Budget 2020: The Woke Salaryman's Take

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28 Feb 2020

As Singapore prepares for each financial year, the Minister for Finance will deliver the Budget 2020.

It’s basically a 3-hour session where the Singapore government announces how it will spend money for the year ahead.

While we’ve condensed all of that into a 5-minute summary, our friends at The Woke Salaryman have done it up in a medium that they know best.

Here’s their take on the Budget 2020.

These handouts will come in the form of GST Vouchers.

While many Singaporeans think that it’s just left pocket in, right pocket out.

It’s still money lah…

If you’re prudent with your spending, these rebates can go a long way.

Rough Storms Ahead

And you can start by doing your own Budget 2020.

Don’t know where to begin?

Try using the 50-30-20 Allocation Rule for starters.

Adapt Or Die

If you don’t particularly care about the GST Vouchers and are seeking to upgrade yourself…

Then, good news!

Come October 2020, all Singaporeans will enjoy a $500 SkillsFuture credit top-up!

As long as you’re 25 years and above.

And if you’re between 40 to 50 years old, you’ll get an additional $500 SkillsFuture credit (total of $1000) to continue learning and be reskilled for other jobs.

Don’t Be Too Arrogant to Learn From Our Neighbours

Yep.

It’s part of the new Asia-Ready Exposure Programme.

Oh, and if you’re looking for internships, you’ll also enjoy enhanced support under the Global Ready Talent Programme.

This article first appeared on The Woke Salaryman and is part of a content syndication agreement between The Woke Salaryman and Seedly.

For this series of comics that are related to all things personal finance, the Seedly team worked closely with The Woke Salaryman to bring you useful sh*t which you can apply to your everyday life.

The Woke Salaryman is the brainchild of a Singapore-based duo that aims to help people reach financial independence early. It is the quintessential page for people living in Singapore who earn the median salary and didn’t inherit their fortunes from their parents.

If you have any questions with regard to personal finance and retiring early, feel free to discuss them with the friendly Seedly Community!