Are you and spouse working in the civil service? If not, hope your jobs are stable because your expenses will only increase as your children start their uni education. (I assume your children are still young as you didn't list down uni expense)

My cohort of friends and colleagues (around 50 - 58yo) and I are still funding over children's uni education. Some of them had to give up their cars to fund the uni fees, while in one extreme case, the guy had to downgrade from condo to HDB to generate the cash needed.

The uni fees in local unis are around $8k-$15k pa depending on the course. Then there are other fees like hostel fees and special courses and overseas exchange programs. Last year my son went to Switzerland for 2 month exchange program and that set me back by $30k.

Overseas uni fees are $50k-$100k pa (US,UK & Aussie) including living expenses.

At 49, you may get one more shot at promotion, after that, you are likely to stagnate in your career and your job security will diminish year by year.

So, cut down your expenses now and increase your savings as much as you can. Don't forget to invest also as inflation will eat away that savings. For example, the uni fees I paid when I was in uni was $600 pa, now it is $8.5k pa for same degree course!

I know it sounds gloomy, but this is the real situation. Some of my colleagues had planned to retire by 55, but now hanging to their jobs because children still in uni and worse still, got to rebuild their retirement fund! Some more at our age, our jobs are no longer secure.