How much household income is enough?

[smartmummy]

Someone make sure for me,is it 40% of income we need to save(minimum)?

Financial gurus said that it should be our first expense of the month.

[daddy2007]

smartmummy:

Someone make sure for me,is it 40% of income we need to save(minimum)?

Financial gurus said that it should be our first expense of the month.

Rule of Thumb is 10% at least. Pay Yourself First as they always said

Depending on your income, 40% saving is alot if you only earn $2000 per month. But the story is different if you earn $8000 per month. On average a family will need about $3000 per month for all expenses (food, groceries, bills, transportation, entertainment, children expenses etc). So the balance is for you to save to to do some other things

[kiddo]

BeContented:

Gemini11:

[quote=\"BeContented\"]We each have our own personal account and there's also a joint account. So monthly DH will just transfer some of his salary over and I'll just draw what I need for household/personal expenses, he doesn't track me at all. Also have supp card.


Since I'm not into branded stuff or big items.....and he knows I'm into cheap useless joys ie. I have 100 pens and rulers, 200 notebooks, 300 stickers oni...really )

OK, seriously, $800 may be sufficient if the family is really really frugal....but honestly, a difficult life :sad:

So roughly how much do you ladies think is enough for a joint account for monthly expenses?

Aiyoh, these kind of question really difficult to answer....like many said, all depends on lifestyle.
- King prawns, small prawns or no prawns
- Cod fish or canned sardine
- Royal premium bread or Top one bread
- Anti-bacterial detergent (2L $5) or no-brand (5L $5)
- Learning Lab or CC tuition or no tuition etc etc etc.

And by monthly expenses .... what are you including? What one include as basic necessity may be a luxury item to another.......
To me, it's always based on what I am able to afford. IMO, $5k is definitely enough but $800 is [/quote]Did a mental calc with $800 , need to live like this monthly
Electricity biills\t 80
Food \t 400
transport for bread winner 60
2 children school money 60\t\t
raining day expenses\t 200
very tough budget \t 800
nothing else :faint:

[KSP]

is 5k the net amount or 5k gross earning? if gross earning then need to deduct CPF, insurance, car, parents … etc.


IMHO, it is all depending on the lifestyle…

i don’t spend more than $500 a month for myself on basic needs…

but when come to shopping, holiday and kid’s tuitions then is a different thing already…

[smartmummy]

daddy2007:

smartmummy:

Someone make sure for me,is it 40% of income we need to save(minimum)?

Financial gurus said that it should be our first expense of the month.

Rule of Thumb is 10% at least. Pay Yourself First as they always said

Depending on your income, 40% saving is alot if you only earn $2000 per month. But the story is different if you earn $8000 per month. On average a family will need about $3000 per month for all expenses (food, groceries, bills, transportation, entertainment, children expenses etc). So the balance is for you to save to to do some other things

:thankyou:

[Canvas]

My DH is a better money manager and I never used to take money from him until I became a SAHM last August. He transfers an amount to my account that I use for the groceries, own use and for our two kids. He settles the bills. The amount (decided by me, which I deeply regret. :stupid: ) is just enough to be honest but I know DH saves enough to bring us for short holidays about twice a year. I have a supp card that I hardly use.


I still haven't quite got past the \"shy to ask for money\" part and hopefully, DH will be more automatic a bit. Come August, if no increment then I have no choice but to.................*insert your own imagination*

[happyheart]

[quote=\"Canvas\"]My DH is a better money manager and I never used to take money from him until I became a SAHM last August. He transfers an amount to my account that I use for the groceries, own use and for our two kids. He settles the bills. The amount (decided by me, which I deeply regret. :stupid: ) is just enough to be honest but I know DH saves enough to bring us for short holidays about twice a year. I have a supp card that I hardly use.


I still haven't quite got past the \"shy to ask for money\" part and hopefully, DH will be more automatic a bit. Come August, if no increment then I have no choice but to.................*insert your own imagination* [/


Canvas,
I like the part.... \"if no increment,....\" Super cool!

[LOLMum]

hahaha, my rich galfriend and her group of tai tai would not hesitate to spend the hubby’s $$$.


they have more right to spend the $$$ than the mistress and girlfriend.
so spa package, slimming package, high tea, long lunch at orchard, personal shoppers, 1st class treatment at jewellery stores, fly biz or 1st class etc.

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i really find it so much better if the husband could just deposit the $$$ into the joint account and let the wife handles the $$$.

yes, initially for the first few months maybe he can go over the txns etc with wife and have a feel how much the expenses is monthly but after that let the wife do the job.

it is extremely frustrating to have the hubby questioning why buy this, why buy from this place, why so expensive etc over every single thing every month.

also not so good for the relationship if wife has to consult hubby everytime before she buys something. her self confidence and self worth would definitely go down south.

[daddy2007]

Canvas:

Come August, if no increment then I have no choice but to.................*insert your own imagination*

Sleep outside the room?

[daddy2007]

LOLMum:

it is extremely frustrating to have the hubby questioning why buy this, why buy from this place, why so expensive etc over every single thing every month.

ya... just 1 lump sum and no question asked. Just spend within the allocated sum