How much savings do you have?

monthly - $7k (my wife saves all of hers)
Other assets <$5k .. yes, hardly any o.O


Why?
I bear all cost for kids/car loan/utilities etc

My wife better off than me o.O as she keeps her salary/rental income etc.....
House/condo/shophouse (under her name) - $6m~$8m
cash/stock/share - IDK... nvr ask.

So, yes, she's from a well to do family. But as I a man, i need to bring in the bread and butter. And I'm proud of it, although my net worth is miserably low.......

Omg…How could you guys be saving THAT MUCH???

I am female, hitting 30 this year, Local Uni Grad…Annual Income about $70K (is this considered ok??)

After deduction of CPF and monthly expenses, I only save about $25K a month…

And the first few years of work, I barely save much as I was earning a pittance….

Now I only have about $85K in cash…oh dear!

Think about it this way, given a combined income of $10K, with 2 kids and a car and a maid, how much can a couple save??

If you include about $1000 to parents ($500 each side), plus insurance for the whole family…I think we are looking at only about $3000 in savings…

Originally Posted by Unregistered

Omg…How could you guys be saving THAT MUCH???

I am female, hitting 30 this year, Local Uni Grad…Annual Income about $70K (is this considered ok??)

After deduction of CPF and monthly expenses, I only save about $25K a month…

And the first few years of work, I barely save much as I was earning a pittance….

Now I only have about $85K in cash…oh dear!

Think about it this way, given a combined income of $10K, with 2 kids and a car and a maid, how much can a couple save??

If you include about $1000 to parents ($500 each side), plus insurance for the whole family…I think we are looking at only about $3000 in savings…

Sorry I mean $25k a YEAR!

Originally Posted by Unregistered

Sorry I mean $25k a YEAR!

That's why we in Singapore just can't stop working working working!!!! Either that we migrate to somewhere else..

Originally Posted by Unregistered

Sorry I mean $25k a YEAR!

Your situation is the norm. A middle class lifestyle which includes maid, kids, some enrichment classes, mortgage, insurance, education savings, transport, some shopping and dining out and income tax would mean cash outflow of about 7k a month. If a car is added with holidays, the cash outflow will be closer to 9k.

I think a couple with kids needs to earn combined at least 16k to be able to build up retirement savings comfortably.

Originally Posted by Unregistered

Your situation is the norm. A middle class lifestyle which includes maid, kids, some enrichment classes, mortgage, insurance, education savings, transport, some shopping and dining out and income tax would mean cash outflow of about 7k a month. If a car is added with holidays, the cash outflow will be closer to 9k.

I think a couple with kids needs to earn combined at least 16k to be able to build up retirement savings comfortably.

I totally agree with you...Our joint income now is about $180K per annum...it's no where near the $16K you mentioned...That's why we are hesitant in having kids....if we have no kid, we can probably go for more holidays or have a higher standard of living...*sigh*..now we understand why there are so many childless couples out there...

Originally Posted by Unregistered

I totally agree with you...Our joint income now is about $180K per annum...it's no where near the $16K you mentioned...That's why we are hesitant in having kids....if we have no kid, we can probably go for more holidays or have a higher standard of living...*sigh*..now we understand why there are so many childless couples out there...

WTF, $180k/annum not enough, ppl earning 3k per month can bring up 3 kids. You should blame yourself for not saving.

Originally Posted by Unregistered

I totally agree with you...Our joint income now is about $180K per annum...it's no where near the $16K you mentioned...That's why we are hesitant in having kids....if we have no kid, we can probably go for more holidays or have a higher standard of living...*sigh*..now we understand why there are so many childless couples out there...

The joy and happiness you will derived from your children every day will be so much more fulfilling than what you will get from more holidays, driving premium cars and dining at fine restaurants. How high you want your living standard to be?

Your world will be different with children. You won't understand until you experience it yourself. Seeing your friends' children or your nieces and nephews are different.

Originally Posted by Unregistered

WTF, $180k/annum not enough, ppl earning 3k per month can bring up 3 kids. You should blame yourself for not saving.

I am not saying $180K is not enough for kids...I am just saying we have to lower our standard of living....We are just average income earners with a car, no maid, just part time helper, staying with in laws now....we do dine at restaurants a few times a month, go for holidays twice a year....currently I do have a few facial and spa packages (I guess it's the norm for most ladies)...and I must admit I splurge on 1 branded bag a year as well...but other than that, I am saving about 1/4 of my annual income...

And I do think that's fairly reasonable...

Originally Posted by Unregistered

The joy and happiness you will derived from your children every day will be so much more fulfilling than what you will get from more holidays, driving premium cars and dining at fine restaurants. How high you want your living standard to be?

Your world will be different with children. You won't understand until you experience it yourself. Seeing your friends' children or your nieces and nephews are different.

I know, a few of my friends who have kids told me the same too...But they also did tell me the truth regarding sleepless nights, $$ out and stress increasing with kids...Anyway it's a personal choice at the end of the day...I know fairly well if I do have a kid or two...my savings will definitely diminish...Either that or I have to cut back on holidays (maybe once in 5 years) ...We are not even driving a 'premium' car now...It's only a Jap model...7 years old...

And I definitely will not be able to hit the amount of savings most pple in this forum claim to have....Childcare rates are about $1000 a mth now (for the slightly more premium chains)...Even if I send them to a 'normal' childcare, it would cost $500...and if I have 2 kids, it would be $1000!....Most likely I have to hire a maid if I have kids, so that would be about $600 gone...(excluding the expenses for the maid like food etc)...

Not to mention I would have to save another $50K for my kids education (assuming they are hardworking and make it to a local Uni)...if not, I have to cough out another $100K+ for their overseas education....

True?