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What did you do this Valentine's Day? Perhaps you went on a date, enjoyed a friend's night out, or stayed home watching cosy movies with your significant other.
…Or were you watching Lawrence Wong deliver the 2023 Budget Statement in Parliament?
Well, that's what we were up to!
The new budget, aptly titled 'Moving Forward In a New Era,' is a show of solidarity by the government towards households and individuals. It offers unparalleled support for these challenging financial times and helps strengthen our economy for the future. Plus, it was delivered this year on Valentine's Day, and Wong calls it 'The Valentine's Day present to all'!
In this blog, we break down some key takeaways from the love-budget and how this new budget can help you and your household face the cost of living crisis.
The budget for 2023 is designed to give Singaporeans confidence and assurance to navigate the challenges ahead, such as inflation, cost of living, and high-interest rates.
Above all, the latest budget aims to achieve this by focusing on three main areas:
All this wrapped up in one great package! So, what does the Singapore 2023 budget mean for you specifically? Read on to find out more.
The headline news? You might be in for a cash payment.
The government knows that inflation is taking its toll. That's why it's giving a cash boost to adults. If you're between 21 - 54 years, you could be in for a $1,700 payment, and people aged 55 years and above are entitled to more.
Your workplace and retirement plans may be seeing changes, too. The 2023 Singapore budget offers opportunities for wage support for lower-income workers, seniors, or those with a disability. Alongside financial assistance, there will also be help looking for a suitable job.
The government recognises that we all have a part to play in building a prosperous future, and empowered workers benefit us all!
The biggest takeaway from the budget's release is how much help it offers to the people who need it most. Alongside individual support, children and the elderly also see a lot of help in this budget in the form of MediSave top-ups, Child Development Account top-ups, and education account top-ups.
To help with shopping and everyday expenses, the government has budgeted $300 CDC vouchers for households, plus help with U-save rebates and S&CC rebates.
Whether you're a parent or not, you'll know how challenging and expensive it can be to have children. Creating and raising the next generation is an amazing job, but the costs of diapers, medical care, milk, school supplies and normal living costs can make it very difficult to be a parent.
This budget recognizes that and offers support specifically to those about to embark on this magical (and oh-so-hard!!) journey.
For first-timer parents, a lot of support is around housing. BTO flats now have a priority system for new parents and young married couples. As well as that, there's incredible support for families buying a resale flat – up to $190,000 in grants credited to your CPF, to be precise!
And if you're expecting, you should be expecting a larger cash payment, too. This budget sees the Baby Bonus Cash Gift increase up to $13,000 for first babies. Expecting your second? The budget also promises that the government will match parents' contributions to the First Step Grant by $4,000 for first babies and $7,000 for second.
Yes, babies are expensive. But yes, they're 100% worth it! Spending time with your new bundle of joy is an incredible experience… And now parents are supported to experience more of those milestones firsthand in their baby's first year. Parents in 2023 will benefit from a huge 26 weeks of parental leave to spend with their newborn, including more government-paid paternity leave!
Finally, the government knows that when businesses thrive, so do people. That's why they've detailed specific support likely to impact your business or employer.
The 2023 budget includes changes to the ways that businesses pay taxes and changes to the kind of investment that they can receive too. In addition, the Singapore 2023 budget also provides help for businesses to increase their investment in green energy, helping us build a sustainable future.
So what does all this mean for you?
Firstly, it means that the government is recognising that times are tough. With spiralling global inflation, economic uncertainty, and sky-rocketing costs of living, Singapore is not alone in facing some difficult economic circumstances.
However, if you're struggling, the new 2023 Singapore budget will certainly help you. The best part is that a handy ‘Support For You’ calculator is available to help you see what kind of help you can expect and what you'll need to do to be eligible for it.
The budget and government support are just one step in managing your finances. Whether saving for a big purchase, building a family, or simply looking to manage your money a little better, having an overview of your finances starts with data.
That's where Dobin comes in. Singapore's latest money management app does so much more than just help you manage your budget. Using your data to personalise recommendations, Dobin helps you find tailored discount offers, credit card deals explicitly made for you, and manage your savings.
So, with the help of the government's 'Valentine's-Day-present-for-all' budget and Dobin, make 2023 the year you get on top — and stay on top — of your finances.
