Emergency fund, HDB down payment, wedding down payment, car down payment, investment war chest.
These are all good reasons to save your Ang Pow money for.
Your Ang Pow is like a windfall, and like all windfall, you should try and save preferably 50% of it at least.
If you are below 26 years old, you might want to consider Standard Chartered JumpStart savings account - it gives 2% interest on the first $20,000.
2. Invest
What good is it if your money is just sitting in your bank account earning that miserable 0.1% interest.
Make it grow.
Invest in index funds, or stocks, or REITs, or assets that you are familiar with.
Never invest in anything you have no clue about.
3. Pay Debts
Pay down your debts if you have any.
Whether it's a credit card loan, mortgage loan, car loan, student loan, whatever debts you can think of.
Including the friends and family members that you owe money to (if any).
Aim to be debt-free fast!
Recommended Read: Why I Stopped Value Investing
4. CPF
Top up to your CPF or your loved ones' CPF account (Retirement or Special Account).
You get a tax deduction and by putting your money into CPF early, you allow it to earn more CPF interest (4%!)
Consider the top up as planning for your retirement.
If you are not well-versed in investing or have no idea how to do it, then CPF is actually not a bad place to park your retirement savings.
Click here to find out more about Retirement Sum Topping-Up Scheme and click here if you want to do the top-up.
5. Strengthen Relationships
Treat your family/friends/colleagues/subordinates to a meal or coffee.
Build relationships!
They are an important aspect of your life.
People who are healthier and live longer lives all have good relationships with the people around them.
It is a good return on investment if it benefits your physical and mental health.
6. Education
You are the engine of your wealth.
There is no better investment than an investment in yourself
Use the money to educate, upgrade, and upskill yourself.
Maximise your SkillsFuture credits and sign up for courses.
If you are thinking of changing job, WSG might be able to assist you in it.
WSG can provide you with a career coach that is able to help you with that. And if you are looking for a free career coach, visit Workforce Singapore via the link below.
They can link you up with the career coach and you might be able to find new opportunities on their jobs portal.
Recommended Read: CPF LIFE in the Year 2020
Happy Lunar New Year!
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