Durians!!

Recently, I heard from my colleagues that there are cheaper durians from Malaysia to Singapore.  There was a rumour claiming that Musang King durians were selling for cheap as they were rejected by China due to high levels of insecticide.

I am glad AVA mentioned that the durians in Singapore are safe to eat. The New Straits Times also called the messages "fake news" in an article.

Time to indulge in durians this weekend without fear of being poisoned!

GST could go up 2 percentage points in Budget 2018

The Goods and Services Tax (GST) is likely to be raised by two percentage points in Budget 2018 as Singapore's spending needs continue to grow, according to DBS senior economist Irvin Seah.

http://www.straitstimes.com/business/economy/gst-could-go-up-2-percentage-points-in-budget-2018-dbs-economist

Guess I will reduce my trips to restaurant and shopping malls.
Or rather I will look for those GST-free places to spend my money on.

Should I contribute to SRS account?

Contributions to SRS are eligible for tax relief, subject to a cap on personal income tax relief of $80,000 per Year of Assessment from Year of Assessment 2018.

Investment returns are accumulated tax-free and only 50% of the withdrawals from SRS are taxable at retirement (referred to as a “50% tax concession”).

Please refer to MOF website for more information.

So, will I contribute to SRS account?

No. I am planning to contribute $7K yearly into CPF SA until it hits the minimum sum. This will allow me to enjoy the compunding effect of the 4% p.a. interest in CPF SA and also the tax saving of 7K every year.

I will only consider contributing to SRS account after my CPF SA minimum sum is reached.

One of the right way to grow your money is to make sure you don't lose it.

Who will help you win S$50,000?

DBS Christmas 2017 Spend & Redeem

Minimum spend of $100  must be in a single receipt with DBS/POSB credit or debit card to redeem a sure-win gift. One qualified receipt = one gift.

Promotion is valid till 31 Dec 2017; or whilst stock last.

Available for the first 1,400 registrations daily; 6 plays per cardmember per day.

Launch DBS Lifestyle app and tap on 'Christmas 2017 Spend and Redeem'.

Enter your Full Name, NRIC/Passport Number, 15/16-digit Card Number (used for your purchase), and amount spent.

Select a gift box!

Click here for full terms and conditions.



P.S. I just won $10!  😊


03 Dec 2017: This promotion is getting popular. For the past few days, the promotion is fully redeemed by 9am!

Lady Knox Geyser

https://en.m.wikipedia.org/wiki/Lady_Knox_Geyser

So if you ever get to visit this, be sure to keep a distance to avoid getting wet.

Alternative to Singapore Savings Bond (SSB) - DBS Multiplier Account

Singapore SAvings Bond (SSB) gives a guaranteed yield of 2.16% p.a. (based on NOV 2017 issue) if held for full 10 years. If you decide to redeem your savings bond early, you will still receive a lower return.

What if you do not plan to hold it for the full 10 years?

You should consider opening a DBS Multiplier Account.

Simply credit your salary and spend any amount using DBS credit card will get you 2.08% p.a. on the first $50,000 balance in your Multiplier account. There's no minimum salary credit or credit card spend required!

Note: You can get higher interest! Read here.

Best Endowment Plan in Singapore?

Recently a friend asked me if I know of any good endowment plan in Singapore.

My advice is simple:

Consider the endoment plan only if the guaranteed yield is > 2.16%.

Why?

Typically, the principal amount contributed to endowment policies is not guaranteed.

Singapore SAvings Bond (SSB) gives a guaranteed yield of 2.16% p.a. (based on NOV 2017 issue) if held for full 10 years. If you decide to redeem your savings bond early, you will still receive a lower return. Isn't that great?

In a nutshell, SSB simply offers better and safer returns to some endowment plans.