How much you already saved???

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bagaholic

New Member
hi mummies, i'd like to know how much you already saved??? rough numbers will do (whether it's 100k ++, 200k++, etc).. please specify the age as well (mid 20s, 30s, etc)..

I'm just scared that with the current inflation, I might not be able to keep up for my daughter's future (her needs, education, house, etc).. from what I calculated, 15 years from now, the costs of college education itself amounting close to 200,000 SGD :eek:

any input will be appreaciated.. thanksssss :Dancing_tongue:
 
mag_huiling

mag_huiling

Member
Early 20s, -$xxxx.xx

I think it wouldn't be good to put how much one's savings is bah? If the figure is HUGE, that person might get ROB! LOL~ *Maybe I'll be the first one! hahaha

but regardless of what happens, I believe that SG is not like UK, etc, keep raising every single thing. If that really happens, I think the recent case of tuition fee hikes protest might just happens here too.

One cant be drawing the same amount of salary 15 years later too.
 
S

stonston

Well-Known Member
There are many types of 'savings'.
I'm in my mid-twenties, hubs in early thirties.

We have emergency savings (ready cash to be used any time): 6 times our monthly salary

We have mid term savings (to be used to achieve our short term goals then reinvested if we do not need the money at that time, 3 - 5 years).
We split this into 2 types:
1. Lump sum investment
2. Monthly investment

We have long term savings (for our son's education and a separate account for our retirement).
We split this into 2 types:
1. Lump sum investment (for my son's education - just let the interest roll)
2. Monthly investment (for our retirement)

We've done our calculations, based on the amount we are saving diligently now, we should be able to provide for an overseas education for my son (we already factored in inflation).
If we have #2 or more, we might need to tap into our retirement funds.

Our total savings as of end 2010 is around $1XX,XXX.
Not including insurance coverages.
Factoring in: Car paid in full & housing loan left with very small installments for another 10 years.

BTW, I started saving since I was 17yo. All my PT jobs and monthly allowances are properly budgetted and I save diligently. Even with family expenses now, every cent is accounted for.
My hubs is not a saver so I manage his money for him.
We live simply and don't spend a lot. Our largest expense is my son's monthly fees for his kindy and enrichments. Other than that, we don't have much expenses.

Our targetted amount within the next 5 years: Total savings of $500,000.
Then let our money work for us while we continue to save up :)
 
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K

keefu

Member
Me and hubby in our mid twenties, savings is around $XX,XXX.XX

But then, it's gonna be blown by the wind soon due to our renovation... Sigh...
 
M

MsKoh1973

Member
I am in my late 30s, husband mid 40s, so far we managed to save about $3xx,xxx. Currently both of us working, but come Mar, I intend to resign and start my own biz.

HDB flat and car cost all taken care of. Also got maid in the house, plus my sister, her 2 kids, my xiao gu all staying in my house.

I have a 5yo girl at childcare.
 
angiebaby

angiebaby

Member
me and hub both are mid 30S, we have 1/3 share of a cafe worth about 25k, 25k in fund market, house loan 270k for 30 yrs, car loan 25k for 4 yrs, next yr going to get my saving insurance about 40k, and we have 13 and 15 yrs insurance, able to get about 350k at mature date, lastly will sell my condo after 4 yrs and down grade to HDB, likely will make another 200k to 300k. should be enough to cover kids stuff. me and hubby salary about 6k a month in total.

i think long term saving insurance is very important.
 
G

Gem2505

Member
keefu said:
Me and hubby in our mid twenties, savings is around $XX,XXX.XX

But then, it's gonna be blown by the wind soon due to our renovation... Sigh...
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same here. with wedding and ROM held 2 years back. honeymoon, resale flat COV+agent comms, renovation starting this month.. just bot a 3rm flat at clementi, reno easily 30K without furnitures. calculated all these amount, easily hit $80K cash! with only all housing staff settled, then the savings really kicks in + baby coming up next month, have to set a sum for hospital fees and expenses bb need.. but luckily, both my n my husband work and earned about $7k per month. more or less able to sustain. well, live and save aft all reno done.. most imptly, have to plan well and work hand in hand with hubby lor. im at early 20s. =)
 
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keefu

Member
angiebaby said:
then dont do the fancy reno to spend all the $$$, do a simple one.
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I hoped too and already requested for simple nice reno... IDs come visit and tell us, need at least $40k... And those who tell us $30k should not be a problem, they ended up giving quotations to me which is $45k. Faint liao. That excludes sanitary ware and furniture, sigh... Maybe the major cost goes to hacking and replacing new tiles...
 
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keefu

Member
Gem2505 said:
same here. with wedding and ROM held 2 years back. honeymoon, resale flat COV+agent comms, renovation starting this month.. just bot a 3rm flat at clementi, reno easily 30K without furnitures. calculated all these amount, easily hit $80K cash! with only all housing staff settled, then the savings really kicks in + baby coming up next month, have to set a sum for hospital fees and expenses bb need.. but luckily, both my n my husband work and earned about $7k per month. more or less able to sustain. well, live and save aft all reno done.. most imptly, have to plan well and work hand in hand with hubby lor. im at early 20s. =)
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At least you are earning good LOL... Me and hubby don't earn this much but luckily got some cash savings... Luckily our wedding, baby full month didn't "kui ben" and baby expenses are manageable but the reno part is really... Sometimes I regret for buying a house with big flooring space. LOL

You still very young sure no problem to save more money, jia you jia you!!! Have you settled in your resale flat already? You can have your confinement there first before you renovate...
 
edy

edy

Administrator
Staff member
saving money is a good step but please remember to reinvest the money else inflation will eat it all away over the years.

two simple steps to get rich

1. spend less than what you earned

2. reinvest what you have earned/saved (stock, property, funds)

(disclaimer: any form of investment inherits risk! :001_302:)
 
M

MsKoh1973

Member
true, investment is quite important. I have invested 10% in equity through financial adviser, the rest are in endowments, annuity, education fund etc. Mostly low risk cos my risk appetite not big.
 
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Gem2505

Member
keefu said:
At least you are earning good LOL... Me and hubby don't earn this much but luckily got some cash savings... Luckily our wedding, baby full month didn't "kui ben" and baby expenses are manageable but the reno part is really... Sometimes I regret for buying a house with big flooring space. LOL

You still very young sure no problem to save more money, jia you jia you!!! Have you settled in your resale flat already? You can have your confinement there first before you renovate...
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hmm.. earn much but expenses also high.. for wedding itself we already kui about 15K! goodness. + honeymoon, my degree sch fees, no $ already. i've already asked for a few quotations on the reno for my new place, all ard $35K if we want to hack the living rm+bedrooms flooring n lay with homogenous tiles. but i think we will forgo that coz to save $, we decide to overlay with laminate instead. that would save us around $5K. moreover, we dont intend to stay for long. perhaps after the 5years, we will ballot for BTO and hopefully able to earn alil from there after selling the current one. *we think v far* haha!
our real savings can really start when all furnitures bought and renovation done. but at least, still having a comfortable life with our earnings. slowly take our steps. ultimate aim is to give our upcoming lil princess a good life afterall. ;) cant wait. less than 7weeks to EDD. gosh.. hopefully the flat will be ready for bb's full month. ;) den can do house warming tgt.. save $~ ha..
 
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ali50n

Member
Gem2505 said:
hmm.. earn much but expenses also high.. for wedding itself we already kui about 15K! goodness. + honeymoon, my degree sch fees, no $ already. i've already asked for a few quotations on the reno for my new place, all ard $35K if we want to hack the living rm+bedrooms flooring n lay with homogenous tiles. but i think we will forgo that coz to save $, we decide to overlay with laminate instead. that would save us around $5K. moreover, we dont intend to stay for long. perhaps after the 5years, we will ballot for BTO and hopefully able to earn alil from there after selling the current one. *we think v far* haha!
our real savings can really start when all furnitures bought and renovation done. but at least, still having a comfortable life with our earnings. slowly take our steps. ultimate aim is to give our upcoming lil princess a good life afterall. ;) cant wait. less than 7weeks to EDD. gosh.. hopefully the flat will be ready for bb's full month. ;) den can do house warming tgt.. save $~ ha..
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Hi perhaps u can use this company IDEAL HOUSE ID i used them for my resale flat so far so good. I search alot of quotations and they are the cheapest one with 5 years warranty.
 
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Gem2505

Member
ali50n said:
Hi perhaps u can use this company IDEAL HOUSE ID i used them for my resale flat so far so good. I search alot of quotations and they are the cheapest one with 5 years warranty.
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hmm.. am going to confirm the contractor today afternoon. so far, best deal was, $29K. Practically, changed everything in the house. tiles, toilets, pipes, windows, doors, plaster the whole unit, etc.. homo tiles for whole flat. kitchen Lshape cabinet is the only built in we did. the rest of the furnitures, we buying from outside. some quotes we got went as high as $38K. -_-"
 
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keefu

Member
Gem2505 said:
hmm.. earn much but expenses also high.. for wedding itself we already kui about 15K! goodness. + honeymoon, my degree sch fees, no $ already. i've already asked for a few quotations on the reno for my new place, all ard $35K if we want to hack the living rm+bedrooms flooring n lay with homogenous tiles. but i think we will forgo that coz to save $, we decide to overlay with laminate instead. that would save us around $5K. moreover, we dont intend to stay for long. perhaps after the 5years, we will ballot for BTO and hopefully able to earn alil from there after selling the current one. *we think v far* haha!
our real savings can really start when all furnitures bought and renovation done. but at least, still having a comfortable life with our earnings. slowly take our steps. ultimate aim is to give our upcoming lil princess a good life afterall. ;) cant wait. less than 7weeks to EDD. gosh.. hopefully the flat will be ready for bb's full month. ;) den can do house warming tgt.. save $~ ha..
Click to expand...
Wah your wedding venue must be quite grand right? Cos I heard that now wedding at 5 stars hotel can't earn much from ang pows... Need to have generous guests in order to take back on what's spent... But for marriage these expenses just can't be avoided... Sigh. I think you can consider to lay homogenous tiles for living room only? Then the bedrooms use laminate to save a bit of cost...

If you intend to upgrade to 4/5room for BTO don't think you'll earn much from your current flat? Unless you intend to sell 3room and buy 3room also... But confirm now the BTO 3room so small, not much space for your princess to play...
 
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Gem2505

Member
keefu said:
Wah your wedding venue must be quite grand right? Cos I heard that now wedding at 5 stars hotel can't earn much from ang pows... Need to have generous guests in order to take back on what's spent... But for marriage these expenses just can't be avoided... Sigh. I think you can consider to lay homogenous tiles for living room only? Then the bedrooms use laminate to save a bit of cost...

If you intend to upgrade to 4/5room for BTO don't think you'll earn much from your current flat? Unless you intend to sell 3room and buy 3room also... But confirm now the BTO 3room so small, not much space for your princess to play...
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hmm.. mine wasnt really grand. had a decent 30tables wedding dinner.. we lose about 13K from there. plus wedding pics ( about $4K ), photographer, videographer.. ard $20K ald. somemore ROM was held another day, ard $2K there. its really a bomb. honeymoon another $8K. but all these, once in a lifetime, have to spend, no choice...

As for Flat, we cant buy 3rm BTO from hdb coz our income exceed the ceiling of $3K (monthly gross income). so min we can get is a 4rm flat. the current 3rm i bot, prices can buy a 4rm or even a 5rm flat in BTO.. hope the resale value goes up higher than the BTO amount. n the COV part, we can earn alil more..

Confirmed my renovation yesterday. gonna do homogenous tiles for the whole unit. reasonable pricing we're paying.. coz the quotations we got for laminating flooring same the the quote we got for homogenous flooring.. so we choose homo lor.. more lasting/durable and sell out the unit time will get better value.
 
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sunnyflower8188

New Member
Me n my hubby(mid thirties) savings about 1XX,XXX
still got housing + car loan to pay
Got endowment insurance and life insurance for both of us

Thinking about investing those $$$ as we dont need much liquidity in the next few years
 
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keefu

Member
Gem2505 said:
hmm.. mine wasnt really grand. had a decent 30tables wedding dinner.. we lose about 13K from there. plus wedding pics ( about $4K ), photographer, videographer.. ard $20K ald. somemore ROM was held another day, ard $2K there. its really a bomb. honeymoon another $8K. but all these, once in a lifetime, have to spend, no choice...

As for Flat, we cant buy 3rm BTO from hdb coz our income exceed the ceiling of $3K (monthly gross income). so min we can get is a 4rm flat. the current 3rm i bot, prices can buy a 4rm or even a 5rm flat in BTO.. hope the resale value goes up higher than the BTO amount. n the COV part, we can earn alil more..

Confirmed my renovation yesterday. gonna do homogenous tiles for the whole unit. reasonable pricing we're paying.. coz the quotations we got for laminating flooring same the the quote we got for homogenous flooring.. so we choose homo lor.. more lasting/durable and sell out the unit time will get better value.
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Wow really huge expenditure but agree that these are once in a lifetime... Although quite heart pain but it's once in a lifetime.

Actually depending on the BTO location you want to move to, you can apply for 3 room flat in mature estates like Tiong Bahru, Toa Payoh, Queenstown, Ang Mo Kio... Cos last time I apply for BTO 3 rooms but didn't got chosen and I like the location I balloted for, sigh... Anyway that's history haha

Have a smooth renovation yeah and take care of your growing princess!
 
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