188 Singapore’s Budget 2025 introduces several measures aimed at supporting families, caregivers, and seniors, with significant implications for personal financial planning. Here’s an overview of the key initiatives and how they may impact your finances: Enhanced Support for FamiliesSG60 Cash Vouchers: To commemorate Singapore’s 60th year of independence, eligible Singaporeans will receive up to S$800 in SG60 cash vouchers. These vouchers are designed to offset living expenses and provide immediate financial relief.Increased Financial Assistance for Larger Families: Recognizing the challenges faced by larger families, the government has introduced additional financial support for parents with three or more children. This initiative aims to alleviate the financial burden associated with raising multiple children. Support for Caregivers and SeniorsEnhanced Home Caregiving Grant: The Home Caregiving Grant has been enhanced to provide greater financial support to those caring for senior citizens. This measure acknowledges the vital role caregivers play and aims to ease the financial pressures associated with caregiving.Increased Subsidies for Long-Term Care: Subsidies for residential long-term care services have been increased by up to 15 percentage points. Additionally, the maximum qualifying per capita household income has been raised to S$4,800, making more families eligible for support. Goods and Services Tax (GST) AdjustmentsThe GST rate has been adjusted from 7% to 9%, a change initially announced in 2018 to address rising healthcare costs and an aging population. This increase is intended to generate additional revenue to support public services and infrastructure.Personal Finance ConsiderationsCost Management: With the GST increase, consumers may experience a slight rise in the cost of goods and services. It’s advisable to review and adjust personal budgets to accommodate these changes.Utilizing Government Support: Eligible individuals and families should proactively apply for the available grants and subsidies to maximize their benefits. These supports can significantly offset daily expenses and long-term financial commitments.Financial Planning for Caregivers: Caregivers should consider the enhanced grants as part of their financial planning. Allocating these funds effectively can ensure sustainable caregiving without compromising personal financial stability. In summary, Budget 2025 offers various measures to support families, caregivers, and seniors. By understanding and integrating these initiatives into personal financial strategies, individuals can better navigate the economic landscape and secure their financial well-being.