Singapore Budget 2024 on 16-Feb-2024

Closing of Special Account at Age 55

Finally the Government is closing up the loophole of the CPF shielding for SA. For people who are aged 55 and above in 2025, after meeting the RA full retirement sum, the Special account will be closed and the excess amount in the special account will be directed to the Ordinary account instead. 

With this new directive in place, it make sense to top up the special account or transfer from Ordinary to Special account at a young age to take advantage of compounding until age of 55 years old. Why do i say so? So that we can take advantage of compounding by the Government. Although the loop hole is closed for 55 years and above, this will benefit the low to middle income people. For those who believe in CPF as well.

$4000 top up to Skills Future and studies 

All Singaporeans aged 40 and above will be given a $4,000 top-up of SkillsFuture credits in May to encourage mid-career workers to refresh their skills and progress in their careers. Below is an extract from Mothership which shows the benefits and lifetime subsidy of 24 months of $3000 (50% of last drawn average pay over 12 months) From what i foresee, a lot of people who are aged 40 and above will be drawn to this and take sort of a break from work to study for full time diploma. Of course it will be subjected to the courses that are available. A lot of polytechnics will definitely benefit from this sudden burst of full time adult learners. My guess is next year, there will be huge influx of students from age 40 and above. People who wants to recharge, take a break and pick up new skills. 

What are the 10 free activities to do with Children in Singapore?

 Singapore offers a range of family-friendly activities that are enjoyable for children, and many of them are free. Here are ten free activities to do with children in Singapore:

1. 1. Singapore Botanic Gardens' Jacob Ballas Children's Garden: This dedicated children's garden within the Singapore Botanic Gardens is designed for interactive play and learning. It features water play areas, treehouses, and educational exhibits.

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3. 2.Playgrounds at Gardens by the Bay: Gardens by the Bay has several outdoor playgrounds, including the Far East Organization Children's Garden with water play features. Admission to the outdoor gardens is free.

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5. 3.East Coast Park: East Coast Park offers a scenic coastline, cycling paths, and large playgrounds. Children can play on the beach, cycle, or explore the park's various recreational facilities.

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7. 4.Bishan-Ang Mo Kio Park's Water Playground: Bishan-Ang Mo Kio Park is home to a water playground where children can have fun splashing around. The park also has wide open spaces for picnics and outdoor games.

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9. 5.Singapore Sports Hub's Splash-N-Surf: Located at the Singapore Sports Hub, the Splash-N-Surf area offers a water play area and a skate park. While there may be charges for some activities, the water play area is free.

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11. 6.National Museum of Singapore (Children's Season): The National Museum of Singapore occasionally hosts Children's Season, featuring interactive exhibits and activities for kids. Some events during Children's Season may be free.

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13. 7.HortPark: HortPark, a gardening-themed park, has open spaces, themed gardens, and a nature playgarden. It's a great place for children to explore and learn about plants.

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15. 8.Singapore's Public Libraries: Singapore's public libraries offer storytelling sessions, workshops, and interactive activities for children. Check the library schedules for free events.

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17. 9.Punggol Waterway Park: Punggol Waterway Park is known for its scenic waterway and playgrounds. Children can enjoy playing in the sand, explore the park, and take in the beautiful surroundings.

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19. 10.Tiong Bahru Air Raid Shelter Playground: This unique playground is located near the Tiong Bahru Market. It features an air raid shelter-themed play area, providing an interesting and fun experience for children.

How to spend only $100 during Valentine's day in Singapore?

 Spending a memorable Valentine's Day on a budget is possible in Singapore. Here's a guide on how to spend around $100 while still having a special and enjoyable day:

1. 1.Picnic at a Public Park: Pack a homemade picnic with your partner's favorite snacks, sandwiches, and a refreshing beverage. Head to a public park like Botanic Gardens or East Coast Park to enjoy a cozy and budget-friendly outdoor meal.

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3. 2.Free Outdoor Activities: Explore Singapore's scenic spots like Marina Barrage, Sentosa's beaches, or the Southern Ridges. Take a leisurely stroll, enjoy the beautiful views, and capture some memorable moments together.

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5. 3.DIY Romantic Dinner at Home: Prepare a homemade romantic dinner together. You can buy affordable ingredients from local markets and cook a simple yet delicious meal. Set up a cozy dinner table at home with candles and soft music for a romantic atmosphere.

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7. 4.Free Cultural Experience: Visit neighborhoods like Chinatown, Little India, or Kampong Glam to soak in the cultural ambiance. Explore the colorful streets, visit temples or mosques, and enjoy the vibrant atmosphere without spending money on attractions.

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9. 5.Affordable Dessert or Coffee Date: Share a sweet moment by visiting a local bakery or cafe for some affordable desserts or a cup of coffee. It's a simple yet delightful way to enjoy each other's company without breaking the bank.

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11. 6.Movie Night at Home: Choose a favorite movie or explore a new one together. Create a cozy movie night at home with homemade popcorn, snacks, and your preferred beverages. It's a budget-friendly and intimate way to spend quality time.

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13. 7.DIY Gifts: Exchange thoughtful and handmade gifts. Whether it's a handwritten love letter, a scrapbook of memories, or a small DIY craft, personalized gifts can be more meaningful than expensive store-bought items.

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15. 8.Free Events or Performances: Check local event listings for free performances, concerts, or art exhibitions happening on Valentine's Day. Enjoy some cultural entertainment without spending money on tickets.

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17. 9.Stargazing at Marina Barrage: Head to Marina Barrage in the evening for a romantic stargazing session. Bring a blanket and enjoy the night sky together. It's a serene and cost-free way to share a quiet moment.

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19. 10.Memory Lane Walk: Take a walk down memory lane by revisiting the place where you first met or had your first date. Reflect on your journey together and reminisce about the special moments you've shared.

Will 4% rule withdrawal rule work in Singapore stock market?

 The 4% withdrawal rule, also known as the Safe Withdrawal Rate (SWR), is a commonly used guideline in retirement planning. It suggests that you can withdraw 4% of your retirement portfolio's value annually, adjusted for inflation, and have a high probability of not running out of money over a 30-year retirement period.

While the 4% rule is a widely recognized concept, its applicability to specific markets, including the Singapore stock market, may vary. The success of the 4% rule depends on several factors, including investment returns, inflation rates, and the length of the retirement period.

Here are a few considerations specific to the Singapore stock market:

Market Conditions: The historical performance of the Singapore stock market, as well as future market conditions, will impact the success of the 4% rule. Different market environments may lead to variations in returns.

Currency Risk: If you plan to retire in Singapore but hold investments in other currencies, currency fluctuations can affect the real value of your withdrawals. Be mindful of currency risk when applying the 4% rule.

Diversification: Diversifying your investment portfolio across various asset classes can help mitigate risks. The 4% rule assumes a diversified portfolio, so it's essential to consider how well your specific investments align with this principle.

Inflation: Singapore's inflation rate will impact the purchasing power of your withdrawals over time. Ensure that your investment strategy considers inflation and adjusts your withdrawals accordingly.

Longevity: The 4% rule is designed for a 30-year retirement period. If your retirement lasts longer, you may need to adjust the withdrawal rate to ensure your funds last throughout your lifetime.

It's crucial to note that no rule is foolproof, and individual circumstances vary. Regularly reassess your financial situation, monitor your portfolio, and be prepared to adjust your withdrawal strategy based on changing market conditions and personal factors.

50 part time jobs that can consider to do in Singapore.

 I compiled a list of 50 part time jobs and the hourly rates that are in Singapore. 

1. Description of the scope of work part time.
2. Retail Assistant: Work in a local store or a mall.
3. Barista/Café Staff: Serve coffee and snacks at a café.
4. Waiter/Waitress: Assist in restaurants or catering services.
5. Cashier: Handle transactions at retail outlets.
6. Customer Service Representative: Work part-time in a call center or customer service role.
7. Data Entry Clerk: Assist with data entry tasks for businesses.
8. Freelance Writer/Editor: Write or edit content for websites and publications.
9. Social Media Manager: Manage social media accounts for small businesses.
10. Tutoring: Offer tutoring services in various subjects.
11. Language Instructor: Teach languages to individuals or groups.
12. Virtual Assistant: Provide administrative support remotely.
13. Part-time Receptionist: Handle front desk duties in offices or clinics.
14. Event Staff: Work at events doing various tasks.
15. Photographer: Offer photography services for events or portraits.
16. Delivery Driver: Work with food delivery or courier services.
17. Fitness Instructor: Lead fitness classes or personal training sessions.
18. Sales Promoter: Promote products in malls or at events.
19. Pet Sitter/Dog Walker: Take care of pets while owners are away.
20. House Cleaner: Provide part-time cleaning services.
21. Mystery Shopper: Evaluate and provide feedback on customer experiences.
22. Market Researcher: Conduct surveys or research for companies.
23. Brand Ambassador: Represent brands at promotional events.
24. Freelance Graphic Designer: Design graphics for clients.
25. Part-time IT Support: Assist with technical issues for businesses.
26. Telemarketer: Make phone calls to promote products or services.
27. Freelance Web Developer: Develop websites for small businesses.
28. Translator: Offer translation services for documents or meetings.
29. Part-time Receptionist: Manage phone calls and appointments.
30. Babysitter/Nanny: Care for children during specified hours.
31. Freelance Illustrator: Create illustrations for various projects.
32. Social Media Influencer: Build a following and collaborate with brands.
33. Tour Guide: Lead tours for tourists in the city.
34. Freelance Photographer's Assistant: Assist professional photographers on shoots.
35. Content Creator: Produce and share content on platforms like YouTube or Instagram.
36. Part-time Bartender: Work in bars or at events.
37. Retail Merchandiser: Arrange and display products in stores.
38. Part-time HR Assistant: Assist with human resources tasks.
39. Freelance Makeup Artist: Offer makeup services for events or individuals.
40. Part-time Bookkeeper: Manage financial records for small businesses.
41. Brand Promoter: Promote and demonstrate products in stores.
42. Part-time Chef/Cook: Work in restaurants or as a private chef.
43. E-commerce Assistant: Assist with online store management.
44. Part-time Cleaner: Perform cleaning tasks in offices or homes.
45. Event Photographer: Capture moments at events and celebrations.
46. Fitness Class Instructor: Lead classes in yoga, dance, or other fitness activities.
47. Freelance Videographer: Create videos for events or online content.
48. Lifeguard: Work at pools or recreational centers.
49. Part-time Gardener: Assist with gardening and landscaping tasks.
50. Freelance Interior Designer: Offer design services for homes or businesses.
51. Car Washer/Detailer: Provide car cleaning services.

1. Hourly Rates per hour
2. Retail Assistant: SGD 8 - 12 per hour
3. Barista/Café Staff: SGD 7 - 10 per hour + tips
4. Waiter/Waitress: SGD 8 - 12 per hour + tips
5. Cashier: SGD 7 - 10 per hour
6. Customer Service Representative: SGD 10 - 15 per hour
7. Data Entry Clerk: SGD 8 - 12 per hour
8. Freelance Writer/Editor: SGD 15 - 25 per hour
9. Social Media Manager: SGD 15 - 25 per hour
10. Tutoring: SGD 20 - 50 per hour (varies with subject and level)
11. Language Instructor: SGD 20 - 40 per hour
12. Virtual Assistant: SGD 12 - 20 per hour
13. Part-time Receptionist: SGD 10 - 15 per hour
14. Event Staff: SGD 10 - 15 per hour
15. Photographer: SGD 20 - 40 per hour
16. Delivery Driver: SGD 10 - 20 per hour
17. Fitness Instructor: SGD 20 - 40 per hour
18. Sales Promoter: SGD 8 - 15 per hour + commissions
19. Pet Sitter/Dog Walker: SGD 10 - 15 per hour
20. House Cleaner: SGD 8 - 15 per hour
21. Mystery Shopper: Varies by assignment
22. Market Researcher: SGD 10 - 20 per hour
23. Brand Ambassador: SGD 10 - 20 per hour
24. Freelance Graphic Designer: SGD 15 - 30 per hour
25. Part-time IT Support: SGD 15 - 25 per hour
26. Telemarketer: SGD 10 - 15 per hour + commissions
27. Freelance Web Developer: SGD 20 - 40 per hour
28. Translator: SGD 15 - 25 per hour
29. Part-time Receptionist: SGD 10 - 15 per hour
30. Babysitter/Nanny: SGD 12 - 20 per hour
31. Freelance Illustrator: SGD 15 - 30 per hour
32. Social Media Influencer: Varies based on influence and collaborations
33. Tour Guide: SGD 15 - 25 per hour
34. Freelance Photographer's Assistant: SGD 12 - 20 per hour
35. Content Creator: Varies based on platform and reach
36. Part-time Bartender: SGD 8 - 15 per hour + tips
37. Retail Merchandiser: SGD 8 - 12 per hour
38. Part-time HR Assistant: SGD 12 - 20 per hour
39. Freelance Makeup Artist: SGD 15 - 30 per hour
40. Part-time Bookkeeper: SGD 15 - 25 per hour
41. Brand Promoter: SGD 8 - 15 per hour + commissions
42. Part-time Chef/Cook: SGD 10 - 20 per hour
43. E-commerce Assistant: SGD 10 - 20 per hour
44. Part-time Cleaner: SGD 8 - 15 per hour
45. Event Photographer: SGD 15 - 30 per hour
46. Fitness Class Instructor: SGD 20 - 40 per hour
47. Freelance Videographer: SGD 15 - 30 per hour
48. Lifeguard: SGD 10 - 15 per hour
49. Part-time Gardener: SGD 8 - 15 per hour
50. Freelance Interior Designer: SGD 20 - 40 per hour
51. Car Washer/Detailer: SGD 8 - 15 per hour