How much are you earning per annum?

Your boy don't need drawing and swimming classes. Cut these and you will save at least $300.

Get rid of your car, go and borrow from your mum the $4800, which you will be able to pay within 4 months. Once you get rid of car, you can save as much as $1000 a month. Bus, MRT will cost you $200 per month. Talk to your mum, don't feel embarrassed.

Since you are 40, you must start saving for retirement (beyond the CPF SA). Try to save $1500 per month or $18k per year. In 25 years time, you will have $450k. Then you can retire comfortably.

All the best bro. We are here to support you.

Originally Posted by Unregistered

Both of us after CPF take home around $3800 per month.

PUB Bill - $200
Singtel Bill -$240
Boy school fees include drawing class, maths class and swimming lesson around -$550
whole family cook/eat at home expenses around $400
AIA -$300
Car which (wanted to sell away) instalment /Petrol about $1200
Food for myself -$120
Wife transport + food $150
Give my Mum - $400

Left around $240 for both of us to spend for the whole month .

My wife, 51, earns $45k pa. Me, 48, earns $56k pa. We live in a 4 room flat, now fully paid up as we bought very cheap many years ago. We both take public transport to work and my wife cooks after work. We save $30k per year. We will retire at 65 years old. Our 4 room flat in Bukit Merah can now sell at $700k. We hope to sell it for $1m in 15 years time.

Our HDB flat is our only investment asset and we are happy that our flat's value has gone up so that we can retire at 65. If we depend only on our low salaries, we cannot retire but with our flat's value going up, we can sell and retire. We will sell our flat at $1m and then we will buy the HDB studio apartment for the elderly which cost only $70k. We are now very happy. We support the government very much.

[Dean]

Originally Posted by Unregistered

Both of us after CPF take home around $3800 per month.

PUB Bill - $200
Singtel Bill -$240
Boy school fees include drawing class, maths class and swimming lesson around -$550
whole family cook/eat at home expenses around $400
AIA -$300
Car which (wanted to sell away) instalment /Petrol about $1200
Food for myself -$120
Wife transport + food $150
Give my Mum - $400

Left around $240 for both of us to spend for the whole month .

With a take home of 3800, you are spending 1200 per month (30%) of you disposable income on car?
And a further 550 (~15%) on enrichment?

This makes it a whopping 45% on disposable income on non-essentials. Now do you know why you have no money?
Singapore's public transport system is efficient enough. Use it.

Girlfriend is a teacher drawing 3.3k while i am a part time degree student graduating next yr, now drawing approximately 2.4k in the Sales and Marketing industry.

Both of us are 24 this year and girlfriend looks to start a family at 28. Both from an average background with savings less than five figure.

Is it possible to do so!?

Originally Posted by Unregistered

Girlfriend is a teacher drawing 3.3k while i am a part time degree student graduating next yr, now drawing approximately 2.4k in the Sales and Marketing industry.

Both of us are 24 this year and girlfriend looks to start a family at 28. Both from an average background with savings less than five figure.

Is it possible to do so!?

Apply fora cheap BTO flat and pay off the loan within 25 years. Save as much money as possible for retirement. Don't buy a car, don't drink, don't smoke, don't gamble and don't womanize. If you are disciplined, you can retire at 60 years old. By then, your BTO flat will be worth $1m. You can sell the flat and buy the HDB studio unit for the elderly for $70k.

Yes, without car one can save $1000+ per month. Beside the installment, still have to pay for petrol, insurance, parking, ERP, roadtax, maintenance & repairs. Buying a bottle of car freshener every 2 months cost $$$, car wash every 2 weeks also cost $$$.

I have been driving for 20+year and just scrape my 10yo car this June. It's been 3 months since and yes, I do miss driving and the convenient.

I am blessed with a loving family. We are a small, humble family, who live happily in a small condominium. We drive a small car. Our household income is only $150k per year (this is small compared to the majority of forumers here who earn a household income of $400k) but we are very happy. We have no debt. Our net worth, including our condo, is only about $2m. We are satisfied being Singaporeans. We are now successful even though we come from poor families. Our hard work in school and at work has paid off. We hope to retire in 10 years time at 55 years old. We plan to sell our condo and live in a humble 3 room HDB flat (cost only $300k), where we used to live when we were younger. We will sell our car, stop the maid and cook at home. We plan to do charity work, to feed the poor and needy.

i posted my profile earlier

Originally Posted by Unregistered

29 yo male

110k pa all-in

50+k in CPF OA

not planning to get married. hope to buy my own condo and car within the next 3-5 yrs

if i plan to buy a 1mil condo, how much shld my annual income level be to realistically afford it ?

also, i understand that i'll need to have ~300k (CPF OA + CASH) for the downpayment + reno + misc expenses (stamp duty etc etc). is that correct ?

Originally Posted by Unregistered

Your boy don't need drawing and swimming classes. Cut these and you will save at least $300.

Get rid of your car, go and borrow from your mum the $4800, which you will be able to pay within 4 months. Once you get rid of car, you can save as much as $1000 a month. Bus, MRT will cost you $200 per month. Talk to your mum, don't feel embarrassed.

Since you are 40, you must start saving for retirement (beyond the CPF SA). Try to save $1500 per month or $18k per year. In 25 years time, you will have $450k. Then you can retire comfortably.

All the best bro. We are here to support you.

Thank you for the support Bro, anyone here dealing with cars ? I'm urgently need to sell my car away .

Originally Posted by Dean

With a take home of 3800, you are spending 1200 per month (30%) of you disposable income on car?
And a further 550 (~15%) on enrichment?

This makes it a whopping 45% on disposable income on non-essentials. Now do you know why you have no money?
Singapore's public transport system is efficient enough. Use it.

Yes I'm intend to sell my car away and take bus or MRT , any friends here got friends dealing with cars to recommend ?

Thank You