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Old 31-01-2016, 07:06 PM
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Profile: Married couple, both 47, with 2 kids in secondary schools.

Household expenses

Condo (3 bedroom) mortgage and maintenance fees $30,000 pa ($2500 pm x 12)
Car loan $9,000 pa ($750 pm x 12)
Car petrol, maintenance, insurance, road tax, parking, etc $12,000 pa ($1000 pm x 12)
Food, groceries, eating out, utilities $24,000 pa ($2000 x 12)
Children's expenses including tuition, enrichment, food, etc $12,000 pa ($1000 pm x 12)
Family insurance $21,600 pa ($1800 pm x 12)
Family overseas holidays $12,000 pa
Parents' allowances (both sides in total) $19,200 pa ($1600 pm x 12)
Others and miscellaneous $24,000 pa ($2000 pm x 12)
Total $163,800 pa

Household combined income $213,800 pa
Household combined savings $50,000 pa
Current combined household net worth $1.2m

By the time we retire at 65, our condo will be fully owned. We will retire in our condo and we will retire with the income we get from our CPF Life as well as from our cash savings. If our kids follow our footsteps of filial piety, they will also give us some allowances (we won't expect it, but if they give, it will be a bonus).
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