- understand where your money goes to
- systematic in identifying areas to improve
- accelerate towards financial independence
Main content
CPF
Mandatory to contribute as a working singapore, so better learn about how it works.
Some tips:
- to get tax-relief, top up medisave then Special account. because excess medisave funds will flow to your special account (if it has not hit full retirement sum).
- If not settling down so soon, can transfer some OA to SA, to accelerate the compounding effect of better interest.
Managing Expenses & Optimising Savings
Straight forward and applicable to all! fundamentally, the better you are at doing this, the faster you can accumulate capital/savings.
- Spend your effort wisely. Fix the recurring expenses then the one-off big expenses. you can do so by tracking your monthly expenses for a start.
- Use bonus interest accounts that fit your lifestyle. Do not spend more just to earn that bit more.
Investing savings
This is the capital, making it work harder for you needs skill. If there is no plan or skill, you are better off just putting them in banks, while you are building up this skill
- personally i trade ( I am systematic about it, read it here) and also invest (read it here). I could do better in investing also, but thats a separate post all together.
- can also consider a side hustle ( give tuition, ecommerce selling stuff) or starting a business.
In Summary
- learn something about CPF, because contributing to it is inevitable
- come up with a plan for your expenses and savings
- pick up a skill that can help make your money work harder for you
you may like to watch my youtube if you prefer videos
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