3 weeks of being back to work

بسم الله الرحمن الرحيم

After the long break, I was bumped to go back to work everyday knowing that I don't have work and having to work longer hours (10am - 4pm) than previously (11am - 3pm). But it turns out exciting since we were discussing on CPF, HDB, Medisave, the new CareShield and since Monday, it was about marriage. I will talk more about marriage in a separate blog because it will be loooong.

We were talking about CPF and HDB, how HDB were putting lots of rules to let or don't let us buy resale flats for newly wed/first timer. After much discussion I just realised that the HDB made a new rule not to use all of our OA CPF contribution for our house. They made it harder for younger generation to buy resale and pushing them to buy BTO. For me alhamdulillah we managed to use all CPF that as we bought a 1987 house when I was 30 years old. For my cousin, he got married to his wife of 25 years old, they could only buy a house that aged 29 years (built in 1991) or earlier. 

Home buyers can draw more from their Central Provident Fund to buy ageing flats from Friday (May 10 2019), provided the property's remaining lease covers the youngest buyer till the age of 95. Read more here.

So to all my peeps out there. If you want to buy resale flat, please buy at non matured estate and your age must not be too young to buy resale. Unless you have extra cash and willing to pay HDB with that, which most of us won't want to, and you have plans to move after 5 years then good for you. Please bear in mind that this cash payment is before the grants and whatever that you supposed to get. Let say like myself, I got $50k grant for staying near to my parent's place, $20k grant for first timer and $10k of AHG, total of $80k grant. BUT this cannot be minus of from the original price according to this new law.

I chose 69 years of $320k and a 31 and 25 years old buying the house

The results, they can only use $316.8k for loan. So from there,
they will deduct from the grants and both of your current CPF.
Let say, you have $100k in both of your CPF, your monthly loan will be $216.8k
spread throughout 25 years. You will be paying $984 by CPF (both owners) + $128 by cash 

The older the house, the lesser you get for the loan. This same goes to bank loans too.

My agent was telling us to buy BTO but we insisted on resale flat. He said that the younger generations would not have enough money or have to pay cash for the resale flats compared to "affordable" BTOs which is way much more cheaper. Resale flats should entice the older generation because they will make money of of it. But in the end we managed to get a decent house, quite on the higher end of the price compared to the rest but now, I see the market is really climbing up, there is hope that we can profit on selling this house.

Here are some of the ideas if you still want to buy resale flats:

• please scout your area and check on the prices around your place
• make sure the area you really like it, no noise and near amenities
• if you have the idea to sell the house after 5 years, please buy a younger house and cheaper coz you can inflate the price and profit from it

Talking about CPF, I cannot brain some women who got married and just want to stay at home. The reason was just lazy want to work. Some chose to be SAHM because no one is able to look after their kids and sending to child/student care was too expensive for 4 kids. I can understand if your husband is able to pay for your house fully by CPF but what about your own CPF growth and Medisave? Now with the CareShield compulsory for 30 years old Singaporeans and above, how are you going to pay by cash on your own. For me, I have to pay $191 per year. Yes, if you think back, not really expensive but if you are not working and you have things to pay at the end of the year like school books and any registration fees and deposits, you feel tight. 

I went to the focus group on this CareSheild before they launched and within out of 10 ladies, only my friend and I are working. The rest are all SAHM and only some doing home-based business or online business. They said their struggles that this amount is too expensive as their husbands are sole breadwinner and they had to top up both theirs and their mothers' Medisave. One had encountered that she was really in very strange and bad sickness that most of the insurance did not covered and had to pay everything by cash because her Medisave all exhausted when she gave birth to 2 or 3 kids. She shared her concerns and all and made me think about my future too. Ok let say we don't talk about CareShield but hospital bills? If you are working and have enough Medisave, you can deduct hospital bills from there. But if you don't work and on top of that you don't have insurance? MasyaAllah sister, I yang tenat hearing this.

I am not against SAHM, I myself aspire to be that but the thing is, living in Singapore with cost of living is so high, you have to work to help your husband, tak kesian ke? To me, when I work, I have extra money for savings, for my own expenses and buying better groceries. I heard stories from both husband and wife side of SAHM and it took a toll on both. Husbands complaining that they had to work full-time and part-time just to cover everything and in the end, not spending enough time with his family, exhausted/fatigue. While wife, having hard time to juggle between taking care of kids, teaching them and cleaning the house and cook. Wife don't have enough money to save from duit belanja and felt guilty of asking husband for more money just to buy new clothes/hijab and make up/facial-skincare. Some even felt like crazy and depression because trapped at home because of endless house chores. Even being sick, she is still at home and have to mend the home.

My aim is to stop working at either 40 or 45 but if I have kids, I may have to extent till 55 just to save enough for my kids. And of course, sign up a very comprehensive insurance so if there is a capped for Medisave, the rest will be covered by insurance.