin Learns Investing
I FOUND The Best Ways To Invest Your CPF Money 2025 by Kelvin Learns Investing
Stucked In The Rat Race? | Here's How To Get Rich by Kelvin Learns Investing
The Best Places To Park Your Money In Singapore 2025 | UPDATED by Kelvin Learns Investing
Stop Earning Miles! Why You Should Use Cashback Cards Instead by Kelvin Learns Investing
How Much Is Needed For Retirement? You Won't BELIEVE Their Numbers! | Retirement Planning Singapore by Josh Tan – TheAstuteParent
Why it is OK to have more than $400,000 in SRS by Chris @HoneyMoneySG
My CPF Strategy for 2025 (New Medisave BHS) by Chris @HoneyMoneySG