20 Ways To Grow Your Wealth In 2020

Get the most bang out of your buck with these 20 ideas on how to save and grow your wealth for the rest of the year

- Chong Koh Ping

MONEY MATTERS

1. Get a high-interest savings account

Consolidate your banking transactions, such as salary crediting, credit card spending, bill payments, loans and investments with one bank, and you can potentially earn interest rates that beat the fixed deposit rates of around 3.7 per cent in the market. All three Singapore banks – DBS, UOB and OCBC – as well as some foreign retails banks such as Standard Chartered, Bank of China and Maybank, have their own versions of such savings accounts.

2. Max out your tax reliefs

Central Provident Fund (CPF) members can save hundreds, if not thousands, of dollars in income tax by contributing to their retirement funds under the Retirement Sum ToppingUp Scheme. The bonus: With the annual interest of up to five per cent in the Special Account and up to six per cent in the Retirement Account, your savings are earning more than if they sit in a bank. You can receive tax reliefs of up to $7,000 for topping up your own Special Account or Retirement Account to get the corresponding amount of tax relief, and up to another $7,000 for topping up that of your spouse, parents or grandparents. Another way to reduce your chargeable income is to contribute to the Supplementary Retirement Scheme. Singaporeans and Permanent Residents can contribute up to $15,300 a year, while the amount is capped at $35,700 for foreigners.

3. Get extra baby bonus