SG Wealth Builder

In recent years, there were various articles on increasing trend of Singaporeans defaulting on their credit card payments. This is a worrying sign in Singapore. In fact, one of my readers commented that he belongs to the group of credit card payment defaulters and is struggling to settle his mounting bills. I hope he managed to dig his way out of the hole he created for himself, but I suspect it is going to be a long and tough road for him. I believe this is also the case for many young Singaporean adults who just entered the workforce and spend lavishly. In this article, I will share my thoughts on how to pay yourself first.

Financial Discipline
When I just started out working, I always thought that credit card gives consumers a false sense of purchasing power. It was only until when my brother, who works in the credit department of an international bank, pointed out that the key to managing credit card spending is financial discipline. It was then that I corrected my thinking. Having many credit lines or credit cards is not a bad thing in itself. After all, we can make use of the various point

Recently, the government announced several Budget inititatives that aim to improve the lives of Singapore citizens. Most of the Budget goodies are targeted at the lower income group and I suppose most of the less well-off households in Singapore will benefit from the 2013 Budget. As I fell into the middle-income bracket, the only Budget goodies that I may be entitled would be the GST Vouchers and the 30% personal tax rebate.

Difference between Income Tax Relief and Income Tax Rebate
In Singapore, citizens are eligible for various applicable tax relief and rebate. It is important that tax payers understand the difference between tax relief and rebate because it can help tax payers to save thousand of dollars. Essentially, reliefs are deductibles which you can claim on your total income taxable while rebates are offsets on your tax payable.