Anonymous

18 Apr 2019

∙

What should I do? Pay off CPF loan first or continue to save and invest?

I am in Uni Year 1 and have $6k in my bank now but I owe CPF $4k for my Poly school fees. Should I pay now in one lump sum/monthly or just wait until I graduate? My parents are reluctant to help me pay CPF first as they are using cash for my Uni school fees. Is it better to save 6 months worth of emergency fund before I continue to invest in RSP every month as I am currently doing so?

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Casey Choo

26 Nov 2018

As with everyone in the comments below - Always pay of your student debt first!

Starting your career debt-free may perhaps be the most important starting point in your life.

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Ck Chai

25 Nov 2018

Pay off your loan first so that you can reduce your interest payable. Bank interest is low and the amount pay back to CPF will be given the prevailing CPF interest rates.

To your next question, always make sure you have the min 6 months emergency funds before you start investing.

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Yong Kah Hwee

25 Nov 2018

Always pay off loans first!!! they come with interest and can snowball if you don't do anything abou...

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