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If you are living in Singapore, you are officially living in the world’s most expensive city. Well hang on tight because it’s about to get that bit more expensive as we see the next GST hike roll around (in case you missed it, GST is increasing from 8% in 2023 to 9% in 2024). With slightly over a week to the end of the year it’s a good time to take stock of your finances!
Plan ahead!
If you’re sure that the item you want to buy answers a specific near-term need, pull that trigger sooner rather than later! And a pro-tip: Pay the bill off in full instead of letting it roll over in 2024! If you place your order and receive your invoice in 2023 but make the full payment in January 2024, you will be charged 9% GST. The same applies to instalment plans - any payments that are made in 2024 will be charged 9% GST.
And a hot tip: If you’re out celebrating on New Year’s Eve, remember to settle your bill before the clock strikes 12!
Review your budget
How are you coping with higher prices? Have an overview of how much money is coming in and where it is going on a monthly basis. Create a budget and stick to it!
The good news is, some supermarkets have said they will absorb the 1 percentage point increase in GST on essential items for the first six months of 2024 so you still have time to stock up on essentials. The government has also extended a range of schemes including the permanent GST Voucher scheme and the Assurance Package for lower-income households.
Work your money
Higher GST will inevitably result in increased prices across the board, potentially impacting your household budget and spending habits. There is a wide range of ways you can make your money work harder for you, from Singapore Saving Bonds to fixed deposits. Be sure to check out the “Finance Hacks” tag below for more ideas.
Psst! Here's something else you should know!
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