When that green envelope arrives each year, it’s a clear sign that tax season is here again. While we all understand that paying taxes is a civic duty, it’s hard not to feel a little heart-wrenching when you see your bank balance take a hit. You’ve probably heard of Voluntary Health Insurance Scheme (VHIS) and Qualifying Deferred Annuity Policy (QDAP). This ‘Tax-Saving Duo’ not only helps safeguard your health and future retirement life but also serves as an effective tool for tax deductions. But how can you truly save smart with them?

In Hong Kong, the belief in ‘standing firm by 30’ is deeply ingrained. This age marks a significant turning point in life, as well as a crucial time to assess and carefully plan your finances. Many people ask, ‘How much should I have saved by 30? How can I save money in a way that meets my current needs while also securing my future?’ While there is no fixed answer, these questions highlight the importance of saving. Savings are the foundation of financial management. In this article, we will explore the financial goals you should aim for by 30 and effective saving strategies to help you navigate challenges with confidence and lay a solid foundation for your personal goals.

According to the Health Bureau, by September 2022, the number of VHIS policies had exceeded 1 million, reflecting a growing awareness of healthcare planning among Hong Kong residents. However, the number of individuals eligible for VHIS is much greater. If you or a loved one have yet to consider joining VHIS for various reasons, this article offers a useful overview of its fundamental concepts and considerations for making an informed choice.