With a HH income of $32k pm, I find it strange that you would miss out the income tax which should constitute a big chunk of your expense.
What age group are you in?
By the way, is your $32k pm income based on total annual income divided by 12? Meaning is your annual income $384k? If so, you should have stated it this way upfront, it would have put things in perspective.
If it is really monthly income, then with bonuses, your total income could hit $400k -$500k pa
Quote:
Originally Posted by mugster
I just did my household expense spreadsheet and was pretty shocked at the numbers.
I am thinking a thread for posting family expenses may be helpful for the community. (To give reference, for others to help advise etc.)
Anyway to start things off, here's mine:
Code:
$3000 Parents / Family (covers parents, grandparents, siblings, extended family. monthly allowances, red packets, festive gifts, occasions, meal treats etc.)
$1500 Domestic Helpers x2 (salary, levy, medical, insurance, misc)
$3000 Kids x3 (School, Tuition, Enrichment, Food, Toys, Consumables)
$3000 Car & Transport (Car Depre, tax, insurance, maintenance, petrol, parking, erp, taxis)
$1000 Health & Beauty (Medical, Grooming, Fitness)
$1500 House Maintenance (Furnishing, Fittings, Utilities $500, Condo Maintenance, Aircon servicing, Reno Depre, Prop Tax & Insurance)
$1500 Groceries and Sundries (Marketing for home cooking, Household maintenance products)
$2000 Travel / Entertainment / Shopping (Holidays, kids activities, friend outings,online shopping, retail shopping, gadgets, hobbies, friends gifts)
$1500 Dining & Drinks (Daily & work meals, food court, restaurants, meal & drinks outings w friends & family)
$0300 Term Insurance
Total Monthly Expense Burnt = $18,300
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$2000 Property Loan
$1500 Life / Investment-linked Insurance
$3700 CPF
$0000 Regular Savings/Investment Plan
Total Monthly Forced "Investments" = $7,200
Total monthly = $25,500
To give context, my household monthly income is around $32,000 (after deducting off income tax). Both myself and wife are working, we have 3 kids. One is an infant and our parents cannot help to take care of kids, that's why need 2 helpers.
I put CPF, property loan repayment and life insurance separately as I think those are not real "expenses" but rather more like forced savings/investments. They are included because they are still important for cashflow considerations.
Yes I know I'm in a fortunate position. Just that I think my family spending is not extravagant at all, yet still seem need so much income to cover outgoing cashflow.
Anything I left out or any items seems out of whack?
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