Why Most Singaporeans Are in Debt
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Mychildren:
No la no la where got so rich (I wish though!Sleepy, the following might be sensitive, I must declare that I had nothing against u, OK? I've been pondering about your 50% and I always tends to think things the other way round.... :scratchhead:
Maybe your take home or earnings is double or triple of us, that's why u can save 50%........... :roll:
)
Normally can loan up to 40% of income. If no loan, that 40% immediately become savings loh. And with small pay increment % accumulated over last 6 years and persistently thrifty & with lowering expenses (we used to spend more on kids when they were younger), we can easily save another 10%
Or I got my Maths wrong :scratchhead: -
Mawar:
[We didn't have money to buy wedding bands but we told by ROM officer we should get rings.
Hubby and I didn't buy new wedding bands when we ROM. We were students then. Emptied our entire bank account for studies. So we just use our existing rings
Around that time, our new HDB flat was ready to collect keys but HDB said they couldn't issue us keys until either of us found a job. Need to have income before they could give us a loan.
Wow, now looking back, I think we've come a long way. Meaning we're really old now :rotflmao:
It's precisely because we went through those stages that we pause to think before spending on things we deem unnecessary.
By the way, my kids are amazingly thrifty too
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sleepy:
Dunno about your Maths but you sure got your Econs right :salute:
No la no la where got so rich (I wish though!Mychildren:
Sleepy, the following might be sensitive, I must declare that I had nothing against u, OK? I've been pondering about your 50% and I always tends to think things the other way round.... :scratchhead:
Maybe your take home or earnings is double or triple of us, that's why u can save 50%........... :roll: )
Normally can loan up to 40% of income. If no loan, that 40% immediately become savings loh. And with small pay increment % accumulated over last 6 years and persistently thrifty & with lowering expenses (we used to spend more on kids when they were younger), we can easily save another 10%
Or I got my Maths wrong :scratchhead: -
Actually it all boils down to money management. You can earn a lot but spend even more. Conversely, there are some who don't earn as much but still manage to save. I fully subscribe & live by the principle of spending 'beneath' your means.
With ring/no ring, diamond/no diamond, branded or none...these are just material stuff. What's important is you have a supportive spouse, your children are sensible & the family lives a happy & honest life. These to me is happiness
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Mychildren:
Maybe so - that sleepy is earning a lot more than us. But, beyond a certain level, it is really how you spend that determines how much you save.Sleepy, the following might be sensitive, I must declare that I had nothing against u, OK? I've been pondering about your 50% and I always tends to think things the other way round.... :scratchhead:
Maybe your take home or earnings is double or triple of us, that's why u can save 50%........... :roll:
Like for me - while my lunch kakis order kopi/drinks at lunches, I go without drink and return to office to make a Cup of 3-in-1 kopi. I save that $1.10-$1.50 that my colleagues spend everyday. -
I think I shared this before. When I first started working my Daddy told me, set aside a sum of money as savings before you start spending be it $10, $20, or $50. Target up to 30% of your income as savings eventually. For if you do not, you will end up with no savings at all. Actually come to think of it, his message to me came way earlier. When he gave me my weekly allowance he will always tell me to put some into my piggy bank before the week commence. So it became a habit for me.
A lot of people do it the other way around. They spend first thinking that whatever they have balance can go into savings. But most times, they end up with nothing left at the end of month. -
Another example - they buy cut fruits from fruit stalls. I buy whole fruits like apples from Ntuc. We all get our daily dose of fibre but I pay $2-3 for one week. This $2-3 only lasts them 2-3 days…
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FairyPenguin:
:goodpost:Actually it all boils down to money management. You can earn a lot but spend even more. Conversely, there are some who don't earn as much but still manage to save. I fully subscribe & live by the principle of spending 'beneath' your means.
With ring/no ring, diamond/no diamond, branded or none...these are just material stuff. What's important is you have a supportive spouse, your children are sensible & the family lives a happy & honest life. These to me is happiness
I fully agree... -
Imami:
Another example - they buy cut fruits from fruit stalls. I buy whole fruits like apples from Ntuc. We all get our daily dose of fibre but I pay $2-3 for one week. This $2-3 only lasts them 2-3 days...
While we should be not spending like there is no tomorrow, I think to spend a couple of dollars on coffee and fruits is acceptable, especially if you are not in dire straits lah. If you are nose deep in depts and trying to make ends meet then yah, should not even be eating out for lunch.
Everyone have areas where they are willing to spend a bit more on and other areas where they will stinge on. Your yardstick and theirs may be different.
For me I will not stinge on food but I do not see the need for the latest fastest coolest gadgets. DH is the other way around. He refuses to buy drinks for the kids at the foodcourt saying it is expensive but he buys them tons of toys. When my kids ask for books, I will not hesitate to get them, but DH does not think it worth it to spend money on books. But he will not hesitate to get them branded sports shoes which I think is a waste of money as the children outgrow them so fast.
The main thing is spending within your means. Give yourself some leeway for some luxuries so long as it does not put you into debts. There is no shame in that. -
when i got married last decade, we spent total $100 on wedding rings, use the surplus from buffet lunch at void deck to finance our honeymoon to medan. but i’ve insisted on a small hole-in-wall apartment that’s used for rental income (becos my hubby can’t buy HDB with me as he already has 1 with his parents).
The 40K that most couple uses for wedding is used as downpayment, and we’ve been collect rental for last 8 yrs, much more satisfying than spending thousands on wedding shots that would be thrown into storeroom, collecting dust.
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