How much you already saved???

edy

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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
 
We totally depleted our savings (about 3xxxx) for the wedding and the honeymoon. Then we saved 1xxxx again for another year to buy a flat.

We managed to buy a resale flat with some monetary help from our fathers. Because the flat is in a nicely renovated move in condition and we got it at a low price due to the economic crunch last year, we are not in much debts. Only need to pay monthly installment for house and some electrical equipment.

Then we saved for another two years to start a family. After paying for Gynae and buying baby items, we do not have much left again. But since my husband and I are still young, with proper financial planning, I do not think there is much to worry about the future because we will definitely be able to accumulate more wealth. Anyway, we think we would never become millionaires. We are just happy to have slightly more than sufficient to get by.
 

meiteoh

Well-Known Member
Hubby and I are in earlier thirties.

Before we bought the condo, we had nearly 2XX,XXX in savings. At the moment, we have housing loan to pay off - no car, thank god.

I have about XX,XXX tied up in M'sia - we have a similar version of the CPF - so we pump in money into that account every month because the dividend is high (about 5-6%). On top of that, we have our own monthly savings which is separate - because my hubby earns more, he also saves more in his account. My savings goes into a separate account which is for my daughter plus I have some money (like the hubby) tied up abroad which is like a rainy day, emergency account thing.
 

PTB7476

Well-Known Member
Wow, you all very good lor, i have zero saving ever since i delivered my daughter.
:embarrassed:
dun feel bad...diff pple has diff kind of financial commitment...they can save so much maybe is because their financial commitment is not as high as some others and they can also be high flyers with combined income easily more than $15K per month
 

MsKoh1973

Member
actually my pay was abt $2800 gross in yr 2000, till now abt $5k before I just resigned. My husband's pay abt the same, since we married abt 6 yrs ago, we manage to save one person's pay and bonus through d years, thats how we accumulated our savings.

I oso earned abt $100k fr selling my 3 rm flat in year 2007. I cannot imagine in year 1999, I even pawn my jewellry just becos of $1k tat I need for my bro's wedding, time really has changed alot.

Don't feel bad if u haven't save alot, you will save when the time is right, if you ask me then, I also could never imagine I could have what I have in bank ac today. Hard to imagine.
 

PerfectMum

New Member
How does Stay Home Mum able to save $$..? My last day in my company is just another 5days more.. i am worried now after reading this. My saving only start when we saving for our marriage ceremony.. 10months for $17'000 which is all gone and our bank acct is back to ZERO.

I have saving in Prudential $80/mth and after 25yrs then can take it out.. By then i be 50yrs old and its only $24'000. Sigh! :001_07:

For my lil baby i have not yet save for her education or so.. how much should i put aside monthly? currently i just open Young Saver from OCBC.. whatever the amount is follow by her age... so she 6mth then its $600. dont know if thats good enough..? Please give me some feedback...:eek:15:
 

meiteoh

Well-Known Member
If your hubby gives you an allowance, try to save as much as you can from there by shopping smart and spending wisely (buy house brands, buy during sale, find cheaper alternatives, etc). That's usually how SAHMs who don't have any form of income save up their money - by learning how to stretch every dollar. If possible, find a way to earn some money online via e-biz (DIY, crafts, services), blogging, etc.
 

PerfectMum

New Member
If your hubby gives you an allowance, try to save as much as you can from there by shopping smart and spending wisely (buy house brands, buy during sale, find cheaper alternatives, etc). That's usually how SAHMs who don't have any form of income save up their money - by learning how to stretch every dollar. If possible, find a way to earn some money online via e-biz (DIY, crafts, services), blogging, etc.
Thanks meiteoh, i hope i can do it.. you also SAHM? how was the first few months and how long had it been?
 

meiteoh

Well-Known Member
I was a SAHM/W from Feb 2008 till May 2010. After a few months of being a SAHW, I started my own e-biz even though I had some small income from my blog. The money was just as an allowance - to buy stuff that I like, etc. My hubby gave me some spending money. During CNY, birthdays or whenever I get extra cash from family or the hubby, I spend some but keep the remainder in a bank account to generate interest. I'm working again now so things are obviously different but I try to save as much as I can each month.
 
How does Stay Home Mum able to save $$..? My last day in my company is just another 5days more.. i am worried now after reading this. My saving only start when we saving for our marriage ceremony.. 10months for $17'000 which is all gone and our bank acct is back to ZERO.

I have saving in Prudential $80/mth and after 25yrs then can take it out.. By then i be 50yrs old and its only $24'000. Sigh! :001_07:

For my lil baby i have not yet save for her education or so.. how much should i put aside monthly? currently i just open Young Saver from OCBC.. whatever the amount is follow by her age... so she 6mth then its $600. dont know if thats good enough..? Please give me some feedback...:eek:15:
From NUS website, it costs ~7K per year in tuition fees only for most courses. So for 4 yrs, you need at least 28K. This is based on today's prices though, so with inflation, it may go up to ~40K in 18 yrs time!

Let me know if you want other suggestions to grow your savings!
 

MsKoh1973

Member
You have CPF, maybe u can start to do some investment with ur CPF, u can approach those financial advicers, but still must exercise care.
 
You have CPF, maybe u can start to do some investment with ur CPF, u can approach those financial advicers, but still must exercise care.
I'm a financial adviser, but will advise everyone not to invest the 1st 60K in their CPF, since the govt gives extra 1% interest.
The products that give more than the CPF rate are usually the riskier type
 

MsKoh1973

Member
I'm a financial adviser, but will advise everyone not to invest the 1st 60K in their CPF, since the govt gives extra 1% interest.
The products that give more than the CPF rate are usually the riskier type
Yes agreed, thats partly the reason so far I only used cash for my investment, cos the bank interest is really too low compared to what CPF give us.

We only use CPF to invest those endowments which we noe will have yield of more than 3% (CPF >$60k).
 
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