Going freelance? Here's how you should plan your CPF & finances for 2022

Going freelance? Here's how you should plan your CPF & finances for 2022

Recent highlights:

1. Contributions to your Ordinary Account (OA) and Special Account (SA) are not compulsory for freelancers, but you will need to make a compulsory annual contribution to your MediSave Account after filing your taxes each year so long as you have made more than $6,000.

2. On the other hand, if you're just letting your money sit in the bank, consider making a voluntary transfer to CPF, as unlike savings account interest rates, CPF interest rates are actually good.

3. - HSBC Everyday Global Account (personal banking) - multi-currency account which supports foreign clients and other currencies.

4. You can just open a second account at the same bank as your regular savings account so you don't need to deal with new ibanking passwords

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