With the increase in GST and the rising cost of living, this couple has decided to be more prudent planning for their wedding in July.
“We’ve had to prioritise the elements that are important to us as a couple, instead of simply following the tradition,” Darnell Moo, 30, told AsiaOne.
This financial advisor is engaged to photographer Kimberly Yang, 29.
For instance, they’ve had to scale down on the size of their celebrations by inviting fewer guests, and not hire a videographer.
Besides cutting down on their wedding expenses, Moo said that he’s also feeling the pinch when it comes to his daily expenses.
Which is why he’s glad that he’ll be receiving the cost-of-living special payment from the government in September.
“I’m happy that it’s an additional layer of support,” he said.
Alleviating the Increasing Cost of Living
During his delivery of the Budget statement today (Feb 16), Deputy Prime Minister Lawrence Wong spoke at length about some of the measures to help Singaporeans cope with cost-of-living pain.
For the “Cost-of-Living special payment” for example, eligible citizens aged 21 and above will receive between $200 and $400.
To qualify for the payment, these individuals should have an an assessable income of up to $100,000 and not own more than one property.
On top of that, Wong, who is also Finance Minister, unveiled some measures to support young couples like Moo and Yang.
This is especially important for Moo, who shared that the “biggest pain point” for him and Yang is housing.
Since 2022, Moo and Yang have applied unsuccessfully for three BTO and three Sale-of-Balance (SBF) exercises in estates such as Geylang, Tampines and Bedok.
“We’ve been unsuccessful in obtaining a Build-To-Order or SBF despite multiple tries over the years.
“Our ballot numbers have not been favourable so we will most likely have to turn to the open market for a resale flat,” said Moo.
Support for Young Families
For first-timer families like the Moo couple, they’ll be happy to hear that in Budget 2024, plans are afoot to ramp up “BTO supply and giving these families greater priority”, said Wong.
He also said that the government will be making flats in choicier locations more affordable through the Prime, Plus and Standard framework.
“This will be implemented later this year for new BTO projects,” he said.
Besides increasing the supply of BTO flats, Wong also unveiled plans to help couples who are waiting for their BTO flats to be completed.
One of these is a Parenthood Provisional Housing Scheme (Open Market) Voucher, which will help couples who have booked a BTO flat to rent a HDB flat from the open market.
More details on the voucher will be announced by the Ministry of National Development at a later date.
Currently, couples waiting for the completion of their homes can rent a subsidised rental flat from HDB under the enhanced Parenthood Provisional Housing Scheme (PPHS).
DPM Wong noted in his statement that HDB has received many applications for the scheme, and will be boosting the supply of these rental flats to meet the demand.
More Can Be Done on the Housing Front: Moo
Despite these measures, Moo feels that more can be done to help young couples like them in terms of housing.
When asked about the usefulness of the PPHS voucher, Moo surmised: “It depends on the amount of the voucher. But the uncertainty of housing has definitely delayed our intention to start a family anytime soon.”
He added: “They’re also quite strict with the income cap, which is not very beneficial for self-employed individuals like us.”
According to HDB, couples must have a monthly household income of $7,000 and below to be eligible for PPHS.
For now, Yang told AsiaOne that they plan to apply for a SBF flat again in February.
This article was first published on AsiaOne and republished on theAsianparent with permission.
ALSO READ:
Help With Cost of Living at Top of Budget 2024 Wish List for People in Singapore: Asiaone Survey
How to Plan A Dream Wedding On A Budget and Cut Down On Wedding Costs
Young Parents’ Balancing Act: Family or Work, Which Comes First?
