Don’t make these mistakes 🫣

1️⃣ Getting BTO before being 100% sure about your r/s 🏠

We get that Build-To-Order (BTO) flats take a while to build. But securing a BTO flat with someone you're unsure about settling down with is risky.

Many rush into marriage to secure housing, but this can lead to significant financial and emotional repercussions. Ensure your relationship is as stable as your future home plans before making such a commitment.

Remember, BTO isn't your only way to get a house!

2️⃣ Comprehensive Health Check-Up Before Insurance 🩺

It's tempting to take advantage of comprehensive health check-ups offered by employers but proceed with caution if you haven't yet purchased the insurance you need.

Any flagged indicators in these check-ups will be taken into account during the application process and may lead to higher premiums, denial of coverage, and occasionally, longer and more excruciating processes.

Secure your insurance first to avoid this hassle!

3️⃣ Transferring OA to SA without thinking through ❌

Many are quick to jump on the 1M65 bandwagon, transferring their Ordinary Account (OA) to their Special Account (SA) in pursuit of that million-dollar retirement goal. But caution is crucial here.

We've seen people make the transfer only to later find they lack the funds to purchase a flat when they need it.

Always consider your immediate needs before locking away your funds for the future-even if you're single now and don't think you'll need the money for housing.

4️⃣ Buying too much insurance, all at once 📚

We get that it can be tempting to settle all your insurance needs at once by purchasing every policy you might potentially need in your life,

However, doing so often means committing based on future earning potential rather than current needs.

It's like buying a wheelchair and walking stick in your 20s because you expect to eventually need it when you are old.

‼️ Prioritise based on your current needs and adjust your coverage as your circumstances change.

5️⃣ Overdoing Reduction of Tax ♻️

To minimise tax, some people over-reduce by contributing excessively to their Special Account for relief, sometimes unnecessarily.

Depending on your tax bracket, these actions might not justify the small tax savings.

Analyse your tax situation carefully before locking away. funds you might need in the short term.

#MyFreeTime #GirlTalk #personalfinance #WhyILemon8

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👉🏻 side note: we’ve just opened up our anonymous consult where you can speak to a professional about your financial questions, all while staying anon. Get advice without the pressure ✨