GST Hike and how to manage your money

Starting January 2023, Singapore’s Goods and Services Tax (GST) will increase from 7% to 8%, impacting household budgets and spending habits. How should you adjust your finances to cope with this change?

In this episode, Professor Sumit Agarwal from NUS Business School explains why the GST hike is necessary and offers practical advice for managing your money effectively in light of this increase.

Why the GST Hike Is Unavoidable

Professor Agarwal discusses the economic reasons behind the GST increase and why it’s an essential measure for sustaining government revenue and funding public services. Understanding the rationale behind the hike can help you better prepare for its impact.

Practical Strategies for Budget Management

The episode provides actionable tips for adjusting your household budget to accommodate the higher GST rate. Professor Agarwal shares strategies for optimizing spending, prioritizing essential expenses, and finding ways to save without sacrificing quality of life.

This episode is a valuable resource for anyone looking to navigate the financial adjustments required by the GST increase and maintain control over their budget.