Personal Finance

Financial planning is increasingly important in Singapore, with three in four people preparing for retirement. Yet, few meet the financial benchmarks set by the Monetary Authority of Singapore (MAS). Trusted financial advisors like Financial Alliance and Providend provide expert, personalized guidance to help build emergency funds, secure insurance, and ensure long-term financial security. This article … Read more

As Singapore’s cost of living continues to rise, many are wondering if wages are keeping up. According to the Ministry of Manpower, nearly a third of companies plan to raise salaries in early 2024. With the median gross monthly income at S$5,197, will these increases make a difference? In high-demand areas like the Core Central … Read more

Digital banks have become increasingly important as more people prefer the convenience and efficiency of online banking.  Despite economic challenges and high-interest rates, Singapore’s digital banks are poised for significant growth in 2024. Since late 2022, Trust Bank, GXS Bank, and MariBank have made remarkable progress in serving customers.  This article highlights the top 10 … Read more

Short-term endowment plans give you a cash benefit plus an insurance against undesirable and total disability events. Learn more about them here.

About 1.5 million Singaporeans will receive up to S$850 in GST vouchers in August 2024. This includes an additional S$150 or S$100, announced during Budget 2023 by then-Deputy Prime Minister Lawrence Wong. The GST Voucher scheme aids lower-income Singaporeans with living and GST expenses. This year’s increased payout, either S$850 or S$450, underscores the government’s … Read more

In today’s economy, maximizing every dollar is crucial. The head of financial planning literacy at DBS Bank emphasizes the importance of boosting financial literacy through budgeting, saving, and investing. Budgeting apps have become vital for Singapore residents, aiding in tracking expenses, setting financial goals, and achieving financial stability. According to Ms. Tan, monitoring expenditures helps … Read more

Choosing the right savings account is crucial in today’s economic climate, especially as interest rates fluctuate and banks adjust their offerings. Last week, Channel News Asia reported that UOB and Standard Chartered Bank cut the bonus interest rates on their flagship savings accounts, highlighting the need for savers to stay informed and proactive. With the … Read more

Financial planning is crucial for Singaporeans amid rising costs of transportation, utilities, and other essentials. The Assurance Package in Budget 2024 aims to ease cost-of-living concerns for low- and middle-income households. However, middle-income families still face financial pressure from caregiving and loan repayments, making effective management vital for couples and business partners. Joint accounts streamline … Read more

Singapore remains an attractive destination for foreign real estate investors, despite a recent hike in the Additional Buyer’s Stamp Duty (ABSD) rate from 30% to 60%. Experts like Hutton Asia’s Mr. Lim suggest that while the higher tax may initially deter foreign buyers, the city-state’s appeal as a comfortable and safe environment might encourage some … Read more

Amidst escalating living costs and inflation, side hustles are becoming crucial for those seeking to boost their income. The potential to earn up to an extra S$5,000 a month beyond the median monthly income of S$5,197 as of January 2024 has drawn many into the gig economy.  This shift, fueled by both need and ambition, … Read more