Quote:
Originally Posted by Unregistered
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. |
Judging by what u wrote,
Your monthly expenses are too high.
Roof over yr head is not an investment. It is a necessity.
You are driving expensive car and staying in Condo at such a young age. Both of you still in the mist of building a family.
Combine income = $12,000
Saving / mth = $2,400-$3000
Assuming both of u are highly discipline in your saving, we are talking about $25,000-$30,000/ yr.
In 10 years time, u would have accumulated $300,000, mathematically speaking. Taking into inflation, yr net worth is around $180,000. By then, u and yr wife is in the late 30s.....
Given the prevailing market situation, it is highly possible for one to lose their job easily.... What happen when one of u, especially u, lose yr job.
Does it sound good to u?