How much household income is enough?

[Canvas]

Gemini11:

dont mind me asking how much was the amount you decided on? I'm about to ask for the amount too, when baby is born, i dont want to end up :stupid: :stupid: :stupid: also lol

Everyone's expectations are different. I can drive but the schools are near and I decided that the husband will need the car more so I take the public transport. Basically the allowance I ask for covers:
-Groceries
-Kids' expenses (including enrichments if any)
-Medical
-Transportation
-Part time cleaner (once a week)
-Insurances for myself and kids
-My own use
:moneyflies:

I can never be a Taitai. Even if I sometimes play dress up, it's in my blood to eat kaya and butter toast @ Ya Kun (Wa, their Mee Rebus is da Bomb!) instead of high tea-ing at Marmalade Pantry.

[Canvas]

I agree with Cherrygal that the husband must be very supportive of the decision of the wife staying at home. If not misunderstandings will arise and everyone will be unhappy.

[Funz]

For most families, $10K income is comfortable I guess. But to give up $10K income, that is A LOT.

[Canvas]

Funz:

For most families, $10K income is comfortable I guess. But to give up $10K income, that is A LOT.

I think so too. Unless of course the husband earns much more. Maybe our culture is still conservative. In many countries, it may not be the wife staying at home with the kids. Usually it is decided by who earns more and who can handle the children better.

[MMM]

KSP:

sometime back i heard from the radio while driving that in SG one is not considered rich or high earners if don't earn more than $100k/mth or not more than $1M/yr....


so guess most of us are middle income ppl....

Yah I supposed so as well.

There are alot of people around us that is in the 10k+/ month range per person and frankly, I wouldn't think that is upper middle income or rich. After paying for housing, car, kids' enrichment, taxes, etc... you still dine at market. You will still think twice/ thrice before splurging. Yes, you will have savings and you do not need to scrimp to the next payroll and financially, you do not really have to worry with that kind of income. But.... it doesn't mean you can lead a luxurious lifestyle either.

I supposed a rich is someone who spend money without the need to think :? In any case, there is the saying that the richer you are, probably the more thrifty you are.

[LOLMum]

MMM:

In any case, there is the saying that the richer you are, probably the more thrifty you are.

absolutely :hi5: but also cannot be scrooge leh.

[Funz]

I quite the corporate world to do something on my own when DD came along. I gave up a 5 figure/mth income then too. But when I quit, I had enough to invest in my new venture, along with savings that, with proper planning, can last me about 2yrs without having to depend on DH to support me. DH too was drawing a 5 figure/mth salary and he too had enough savings to tide us through about 1 year without any income. Even then, we worry about all the what ifs and what nots.


While building up my business, I maintained close contacts with my corporate network and headhunters. Just in case things don’t work out, I was prepared to go back to the corporate world again.

We were lucky that my investment took off within 9 months and by the 3rd year, I was drawing close to what I gave up to start my business.

You know best whether it is escapism or truly finding more fulfillment being a SAHM. In my case, I know I will never be a SAHM but I also do not want DD to grow up with both parents absent most of the time. I tried requesting for transfer and even looking for another job but I kept being offered the same role that I was trying to get out of. So after doing all our calculations, we bit the bullet and took the plunge. Now I can say that we have the best of both worlds, I get to work and stay sane, have flexibility of time and financial stability as well.

I cannot stress how important it is that your spouse is in it 100%. Even with our planning and DH’s blessing and encouragement, we had rough patches. At one point, DH was really feeling the stress of being the main income earner even though we were financially comfortable throughout. He started penny pinching and became really moody and mean. So imagine what will happen if your partner is not for your quiting.

[MMM]

Funz:

I cannot stress how important it is that your spouse is in it 100%. Even with our planning and DH's blessing and encouragement, we had rough patches. At one point, DH was really feeling the stress of being the main income earner even though we were financially comfortable throughout. He started penny pinching and became really moody and mean. So imagine what will happen if your partner is not for your quiting.

I think this aspect is very true. The dh's feelings and thoughts must be seriously considered before one decides to be a sahm. There are some men who feel strongly that the woman should stay home to look after the kids and take care of family.

But my dh for one, will never like it if I become a sahm. I think alot of men are like that too as Singapore is after all not a cheap place to live in. I guess it's really dependent on family support, etc...

In some low income family where the wife don't earn much, having the wife at home makes more financial sense because the child care costs much more.

[Canvas]

Funz:

At one point, DH was really feeling the stress of being the main income earner even though we were financially comfortable throughout. He started penny pinching and became really moody and mean.

This is very crucial and I hope you will share. How did you and your DH work this part out?

[Funz]

Canvas:

Funz:

At one point, DH was really feeling the stress of being the main income earner even though we were financially comfortable throughout. He started penny pinching and became really moody and mean.

This is very crucial and I hope you will share. How did you and your DH work this part out?

I think part of our problem was cos I was paying a fair bit of our household expenses without DH truly realising how much it added up to. So when he had to start paying for some these, it seems as if his expenses suddenly went up by a lot.

I went through with DH in detail our finances, even projecting it 1 year ahead with worth case scenario. That put things into perspective and helped a little.

The rest DH had to work on it himself. His is a psychological stress. So telling him that if he feels that all these is too much, I can always go back to work, since I was still receiving job offers, also help as he knows that there is a way out.