How much savings do you have? - Page 21 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Investments and Net Worth

Investments and Net Worth Talk all about money making exploits, shares, property and building net worth




How much savings do you have?

Reply
 
Thread Tools
  #201 (permalink)  
Old 16-03-2012, 02:06 PM
Unregistered
Guest
 
Posts: n/a
Default

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.......

Reply With Quote
  #202 (permalink)  
Old 19-03-2012, 04:43 PM
Unregistered
Guest
 
Posts: n/a
Unhappy Average Family

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…

Reply With Quote
  #203 (permalink)  
Old 19-03-2012, 04:44 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
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!

Reply With Quote
  #204 (permalink)  
Old 19-03-2012, 05:04 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
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..
Reply With Quote
  #205 (permalink)  
Old 19-03-2012, 07:06 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
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.
Reply With Quote
  #206 (permalink)  
Old 20-03-2012, 01:14 PM
Unregistered
Guest
 
Posts: n/a
Default Average Family

Quote:
Originally Posted by Unregistered View Post
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...
Reply With Quote

  #207 (permalink)  
Old 20-03-2012, 02:01 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
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.
Reply With Quote
  #208 (permalink)  
Old 20-03-2012, 02:13 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
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.
Reply With Quote
  #209 (permalink)  
Old 20-03-2012, 02:51 PM
Unregistered
Guest
 
Posts: n/a
Default Average Family

Quote:
Originally Posted by Unregistered View Post
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...
Reply With Quote
  #210 (permalink)  
Old 20-03-2012, 02:57 PM
Unregistered
Guest
 
Posts: n/a
Default Average Family

Quote:
Originally Posted by Unregistered View Post
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?


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
Reply

Bookmarks

Tags
condo, cpf, house, retirement, savings, shares, stocks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Not enough savings for retirement Salary.sg Investments and Net Worth 0 14-05-2007 07:59 PM

» 30 Recent Threads
Lawyer Salary ( 1 2 3... Last Page)
21,016 Replies, 10,332,584 Views
Career as Teacher ( 1 2 3... Last Page)
10,860 Replies, 6,674,102 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
15,328 Replies, 4,986,029 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,051 Replies, 440,953 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,386 Replies, 2,325,433 Views
Civil Service Current Estimated... ( 1 2 3... Last Page)
172 Replies, 309,830 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
681 Replies, 389,212 Views
Compare civil service salary ( 1 2 3... Last Page)
16,346 Replies, 12,459,521 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,807 Replies, 1,045,892 Views
GovTech ( 1 2 3... Last Page)
5,164 Replies, 2,165,492 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,459 Replies, 785,139 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,331 Replies, 1,142,787 Views
ITE Polytechnic Scheme ( 1 2 3... Last Page)
311 Replies, 369,650 Views
Why Is Having a Google Virtual...
1 Replies, 6,803 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,240 Replies, 3,400,402 Views
JP Morgan ( 1 2 3... Last Page)
199 Replies, 173,558 Views
Mining Industry ( 1 2 3... Last Page)
80 Replies, 74,568 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,340 Replies, 4,773,771 Views
ST Electronics ( 1 2 3... Last Page)
3,768 Replies, 1,545,723 Views
Is getting a PMP worth it ?
4 Replies, 7,186 Views
Visa Graduate Development Program ( 1 2 3... Last Page)
207 Replies, 134,770 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
6,922 Replies, 2,903,825 Views
Nparks ( 1 2 3... Last Page)
39 Replies, 34,449 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,828 Replies, 4,658,065 Views
Constituency Manager (People... ( 1 2 3... Last Page)
989 Replies, 814,117 Views
Julius Baer Graduate Program 2023 ( 1 2 3)
21 Replies, 14,860 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
752 Replies, 359,045 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,464 Replies, 1,376,037 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,260 Replies, 614,048 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,123 Replies, 3,740,069 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 09:41 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2