Personal Finance
Budget 2024 – changes to our personal finance strategies
By Singapore's Budget Babe  •  February 19, 2024
There’s been a lot of news coverage about what Budget benefits you can get, so I won’t go into detail here, but I wanted to focus on the changes in one’s personal finance strategies that this year’s Budget announcements has called for. These include:
  • New changes to CPF funds and RA caps, after age 55
  • Why this may spell the death of the popular 1M65 movement
  • Changes to cash top-ups for parents under the Matched Retirement Savings Scheme
  • Potentially more tax reliefs for supporting your dependents
Let’s start first with the good news – the cash vouchers and goodies for every Singaporean.
  1. More vouchers and rebates for individuals and households 
This graphic by Today gives a great summary of what we can each expect to get: Tip: Don’t get too excited and start spending this money as a “bonus”. The payouts are meant to help offset the rising cost of living and 1% GST increase...
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By Singapore's Budget Babe
Budget Babe is an ordinary lady striving to achieve financial freedom in Singapore before the age of 45. She is always looking for cost-effective ways to live a fulfilling life in amidst Singapore's rising costs, and writes in order to empower fellow Singaporeans on taking charge of their own lives and finances. The final goal is to eventually break free from the competitive rat race. Will I meet you there? ...

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