Most people don’t really have a financial plan. They have a stack of decisions made at different times and for different reasons: a policy taken up years ago, savings sitting in one place, an investment in another, a few things they always meant to sort out. Each one made sense on its own. Side by side, they don’t add up to a system.

Where do you start? And what should you focus on first?

I set out to condense the core areas that actually matter and organise them into a single order you can work through, one that’s simple to follow without skimming over the detail.

The result is what I call the wedding cake strategy: my own take on how to bring your finances into one system and improve them, starting today.

This topic is wide, so throughout the article I’ll link to related subtopics if you’d like to go deeper on any of them.

Note: this content should not be taken as formal financial advice.

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Despite being a small country, Singapore is fortunate to have achieved great economic progress over the years. In general, most Singaporeans have higher incomes and greater wealth now than ever before, partly thanks to the availability of personal finance products that help them save and invest more effectively.

But, does that mean that everyone has benefitted from the country’s success?

In most developed countries, including Singapore, the gap between the rich and the poor is prevalent.

Are the rich getting richer? Are the poor getting poorer?

In today’s article, we’ll look at some statistics that show the degree of income and wealth inequality in Singapore.

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You may have heard that Singapore is run like a corporation, and a successful one at that. 

The country has seen significant growth in GDP since its independence back in 1965, and now its GDP per capita is amongst the highest in the world. 

The coffers of Singapore’s government and its population have grown in size too. 

How rich is the country and its people? And how did Singapore get so rich in the first place? 

Today, we explore the answers to these questions. 

So, read on!

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Have you been spending more or less during the COVID-19 pandemic?

Some Singaporeans mentioned they’ve been saving more, while some say they have been spending more.

We were curious to find out how the pandemic changed the landscape of consumer spending in Singapore.

In this article, we present the most updated findings, including interesting consumer spending statistics, habits, and patterns in Singapore.

Read on to find out more! 

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Because of the COVID-19 pandemic, Singapore had to draw down on its past reserves several times since 2020. For the individual, this is similar to selling off hard-earned savings or investments.

Does it still have enough left in the tank for future use and other emergencies?

Rumour has it that Singapore’s reserves amount to at least S$1 trillion. 

Is it true? How much money does Singapore really have in 2025? 

Let’s find out now.

(Conversion rate used: US$1 to S$1.35)

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How does your household’s net worth stack up against others in Singapore?

Your net worth is the clearest measure of your financial health. It is the sum of all your financial activities over the years: how much you have earned, saved, invested, and borrowed. A high net worth does not happen by accident. It is built deliberately, over time.

For the first time, the Singapore government has published a comprehensive, official breakdown of resident household wealth.

In this article, we break down the key statistics using the latest government data.

All figures are in Singapore dollars unless otherwise stated.

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While filing your taxes, you may have come across the life insurance tax relief. 

It sounds straightforward – you’ve paid for your own life insurance so you can claim that relief to reduce your taxes.  

However, do you know that it’s difficult to qualify for it? A large portion of Singaporeans don’t qualify.

Today, we take a deeper look at the life insurance tax relief, and at the end, you’ll know whether you’re eligible or not.

So, read on! 

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Did you know that income tax reliefs have been capped at $80,000 since 2018?

If you noticed this, did you also wonder about these two things:

1. How much income do you need to earn to be affected by this regulation, and
2. How can you maximise and ensure you get the full tax relief?

Let’s find out the answers to these questions now!

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One of the most certain things in life is this: You cannot run away from paying income tax.

Every April, all working Singaporeans will be busy filing their taxes – and some really feel the pinch especially if they have made substantial earnings that year. 

The income tax is not fixed – it progressively increases as you earn more annually.

According to IRAS’s tax calculator, you need not pay taxes on the first $20,000 you earn. The next $10,000 of income will incur 2% tax. And the tax rate increases the more you earn. The highest personal income tax rate is pegged at 22%, and this is for those who earn more than $320,000 per annum. 

However, there are 15 ways you can reduce the total income tax legally. Before we dive into these 15 methods, you will need to understand what tax reliefs and tax rebates are. 

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A 2020 survey by HSBC showed that unexpected expenses and reduction of income are 2 of the top 3 financial concerns of all respondents across all financial fitness levels.

Ironically, a separate survey showed that only 1 in 3 Singaporeans have enough put away to last them 6 months.

Most of us are worried about these unexpected expenses but only a third of us are prepared to face it; only a third have what most financial advisors would consider as a good sized emergency fund.

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