facebookI am a 30 year old self-employed and I haven't been earning much the past 2 months. With CPF, I am afraid I have even lesser to spend on my monthly expenses. What should I do? - Seedly

Anonymous

14 Jun 2020

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Saving Hacks

I am a 30 year old self-employed and I haven't been earning much the past 2 months. With CPF, I am afraid I have even lesser to spend on my monthly expenses. What should I do?

Any advice on how self-employed people can get through months with lower income yet the same fraction going into CPF

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Discussion (4)

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Loo Cheng Chuan

14 Jun 2020

Founder at 1M65 Movement

The solution is simple, make more money. You may have to take on 2 jobs, 3 jobs if necessary, rent out your flat etc. I think in Singapore, if you are willing to work hard and to exercise care and wisdom in how you spend your money it is very possible to make a very decent living.

Hi Anon,

I am a 30 year old self-employed too. It is challenging to give specific advice without knowing the details of your current situation, but here is a short answer:

Consider reviewing the priorities of your finances/expenses/goals in light of your new situation, and allocate your income to achieve your priorities accordingly.

Be on the lookout for other tools/options that may allow you to achieve your priorities more efficiently.

Shengshi Chiam, CFA

10 Jun 2020

Personal Finance Lead at Endowus

I think its really hard for self-employed people to utilise CPF carefully, especially with the varia...

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