Skip to main content

2021 - 6th year of SA/RA top-done. $7k for self, $7k for mum


Blogging about my financial moves is good. I had the impression I started topping up my SA and my mum's since 2015, but it was actually since 2016 (see here and here).

This is my 6th year topping up, which meant a good $84,000 into my mum and my CPF 😱. Not forgetting a blunder I made in 2019 where I top-up ~$6k cash for MA only to be refunded. I've forgotten the story because I didn't blog about it (it was drafted halfway). 

Anyway, here's locking down in my little virtual journey that I've just done the cash top-ups via paynow today. 

I will egg my husband to do the same as my SA has outdone his. Afternote - settled his top-up.


Comments

Popular posts from this blog

I finally cross $700k networth, after 1 year 4 months

I wondered how I should kickstart this post - should I be positive or negative about this? After 1 year 4 months, I finally crossed $700k in networth - returning back to where I've been at, back in Dec 2021.  I am disappointed.  For the past many years, I've always been growing my networth, at around $100-$150k/year. I had big plans to hit a net worth of $850k by December 2022, but the universe had other plans for me. Instead, I only managed to reach $646k, leaving me with a $204k gap to my target.  Ever since I became more aggressive in my "investment" portfolio in 2021, being sucked by greed to deploy most of my cash into stocks and crypto, I fell heavily, along with the crashes. Crypto wiped out 5 digits savings, so did the stock market.  To be honest, ever since the crashes and a bad hit to my net worth, I actually didn't do anything special to improve. I didn't make drastic spending cuts, I didn't stop my holidays, I didn't continue investing (no

First CPF top up in Jan 2023 and tax relief concerns

Detailing my yearly CPF top-up and thoughts.  This is my 8th year of top-up. 1. Top-up $2.5k to Medisave via Paynow Did a $2,500 top up to my Medisave, bringing it to 2023 MA ceiling of $68,500. Done the same for my husband as well. 2. On hold - To top up $5.5k to SA or no? Contrary to the past where I top-up at the start of the year, I have decided to hold off the top-up. A) Running out of cash Firstly, I'm running out of cash. I'm berating myself for degrading to the past where I look forward to my monthly income for cashflow. So I can build up my $100k capital in savings account again, given the current high interest environment.  B) Hitting FRS soon = no tax relief Secondly, I'm concerned about reaching FRS too soon.  The FRS this year is $198,800. I'm now sitting on ~$157k SA which means $41,800 away from reaching this ceiling.  I know some people encouraged maxing this out ASAP. But, as I've crossed 6 digits annual income, maxing FRS soon meant lower tax relie

What the luck? DBS and OCBC banking tokens died!

What luck. My ibanking tokens went dead one after another. OCBC Token First was my OCBC token. It said "low battery", but I ignored it. And when I finally need to use it, it was dead. Granted that I could use SMS OTP, I had to make a big transfer to other banks and it was over the withdrawal limits. And to do that, I needed the ibanking token. And serve me right for not activating the onetoken. In the end, I had to call in to OCBC call centre for a replacement. 7 working days, they said. What a long wait. In the midst of it, I needed to make my interbank transfers. I even went down to OCBC bank and explored a stupid manual way i.e to withdraw cash and deposit into the other bank. But the moment they told me they ran out of big notes, I got scared. While waiting for the token to arrive, I figured I could actually do transfers in smaller amounts, but had to bear with a daily cap. Sigh. And, one week later, my OCBC token arrived. How efficient. DBS token