Quote:
Originally Posted by Unregistered
Totally didnt know that having yearly vacations is essential to surviving in singapore.
Sarcasm aside, 10k/mth expenses is actually quite a large sum. I too come from a mature family with 2 kids and my father is the sole breadwinner of my family. We managed to survive on my father's 7k/mth with a japanese car, fully-paid housing loan and CPF loan to sponsor me and my sister's uni fees. We do have the occasional family trips although not yearly.
Cant afford that BMW 5 series? Get a cheaper japanese car or even better, take public transport.
Cant do yearly vacations? Choose a cheaper location or not go at all.
Need a new running shoe? Get the Erke running shoes instead of the Adidas Ultraboost.
Ultimately, it is all about living within your means.
|
All right. My mistake. $10k/month should only be applied to my situation and preferences. It's not some magical number I pull out of my backside. I'm already 30 plus and I made some spending errors in the past. So maybe that's why I over budget. Basically, it goes like this:
- 1,000 sqft Serangoon condo $3k/month installment.
- BMW 3 series $1k/month loan. (Something like $180k - selling value over 120 months)
- Food is $1.4k/month or $40 a day.
So I'm left with $4.6k/month right? We'll be conservative with insurance, but my two plans and installment income tax is about $500/month. So say I got $4k/month left.
You can ask the daddys around here, but I budget this for savings and child's education. See, I learn my lesson liao. Is $100k for child's education - from primary school to university including boarding and books - a good estimate? Next, parent's health. I dread the day my Dad goes to the hospital and I, as a good son, should pay for the bills.
Child's education, approximate, $100k over 10 years or $833/month.
Parent's health, approximate, $40k over 3 years or $1,111/month.
So from $4k/month, I'm left with $2k/month, which is left for savings and discretionary spending.
Thank you for listening to my life budgeting plan. I know the second part is an approximate as I'm not at the age to work out the details. That's why I have a FEEL that $10k/month is about there.