Want to pursue further education but don’t have the extra money? The government has your back. The Continuing Education Fund was launched in 2002 aiming to encourage adults to continue pursuing further education by providing a subsidy for eligible individuals. Good news is, on 1 April 2019, some enhancement measures of CEF will be implemented to expand the scope of CEF to encourage more people to skill up themselves. Even if you are not a permanent HK resident, as long as you have the right of abode, right to land or to remain in Hong Kong without restriction, you can also enjoy the CEF. Here are some more details.
Details of the enhancement measures
<ol>
<li>Increasing subsidy ceiling from $10,000 to $20,000 per applicant</li>
<li>Reactivating closed CEF accounts so that unused balance can be used in addition to the new $10,000</li>
<li>Applicants can only use the $10,000 from the enhancement measures after they use up the original $10,000. For the original scheme, applicants have to pay 20% of the tuition fee. For the extra $10,000 from the enhancement measures, applicants have to pay 40% of the tuition </li>
<li>Increasing the upper age limit for applicants from 65 to 70</li>
<li>Expanding the scope of CEF courses to all eligible courses registered in <a href="https://www.hkqr.gov.hk/HKQRPRD/web/hkqr-en/index.html">Qualifications Register</a> (QR). Check here to see if your course is covered</li>
<li>No more restrictions on the validity period or the number of claims for CEF accounts, meaning you can apply for unlimited courses before you are 71</li>
<li>Applicants no longer have to open a CEF account before the start of the course. They also have to submit reimbursement claims in 1 year after completion of the course</li>
<li>Enhancing the quality assurance monitoring of CEF courses</li>
</ol>
How much can I get?
(A) = Amount from the original plan 
(B) = Amount from the enhancement measures
(C) = Total amount
I have never used my CEF
Reimbursement = （A）$10,000 + （B）$1,500 = （C）$11,500
<img src="https://cms.planto.io/wp-content/uploads/2019/12/20190121_2_cef_2.png" alt="">
I have $3,000 left in my CEF account
Reimbursement = （A）$3,000 + （B）$6,750 = （C）$9750
<img src="https://cms.planto.io/wp-content/uploads/2019/12/20190121_2_cef_3.png" alt="">
I have used up the $10,000 in my CEF account
Reimbursement = （A）$0 + （B）$9,000 = （C）$9,000
<img src="https://cms.planto.io/wp-content/uploads/2019/12/20190121_2_cef_1.png" alt="">
Reference：[Continuing Education Fund website] (<a href="https://www.wfsfaa.gov.hk/cef/en/index.htm">https://www.wfsfaa.gov.hk/cef/en/index.htm</a>)

 Good news is, on 1 April 2019, some enhancement measures of CEF would be implemented to expand the scope of CEF to encourage more people to skill up themselves. Here are some more details.

How to make the best use of the Continuing Education Fund enhancement measures?

Open API (Application Programming Interface) has been one of the hottest fintech topics since HKMA announced the <a href="https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/open-api-for-banking-sector.shtml">Open API framework for Hong Kong banking sector</a>. As part of their Smart Banking initiative, the purpose is to provide a secure, controlled and convenient operating environment to allow banks to integrate with third party service providers and offer better banking experiences for consumers. 
Despite the hype, many still wonder what Open API is and how it works. Here is what you need to know about the new framework and why it is relevant to you. 
Open API for the Banking Sector – How it works?
Open API in the banking sector allows third parties to have access to the systems of financial institutions and retrieve data under the supervision of the HKMA. Third parties, such as fintech companies, can access and consolidate the data to provide innovative services and products for consumers. 
What benefits can API bring for YOU?
Convenience &amp; Transparency
Two of the four Open API functions (as seen below) will be to open up product and account information to third parties by financial institutions. With product offerings and bank accounts aggregated in one place by third party comparison platforms and aggregators like <a href="https://www.planto.hk/en/">Planto</a>, it will become easier for consumers to compare products and services across different providers and have a better overview of their financial position. 
Competitive Pricing &amp; Better Customer Experience
With consumers getting more transparency on what the market has to offer, competition between financial institutions to offer better pricing and customer experience will be more intense. Institutions will likely be offering more personalised services at lower costs to ensure they stay competitive. This ultimately transforms the consumer-bank relationship with the rise in consumer power.
Implementation of open API
There are a total of <a href="https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/open-api-for-banking-sector/phased-approach.shtml">4 phases</a>; Product information, Customer Acquisition, Account Information and Transactions. The phases will be rolled out throughout 2019, so be sure to keep yourself updated!
<img src="https://cms.planto.io/wp-content/uploads/2019/12/screenshot-2019-01-18-at-3.59.17-pm.png" alt="">
Open API has already become a compulsory regime in the EU and UK and contributed to innovation in their financial sector. Seeing the benefits, countries including Australia, the United States and Singapore are set to follow. Although a small step, Open bank API is crucial in transforming the way Hong Kong consumers and institutions interact and we are looking forward to seeing the positive changes it will bring.

Open API (Application Programming Interface) has been one of the hottest fintech topics since HKMA announced the Open API framework for Hong Kong banking sector. Here is what you need to know about the new framework and why it is relevant to you. 

[API] What Is Open Banking (and How Will It Affect You)?

Graduation marks the start of a new stage in life. Unfortunately for Hong Kong millennials, it also comes with new types of challenges. According to a <a href="https://amp.scmp.com/news/hong-kong/education/article/2178402/hong-kong-university-graduates-take-home-less-pay">study</a> by New Century Forum, the median monthly starting salary of a university graduate is $14,396 in 2017, almost $6,000 less than their counterparts 30 years ago. 
With limited income, some fresh graduates might get lost in the full city life in Hong Kong. With the soaring property prices and living costs, financial planning is essential to those who wants a stable quality of life. The first step to this is to understand the common financial mistakes fresh graduates make and how to avoid them. Let’s see if it rings a bell 😉
<h2 id="1-lack-of-financial-management">1. Lack of financial management</h2>
After getting their first job, some graduates may be overwhelmed by their first paycheck and may be prone to overspending, especially in a place that was dubbed as having <a href="https://www.scmp.com/news/hong-kong/education-community/article/2093298/hongkongers-shopping-habits-among-unhealthiest">one of the unhealthiest shopping habits in the world</a>. The lack of control on spending may lead to post purchase regrets and, even worse, debt accumulation. A way for graduates to avoid this is to adopt a habit of using expense tracking apps like <a href="https://www.planto.hk/en/">Planto</a> to help manage their finances by setting a monthly budget and monitoring their expenses. 
<h2 id="2-spending-too-much-on-housing">2. Spending too much on housing</h2>
Housing is an eternal problem for everyone in Hong Kong. Being the<a href="https://www.scmp.com/news/hong-kong/hong-kong-economy/article/2178308/hong-kong-ranked-sixth-most-expensive-city-expats"> sixth most expensive city for expats to live in</a>, rent can get very expensive for expats and locals who want to live independently. According to Jim Wang, a blogger from Wallethacks, one should maintain a <a href="https://wallethacks.com/money-ratios/#20-30-50-Budgeting-Ratio">20-30-50 </a>budgeting ratio when it comes to daily expenses, meaning one should spend around 30% of their income on housing. 
<img src="https://cms.planto.io/wp-content/uploads/2019/12/20190107_1_graduate_1.png" alt="null">
Although expensive, graduates can also be smart about how much to spend on housing. Luckily, they now have more housing options with the new trend of co-living spaces like <a href="https://www.weavecoliving.com/">Weave</a> and <a href="https://co-living.hk/">Bibliotheque</a>. Not only can one save money on living, one might also get to know interesting people!
<img src="https://cms.planto.io/wp-content/uploads/2019/12/20190107_1_graduate_2.png" alt="null">
<h2 id="3-high-entertainment-cost">3. High entertainment cost</h2>
Sure, in a metropolitan like Hong Kong, you can always party all night long. However, the cost for an exciting life, or nightlife, in Hong Kong can be pretty high. It is not hard to spend $500 if you go out for food and drinks with your friends without proper planning. However, it is a mistake to think that this is the only way to have fun in Hong Kong. There are many low cost alternatives. These including going on <a href="https://www.hiking.gov.hk/eng/index.htm">hiking trails</a> that have magnificent views and planning your night out properly by using some amazing apps that provide awesome discounts like <a href="https://www.theentertainerme.com/#null">The Entertainer</a> and <a href="https://www.google.com/search?q=storellet&amp;oq=storellet&amp;aqs=chrome..69i57.2128j0j4&amp;sourceid=chrome&amp;ie=UTF-8">Storellet</a>.
<h2 id="4-neglecting-investments">4. Neglecting investments</h2>
Investing might seem far to fresh graduates. However, there are loads of advantages of investing early in life such as having the capacity to take on more investment risks and making use of the power of compounding. There are many <a href="https://www.investopedia.com/university/beginner/">resources available online</a> that teaches beginners on how to invest. Well-planned investments can improve overall financial stability, increase savings and help you achieve your financial goals. 
<h2 id="5-poor-credit-card-management">5. Poor credit card management</h2>
Once you have a stable income, you can start applying for credit cards. It certainly brings a lot of convenience in life, especially in such a cashless society. Yet, to some, it might be a pandora’s box opening. Instant gratification might be tempting, but it could be very dangerous. According to a <a href="https://www.scmp.com/news/hong-kong/economy/article/1866897/spending-theres-no-tomorrow-hongkongers-aged-18-35-use-36">study</a> by Hong Kong University&#39;s public opinion programme, Hong Kong people aged 18 – 35 spend 36% of their monthly income on purchases made with credit cards and take 19 months to pay back their loans. The scariest thing about credit card debts is the snowball effect. If you ignore it, it could become a serious financial burden and may even affect your credit scores. 
If you are a recent graduate and need an extra hand, you can always check out some useful personal finance apps like <a href="https://www.planto.hk/en/">Planto</a> to track your expenses and give you due date reminders. Planto helps you manage your finances so that you can reach your life goals such as buying your first home, travelling around the world or getting married.

With limited income, some fresh graduates might get lost in the full city life in Hong Kong. With the soaring property prices and living costs, financial planning is essential to those who wants a stable quality of life. The first step to this is to understand the common financial mistakes fresh graduates make and how to avoid them. Let’s see if it rings a bell ;)

Common financial mistakes made by fresh graduates

Managing and monitoring your MPF is not an easy task. MPF management is becoming a growing concern for many, as according to the MPFA, the average number of personal accounts that are being managed by each HKer is increasing due to frequent job changes. As such, more and more people are opting to consolidate their accounts. 
Some people choose to consolidate out of convenience, whilst others opt out to keep their portfolios diversified so to reduce risks. Let’s look at the pros and cons of consolidation and how <a href="https://www.planto.hk/en/mpf/?af=29be30f4">Planto helps</a> those who want the best of both worlds. 
Why Consolidate?
Convenience is the major reason people choose to consolidate their MPFs. Not only do you save time from logging into multiple accounts, it is also much easier to track your balances and fund performances, as well as make any changes on your portfolios. Investment analysis and decision-making can also be done more easily and you are able to get an overview of your gains and losses. 
Why to NOT Consolidate?
There are drawbacks to consolidating your accounts with one single MPF service provider. With consolidation, you are putting all your eggs in one basket, which limits the number of funds you can choose to invest in. Providers manage funds very differently, which results in varying fund compositions and portfolio performances. 
For instance, the 1 year annualised return and management fee for the North American Equity Fund is different under AIA and HSBC according to the <a href="https://fpp.mpfa.org.hk/english/mpp_glossary.jsp#Constituent_Fund">MPFA</a>. The former has a 2.03% return with a 1.83% management fee whilst the latter has 2.5% and 1.35% respectively. As such, having multiple MPF providers may be a better choice for those who are more risk averse. It is also important for you to study the performances of your desired funds under different trustees and make use of the Employee Choice Arrangement to allocate your MPF contributions. 
If you don’t want to go through the hassle of understanding and managing your multiple accounts, you can also opt for the <a href="http://minisite.mpfa.org.hk/dis/en/index.html">Default Investment Strategy (DIS)</a>, which has been implemented for those who are too busy to manage their MPF accounts. This ready-made investment solution combines 2 mixed assets funds that automatically reduces investment risk according to members’ age. 
The solution
No one can ever say how many MPF accounts is enough, too much or too little. This is entirely up to you. Yet, it is commonly believed that consolidating your MPF accounts into 2 to 3 service providers can balance out sufficient risks. Sadly, we all know consolidation is a hassle because it means the offline process of phone calls, form-filling through MPFA and re-allocation of your portfolios. Although the new eMPF platform is launching with the objective of making things easier, members need to wait until 2022 for this process to become online.
This is why the Planto team has introduced the MPF consolidation function on the app. It is the best of both worlds. Not only can you see all your Hong Kong MPF accounts in one place, you can also get instant updates on your balances, portfolio breakdowns and performances whilst still keeping your portfolio diversified. Let us know what you think!
<h2 id="about-planto">About Planto</h2>
<a href="https://www.planto.hk/en/">Planto</a> is a Hong Kong fin-tech start-up that brings the new generation a revolutionary intelligent personal finance application. We are generously supported by iDendron, from The University of Hong Kong and Cyberport to help Hong Kong users to manage their finances and save money, starting their journeys towards life goals like purchasing a flat, getting married, travelling and studying.
Like the <a href="https://www.facebook.com/planto.hk/">Planto Facebook </a> page and follow our <a href="https://www.instagram.com/planto.hk/">Instagram</a> now to receive useful tips on personal finances!

Some people choose to consolidate out of convenience, whilst others opt out to keep their portfolios diversified so to reduce risks. Let’s look at the pros and cons of consolidation and how Planto helps those who want the best of both worlds. 

[MPF Tutorial] The MPF consolidation dilemma and how Planto tackles them

With the soaring living costs (unlike our salary), saving money is becoming harder and harder, especially for millennials. Here are the top 5 tips to save on transport expenses! 
<h2 id="1-mtr-early-bird-discount-till-31-may-2019">1. MTR Early Bird Discount (till 31 May 2019)</h2>
Getting up early does not only keep you from being late for work, it can also help you to save money. From Monday to Friday (except public holidays), between 7:15 and 8:15 a.m., Adult Octopus holders can enjoy a 25% fare discount when exiting from the below stations. 
<img src="https://cms.planto.io/wp-content/uploads/2019/12/transportation-saving-tips1.png" alt="MTR map">
<h2 id="2-mtr-and-kmb-monthly-pass">2. MTR and KMB Monthly Pass</h2>
Crossing the harbour, or “getting over the ocean”, to get to work is not cheap. If you are also strained by this costly journey, do check out the monthly passes offered by MTR or KMB, and save up a few hundred dollars. 
Here are the prices of MTR Monthly Pass Extra and KMB Monthly Pass: 
West Rail Line (Tuen Mun &#8211; Nam Cheong): $515
West Rail Line(Tuen Mun &#8211; Hung Hom): $600
Tung Chung Line (Tung Chung &#8211; Nam Cheong): $405
Tung Chung Line (Tung Chung &#8211; Hong Kong): $635
East Rail Line (Sheung Shui / Wu Kai Sha – East Tsim Sha Tsui): $485
KMB Monthly Pass: $780
Let’s say John lives in Tuen Mun, and he works in North Point 22 days a month. 
If he uses the Adult Octopus card, 1 trip would cost $28.4, making a monthly total of $1,249.6. 
However, if he uses Tuen Mun &#8211; Nam Cheong Monthly Pass, his transport expenses would be decreased to $999, almost 20% off! 
Remarks: Fare and discounts might be adjusted from time to time, please refer to the <a href="http://www.mtr.com.hk/en/customer/tickets/monthly_pass_extra.html">MTR</a> and <a href="http://www.kmb.hk/en/news/press/archives/news201808232695.html">KMB</a> official website. 
<h2 id="3-mtr-fare-savers">3. MTR Fare Savers</h2>
Can you imagine saving $2 from a single tap? Go to an <a href="http://www.mtr.com.hk/en/customer/tickets/monthly_pass_extra.html">MTR Fare Saver</a> and immediately save $2 for your next ride from designated stations. Although most of the Fare Savers might not be at the most convenient spots, the short detour will be worth an extra daily saving of $2. 
<h2 id="4-government-transport-expense-subsidy">4. Government Transport Expense subsidy</h2>
Is your new year resolution to save more money? Start up saving up to HKD300 per month with the Public Transport Subsidy Scheme. If your monthly public transport expense is over $400, you can enjoy a 25% subsidy over the excess amount, claiming up to $300 a month! You can get the money starting from 16 Feb 2019. Click <a href="https://www.planto.hk/en/blog/public-transport-fare-subsidy-scheme">here</a> are more details. 
<h2 id="5-octopus-credit-card-promotion">5. Octopus credit card promotion</h2>
Octopus works with credit card companies to provide transport expense rewards, like <a href="https://www.octopus.com.hk/en/consumer/latest-promotions/citi.html">Citi Octopus Platinum Card</a>, <a href="https://www.octopus.com.hk/en/consumer/latest-promotions/boc.html">BOC credit card</a>, <a href="https://www.octopus.com.hk/en/consumer/latest-promotions/hsbc.html">HSBC credit card</a> and <a href="https://www.cncbinternational.com/personal/credit-cards/motion-credit-card/en/index.jsp">CNCBI Motion Credit Card.</a> If you choose smartly, you can enjoy tons of cash rebates and rewards. 
<h2 id="about-planto">About Planto</h2>
<a href="https://www.planto.hk/en/">Planto</a> is a Hong Kong fin-tech start-up that brings the new generation a revolutionary intelligent personal finance application. We are generously supported by iDendron, from The University of Hong Kong and Cyberport to help Hong Kong users to manage their finances and save money, starting their journeys towards life goals like purchasing a flat, getting married, travelling and studying.
Like the <a href="https://www.facebook.com/planto.hk/">Planto Facebook </a> page and follow our <a href="https://www.instagram.com/planto.hk/">Instagram</a> now to receive useful tips on personal finances!

With the soaring living costs (unlike our salary), saving money is becoming harder and harder, especially for millennials. Here are the top 5 tips to save on transport expenses! 

[2019 Saving Tips] Top 5 tips to save on your transport expenses

Counting down to the new year? No, we say counting down to the Public Transport Fare Subsidy Scheme of the Hong Kong government that would start on the first day of 2019. 
With this scheme, those with transport expense over $400 can save up to $300 a month. It might not seem a lot, but if you leverage this saving smartly, you might save enough for a flight ticket to Taiwan. 
<h2 id="6-key-points-of-the-public-transport-fare-subsidy-scheme">6 Key points of the Public Transport Fare Subsidy Scheme:</h2>
Target: There are no age or income requirements to be eligible for the scheme and there&#39;s no application needed either &#8211; everyone&#39;s welcome! Commuters with monthly public transport exceeding $400 will enjoy a subsidy of 25% of the actual public transport expenses in excess of $400, subject to a maximum of $300 per month. 
Coverage: Applicable to most public transport like MTR, franchised buses, green minibuses, ferries and trams. No matter what you take, this scheme&#39;s got you (almost) covered. <a href="https://www.ptfss.gov.hk/en-side-menu.html#/en-sch-02">Click here to learn more.</a> 
Effective and subsidy collection date: The scheme will be effective from 1 Jan 2019. Commuters can collect the subsidy of the previous month starting from 16 Feb. The subsidy of each month is valid for collection within three months. 
Subsidy collection spots: You can collect the subsidy from MTR station, light rail customer service centre, 7-Eleven, Circle-K, Wellcome, Octopus Service Point, and mobile app (Android devices with NFC or iOS mobile devices complemented with Octopus Mobile Reader)
Co-existing discounts: Commuters can still enjoy other public transport discounts (including different monthly passes and elderly concessions) and the subsidy would be calculated based on the actual monthly public transport expenses. 
Octopus/Cash expenses tracking: Transport tickets purchased by Octopus directly, like MTR Monthly Pass Extra, KMB Monthly pass and some ferry tickets, the expenses would recorded automatically. For transport tickets purchased by cash or other methods, like MTR City Saver, Tuen Mun-Nam Cheong Day Pass, Lantau Pass and Aberdeen – Yung Shue Wan Monthly Pass, commuters have to register through “Designated Transport Ticket Self-registration Points” or assisted by staff in 30 days after the ticket purchase in order to link up the expenses with the Octopus card. <a href="https://www.ptfss.gov.hk/en-side-menu.html#/en-ope-02">Click here</a> to learn more.
<h2 id="mtr-fare-rise">MTR fare rise</h2>
Unfortunately, MTR would increase its fare along with the subsidy scheme. 
Tung Chung – Hong Kong Monthly Pass Extra: $620 -&gt; $635
Tung Chung – Nam Cheong Monthly Pass Extra: $395 -&gt; $405
Sheung Shui / Wu Kai Sha – East Tsim Sha Tsui Monthly Pass Extra: $475 -&gt; $485
Tung Chung &#8211; Nam Cheong Monthly Pass Extra: $500 -&gt; $515
Tuen Mun &#8211; Hung Hom Monthly Pass Extra: $585 -&gt; $600
Now let’s find out how much you&#39;ll actually save using the scheme!
<h2 id="subsidy-calculation">Subsidy calculation</h2>
($Monthly transport expense &#8211; $400) x 25% = subsidy amount (maximum $300)
For example:
Monthly transport expense $500, subsidy amount: ($500 &#8211; $400) x 25% = $25
Monthly transport expense $800, subsidy amount: ($800 &#8211; $400) x 25% = $100
Monthly transport expense $1,600, subsidy amount: ($1,600 &#8211; $400) x 25% = $300 (maximum)
Let’s look at some real-life scenarios:
1. Transport subsidy X MTR Monthly Pass X Interchange discount
Mr. Chan lives in Tin Shui Wai. He works in Kwun Tong 22 days a month, he takes the MTR and green minibus every day. The cheapest way would be using MTR Monthly Pass, decreasing his expenses from $1007.8 to $855.8 (15% off). 
<img src="https://cms.planto.io/wp-content/uploads/2019/12/planto-transport-fare-subsidy1-en.png" alt="Example 1">
<img src="https://cms.planto.io/wp-content/uploads/2019/12/planto-transport-fare-subsidy2-en.png" alt="Example 1 Calculation Breakdown">
2. Transport subsidy X KMB Month Pass
Mr. Leung lives in Sheung Shui. He works in Wan Chai 22 days a month. The cheapest way would be using KMB Monthly Pass, decreasing his expenses from $780 to $685 (12% off)
<img src="https://cms.planto.io/wp-content/uploads/2019/12/planto-transport-fare-subsidy3-en.png" alt="Example 2 and Calculation Breakdown">
3. Transport subsidy X MTR City Saver
Ms. Lau lives in Sham Tseng. She works in North Point 22 days a month. The cheapest way would be using MTR City Saver, decreasing her expenses from $691 to $618.2 (11% off)
<img src="https://cms.planto.io/wp-content/uploads/2019/12/planto-transport-fare-subsidy4-en.png" alt="Example 3">
<img src="https://cms.planto.io/wp-content/uploads/2019/12/planto-transport-fare-subsidy5-en.png" alt="Example 3 and Calculation Breakdown">
 4. Transport subsidy X Airport Staff Fare Concession
<img src="https://cms.planto.io/wp-content/uploads/2019/12/planto-transport-fare-subsidy6-en.png" alt="Example 4">
Mr. Ng lives in Siu Sai Wan. He works at the airport 25 days a month. The cheapest way would be taking Citybus using the Airport staff fare concession, decreasing his expenses from $1,350 to $1,112.5 (18% off)
Reference: <a href="https://www.ptfss.gov.hk/en-main.html#/en-home">Public Transport Fare Subsidy Scheme official site</a> 
<h2 id="about-planto">About Planto</h2>
<a href="https://www.planto.hk/en/">Planto</a> is a Hong Kong fin-tech start-up that brings the new generation a revolutionary intelligent personal finance application. We are generously supported by iDendron from The University of Hong Kong and Cyberport to help Hong Kong users to manage their finances and save money, starting their journeys towards life goals like purchasing a flat, getting married, travelling and studying.
Like <a href="https://www.facebook.com/planto.hk/">Planto Facebook </a>page and follow our <a href="https://www.instagram.com/planto.hk/">Instagram</a> now to receive useful tips on personal finances!

With the Public Transport Fare Subsidy Scheme, those with transport expense over $400 can save up to $300 a month. It might not seem a lot, but if you leverage this saving smartly, you might save enough for a flight ticket to Taiwan. 

[2019 Saving tips] How to maximize saving from the Transport Subsidy Scheme

Being able to add your own categories has been a popular request from the Planto community. 
We&#39;ve now introduced #tags.
While not exactly custom categories, they offer a lot more flexibility and are quick to get started with &#8211; helping you analyze, search and better organize your expenses.
<h3 id="how-do-i-use-them-🧐">How do I use them? 🧐</h3>
<ol>
<li>Go to the Monitor tab and tap the transaction you want to assign a tag to.</li>
<li>Input one or more #[your assigned tag name] in the note section (you can always edit it later).</li>
<li>Go to By Category under the Monitor tab and scroll down to see all the tags you&#39;ve created. Click on each tag to see the breakdown and analytics!</li>
<li>Input any tags in the Search Transactions bar to see all related transactions.</li>
</ol>
&nbsp;
<a href="https://d3p3a214b6u455.cloudfront.net/images/blog/planto-tag-expense-steps-en.png"><img src="https://d3p3a214b6u455.cloudfront.net/images/blog/planto-tag-expense-steps-en.png" alt="How to use tags"></a>
&nbsp;
<h3 id="how-to-make-the-most-out-of-them-💡">How to make the most out of them 💡</h3>
You can associate tags with:
<ol>
<li>
A person or a group of friends 
E.g: #Bob, #Mum, #CollegeChums
</li>
<li>
A festival or event 
E.g. #Christmas, #AnnualDinner, #CNY
</li>
<li>
A subcategory of an existing category 
E.g. Under Business category, you could create tags such as #ClientLunch, #Taxi, #OfficeXmasDecorations
</li>
<li>
An emoji to show how you were feeling when the transaction was made 
E.g. #😍 #😜 #😭
</li>
<li>
A source of 💰inflow 
E.g. #Dividends, #MarkSix7thPrize, #BobInterestIncome
</li>
</ol>
&#8230; or anything else that comes to mind &#8211; you can be as creative as you want with #tags!
<h3 id="wed-love-your-feedback">We&#39;d love your feedback</h3>
Give #tags a try and let us know what you think and how you’re using it by contacting us through Live Chat or email at <a href="mailto:hello@planto.hk">hello@planto.hk</a>. 
We&#39;re just getting started so we need your feedback to improve and help you manage your finances better! 🤗

You can now add tags to your transactions - helping you analyze your spending habits, letting you search easier and more!

#Tags: A new way to create your own categories

The annual Christmas-followed-by-New-Year holidays could be very costly if you indulge yourself in the festive joy, and guess what, entering 2019 with a deficit (or worse, a debt), is definitely not a good way for you to start a new year. Here are some top tips to enjoy the holidays with a low budget, because in the end, the most important thing is to spend it with someone you love, right?
#1 Last minute deals on travel websites 
Spending the holidays overseas would always be a nice way to celebrate the new year. Look for some last-minute deals and you might be surprised! Consider somewhere low season in the winter, maybe a Mediterranean or Okinawan Christmas. It would be the best to find flight-hotel packages and make sure you are getting the best price for both. 
Some sites that would be helpful when you look for last minute deals are <a href="https://www.expedia.com.hk/en/lastminutedeals?&amp;langid=2057"> Expedia Last Minute Deals</a> , <a href="https://www.skyscanner.net/news/get-best-air-fares-skyscanner-price-alerts?_mp=167bbb3b40629-0ddcbf2241ccfb-35657607-13c680-167bbb3b4079ad_1545042607135&amp;preferences=50929f9cdcf24c8ba6df86b2cad50d36&amp;traveller_context=50929f9c-dcf2-4c8b-a6df-86b2cad50d36&amp;_ga=2.24524282.1974527251.1545042376-106789250.1545042376"> Skyscanner Price Alert</a> and <a href="https://www.cheaptickets.hk/en/last-minutes"> Cheapticket.hk Last Minute Deals</a> . 
#2 Glamping under the stars 
If a luxurious trip is too much for you, why don’t you stay in Hong Kong and go on a luxurious GLAMPING? Summon your squad because booking a hostel from <a href="https://www.yha.org.hk/en/"> YHA</a> will only cost you a few hundred bucks. Just remember to book earlier for popular dates. You can also check out some private campsites, like the <a href="http://www.minglefarm.com/"> Mingle Farm in Tin Shui Wai</a> , <a href="https://www.saiyuen.com/en"> Saiyuen in Cheung Chau</a> and <a href="http://welcomebeach.com.hk/"> Welcome Beach in Lantau Island</a> . 
#3 Potluck to bring good luck 
Potluck might be new to Hongkongers but it is a great way to learn about each other’s culture (and secret recipes) &#8211; we all know that each family has that one home-made dish that everyone cannot forget. Holding a potluck party means everyone would have to bring one dish to the party and share. Not only does that save time for the party host but it would also be paying a heart-warming respect to the tradition of sharing in Christmas. So get ready to bring out your best cooking game! 
Is your flat too cramped to hold all your friends? Consider booking a party room. You can find party room rental information from <a href="https://www.2book.co/en/"> 2book</a> and <a href="https://www.venuehub.hk/venue-types/party-room"> Venuehub.hk</a> . 
#4 Spend smart with discount apps 
Impulse spending is a thing &#8211; we totally get it. Take a look at these discount apps to help you spend smart while you are out with your friends and family: 
<ul>
<li><a href="https://eatigo.com/hk/hong-kong/en">Eatigo</a> : A restaurant reservation and discounts app from Thailand, available in Hong Kong, Bangkok, Pattaya, Singapore and Kuala Lumpur, offering up to 50% off discounts.</li>
<li><a href="https://www.theentertainerme.com/">The Entertainer</a> : A popular discounts app from Dubai. Members can have buy-one-get-one-free discounts from a wide variety of restaurants, bars and spas. Although you have to pay a membership fee, it’s just $288 for both 2018 and 2019 membership. </li>
<li><a href="https://www.feedmeguru.com/">FeedMe Guru</a> : This restaurant reservation app targeted middle to high class restaurants, making it easy for users to find fine dining discounts. Sometimes they will even launch a special menu with restaurants! </li>
<li><a href="https://www.myfunnow.com/en/">FunNow</a> : Real-time reservation for bars, restaurants, hotels, spas and recreational activities. There are also a lot of “late bird” discounts for us not-as-early-as-other birds. </li>
<li><a href="https://myicellar.com/">Myicellar</a> : Missing booze for your party? Check out this start-up app that can get you wonderful deals up to 50% off. Make sure you order 3-5 days before the party. </li>
</ul>
After a festive splurge, it’s time to get ready for your New Year Resolution because, this year, you’re going to make it. Try out <a href="https://www.planto.hk/en/"> Planto</a> if you have a particular saving goal in mind. The app can help you to track and categorize your expenses as well as keep you on track of your 2019 saving plan! 
Warm reminder: Special traffic arrangement and weather during Christmas’ Eve and New Year’s Eve. 
On 24 Dec and 31 Dec, MTR will offer an extra 803 trains trips and overnight services to ensure you can party all night. This Christmas would be the warmest since 1991, reaching up to 23 degrees but it will start turning colder soon after so you might need to add a jacket after New Year’s Eve.

The annual Christmas-followed-by-New-Year holidays could be very costly if you indulge yourself in the festive joy. Here are some top saving tips to enjoy the holidays with a low budget!

[Last Minute Deals] Tips to avoid over-spending in the holidays

Financial planning is critical in wealth accumulation and it is particularly important for women, and especially women in Hong Kong, to adopt such practices. Women face unique circumstances that require us to save more than our male counterparts as well as challenges that hinder us from accumulating more than what we could have if we were men. These include:
<h2 id="1-longer-life-expectancy">1. Longer Life Expectancy:</h2>
<img src="https://lh5.googleusercontent.com/wRZjXTpVw6kRUfU1pxiLf_jK-BcbwojHy6HlQw5E96TJrldT0gq_f6PCFoJ1OOwWtCEdGVhajvLAwF198O_-SD8Vz1jTN5tLGpF9weWmhL6axm7YaCCfZMrjtlztyOAeKNkEKZ7R" alt=""> 
According to <a href="http://www.scmp.com/news/hong-kong/health-environment/article/2104584/hongkongers-top-life-expectancy-rankings-worldwide">SCMP</a>, Hong Kong women enjoy the world’s longest life expectancy of 87.3 years, approximately 6 years more than Hong Kong men. With medical advancement, the number is expected to rise in the foreseeable future.
What it means for financial planning
According to <a href="https://tradingeconomics.com/hong-kong/retirement-age-women">Trading Economics</a>, the average retirement age of women in Hong Kong since 2015 has been 65. This means, given existing data, on average women will need to have enough funds to sustain themselves for another 22.3 years by the time they retire, and this is discounting the inflation. Crazy.
<h2 id="2-gender-pay-gap">2. Gender Pay Gap:</h2>
<img src="https://lh4.googleusercontent.com/9llCp917CIJzR-jvUm0udPr2izCOhtrCjnAOkvXU8Mde3FoqF7krQJryUBIALf-msmbSIZgk66A_eNPja98WutA4Sdwj0nrUANkbua71S85gQzF1iwqzpWxjLpvekg88uA41D6kJ" alt=""> 
Despite the emergence of campaigns advocating for women rights and gender equality, there is still an existing issue in Hong Kong that sees pay divide between male and females. <a href="http://www.scmp.com/news/hong-kong/community/article/2133651/we-aim-close-hong-kongs-gender-pay-gap-and-help-half">For example</a>, women working in Hong Kong’s education sector earned HKD9,800 less than men each month, followed by those in the finance industry where women earned HKD8,800 less. Hong Kong is not getting close to following the footsteps of Iceland, where equal pay has been legalised, as its Labour and Welfare Bureau does not even have a designated team to focus on gender pay gap issues.
What it means for financial planning
The existence of gender pay gap given in the above example would mean around an annual income disparity of HKD117,600 and HKD105,500 for those in the education and finance sectors respectively. This means a gap of HKD4.7m and HKD4.2m if we take into account a 40 year labour force participation period. Pay may be gender biased, but products and services in the market are priced regardless of your sex, which means women will need to make more effort to save/invest in order to achieve the same standard of living as men.
<h2 id="3-family-commitments">3. Family Commitments:</h2>
<img src="https://lh3.googleusercontent.com/IvG6BwERoYKBVEYuWPDgwIi2GDrL3butZ_YFvPGfl2_iQX4fA5LQwAl9kJ_YPp0bzi3z8Jr_Ll3gmpb0tB4u-rdR51tP_jVrCz1JEyU9atC1yqjxV7RiszTPgH0MhAo-If1emI2Y" alt="">
Although domestic helpers are estimated to be in 1 in every 3 households in Hong Kong which lessen the burden for Hong Kong mothers, according to <a href="https://www.robertwalters.com.hk/news/rw-whitepaper-empowering-women-in-the-workplace.html">Robert Walters</a>, 56% of female professionals claim family pressures and commitments outside of work as the main reason for lack of work progression, while 41% cited difficulties in returning to work after having children (versus an average of 36% in APAC). This is prevalent in many cultures, but especially the case for places like Hong Kong where women tend to feel obligated to take care of their children and the elderlies in their household.
What it means for financial planning
Having enough funds to take care of yourself is already not a stroll in a park, imagine having to take care and plan for 1 or 2 additional family members? It is clearly self-explanatory here why financial planning is crucial.
Despite the above challenges, research have shown that women who conduct proper financial planning do extremely well. Dubbed as the SMART women by BlackRock, they are the women who save and invest more, consider retirement their priority and take financial planning and advice seriously. An example is our <a href="http://www.asiaone.com/women/smart-women-rivalling-men-retirement-planning-survey">Singaporean female counterparts</a> who, wait for it, are HKD1m (SGD236,000) better off in household assets than the average woman just by taking simple steps.
<h2 id="so-how-much-is-hkd1m">So how much is HKD1m?</h2>
<img src="https://images.unsplash.com/photo-1526304640581-d334cdbbf45e?ixlib=rb-0.3.5&#038;ixid=eyJhcHBfaWQiOjEyMDd9&#038;s=ef560e43d9edf981e37320ae5f0edd3d&#038;dpr=1&#038;auto=format&#038;fit=crop&#038;w=1000&#038;q=80&#038;cs=tinysrgb" alt="1 U.S.A dollar banknotes"> 
We all know it is a lot, but what can you actually do with this much money?
<ul>
<li>
Travel around the world.. 5.1 times
</li>
<li>
Buy 11.7 Hermes Birkin Bags
</li>
<li>
Pay for 2.1 MBA degrees
</li>
</ul>
<img src="https://images.unsplash.com/photo-1483181957632-8bda974cbc91?ixlib=rb-0.3.5&#038;ixid=eyJhcHBfaWQiOjEyMDd9&#038;s=d12848a9bb90d8374f5b217152e07e45&#038;dpr=1&#038;auto=format&#038;fit=crop&#038;w=1000&#038;q=80&#038;cs=tinysrgb" alt="shallow focus photography of woman holding shopping bags during day"> 
More importantly:
<ul>
<li>
You can live off it for another 8 years
</li>
<li>
It materially reduces the pressure one has to have to buy a home by cutting the potential debt owed to lenders and allows one to focus more on the welfare of their family
</li>
<li>
Allows you to be an independent woman who can take more risk in pursuing your true career aspirations
</li>
</ul>
…And imagine how much more you can get with the power of investing? For example, if you invested HKD1m in the Hong Kong Tracker Fund a year ago, with a dividend yield of of 3.41% , you get HKD34.1k from dividends alone!*
Like many of you, I am still early in my journey in accumulating the necessary wealth to achieve the success I want in life. I hope I have encouraged you to start taking financial planning seriously and start becoming a SMART woman.
*Based on a dividend yield as per Sept 11th, 2018.
<h2 id="about-planto">About Planto</h2>
Planto is a fast growing startup incubated at the University of Hong Kong Entrepreneurship Center, with additional supports from Cyberport, and an experienced group of investors and advisors from Hong Kong, the UK and Canada to assist Hong Kong consumers in achieving their life goals. Visit us at <a href="http://www.planto.hk">www.planto.hk</a>.

Hong Kong Women face unique circumstances that require us to save more than our male counterparts as well as challenges that hinder us from accumulating more than what we could have if we were men. 

How Financial Planning is Different for Women in Hong Kong and Why It Matters

Your questions: 
Where do I begin? 
What can I afford? 
Where to start looking? 
How can I borrow and who do I borrow from? 
What are the legal considerations? 
What are the risks?
Time is precious, especially in this busy and competitive society we live in. Planto is here to turn your aspirations of owning a home into reality. We will help you save time and money in making one of the most important decisions in your life.
<h2 id="where-do-i-begin">Where do I begin?</h2>
Buying a home is one of the most important decisions in anyone’s life. It embodies the promise of individual autonomy and can be extremely rewarding financially and psychologically. However, high rewards come with high risks, and extra care in planning towards this goal is critical in your homeownership success and thus your overall welfare. To start with, you need to identify your essential needs which is highly dependent on where you are in life. However, 3 universal considerations are:
<ol>
<li>
Understanding the purpose of your house: It is not unusual for people to purchase or plan towards home ownership due to social influence. However, not having a clear goal can stop you from making the right decisions or picking a property that is optimal for you in the long term with respect to your quality of life. These include understanding how you plan to use the home (live there? rent out? or both?) and if do you decide to rent, how much rental income do you expect and whether it will be easy for you to lease out your property at an ideal price. Some people also use property as an investment for capital appreciation. In such a case you will need to understand the time horizon you may want to invest towards your house and understand the macroeconomic implications of the property market. In addition, your decision can also impact the mortgage plans you are applicable for. The Hong Kong Mortgage Insurance Plans (MIP) provides loans up to value of 80% &#8211; 90% if you plan to buy your first house for self use. 
In short, you need to be honest with yourself. 
</li>
<li>
The Location: Location, location, location. The conditions of your home can change, but the location never will. It is important for you to list out your lifestyle requirements then choose locations that meet them. 
“How long am I willing to commute to work?” 
“Will it be convenient for the kids to go to school?” 
“Do I need supermarkets and restaurants within the vicinity?” 
“Is your location preference dependent on the parents of your significant other’s place of residence?” 
These are some questions you need to ask yourself.
</li>
<li>
The Number of Rooms / Size: It is pretty self explanatory that the number of rooms depend on how many people will be living in your property, especially in the long term. 
However, there may be circumstances where some may not be able to afford to buy the required number of rooms in their ideal location. An alternative is for you to buy a property as an investment to lease out and rent another premise that is more ideal for you, where the rental income covers your rental expenses. In this instance, the number of rooms for yourself does not matter as much as the number of rooms that is most ideal for rental returns. Although, if this is your first house, this option impacts your qualification for Hong Kong Mortgage Insurance Plans which requires the buyer to buy their first house of self use.
If you are flexible in your investments and are able to look beyond deliberate needs, another alternative can be to purchase a property that has more bedrooms than needed and rent it out to cover some of your mortgage expenses, but only if you are fine with having a housemate! Make sure you do the calculations and find the right number for yourself.
</li>
</ol>
In addition, there are other important things to note depending on which life stage you are in.
A University Graduate
As a fresh graduate, you possess the most precious commodity when it comes to buying your first home; time.You have the luxury of researching the type of home that is most ideal for you, following the market closely and understanding when to buy. For example, aside from looking for private properties you may consider public housing if you are eligible, as you are more likely to be open to being on the waitlist for a couple more years.
Additional factor to consider:
Length of stay: If you see yourself moving elsewhere in the foreseeable future due to changes in life plans, it would be better to focus on the rental opportunities or capital appreciation of the property so you are able to get future monetary returns.
Planning for marriage/Newly Married
As a newly wedded individual, it is likely you will have to make the decision based on long term factors like having kids, a domestic helper or a parent living with you. Your priorities will be less on the investment side and more on fulfilling the needs of your family.
Additional factors to consider:
Whether to buy your first property in a single name or joint name: Owning a house with your significant other will undoubtedly give a sense of intimacy for both parties. However, if you are planning to buy a second house in the future, you will have to pay a Double Stamp Duty (DSD) equivalent to 15% of the purchased price. Therefore, buying the first property under individual ownership could be a wiser choice unless you are certain you will not be buying another property.
Going / Planning to Have Kids
As a to-be parent, your circumstances have become definite and your needs in buying a home will be focused on those of your family’s rather than your own. These Include:
Security and Safety: Probably the most important thing for a family with children. These include whether the building has a security guard, CCTV, smart card access and a history without burglaries. We also suggest extra due diligence on the history of the estate, checking whether it is haunted or if there were any past mismanagement.
The neighbourhood: As a parent, you will need to know whether the estate has a family oriented community that has baby friendly facilities. You may also consider if there are appropriate kindergarten/schools within the vicinity to make commute less of a hassle for your children in future.
Helper’s Room: Around 30% of total households with children have at least 1 domestic helper in Hong Kong. This is due to the fact that most parents still continue to be in the workforce after a birth of a child and domestic helpers are affordable for middle to high income families. By law, it is required that full-time domestic helpers live with their employees. As such, if you do decide to employ one, you need to make sure that you have an extra room.
School Nets: There are 36 school nets in Hong Kong. Whilst many prominent schools concentrate on several nets, some nets provide less ideal choices. For instance, Net No.11 (Central, Sheung Wan, Sai Ying Pun, Shek Tong Tsui, Kennedy Town, The Peak) is traditionally regarded as one of the best and most popular among all. In this case, the location of your property will be critical if you want your child to go to more reputable government/government subsidized schools.
<h2 id="what-can-i-afford">What can I afford?</h2>
Ever find it difficult to fully understand what the entire cost of buying an apartment is? Or what you can afford ? We certainly have and know it is a real hassle. Planto is developing a modern goal planning platform which also includes an extensive home purchase planning journey that will help you visualize a home according to your preference then check affordability based on important variables and comprehensive financial simulations. It is made simple just for you, register for early access at <a href="https://www.planto.hk/">https://www.planto.hk/</a>
<img src="https://lh4.googleusercontent.com/Tq3XuJG0ZxcIu9XKVvm5m4eOA9GleGRXDz631-47h34lt0vqgFbPWbl-wd8CpyUvz3GLIrHwzfh1-NM1lS3h2zeHkUHILgQvJrewtUFHBGVgiTasJEe_gfdMPW7Y0N2gi7_3JGNm" alt=""> 
Our simulation takes into account of inflation, salary increase and the all in costs of buying an apartment including:
<ul>
<li>Agency fees</li>
<li>All relevant stamp duties</li>
<li>Principal and interest payments</li>
<li>Legal fees</li>
<li>Mortgage insurance (for those who borrow a loan over 60% Loan-to-Value Ratio)</li>
</ul>
<h2 id="where-to-start-looking">Where to start looking?</h2>
Starting the house hunting journey can be difficult due to a plethora of information online. We have consolidated the top sources to ease the process and listed out their pros and cons, from our views.
Agents 
Below are the top property agencies in Hong Kong including their respective recognitions from Squarefoot, a leading media brand in Hong Kong focusing on providing property information from 2010 to 2017:
<ul>
<li>Century 21</li>
<li>Centaline Property</li>
<li>Hong Kong Property</li>
<li>Midland Realty</li>
<li>Homelife Property Consultants Ltd</li>
</ul>
Pros:
<ul>
<li>Convenience: Once you are assigned to an agent, they can assist with filtering properties that fulfill your needs, arrange viewings and guide you through the purchasing process.</li>
<li>Expertise: They are able transfer knowledge about estates, district, regulations and important concerns that you may have neglected.</li>
<li>Assist with negotiations: If you are not much of a negotiator, the agent can do this on behalf of you, at times not only limited to price.</li>
</ul>
Cons:
<ul>
<li>Potential bias: There exists the likelihood of conflict of interest as agents are usually paid 1% of total sales price for commision from both buyers and sellers. As such, they may see an incentive to promote pricier properties.</li>
</ul>
Online platforms 
If you are looking for a comprehensive list of properties available, you can search for online platforms such as <a href="http://squarefoot.com.hk">Squarefoot</a> , <a href="https://www.spacious.hk/en/hong-kong">Spacious</a> and <a href="https://www.gohome.com.hk/en/">Gohome</a>, which are easy to navigate.
Pros:
<ul>
<li>Comprehensive list of properties: Online platforms showcase properties from both individual sellers and different property agencies. It would be a good starting point for understanding what is really out there and get the gist of the market.*</li>
<li>Direct access to sellers*: If you want to save a bit of cash (well, not just a bit) and you are pretty good at reading people, then online platforms are your way to go. Beware though, you need to be extra careful and do your own due diligence on the seller and property.</li>
</ul>
Cons:
<ul>
<li>Self service: Whilst online platforms offer guides and blogs, they are less likely to go beyond what is already offered and you will need to manage follow up actions yourself.</li>
</ul>
Additional Factors to Consider:
Pseudo or outdated listings: It is not uncommon that the properties listed on agencies’ websites or third-party online platforms are already sold or never existed at all. In some cases, the house price listed online are significantly lower than its real selling price in order to attract potential customers. Make sure you manage your expectations and do not be misled by the information.
Property Valuation: Before making a decision to buy a property, you should validate its value evaluated by banks to see how realistic the prices offered are. This can be done through online valuation tools provided by major banks such as HSBC, DBS, BOC or Hang Seng or through phone calls to their hotline. The valuation will also affect whether you are able to apply for a mortgage.
<h2 id="how-can-i-borrow-and-who-do-i-borrow-from">How can I borrow and who do I borrow from?</h2>
Three main principles to follow:
<ol>
<li>Pay all your debts or minimize your debts to be applicable for most mortgages </li>
<li>Ensure your credit score is good (you may refer to <a href="https://www.transunion.hk/">Transunion</a>)</li>
<li>Shop around banks or visit a Mortgage broker to get the best interest rates</li>
</ol>
Lending companies scrutinize the financial health of their applicants carefully through assessing their income and outstanding debt to assess whether one is qualified for a mortgage. They also look at the value, type and age of the property. It is important that you are aware of the basic requirements such has having a steady income and not having too much debt when you apply (in fact, you should try and pay-off all your debts before you lend more). The Hong Kong Monetary Authority (HKMA) has set out the Loan-to-Value Ratio (LTV) caps and Debt Servicing Ratio (DSR) limits for property mortgage loans. Planto’s platform makes this job easier for you by modelling these rules as part of the simulation. For more information, click <a href="http://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2017/20170519e2.pdf">here</a>
The general rule of thumb is the more risky (more borrowings or weak financial health) you are the more likely an institution will charge a higher interest or reject you. Banks are the most risk averse amongst lending bodies whilst property developers offering general financing plans for new flats are more open to lending at a higher risk, albeit at higher interest rates. Be sure to do additional research on which borrowing scheme is more appropriate for you.
Aside from banks and property developers you can also borrow from lending companies which are in between banks and property developers in terms of risk averseness.
<h2 id="what-are-the-legal-considerations">What are the legal considerations?</h2>
Do not rush into committing to buying a property after you make a decision. Be sure to hire a solicitor and do your due diligence of the property so that you are well informed of the vendor’s title and encumbrances against the property. As advised by the Hong Kong government, you should be concerned about:
<ul>
<li>Whether the vendor is selling the property in the capacity of the owner</li>
<li>Whether any approval/consent from the Government or other authorities are required before the vendor can sign an agreement to sell the property and whether any premium has to be paid (e.g. flats under the Home Ownership Scheme require owners to pay a premium to the Hong Kong Housing Authority for the removal of the alienation restrictions before they can sell the flats in the open market).</li>
<li>Whether there are any subsisting mortgages, charges, government orders, tenancy agreements, etc. associated with the property</li>
<li>If you can obtain a warranty from the vendor that guarantees neither the property has any illegal structure nor has it been altered</li>
<li>Whether the vendor is able to repay all outstanding debt before the completion of transaction</li>
</ul>
Important legal documents you will need to sign include:
<ul>
<li>Provisional Agreement for Sale and Purchase</li>
<li>Formal Sale and Purchase Agreement</li>
<li>Assignment Deed and Legal Charge</li>
</ul>
In most cases, after signing the Provisional Agreement for Sale and Purchase Agreement, the formal agreement would be signed within 14 days, and the deal would be completed in 45/60/90 days. The schedule of completing the deal is decided upon agreement between the buyer and seller. Please make sure you have enough time to apply for the mortgage and deal with all necessary legal processes.
<h2 id="what-are-the-risks">What are the risks?</h2>
The only thing that is constant is change. The rise or fall of your home valuation is dependent on the real estate market and many other variables such as district developments, interest rates and environmental changes.
Before buying an apartment you need to make sure that you are able to carry the financial burden of owning a home during worst case scenarios such as a significant drop in valuation and the sudden inability to pay back mortgages. A good practice is to assess whether you have a backup plan when these situations arise. Need help with assessing whether it is realistically possible for you to pay back your mortgage debt? Planto, your automated goal planning platform, will help you visualize this against your future goals. Make sure you sign up for early access!
If you don’t plan well and end up not being able to bear the consequences, there will be negative psychological impact to you and your family. Don’t take the advice of ‘To borrow or not to borrow? Borrow only if you can repay!’, lightly.
<h2 id="reach-out-to-us">Reach out to us</h2>
Find this home purchasing guide helpful? Or did we miss anything? write to us at <a href="mailto:hello@planto.hk">hello@planto.hk</a> to let us know your opinion, request for additional contents or early access to Planto&#39;s comprehensive home purchase planning platform. 
<h2 id="about-planto">About Planto</h2>
Planto is a fast growing startup incubated at the University of Hong Kong Entrepreneurship Center, with additional supports from Cyberport, and an experienced group of investors and advisors from Hong Kong, the UK and Canada to assist Hong Kong consumers in achieving their life goals. Visit us at <a href="http://www.planto.hk">www.planto.hk</a>.

Where do you begin your home purchase journey? How much can you afford? Where do you look? How much can you borrow? What are the legal considerations? Find the answers to these questions and more with this 5-minute read.

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