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Showing posts from August, 2019

Achieving $300k cash before the clock hits 30

When I first started blogging (cue the first blog post), I set myself a goal to save $100k by 28.
$100k cash, excluding CPF.
I achieved this at 25.

I even thought my $100k would drop downwards after paying for flat, reno, kids. But who would have known that my chance to get a flat would only happen at 27, and my savings grew and grew?

$200k at 28
At 28, I hit $200k cash savings. It took me 3 years to grow another $100k. 
If not for the fact that I've been topping up $14k annually to mum and my CPF RA/SA, spendings on wedding, house related stuff and frequent holidays, I would have much more cash on hand. But, that can't be real, that's not living - those money have to be spent.

If not for the fact that I've pumped $80k over the past 7 years into stocks, of which the paper value is now only at $60k+, I'd been $80k "richer". The converse could be said if I've great investment capabilities to grow $80k to $100k 🙃

Anyway...
As I edge closer to 30 ⏰, I've ano…

PSA - Free staycation for $400 spend plus $50 credit?!

Fancy a free staycation at M Social Hotel and a $50 credit? 
If you signed up for the FRANK credit card, you'll get the $50 rebate and receive a free staycation with $400 minimum spend.
The last I had a FRANK card was years ago. Back then (think 2012), FRANK account was suitable for undergraduates with their attractive interest rates and customised credit card designs. Their FRANK card was awesome as I recalled a 5% online rebates with low minimum spend.
As usual, good things don't last. When FRANK account offered pathetic interests compared to other salary crediting accounts and their FRANK credit card became unattractive due to it's minimum $400 offline spend to start clocking rebates, I cancelled it immediately.
Until recently when I spotted this:

The credit card still sucks but by spending $400 for a free staycation? Count me in! Furthermore, I received a $50 credit by signing via myinfo which is effectively a 12.5% rebate!

Take note that the free stay is not the loft…

Fully paid off HDB during key collection. Is it wise?

I've a happy problem now.

I'm expected to get my keys by end this year. I was deliberating on the options to settle the loans - whether to pay off as much cash as we have, to minimise the loan we have.

By some stroke of luck, our parents are extending their money to us...with interest of course, but slightly lesser than HDB loan of 2.6%. Works for us since the interest we pay them is better than what the banks give.

With this loan, plus wiping out our CPF (leaving $20k behind), we can actually pay the remaining  with our savings at point of key collection.

This is our scenario, amounts adjusted for simplicity:

Remaining to pay after downpayment$550,000Parents loan$200,000CPF OA$100,000Remaining balance (to pay using cash?)$250,000
And, I'd have paid off my HDB at point of key collection (though effectively, we still owe our parents money with interest).

Use Cash, Grow CPF
Our idea is to use as much cash where possible.

First, the interest generated from our savings accounts…