Many goodies were handed out in this year’s Budget. But do you know how to make the most of what you’ll be getting?
There was another service and conservancy charges rebate this year, amounting to 1½-3½ months’ worth.
Here’s how to save more on your bills.
If you haven’t done so, study the plans offered under the Open Electricity Market. There are two types of plans, with slight variations across providers. You can opt for either the “fixed price” or “discount off the regulated tariff” plans. The second option currently gives you up to 25% discount.
Parent of primary school-going kids
Go deposit $150 in your kid’s Child Development Account (CDA).
Why? Because the government is giving your kid that much in extra education subsidies this year. That means his teacher can plan enrichment activities that won’t cost you anything, up to $380, this year. (Each primary school student already gets $230 in Edusave top-ups annually now.)
Money in CDA earns 2% interest, so what are you waiting for?
Income tax payer
Don’t go celebrate the income tax rebate with a nice meal just yet!
Your income tax will be lower by up to $200 in Year of Assessment 2019, Finance Minister Heng Swee Keat announced on Monday.
If you pay tax, you must be doing fairly well for yourself. So, you’re savvy enough to know that you can use whatever unexpected windfall to top up your CPF Special Account and earn at least 4% interest, right?
Of course you also know that you get tax relief on the cash amount you deposit in your CPF!
Regular house party host
Cancel all your parties happening in the next few weeks. Because you’re going for as many short overseas trips as possible to stock up on duty-free alcohol for the more awesome parties you’ll host later on.
Starting from April 1, you can buy only 2 litres of alcohol at the DFS, down from 3 litres.
For the purposes of this article only, this section applies to you if you are born between 1981 and 1996. No, I’m not going into the debate over whether the traits commonly associated with this group is fair or not, mkay.
Anyway, chances are, your folks are from the Merdeka Generation (born from 1950 to 1959), the 500,000 Singaporeans who will gain from this year’s Budget centrepiece handout.
If they haven’t already done so, activate their PAssion Silver cards at any TransitLink Ticket Office or Concession Card Replacement Office.
Your parents and others from the Merdeka Generation get a $100 free top-up to this card, under a hefty $6.1 billion package, comprising mainly goodies to do with healthcare (e.g. a yearly Medisave top-up of $200 from now until 2023, additional MediShield Life premium subsidies for life, and an additional $1,500 for those who join CareShield Life).
With the card, your folks get concessionary fares on public transports, discounted rates for healthy lifestyle activities, among other perks.
Now, go feel good about taking full advantage of this year’s goodies.