I started my Supplementary Retirement Scheme (SRS) account three years ago. The plan was to top up the SRS account every single year for the next 20 years. I figured that if I do it every year, I would have a sizable sum of money for retirement. Plus the fact that I do save on my taxes yearly. However, the downside will be putting my money into an account that I do not have much flexibility.

Anyway, let's do some Maths.

So at the end of 20 years, I will have a sizable savings of S$255,000. This does not include the interest given or if you have diligently invested using your SRS account.

Do consider opening a SRS account as part of your retirement planning.

SRS + CPF adds to your comfortable retirement accocunt.

I will explain the SRS account in more details and how I invest the money from the SRS account in a separate post.

According to Mr Kuo How Nam, President of Credit Counselling Singapore, the percentage of credit card holders unable to pay to in full has remained largely stable over the past five years.

Personally, that to me, is a large percentage. 1 in 3!

Another alarming stat, reported by Straits Time a week ago, was that around 3% of credit card holders - that is about 47,000 people, have debts exceeding a year's salary.

I believe all individual should be responsible for their spending. If you know you are unable to control, cut those credit cards! Use debit cards instead.

You can occasionally spend more to reward yourself, but it not the same as overspending.

Decided to buy this book and read it during my business trip. Just wanted to share something in the book that I can totally relate to. It was about Jim's message to his children about saving. I believe this message should be told to every child.

SAVE.

You will meet people who will urge you to spend your money freely; they will tell you, "You can't take it with you!". As you get older, you will probably have friends who eat at expensive restaurants every night, buy the latest gadgets or fashion trends, and spend vacations at fancy beach resorts. You must avoid the trap of spending money willy-nilly simply because you can. Not only is this a road to financial ruin, it can cause you to forget what's important in life.

I am not saying what you should never travel or buy anything nice. I am merely suggesting that you should think wisely about whether the thing you are contemplating doing or buying is really worthwhile or whether its benefits will be, at best, fleeting