CPFB | Managing my housing budget

Managing my housing budget

Purchasing a home is a long-term financial commitment. With smart budgeting, you can still plan for other financial goals to meet your desired lifestyle needs, even in retirement.

Razin budget wisely for your short- and long-term financial goals to live your best life

Work out your budget

Other than upfront payments and monthly housing instalments, consider other things you may need to spend on, such as renovation, furniture and even your day-to-day expenses.

Plan with these in mind so that you can manage short- and long-term housing expenses more comfortably.

Set aside savings in your Ordinary Account (OA)

If it is within your means, use more cash to pay your housing loan and retain an amount equivalent to half a year's worth of your monthly instalment, so that you can still use your OA savings to service loans in times of need.

Unused OA savings earn an interest rate of up to 3.5% and will also form part of your retirement fund in the future.

Understand loan quantums and grant eligibility

Your loan quantum determines how much you can borrow to finance your home, so you can find the right property within reasonable budget.

Government grants can also help to ease your payments for a more comfortable loan tenure.

Quick tips to effectively manage your home budget

Elsa and Jason break down on the math to consider when pursuing one's housing journey

Still unsure if you have sorted your finances well? Catch Elsa from CPF Board's Housing Schemes Department help CPF member Jason break down the math to consider when pursuing one's housing journey.

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Here's how good budgeting habits can maintain lifestyle needs

"With my family to care for, I need to manage my everyday housing expenses prudently. I tend to look out for products that meet my family's needs. They may not necessarily be the most expensive or cheapest, but useful for my family."

- Mohamad Syahid Bin Arif, 42, Full-Time Caregiver

"To keep my CPF savings for my retirement funds, I used my salary bonus to pay for my housing loans instead of tapping into my OA. One budgeting rule I abide by is to always set aside some money for my savings and not to overspend on my wants."

- Audrey Yap, 62, Retiree

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CPF Planner

Looking to make the most of your CPF savings? Use this tool to help you plan for your CPF savings to meet your future needs.

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Make a cash top-up

Cash top-ups help to grow your savings for higher payouts to support the important milestones in your life. Start taking action today.

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First home calculator

Use this tool to work out the finances for your home purchase.

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MoneySense speak to a trainer from the Institute for Financial Literacy

Speak to an Institute for Financial Literacy Trainer

Do you need help figuring out your budgets and expenses when purchasing your home? Book a personalised consultation with a trainer from the Institute for Financial Literacy (IFL), MoneySense's ground outreach arm.

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Managing my housing budget

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Managing my housing budget

Quick tips to effectively manage your home budget

Here's how good budgeting habits can maintain lifestyle needs

Start planning today

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Managing my housing budget

Quick tips to effectively manage your home budget

Here's how good budgeting habits can maintain lifestyle needs

Start planning today