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-   -   How much savings do you have? (https://forums.salary.sg/investments-net-worth/1199-how-much-savings-do-you-have.html)

Unregistered 20-03-2012 03:24 PM

My household income is about 200k PA. We have 1 kid and another on the way. Since my first child came along, our savings have not grown the last 2 years (though I have to admit that there are more frugal ways to bring up a child, but we chose to indulge in some ways). We share a jap car and have a maid. We give our parents about 1.5k total per month.

I agree that the joys of having a kid far outweighs any material indulgence or holiday joys we can buy. That's the reason why we want to have the 2nd kid. With the kid, we also have no time for holidays (also it's really inconvenient), and it's harder to dine out at nicer/ fine dining places with a young child so we save on that aspect too.

That said, i don't think it takes 200k PA to raise children as I said we chose to have some frills. Since this thread is about savings, we have about 200k cash combined but this is saved from before the kid came along. We target to save at least 35% of our earnings every month.

Unregistered 20-03-2012 03:38 PM

Quote:

Originally Posted by Unregistered (Post 22611)
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?

If you always do cost benefit analysis about having kids, you'll never have any. Your career only ends when you retire. By then, it is too late to have any. You'll be too old to be active enough in their lives. In addition, you'll always play catchup as you may drive a jap car now. But when you are better off, you drive a premium car. Again by then you will say, I don't have enough saving to have kids.

Another thing is that please remove any ideas that 'anytime' you can have kids. Having kids (conceiving) is not easy. I have 2 kids and it wasn't an easy journey for my 1st one. It took us a while to have a kid (almost 2 yrs). Some couples tried longer and some unfortunate ones, never had any even after spending thousands for IVF etc. When you have conceive a kid, you face another round of challenges. Your kid may or may not be normal. As our environment gets more stress and polluted, chances of abnormality get higher. Forget about stories that its a piece of cake to have a normal kid. Reality is not like that.

So please think carefully if you ever want to have kids. If you want, plan early. Else, just have pets and accumulate your savings. Biological clocks for ladies are ticking. Once you hit a certain age, its just simply not worth taking that risk to have kids. Be merciful to your kid by letting them born normal than to suffer from abnormalities.

Its a joy seeing them smile everytime I saw my two kids. It was a difficult journey to have them and I'm thankful each day. Plus they are like my lucky stars. I get promoted a few times ever since I have them.

Unregistered_Making Sense 20-03-2012 04:21 PM

Quote:

Originally Posted by Unregistered (Post 22611)
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?

It seems you are looking it at a negative side of things. The smile on your kid is "priceless" when they call you "MOM" for the 1st time, that 1st walk, I can still remember the date and place. Those are the thing that $ can buy.

Things come and go, and you may never know what is ahead of you,, when your child is born. If you think too hard, then you may not want to have it. It is the bonding that brings the family together, through thick and thin.

Unregistered 20-03-2012 04:32 PM

Quote:

Originally Posted by Unregistered (Post 22611)
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?

Life can be very simple and you can enjoy life from simple pleasures instead obsessing over accumulating wealth! Once in a while, on my way home, I just need to spend $2 on a packet of gummies at the petrol kiosk and I will be antipating the beaming joy from my 5 years old son when I give it to him. Such feelings of happiness from the children is contagious.....When you finally have $2m in your bank, you may feel happy and a sense of pride that you have arrived, but such hapiness will not last. Trust me. In time, it is only a number in your bank account and you will realise that you do not need a lot of money to make yourself happy. You will feel happy when you spend on your loved ones like your parents and children.

Unregistered 20-03-2012 04:36 PM

Quote:

Originally Posted by Unregistered_Making Sense (Post 22614)
It seems you are looking it at a negative side of things. The smile on your kid is "priceless" when they call you "MOM" for the 1st time, that 1st walk, I can still remember the date and place. Those are the thing that $ can buy.

Things come and go, and you may never know what is ahead of you,, when your child is born. If you think too hard, then you may not want to have it. It is the bonding that brings the family together, through thick and thin.

Fully agree. I used to think that this "the smile on your kid is priceless" thing is cheesy until I became a father myself. Hahaha.....being a parent makes me want to be a better person!

Unregistered 20-03-2012 04:54 PM

Quote:

Originally Posted by Unregistered (Post 22616)
Fully agree. I used to think that this "the smile on your kid is priceless" thing is cheesy until I became a father myself. Hahaha.....being a parent makes me want to be a better person!

Eh.. Can you pple go ans start your own you own thread on " The joy of parenthood"... Your commnets are out of point here..... Thanks...

Unregistered 20-03-2012 05:04 PM

Quote:

Originally Posted by Unregistered (Post 22619)
Eh.. Can you pple go ans start your own you own thread on " The joy of parenthood"... Your commnets are out of point here..... Thanks...

Eh, cannot let uncles/aunties cho cho abit here, u will be 1 soon

Unregistered 20-03-2012 05:05 PM

Quote:

Originally Posted by Unregistered (Post 22619)
Eh.. Can you pple go ans start your own you own thread on " The joy of parenthood"... Your commnets are out of point here..... Thanks...

You are right. Can't help it sometimes.

Unregistered 20-03-2012 05:07 PM

Quote:

Originally Posted by Unregistered (Post 22620)
Eh, cannot let uncles/aunties cho cho abit here, u will be 1 soon

We have many rich uncles/aunties here leh who are trying to educate youngsters not to get too caught up with comparing savings.

Unregistered 21-03-2012 03:31 PM

Average Family
 
Quote:

Originally Posted by Unregistered (Post 22622)
We have many rich uncles/aunties here leh who are trying to educate youngsters not to get too caught up with comparing savings.

Thank you all for your encouragement! Hopefully my kid will be healthy and happy, maybe once I have a kid, I should stop visiting this forum and go to forums such as the Parenthood forum...Haha!

My savings will definitely dwindle but I sure hope my increase in happiness will more than make up for the dwindling savings! :D


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