My profile is something like you except my wife is a housewife.
Also work in banking industry total compensation is 400k as head of risk management, lives in hdb too, owns two condo studio unit bought in 2010 currently rented out, currently in +ve carry. Takes mrt to work but owns a 2009 edition toyota wish for my wife to fetch kids. 200k savings every year I am in process of investing a london apartment with 50% downpayment. Expenditure to go up once my kids go uni in 10 years time, but expecting the condos will be fully paid to fund their education Quote:
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It's actually quite amazing for you to save $200k when you have total comp of $400k as a sole breadwinner. Our past savings is around $250-300K but off a higher base ($740K) so I must say you are very disciplined. Keep it up!
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50k will go to paying income tax, 10k for other insurance, left 140k to feed 3 kids, 1 wife and a domestic helper |
50K to pay income tax seems like a lot given you have 3 kids and will be eligible for child reliefs and other reliefs. 10k for insurance seems reasonable, 12k a month for household expenses also is reasonable. What about mortgage instalments? You have fully paid up your residence and investment properties?
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As a low income family, we do not save much. We stay in a small flat and take public transport. We can only save $10,000 per year. How can we survive? Can any clever people here advise us?
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Can you tell us more about your situation like is yours a young family? How many people in your household, your income versus your expenses? Are you the sole bread winner?
$10k pa savings is quite commendable if your income is low and you have a big family. And it is also quite typical for young family just starting out to either not save anything or just a small amount each year. I recalled the first few years after we were married, we couldn't save much because our salaries were low and we had housing loan to pay. It was like that for nearly 10 years of our married life because although our salaries went up, we had car loans and then the babies came along. As our family matured, our savings then grew - from $0 pa to $10k pa, to $50k pa etc... So if yours is a young family, be patient, the situation will get better. It also helps (a lot) if both husband and wife work. For many years we were able to depend on just one salary, that means that we were saving the salary of the other person yearly. Now we can save much more as the loans got paid off. With higher savings we also dared invest in shares which gave us additional income through dividends Quote:
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Even though $10K a year is not a huge amount but if you invest in government-linked companies i.e. stock market (singtel, singpost, sph, sembcorp), 4-6% return each year is very realistic, just don't be greedy and gamble in penny stocks, those are for experienced traders who can afford to lose. And never keep all your money in the bank or in fixed deposit, set aside an emergency amount and invest the rest. |
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