There are many classic advices on saving up for a house. These include setting a monthly budget and actually sticking to it, staying disciplined with Central Provident Fund (CPF) monthly contributions, cutting back on non-essential major expenses, and watching out for non-house debts. Recently, some experts have proposed that people use their yearly bonus to pay off property mortgage installments. This suggestion seems sensible, especially in Singapore where home ownership is both a milestone and a culturally sensitive matter. Furthermore, using your bonus to pay a mortgage will make a big reduction in your loan, most probably much larger than your monthly payments.
Generally speaking, it is crucial to have an insurance policy that covers critical illnesses to help pay for treatment costs. Any critical illness and its associated complications can easily stop someone’s career and the family earnings just when it is needed most for medicinal costs and mortgage payments. To protect you and your family from such misfortune, a health insurance policy is needed. It will cover your hospital bills, giving you and your family ease of mind from not having to worry about financial burdens, and also ensure that your loved ones are well-provided should the worst happen to you.
Finally, you should also think about insurance policies you’d like to have to protect your future home. After all, what’s the point of saving so much for so long if you don’t protect it against unfortunate disasters? To protect your beloved home, you should consider mortgage insurance policy and home insurance. Each of these would mean some additional cost, but they are invaluable should something unfortunate struck.
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