My spouse and I are in our late 40s and we earn a combined income of $220k pa. While we earn quite a good amount, our expenses are high due to many commitment. We only save $50k pa.

Our expenses are:

1. Condo monthly mortgage payments.
2. Car loan, petrol, insurance, road tax, maintenance and repair.
3. Parents allowance (both sides)
4. Food, groceries, utilities.
5. Maid's salary and levy.
6. Children's pocket money, individual tuition, piano and enrichment lessons.
7. Family insurance.
8. Overseas holidays, twice a year.
9. Clothings and eating out.

Do you have the same experience?

How can we prepare for retirement?