How do people in their early 30s sustain a flat/car/kid/parents with $7k/month?
 

As titled, currently in my early 30s(M) with about $7k salary (before CPF deduction). Wonder how peers who are around the same age and earn about the same as me mange to pay for:
- HDB loans (either BTO or resale) and
- afford a car (either first/second hand) with petrol/carpark and
- have a kid and
- support parents through monthly allowance
and still have some remaining to save & invest.

Finding it difficult. Hoping some peer can shed some light on how they manage their finance.

ur wife salary? breakdown your expenses so we can advise?

cut the car lor? why need Car in SG

If dual income it's 14K pm, quite doable

1990 here.

No housing loan cause family stay landed.
No car, no driving licence.
Not married, no kids.

Give around 10% salary to parents as token sum, they don’t really need it.

inflation, things getting expensive in SG
growth ur income

U should do more for your parents. Hire a maid for them.

If possible get bto (hdb loan instead of bank loan)
Evaluate the need of car, sg so small dun really need car unless ur parents are handicapped.
Same go for allowance, instead of following the norm, if your parents doesn't need can just keep.

Invest early, start early. Hope you already settle your insurances already.



Basically , live within your means , doesn't mean you earn higher must spend more

- HDB loans (either BTO or resale): Bobian must pay
- afford a car (either first/second hand) with petrol/carpark: Can live without one
- have a kid: Bobian must pay but don't try to live a high SES life
- support parents through monthly allowance: Depends from family to family but hopefully they have some savings already.

I am mid 30s. Me under 7k, wife under 9k.

-give parents each side under $500 due to them all much richer than us and only request token
-small executive condo
-cat A car
-NO CHILD

We survive by eating cheaply or at restaurants when on deals and buying things on offer.

My parents were extremely generous too (gave a few hundred grand ang pow when married). After buying home and stuff we find surviving tough with our income since we try to save and invest some of it too.

So honestly speaking, from my experience anyways, $7k+7k (assuming your wife too) not numerically possible to survive independently, especially with a child.

Just to clarify, when we bought our EC some years ago, it was cheaper and costs less than some BTOs today. So the comparison to OPs situation is still valid IMHO.

Your parents offer u few 100k ang pow u got face to take?? Knn mid 30s earn 7k Nia pui. Useless

Why is it difficult?
They did it with loan. All sorts of loan car loan, hdb loan, credit card loans,personal loan etc.
Nothing difficult about taking multiple loans

Maybe that's why he's asking? Perhaps he wants to do it without taking loans - which should be avoided as far as possible (maybe except for the home which is a necessary evil).

born in '95, i make 144k a year but i also find it difficult to budget and save money

you everyday call chicken of cos la

because he feel inferior when have to rub shoulder with smelly unkers in MRT

Dun anyhow spend…stop being a party animal….see what are your needs and wants…

It is very tough on 7k single income, almost impossible I would say. Back when I made that amount on single income, even with 4-5 months bonus and not giving parents allowance, no car, cheap HDB, we barely saved anything.

I have no car, cheap flat, no branded goods, several kids, still spend about 10-12k a month.

Mostly on food and groceries, 1.5k parent allowance, helper etc.

Quality food is expensive and one meal out with the family may cost 150-200. We also eat steak, seafood, sashimi very often at home.

Now close to 25k pm can finally start saving.

U talking abt sgd or ringgit? Lol

you managed to do all these with 25k? darn, that is like my spending per week....

me & wife just crossed 50, and our annual income filed last year was $650k total.

we started about $7k total about your age also.... so it is do-able. just press on.

I am in my late 40s now. I was also earning basic S$7500 in my early 30s and hubby was underemployed, off and on jobless. We managed to live in an EC and have 2 kids and have a car still and give parental allowance with a little savings
I guess things were cheaper then perhaps. Expenses was about S$5k even with a maid.

To elaborate more on our expenses then. From what I remember.
Food $1200
Maid $400
Utilities $100
Phones $ 60
Parents allowance $300
Car $1200
Insurance $400
Childcare $500
Mortgage $1000 (mine share)

So about S$5k expenses.

Nowadays maid salary have gone up to $750, utilities $200, phone $100 and food and petrol increased by a lot too. Only earning S$9300 now, used to hit S$15k before but long story, can only earn $9k now. There are extra expenses every month due to kids, home reno, medical bills etc so finding myself in deficit now.

Childcare expenses are a lot. One boy homeschooling needs $4k a year, another one needs braces and invisalign costs $8500 and they want handphones and computers, speng a bomb on multiple devices through the years. And we used to travel yearly another $4-15 k a year depending on where we go.

Sorry, last 3 posts all from me.

I can understand that $7k for a family in Sg is quite tough now if u have car, maid and kids and travel.

Sharing my breakdown for OP

Takehome about 7k, combined income

Utilities - $250 flat ( just pay more, have about $800 in credit alr)
Phone/internet - $100 (use sim only plans, no contract internet plans)
Car - $800 instalment +$95 parking + $200 petrol
Groceries - $500
Helper - $800 (including levy)
Parents - $400 (token sum)
Housing - $1400 (paid through cpf, no need top cash)
Insurance etc - $1000
Childcare - 2 kids, $800 after subsidies, paid by CDA account
Diapers, milk, kids expenses - $400

Total: about $4500 expenses, can save about 1-2k a month.
Sometimes we treat ourselves, that month just save a little bit less.
Every 3-4 months savings I buy into some dividend stocks. Every few months receive payout of about $300, increasing slightly as I buy more.

Have about 10k liquid cash for emergencies, can liquidate if need more.


Basically if you watch the budget, surviving on just 5k a month is possible, and enjoy a decent QoL. Also make full use of the CDA grants, whatever money govt give u put into savings and use it to pay for kids’ education/childcare.

Should try to get a higher salary. $7k these day is really not a lot. A local fresh with 2-3 years would have reach $7k. Jia you.

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