facebookI'm a fresh grad and just started my first full-time job. I am planning to do a $5k(from my savings) voluntary contribution to my CPF account. Is this the best way to use the 5k? - Seedly



12 May 2021



I'm a fresh grad and just started my first full-time job. I am planning to do a $5k(from my savings) voluntary contribution to my CPF account. Is this the best way to use the 5k?

It's an unpopular opinion/decision. Any advice or 'better' ways to use that $5k?

Discussion (12)

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For a fresh grad with $5k saving, would suggest saving up at least 6 mth emergency fund first than to do voluntary cpf top up unless you have specific reason to do so e.g. your salary is very high (8k and above) and you would like to reduce tax.

Perhaps put the 5k into high interest bond.

If you are looking to maximise your cpf, maybe do voluntary cpf OA transfer to SA (any amount after combined 60k oa and sa), as the interest rate for sa is 4.01%. But do consider this is irreversible, i.e. consider if you have plans to buy property in future.

Oh ChengKok

12 May 2021

Financial Services Consultant at AIA Singapore

Congrats for your full-time role! I understand that you have a $5K saving and intending to put it into your CPF. To see if this is the best way, one thing to consider is your intention of the your money.

Also ask yourself if you have enough emergency funds?

Do you want to see your money only at age 55/65 etc?

Is there are short-term need for the $5k?

Financial planning is dynamic. Hope to hear your intention here.

Get an investing account up or a high-yield savings account for the interest....

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