​​CPF Contribution & Allocation Rates in 2022: A Simple Explanation

cpf contribution and allocation rates singapore

Financial planning becomes essential once you enter the workforce. 

An integral part of it all is the Central Provident Fund (CPF). 

Although CPF draws flak for being “forced savings”, its use is undeniable. For example, part of your CPF savings can be used as a downpayment for your property or to repay your mortgage loan. Without this savings scheme, how many people are able to buy a house when the time comes? 

Contributing to your CPF also comes with multiple benefits, especially towards saving for your retirement. This is why understanding and being able to utilise all of what CPF can offer will absolutely improve your financial health. 

Today, let’s take things slow and just look at CPF contribution and allocation rates. 

So, read on!

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How to Get Insurance in Singapore With a Pre-Existing Medical Condition

insurance for pre-existing conditions singapore

Insurance is always best bought when you’re young, as the chances of you having a clean bill of health are much higher, and you’re thereby able to receive the full extent of insurance coverage. 

However, some groups of people would say that insurance isn’t urgent and they can always buy it at a later age. Indeed, statistics have shown that the probability of getting a critical illness or death is greater at older ages. 

But there are two things to take note of. 

Firstly, such uneventful events can still happen at earlier ages, and they often have a far greater negative impact on you and your family’s finances. Secondly, even if only minor illnesses come up, they’ll still affect the chances of you getting approved for insurance in the future. 

Perhaps no one has told you that before. If you find yourself in that situation, what are your options? 

Although we can’t reverse time, here are some things you can do if you want to get insurance with a pre-existing medical condition.

So, read on! 

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What Is SDIC Insurance in Singapore (& Why Should It Matter)?

sdic singapore

You may have seen this phrase: “protected up to specified limits by SDIC” in product brochures and advertisements by financial institutions.

What exactly are you insured for and how much is the limit?

In this article, we cover all that and took a deeper look into SDIC in Singapore and the schemes it administers.

So, read on!

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School Fees in Singapore: The Total Cost of Education (2024)

school fees in singapore

Benjamin Franklin once said, “Investment in knowledge pays the best interest”. Although Benjamin Franklin lived in the 18th century, his words are still relevant today.

However, the total cost of investing in knowledge would look quite different in the 21st century.

How much should a parent expect to pay for one child’s education journey from preschool to university?

We take a closer look at the average total cost of education in Singapore, for both public (government schools, unless otherwise stated) and private schools (including international schools).

(All figures are quoted in Singapore dollars.)

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Investing in Bonds (Singapore): How Are They as Investments?

bonds investment singapore

More people are seeing the wisdom of investing early to grow their wealth.

As one of the more common types of financial instruments in the market, bonds are something that everyone should definitely seek to understand before deciding which tool to invest in.

In this article, you’ll get to understand how bonds work and what are the different types of bonds out there in the market.

So, read on!

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Fixed Deposits in Singapore: Interest Rates, Alternatives & More (2021)

fixed deposits singapore

Investing your hard-earned savings wisely helps you combat inflation and gain higher returns.

Maximising returns is desirable as it can help you to achieve your financial goals more quickly.

According to statistics, over half of all Singaporeans are aware of this and have investments in stock or equities. However, stock and equities are not the only way to store your wealth.

Among the variety of options available, fixed deposits in Singapore are one of the safest and easiest long-term investment instruments to understand.

If you are simply looking for a simple, passive instrument to store rather than grow your wealth, fixed deposits may be of interest to you.

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4 Types of Singapore Government Securities (SGS) to Know

singapore government securities (SGS)

Do you fall within the majority of Singaporeans who are invested? Which instruments have you chosen to invest in?

Bonds are one of the most popular forms of investments in Singapore. This is because they generally pose lower risk than stocks and equities.

Even within this category, there are many different types of bonds, with Singapore Government Securities (SGS) being possibly the most secure.

In this article, we’ll cover the different types of SGS and more.

So, read on!

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Singapore Savings Bond (SSB): Review on the Interest Rates [2022]

singapore savings bonds (SSBs)

When the first Singapore Savings Bonds (SSBs) were introduced, the demand was high as there were very few safe investment options which provide high potential returns.

Over time, the returns of SSBs have gone down. Is it still a viable option now?

In this article, we’ll take a deeper look at what the SSB is all about, the current and historical interest rates, and the pros and cons.

So, read on!

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How Much Pocket Money (Allowance) to Give Your Children

how much pocket money to give your children singapore

Do you remember how much pocket money you received from your parents when you were in school?

Back in our day, it was common to receive between $2 – $10 per day. However, that was when you could still get a full meal at $2, and maybe even a nice ice cream cone from McDonalds at $0.25!

Fast forward to the present, there is no doubt that times have changed immensely, and the price of food, travel expenses and school supplies have risen. What used to be your daily allowance may not suffice for your child today.

At the same time, it is prudent not to overestimate the allowance they require – I’m sure you’ve seen primary school kids having $9 fancy frappuccinos at Starbucks with their friends. 

The amount of pocket money you give to your child will be a big factor in helping them to learn the value of money and train them to become financially literate, setting them up for success in life.

This article will give you some tips and tricks on how to decide the amount of daily allowance to give to your child at the different stages of their life – from primary school all the way to university.

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Average Tuition Rates in Singapore: Private (Home) vs Group (Tuition Centres) [2022]

average tuition rates singapore

Have you ever wondered (or calculated) how much a Singaporean parent pays for tuition for their child?

For those unfamiliar with Singapore’s context, tuition doesn’t refer to school fees – it refers to additional private engagements with tutors outside of school, who help to guide and prepare students to ace their examinations.

It has pretty much become a normal part of a child’s education journey in Singapore, especially if their parents are focused on getting them the best chance to ace the high-stake examinations like the PSLE and O-Levels. Their examination results determine the kind of schools they can enrol in and the opportunities they will have in the future.

I was curious to find out how much a couple may need to set aside if they would like to enrol their child for tuition sessions, starting from pre-school all the way to secondary school.

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