As an accountant, I find the P&L approach towards my Income & Expenses and the BS approach towards my Assets & Liabilities to be an effective way to approach my personal finances. After all, the numbers don't lie and are less open to interpretation. Every month, some of our income goes towards managing our expenses and reducing our liabilities, while the remainder of our income goes towards increasing our assets. However, there is a portion of our monthly income that we never receive as cash and this refers to the Central Provident Fund (CPF) contributions from our employers and us. These contributions get allocated directly to the Ordinary Account (OA), Special Account (SA) and Medisave Account (MA).
CPF is one of those topics that is almost always going to be mentioned in a personal finance blog. There is plenty of online content discussing CPF's merits and demerits. I reckon it ......