Redemption of Home Loan in Singapore

I can still clearly remember when we got our Permanent Resident application approval in September 2004. I was heavily pregnant then with Ira, who was due to come out in two months. When we went to get our Permanent Residency documents and our IC, the first thing in our plans was to look for a flat. And so we did. We were lucky to be able to find one that satisfied most of our requirements, sellers who were willing to meet us somewhere in between, and an agent who was very attentive to our needs. So what's the next step?

Golden 7th Birthday Treat

Although Ira celebrated his birthday last year, he still had a post-birthday treat, care of OCBC Mighty Savers.

We received a birthday greeting card days before his birthday (November 12) together with some discount coupons and also a voucher for the Mighty Savers Gold Badge.  He was pretty excited to have this special badge since we've seen it at the Compasspoint branch. I told him he needed to save enough money so he can get this special birthday badge. But since we had a very hectic schedule towards the end of the year, I told him we will avail of this deal when we come back from our holiday. The voucher was valid 2 months from his birthday month. That means he still had until the 12th of January to make his deposit.

OCBC Mighty Savers

One way to make the short school holiday productive is by opening a savings account for the kids (finally!). Although we have been setting aside a specific amount for their college education (we call it edufund) for a few years now, it has always been mixed with our family savings. Sometimes there's confusion as to how much we have really saved for their education. Before I needed to get my files to check the actual amount, but now we can just glance at the passbook and voila! account balance at hand.

9 Lessons in Wealth-Building from The Millionaire Next Door

got this from a forum. The poster (sentinel) got it from another website. I find it really interesting and I'm happy to find out that we are moving on the right track (although not to becoming a total millionaire). At least we are getting somewhere, I guess :)

IT Show 2011

Another IT show coming up!

March 10-13 

Suntec Singapore

Levels 1, 2, 3, 4 and 6

for details: www.itshow.com.sg

Royal Sporting House Warehouse Sale March 2011

at Royal Sporting House

190 MacPherson Road, Wisma Gulab

3-5 March 2011 (Thursday to Saturday)

10am-7pm

Bus services: 8, 61, 64, 65, 66, 90, 151, 154

** You need the original newspaper clipping for the discount

Giordano March 2011 Warehouse Sale extended

Singapore Warehouse

110 Paya Lebar Road #06-03

MRT McPherson Statoin (Circle Line) - exit Arumugam Road

Extended till March 14 

10am-6pm (Mon to Sun)

Popular Sale March 2011

It's back!

One of my most-awaited sales of the year.

SINGAPORE EXPO HALL 5A

MARCH 18:  

• 10AM-3PM (Popular Card members closed door sale)
• 3pm-10pm (Open to public)

MARCH 19-20

• 10am-10pm

Borrowing Money: The what and what not

Source: Money SENSE worksheet on Borrowing Money (2010)

Some of us would probably need to borrow money at some point in our lives. It may be for education, for our home, for some household appliances, or even for some luxury items. Whatever our purpose for borrowing, we should always take into account that "excessive borrowing may lead to financial trouble".

CPF Life

A new retirement scheme provided by the government as an alternative, and improvement, to the Minimum Sum Scheme (MSS) which only lasts for around 20 years.

Opening a Peso Account in Singapore

*** please take note of the revisions done to my bold (in block letters). I have also added some info based on my personal visit to the bank (in italics).


I have been researching on banks wherein we can open the account in Singapore, deposit money here, as well as deposit and withdraw money (peso) in the Philippines. Philippine National Bank (PNB) is offering this service. 

Money Saving Tips

Source: Voices Special Edition 2008. Your Survival Guide. Central Singapore Community Development Council.

Some tips on how we can effectively manage your money. Those in blue italics are my own personal comments/opinions/suggestions.

Pay yourself first

• save at least 10% of your take home pay each month. Or save more if you can. The bigger the savings, the better. 
• you should have an emergency fund equal to 3 to 6 months of your take home pay (in some references, it is suggested to be 3 to 6 months equal to your monthly expenses)

How to save on your utilities

Source: Voices Special Edition 2008. Your Survival Guide. Central Singapore Community Development.

I stumbled upon another old brochure. Sharing some tips and tricks might be useful and applicable to you.

Central Provident Fund (CPF)

What is CPF?

The Central Provident Fund (CPF) is a comprehensive social security savings plan that has provided many working Singaporeans and Permanent Residents (PRs) with a sense of security and confidence in their old age.

CPF for Retirement

Source: Retirement Savings and Withdrawals

CPF is for your retirement

• can be withdrawn upon turning 55, provided the Minimum Sum has been set aside
• You can also withdraw your CPF savings if you leave Singapore and West Malaysia permanently or become permanently incapacitated.
• Members may participate in CPF LIFE or buy approved life annuities with their Minimum Sum to give them a guaranteed income for life. 
• Alternatively, they may place their savings with approved banks or continue to keep it with the CPF Board. 
• The Minimum Sum left with the CPF Board currently earns 4% interest per annum. The interest rate is revised every quarter.

CPF for Healthcare

A portion of our CPF contribution goes to our Medisave Account.

Medisave

• a national savings scheme which helps individuals put aside a part of their income in their Medisave Accounts to meet their personal or their dependants' (spouse, children, parents, grandparents) hospitalization expenses, especially after retirement
• On 1 July 2009, the Medisave Minimum Sum was increased from $29,500 to $32,000.

CPF for Family Protection

Dependant Protection Scheme (DPS)

• CPF members who are Singapore citizens or Permanent Residents, between age 16 and 60, when they make their first CPF contribution are qualified
• helps you and your family to tide over the first few years in the event of an insured member's permanent incapacity or death.
• choice of 2 insurers: Great Eastern Life Assurance Company Limited or NTUC Income Insurance Cooperative Limited
• as DPS member, you can avail of affordable premiums

CPF for Home Ownership

Source: Other CPF Schemes

Ordinary Account savings can be used to buy a home under the CPF Housing scheme.

• Public Housing Scheme - for HDB flats. You need to be insured under Home Protection Scheme (HPS)
• Residential Properties Scheme - for private properties
•  for full or partial payment of the property

Singapore School Tuition Fees

For those sending or planning to send their kids to school in Singapore, here is the updated information on monthly school and miscellaneous fees:

Money Talk

We recently went to the library and I saw this free financial handbook "The Moneysense Guide to Planning for your Family's Financial Future". I found it very helpful and informative for everyone who wants to learn more about budgetting and being prepared financially. I thought I would share this in my blog.