Earn 4.2% p.a. on your first S$20k with this new fintech app

Introducing Chocolate Finance, the innovative solution for your spare cash that offers impressive returns without the hassle.

With an enticing 4.2% p.a. return on your first S$20,000 and a target 3.5% p.a. on any amount thereafter, it’s the perfect place to grow your savings.

Here’s why Chocolate Finance stands out:

  1. No Complicated Requirements: Forget about jumping through hoops. Chocolate Finance has no minimum or maximum balance requirements and no lock-in periods. It’s designed to be as simple and user-friendly as possible.
  2. Daily Return Updates: Stay informed and in control with daily updates on your returns. Check your progress every day right in the app.
  3. Flexible Withdrawals: Need your money? No problem. Withdraw any amount, anytime, without any charges or penalties, thanks to their FAST bank transfer option.
  4. Effortless Sign-Up: Getting started is a breeze. Simply sign up using Singpass MyInfo in a few quick steps, then add funds to your account.
  5. No Fees Until You Profit: They believe in earning only when you do. Chocolate Finance takes zero fees until you achieve the target returns, aligning their success with yours.
  6. Guaranteed Returns During the Qualifying Period: They’re committed to delivering on their promises. If they don’t meet the target 4.2% p.a. return for your first S$20k, they’ll top up the difference until 31st December 2024, ensuring you receive the target return during the Qualifying Period.
  7. Top-Notch Security: Your security is their priority. Chocolate Finance employs robust measures to keep your account safe and is licensed by the Monetary Authority of Singapore (CMS101452).

How to Get Started

Opening an account with Chocolate Finance is completely free. Simply download the Chocolate Finance app, sign up with Singpass MyInfo, and start growing your savings today.

Important Information

Chocolate Finance is a brand of Chocfin Pte Ltd (UEN 202347190R). Chocfin Pte Ltd is licensed by the Monetary Authority of Singapore to perform fund management activities. Please note that all investments involve risk, and the 4.2% return is currently supported by a promotional ‘Top-Up Programme’, valid during the Qualifying Period and subject to terms and conditions. This does not guarantee future returns or capital.

Disclaimer

This advertisement was prepared without considering your specific investment objectives, financial situation, or tax needs and does not constitute financial advice. Before applying, carefully consider whether this product or service is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore. We may receive an affiliate/referral fee when you sign up for services/products on this site.

For more information, visit Chocolate Finance. Privacy policy, terms, and conditions are available within the app.


Download the Chocolate Finance app today and start making your spare cash work harder for you.

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Boost Your Budget With S$300 CDC Vouchers, Now Available for Singaporeans

As 2024 began, Singaporeans faced financial challenges with the GST increased to 9% and Singapore again named the world’s most expensive city. This has significantly impacted on daily expenses, such as meals and groceries.

To help ease this burden, every Singaporean household can now claim S$300 in CDC vouchers for daily expenses. These vouchers can be redeemed online at go.gov.sg/cdcv and used at participating hawkers, heartland merchants, and supermarkets.

PREVIOUS TRANCHES

In January 2024, the CDC vouchers worth S$500 were launched by then Deputy Prime Minister Lawrence Wong. This was S$200 more than the previous year’s tranche. Households will receive a total of S$800 in 2024, marking the first time two tranches of CDC vouchers have been distributed in one year.

LATEST VOUCHER LAUNCH

On June 25, Deputy Prime Minister Gan Kim Yong, who is also the Minister for Trade and Industry, introduced the new tranche of CDC vouchers at West Coast Community Centre. He was accompanied by National Development Minister Desmond Lee and the five mayors.

BUDGET 2024

During Budget 2024 in February, Prime Minister Wong, also the Finance Minister, announced that Singaporeans would receive a mix of cash, vouchers, and rebates. This is part of a S$1.9 billion boost to the Assurance Package to help with cost-of-living concerns and an uncertain economic outlook. The package includes an additional S$600 in CDC vouchers, with S$300 distributed in June 2024 and another S$300 in January 2025.

HISTORY OF THE SCHEME

The CDC vouchers scheme was introduced in June 2020 during the COVID-19 pandemic to support lower-income households and local merchants. It was expanded to all households in December 2021 to thank Singaporeans for their solidarity during the pandemic and to support heartland businesses as they recovered.

Despite the pandemic’s end, high inflation due to supply chain constraints and the war in Ukraine has kept daily expenses high. Deputy Prime Minister Gan explained that this is why the Government continues and enhances the scheme.

SPENDING OF THE VOUCHERS

Most vouchers were spent on hawker centers, participating merchants, and groceries, with S$140 million on F&B, S$273 million on supermarkets, and S$28 million on mini-marts.

FairPriceGroup is offering a promotion where shoppers receive S$4 in return vouchers for every S$50 spent in CDC vouchers in a single transaction until July 1. These return vouchers are valid until July 31 with no minimum spend requirement.

Furthermore, Cold Storage offers an S$8 return voucher for shoppers who spend at least S$80 in CDC vouchers in one receipt. Giant Singapore provides a S$6 return voucher for spending at least S$60 in CDC vouchers in a single receipt.

CLAIMING THE VOUCHERS

More than 650,000 Singaporean households claimed their June 2024 vouchers within the first two days of the launch, according to Senior Minister of State for Trade and Industry Low Yen Ling.

Want to claim yours? To use the CDC vouchers, access them via your smartphone using the unique link provided to your household. Select the type and amount of vouchers you wish to use, and a QR code will appear for you to present to the shop staff. The staff will scan the QR code to deduct the amount accordingly.

Image Credits: unsplash.com

Note that no change will be given if the voucher amount exceeds the purchase price. However, you can combine voucher usage with cash to cover the total cost. For instance, you can use a S$5 voucher and add S$2 in cash for a S$7 item. The same rules apply to physical vouchers.

Sources: 1,2, & 3

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The Ultimate Retirement Planning Tool: A Guide to Personal Capital Retirement Calculator

Planning for retirement can feel overwhelming. With so many unknowns and variables, it can be difficult to know where to start.

Good thing, there are tools that can help you make smarter retirement decisions. One of these tools is a Personal Capital Retirement Calculator.

But, what exactly is it? How can it aid you in planning for your future retirement?

Keep on reading as we break down how this tool can help you plan your retirement with ease.

How the Personal Capital Retirement Calculator Works

The Personal Capital Retirement Calculator is a user-friendly tool that helps you determine how much money you’ll need to save for retirement. It takes into account various factors such as:

  • Your current savings
  • Expected retirement age
  • Lifestyle goals

Simply input your information, and the calculator will provide you with an accurate projection of your retirement savings. This way, you can see if you’re on track or if you need to make adjustments.

Benefits of Using the Personal Capital Retirement Calculator

Utilizing the Personal Capital Retirement Calculator offers a number of benefits. This includes:

Accurate Savings Projections

One of the biggest advantages of using this calculator is its accuracy. Unlike generic retirement planning tools, the Personal Capital Retirement Calculator provides personalized savings projections based on your unique financial situation.

This allows you to make informed decisions about your retirement savings. It also gives you peace of mind knowing that your financial future is secure.

Easy to Use

The calculator is designed to be simple and easy to use, even if you’re not a finance expert. Just enter your information, and the tool does the rest. There’s no need to worry about complicated formulas or confusing jargon.

This makes it accessible for everyone, regardless of their financial knowledge.

Comprehensive Retirement Savings Guide

In addition to providing accurate savings projections, the Personal Capital Retirement Calculator also offers a comprehensive retirement savings guide. This guide includes:

  • Personal finance tips and strategies
  • Valuable information on investment options
  • Potential risks to consider

Whether you’re just starting out or nearing retirement, the guide can provide valuable insights to improve your financial planning.

Understanding Taxes in Retirement

When planning for retirement, it’s important to consider how taxes will impact your savings. Different types of income are taxed differently. With taxes in retirement explained, you can better prepare for the tax implications of your retirement income.

The Personal Capital Retirement Calculator takes taxes into account. By factoring in tax rates and potential changes, you can get a more accurate picture of your retirement savings. This will help you make more informed decisions about your retirement planning.

Exploring the Use of Personal Capital Retirement Calculator

The Personal Capital Retirement Calculator is the ultimate tool for individuals looking to plan for a secure and comfortable retirement. With its user-friendly interface and detailed analysis, you can confidently make informed decisions about your financial future.

So, what are you waiting for? Take control of your retirement and sign up for Personal Capital’s retirement calculator today!

Was this article helpful? If so, check out the rest of our site for more informative content.

 

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Practical Tips for Cutting Down Medical Costs in Singapore

Navigating healthcare expenses can be challenging, but there are several strategies to help you save money on medical costs in Singapore. Here’s a guide to making the most of available resources and adopting cost-effective practices.

TAKE ADVANTAGE OF FREE CHECK-UPS & SUBSIDIES

The Singaporean government has established a robust healthcare system with multiple layers of financial protection to ensure citizens are well-protected against high medical costs.

  • The first layer includes significant subsidies for hospitalization, outpatient care, and long-term care. You can receive up to 80% subsidy for hospitalization at public hospitals (B2/C wards), ensuring high-quality care regardless of the ward chosen.
  • MediShield Life offers lifelong health insurance for all Singaporeans, covering large hospitalization bills and expensive outpatient treatments like dialysis and chemotherapy. Additionally, CareShield Life, launched in mid-2020, provides lifetime cash payouts for individuals with severe disabilities.
  • MediSave scheme helps Singaporeans set aside part of their salary each month to cover medical expenses, including surgery, hospitalization, health screenings, and medical insurance, benefiting both you and your immediate family.
  • MediFund acts as a safety net for those who still face financial difficulties after utilizing other subsidies and payments. From 2020, ElderFund also supports the severely disabled with financial difficulties.

If you have a chronic condition like high blood pressure or diabetes, the Community Health Assist Scheme (CHAS) now covers all Singaporeans with selected chronic conditions, irrespective of income. Polyclinics and public Specialist Outpatient Clinics (SOCs) also offer substantial subsidies based on means-testing and age, with special rates for Pioneer Generation and Merdeka Generation seniors.

CONSULT MEDICAL SPECIALISTS WISELY

Singapore offers a wide range of medical specialties in both public and private hospitals. Costs vary significantly depending on the specialty and facility. For example, consultations with dermatologists range from S$125 to S$250, while ophthalmologists charge between S$80 and S$350. Choose specialists judiciously based on your medical needs and budget.

EXAMINE YOUR HEALTH INSURANCE PLAN

Health insurance plans should align with your specific healthcare and lifestyle requirements. For instance, if you don’t plan on having children, maternity coverage isn’t necessary. Regular travelers might prefer plans with worldwide coverage.

Every Singaporean is covered under MediShield Life, a mandatory government health plan covering large medical expenses. However, its benefits are basic and tailored to Class B2 and C wards in public hospitals. To avoid high out-of-pocket costs for higher-class wards, consider enhancing your coverage with an Integrated Shield plan.

SAVE ON HOSPITAL TYPES

While healthcare quality is paramount, you can save significantly on room costs by choosing semi-private rooms or wards over private rooms. This can reduce your hospitalization expenses considerably without compromising the quality of care.

OPT FOR GENERIC DRUGS

Generic drugs are significantly cheaper than their brand-name counterparts while offering the same medical efficacy. For example, 20 tablets of Panadol (paracetamol) cost S$7.90, whereas 100 tablets of generic Paracetamol cost only slightly more at S$11.50. Always ask your doctor for generic alternatives or request a prescription to purchase medications from local pharmacies.

PRIORITIZE PREVENTIVE HEALTH

While health insurance and subsidies help manage costs, the best long-term strategy is maintaining a healthy lifestyle. Eating well, staying active, and avoiding unhealthy habits can reduce the need for medical treatment and keep healthcare costs low. Remember, prevention is better than cure!

Image Credits: unsplash.com

By leveraging government schemes, choosing the right insurance, opting for cost-effective treatment options, and maintaining a healthy lifestyle, you can manage and reduce your medical expenses effectively in Singapore.

Sources: 1 & 2

 

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The Ultimate Retirement Planning Tool: A Guide to Personal Capital Retirement Calculator

 

Planning for retirement can feel overwhelming. With so many unknowns and variables, it can be difficult to know where to start.

Good thing, there are tools that can help you make smarter retirement decisions. One of these tools is a Personal Capital Retirement Calculator.

But, what exactly is it? How can it aid you in planning for your future retirement?

Keep on reading as we break down how this tool can help you plan your retirement with ease.

How the Personal Capital Retirement Calculator Works

The Personal Capital Retirement Calculator is a user-friendly tool that helps you determine how much money you’ll need to save for retirement. It takes into account various factors such as:

  • Your current savings
  • Expected retirement age
  • Lifestyle goals

Simply input your information, and the calculator will provide you with an accurate projection of your retirement savings. This way, you can see if you’re on track or if you need to make adjustments.

Benefits of Using the Personal Capital Retirement Calculator

Utilizing the Personal Capital Retirement Calculator offers a number of benefits. This includes:

Accurate Savings Projections

One of the biggest advantages of using this calculator is its accuracy. Unlike generic retirement planning tools, the Personal Capital Retirement Calculator provides personalized savings projections based on your unique financial situation.

This allows you to make informed decisions about your retirement savings. It also gives you peace of mind knowing that your financial future is secure.

Easy to Use

The calculator is designed to be simple and easy to use, even if you’re not a finance expert. Just enter your information, and the tool does the rest. There’s no need to worry about complicated formulas or confusing jargon.

This makes it accessible for everyone, regardless of their financial knowledge.

Comprehensive Retirement Savings Guide

In addition to providing accurate savings projections, the Personal Capital Retirement Calculator also offers a comprehensive retirement savings guide. This guide includes:

  • Personal finance tips and strategies
  • Valuable information on investment options
  • Potential risks to consider

Whether you’re just starting out or nearing retirement, the guide can provide valuable insights to improve your financial planning.

Understanding Taxes in Retirement

When planning for retirement, it’s important to consider how taxes will impact your savings. Different types of income are taxed differently. With taxes in retirement explained, you can better prepare for the tax implications of your retirement income.

The Personal Capital Retirement Calculator takes taxes into account. By factoring in tax rates and potential changes, you can get a more accurate picture of your retirement savings. This will help you make more informed decisions about your retirement planning.

Exploring the Use of Personal Capital Retirement Calculator

The Personal Capital Retirement Calculator is the ultimate tool for individuals looking to plan for a secure and comfortable retirement. With its user-friendly interface and detailed analysis, you can confidently make informed decisions about your financial future.

So, what are you waiting for? Take control of your retirement and sign up for Personal Capital’s retirement calculator today!

Was this article helpful? If so, check out the rest of our site for more informative content.

 

Read More...