In case you’re wondering, the majority of credit cards in Singapore offer a first-year annual fee waiver. For standard credit cards, they usually come with an annual fee of S$196.20 (w.e.f. 1 Jan 2024).

From a purely financial perspective, miles often come out on top.

The logic is simple: the dollar value we get when redeeming miles, say for a business class flight or even an economy or premium economy flight, usually exceeds the cashback amount we would have earned.

When you arrive at your payout eligibility age, you will automatically start receiving monthly payouts. You will also be asked to choose between three plans, each with their own features and benefits:

If you don't make a CPF nomination, the money will be distributed via intestacy laws.

It will take time to locate the legally-entitled beneficiaries, and a fee will be payable to the Public Trustee's Office to make the distribution.

If you are a parent, you may be eligible to claim the Parenthood Tax Rebate of $5,000 for your first child, $10,000 for your second child, and $20,000 per child for your third and subsequent child.

If you die without leaving a valid will behind, Singapore’s rules on intestate succession will determine how your estate is distributed to your survivors.

Opening an SRS account can help Singaporeans, PRs, and Foreigners save on income tax — the biggest appeal of the SRS account.

It comprises the (i) Baby Bonus Cash Gift (BBCG) and (ii) Child Development Account (CDA) benefits comprising First Step Grant and Government co-matching of parents’ savings.

Thankfully, there are many tax relief schemes that you can qualify for.

By being a mother or signing up for a course to upskill, you are entitled to relief schemes that can help to subtract your taxable income by up to S$80,000. 

Full List of Items - IRAS | Tax reliefs, rebates and deductions

In case you were wondering why your child has an Edusave Account, it is actually opened automatically for every Singapore Citizen,

With funds consisting of the balance from their Child Development Account (CDA) as well as annual contributions from the government.