Here's a perspective from someone in that generation: I'm 28 and my wife is 25. I'm earning about $9k+ pm and she is earning mid $3k+.
I spend $2.2k per month on car loan, parking, fuel. $1.5k goes to our parents. I chalk $1.5-$2k on credit cards. We bought a 3RM condo in 2010 and currently pay it off via a mix of
CPF and cash. $2k per month of my salary goes to the loan. $350 goes to a ILP I had bought for us. $250 goes to endowment plan for kid.
So this means S$8,300 worth of standard monthly expenses. I save about 20-25% of our combined take home pay.
I feel comfortable with current expense/income ratio as we've settled most of life's big purchases. If anything, I can cut back on amount we give our parents since they don't really need our support anyway. We are young = they are still working.
Quote:
Originally Posted by pretz
This is what i don't understand.
The generation after me (i'm 32) seems to have no fear about the future.
I was at a club with my new GF and met her friends (23-27yrs old).
I don't drive because i drink too much and also, i feel that the i can't seem to justify the massive depreciation as well as other sundry expenses that racks up to $2k/month.
This guy (27) and his fiance (25), want to move out of their HDB, so they rented a Condo unit together for 2yr contract, paying $3800/month (not including agent fees). They are also sharing the cost of an Audi A5.
Not to mention other fees; every month they are already down $6000/month before they've bought any groceries. He earns $4200/month at Citibank, she earns $3400/month at C&C.
Are they just bad at math or am i crazy?
I get nervous if i don't save at least 40% of my basic every month! |