How much is enough for retirement in Singapore?

[MyPillow]

zbear:

I keep track of my family's daily expenses up to the last cent (if my memory doesn't fail me). I will do a monthly total and categorize them into different expense groups eg children , meals, groceries.

By year end, I can see how much my family spends per year n which categories do I spend the most.

From here, I can see how long can my $$$$ last.

I also keep track of passive income so that I will get a good picture of my financial health.

zbear, u are meticulous . i only get avg estimate last time.
i tend to spend passive income to reward myself n family
for working hard

it is indeed good to secure a saving amt first before all other expenditure
but as kids grew bigger, some may need to spend more to tuition / enrichment classes
does tuition/classes help in our own future retirement plans? if one dun think so, maybe should take a step back to re -strategise

[ptb7476]

:oops: what is passion income :oops:

[starlight1968sg]

ptb7476:

:oops: what is passion income :oops:

income that is derived from passion :imcool:

[ptb7476]

starlight1968sg:

ptb7476:

:oops: what is passion income :oops:

income that is derived from passion :imcool:

that is what i lack of no wonder no passion income :rotflmao:

[lee_yl]

MrsKiasu:

Oh no..I m spending quite a bit everytime I go supermarket. And it was almost daily before I started work. And each time never lower than $30. Like this morning, I planned to buy fish ball, fish cake and meetaimak at wet market but when pass by the supermarket, I saw apple. So I thought ok, buy apple, then saw the banana and watermelon..ok buy. When queueing at the cashier, saw the fresh milk then remember no more fresh milk at home, buy. Saw vitagen next to it, thought that dd2 likes to drink, so buy. Still queueing, eyes looked up and saw the Omega milk powder for adult, quickly go and get...and the car was parked outside the supermarket with the hazard light blinking..coz I really thought it is a 5 mins buy :faint:

I am also like that. Supposed to buy apples but if the bananas look nice, I will take.

One effective way to stop reckless purchases is to go supermarket without bringing the wallet. Bring cash only, say, $30. With limited cash on hand, you will KIV the not so critical stuff like chips. You will count every cent first before heading to the cashier. Very effective but also very stressful. I tried but gave up as it's not viable to go shopping without wallet, just like cannot survive without my hp.

[sharonkhoo]

MrsKiasu:

Oh no..I m spending quite a bit everytime I go supermarket. And it was almost daily before I started work. And each time never lower than $30. Like this morning, I planned to buy fish ball, fish cake and meetaimak at wet market but when pass by the supermarket, I saw apple. So I thought ok, buy apple, then saw the banana and watermelon..ok buy. When queueing at the cashier, saw the fresh milk then remember no more fresh milk at home, buy. Saw vitagen next to it, thought that dd2 likes to drink, so buy. Still queueing, eyes looked up and saw the Omega milk powder for adult, quickly go and get...and the car was parked outside the supermarket with the hazard light blinking..coz I really thought it is a 5 mins buy :faint:

Maybe you can select what you will get for standard items? I usually go for housebrands and basic stuff. If I'm happy with a brand, then I stick with it unless there is a good reason to switch (or they stop producing it!). For fruits and veg, I have a fair idea of the range of prices and I will try to select those where the price is lower or the item is on offer. I usually shop from a list and also resist buying on impulse. For some items, I know they go on sale periodically, so I will wait for those. For more expensive stuff, I try to buy less often, and not too many pricy items each time.

[sleepy]

My spending principle is must be pound wise at all times but alright to be penny foolish sometimes

So small sum no need to think too hard. Go supermarket I don’t check price, just buy whatever I want

I never set any monthly budget. Lazy. Don’t want to create job for myself. if need to spend, then need to spend
Whatever left after paying expenses become our savings. I don’t know how much. Don’t keep track closely.
When I remember to do something, then I transfer fund or place time deposit.

Intend to invest using SRS but still procrastinating leh, yet to kickstart on any research. Lazy (again)

[starlight1968sg]

Sleepy

You are not alone
I dont track my expenses
I am confident i will not exceed my budget

[lee_yl]

hercules:

I have been seriously using AceMoney to track my money for the last 2 years to have a good feel of where my money goes so that I can have a better idea of how much buffer I have for budget 'expansion' and 'contraction' instead of just by 'gut feel'.


Below is the average of my monthly expenses (Family refers to expenses of 4+1 pax at home while the rest is my personal expenditure):

http://i67.tinypic.com/29xbu5d.png\">

With this, it is quite clear cut of what I can do without if I cant afford (the helper, facial, etc) over the longer term or as I age further (red/white packets, holidays, etc).

With the current spending habit, I am confident that I can retire very comfortably without having to lower existing lifestyle.

Try to start a budget if can to have a better peace of mind.

Wow, your household expenses for 5pax seem to be on the low side. I can't get by with a $100 transport budget and definitely spend more than $10 for my haircut.

Assuming that you want to maintain such a lifestyle, less the helper and facial, you still need to prepare around $850K for retirement.

By the way, as to a helper, it's hard to predict whether we need one or not. My maternal grandma was wheelchair bound and needed a helper for her last couple of years. Fortunately, financial support was forthcoming from the family otherwise she wouldn't have quality care.

[zbear]

hercules:

I have been seriously using AceMoney to track my money for the last 2 years to have a good feel of where my money goes so that I can have a better idea of how much buffer I have for budget 'expansion' and 'contraction' instead of just by 'gut feel'.


Below is the average of my monthly expenses (Family refers to expenses of 4+1 pax at home while the rest is my personal expenditure):

http://i67.tinypic.com/29xbu5d.png\">

With this, it is quite clear cut of what I can do without if I cant afford (the helper, facial, etc) over the longer term or as I age further (red/white packets, holidays, etc).

With the current spending habit, I am confident that I can retire very comfortably without having to lower existing lifestyle.

Try to start a budget if can to have a better peace of mind.

I noticed that you do not have any meal expenses, does it mean your 3 meals are home cooked n you don't eat out?

You don't need to pay for insurance apart from the health insurance?

Are your other family expenses taken care of by your DH?

Hope u don't mind me asking as I am making a comparison with my family/self expenses.