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How much savings do you have?

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  #931 (permalink)  
Old 10-05-2015, 01:04 PM
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Quote:
Originally Posted by Kendra View Post
Oops was distracted by the debate above. Actually was looking at this thread for some savings advice, as I'm feeling a bit lost on my investment journey.

Combined for husband and i (late 20s)

House - 600K ++ (think still havent paid off 300k ) But renting out!
Savings - 370k
Stocks, bonds, gold etc - 118k
Cpf - not sure, think about 100k combined (but anyway it is used to pay down house loan)

Cashflow: Every month we add combined total of 13.9k (savings) + 2.7k (rental income) into our savings). Means 16.6k of fresh cash savings each month.
Dividends - Im not sure how much comes in each month.


Anyway, given our age profile and cashflow, are we too conservative in our cash allocation? Should we perhaps allocate more to stocks? (For context, we contribute $600 monthly to a sharebuilding scheme). Is there a need for us to increase this amount?

I have also been reluctant to increase stock allocations and we are planning for a family and I am totally unsure how much money to raise a family. (Any advice on how much it costs as well?)

Thanks!
Hi, what is your occupation and your husband's? How much do you earn monthly? Your savings are a lot for your age

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  #932 (permalink)  
Old 11-05-2015, 09:17 AM
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The Dynamics of the COE market in Singapore

Demand for new cars and COEs = fn (replacement demand, household income, stock market, property market, unemployment rate, job security, political and social stability, good government, economic growth, population, consumer preference and attitudes, expectation of future prices)

Supply of COEs and new cars = fn (replacement COE (determined by car deregistrations) + 0.25% annual growth rate)

Price of COEs is therefore determined by BOTH demand and supply functions (fn) and NOT just supply.

We have seen recently why even though the supply of COEs released into the market has increased, prices of COEs did not fall much and in fact continue its rising trend. This is not strange or unbelievable. Many commentators, who may not be trained in the Economics sciences, just look at the supply of COEs to wrongly conclude that prices of COEs will fall.

The fact that COE prices continue to remain firm and continue rising concludes that DEMAND is STRONG, VERY STRONG. It shows that people who scrapped their old cars will buy new cars. This REPLACEMENT DEMAND takes up the REPLACEMENT COE SUPPLY. The fact that COE prices rise means that ADDITIONAL DEMAND for new cars and COEs is FAR GREATER than the 0.25% annual growth of COEs.

What determines the strong REPLACEMENT DEMAND and ADDITIONAL DEMAND for new cars and COEs?

There are many factors and these are listed in the demand function above.

1. Household income – A rising household income in Singapore means that households can afford to own cars. Household incomes have generally increased over the past 10 years. It is common today for households with working couples to earn a combined $100,000 per annum. With such income, owning a $100,000 brand new car is not difficult as this means they are only spending $10,000 per year to own a car. This is only 10% of their income. If they spend another $10,000 per year on road tax, ERP charges, insurance, parking, maintenance and petrol, this is another 10% of income. Therefore the total cost for owning and using their car is only 20% of income. Compare this with taking the taxi. If each person spends $40 per day (go to work and back including booking fees), the couple would have to spend $19,200 per year. So, the opportunity cost of owning a car versus taking the taxi is small. On top of that, they will benefit from convenience and time savings. Private car ownership and usage is affordable, relative to today’s household income and taxi expenses.

2. Stock market and property market – When the stock market and property market do well, households can monetise their gains and use proceeds of their gains to buy new cars. Many people flip their properties, especially those who bought highly subsidised BTO flats, to earn big profits and hence enabling them to buy new cars. Eligible Singaporean households can buy cheap BTO flats TWICE. So lucky.

3. Low unemployment rate, job security, political and social stability, good government and healthy economic growth – These factors have given Singapore consumers the confidence to buy new cars.

4. Population – Higher population will translate to higher demand for new cars.

5. Consumer preference and attitude – New cars are generally seen as luxury goods for most people. Many people aspire to own cars, in particular new cars. Families with new cars gain respect from neighbours and family members. To be able to own a new car is a manifestation of success and social status. This has always been the case and will always be. More families are also buying two or more cars per household, given their needs. For instance, a professional couple may own two cars as each of them earn a high salary and they may need to move around in their respective jobs.

6. Expectation of future prices – In the immediate term, the expectation of a rise in car prices due to changes in the CEV scheme will drive many people at the sidelines to head to the showrooms to book their new cars now rather than in July 2015. In the longer term, there is also the expectation that COE prices will rise significantly in 2019 onwards due to the expected drought of COEs by then. Hence, those who want to avoid paying for $100,000 Cat A COEs will change to new cars NOW rather than in 2019 to avoid the scenario.

I hope this brief economic analysis helps those with little or no Economics knowledge in understanding how COE prices are determined. In summary, COE prices are determined by BOTH demand and supply and NOT just supply. Hence, COE prices will likely continue to remain firm and continue rising, assuming no major global economic shocks in the foreseeable future.

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  #933 (permalink)  
Old 28-05-2015, 01:14 AM
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ffreedom is on a distinguished road
Unhappy

35 year old

OA: 190k (will be wipe out soon for housing)
SA: 45k
Stock + cash: 50k
Endowment: 20k+

parents retired in 50s with no savings hence most of money goes to there and 1k per mth for car

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  #934 (permalink)  
Old 28-05-2015, 08:14 AM
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Your parents can sell their hdb flat for $500k. Then they can buy a two room BTO flat for only $15k (including subsidies). With the profit, they can enjoy holidays to Europe, Australia, NZ, etc. Enjoy life !!! Huat Ah !!!!!

Quote:
Originally Posted by ffreedom View Post
35 year old

OA: 190k (will be wipe out soon for housing)
SA: 45k
Stock + cash: 50k
Endowment: 20k+

parents retired in 50s with no savings hence most of money goes to there and 1k per mth for car
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  #935 (permalink)  
Old 14-06-2015, 10:47 AM
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Age: 30
Education: ITE Nitec
Saving: 1million monthly
Housing: 5-story mansion (28M fully paid), Condo x3 (2.5M fully paid), Cove @ sentosa x3 (100M fuly paid)
Car: Audi R8 x1, Lambo x1, Ferrari x2, hyundai Van x1
Side line income: daily 10K - 100K
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  #936 (permalink)  
Old 14-06-2015, 01:48 PM
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Quote:
Originally Posted by Unregistered View Post
Age: 30
Education: ITE Nitec
Saving: 1million monthly
Housing: 5-story mansion (28M fully paid), Condo x3 (2.5M fully paid), Cove @ sentosa x3 (100M fuly paid)
Car: Audi R8 x1, Lambo x1, Ferrari x2, hyundai Van x1
Side line income: daily 10K - 100K

What a joke LMFAO
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  #937 (permalink)  
Old 15-06-2015, 12:16 PM
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Middle income couple, 50 & 51, makes $187k pa in total.
Saves $70k pa.
Our 2 year old condo is paid up.
Our 1 year old car is paid up.
Our current savings (cash and CPF) is $700k.
Our total net worth is $1.5m.
We hope to retire by 60.
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  #938 (permalink)  
Old 17-06-2015, 12:32 AM
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33yo male
Monthly income - 6100+
Annual bonus - ~5 months

Cash savings - 170,000
OA - 100,000+
Lost track of the savings amount in prudential.
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  #939 (permalink)  
Old 22-06-2015, 01:56 PM
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Default Comments on my mthly savings and expenses

Age: 32 this yr, married with 1 kid
Housing: Bought 4-rm HDB at $323k
Salary: $7,140 per mth. Take home $6,140 per mth
Cash: $12k (reno and car ate up most of it)
Stocks: $60k


Savings per mth: $2k
Parents allowance: $600
Kid's playgroup: $750
Car installment: $530
Gym: $75
Insurance: $500
HP and Fibrenet: $78
Income tax: $300

Is saving $2k per mth too little?
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  #940 (permalink)  
Old 22-06-2015, 04:11 PM
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Is your wife working?


Quote:
Originally Posted by Unregistered View Post
Age: 32 this yr, married with 1 kid
Housing: Bought 4-rm HDB at $323k
Salary: $7,140 per mth. Take home $6,140 per mth
Cash: $12k (reno and car ate up most of it)
Stocks: $60k


Savings per mth: $2k
Parents allowance: $600
Kid's playgroup: $750
Car installment: $530
Gym: $75
Insurance: $500
HP and Fibrenet: $78
Income tax: $300

Is saving $2k per mth too little?
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