Why Most Singaporeans Are in Debt

[Funz]

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.

[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…

[mwchua]

FairyPenguin:

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

:goodpost:

I fully agree...

[Funz]

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.

[lynnettepoh]

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.

[MMM]

BeContented:

Anyway, we are debt free Liao - HDB flat & car loan all paid up. I believe the key is - live within one's means. Before debt free, we dun go for long/expensive holidays, little branded stuff, do not pay premium for latest gadget etc.

First and foremost, don't , I just want to present another view. No right and wrong.

I agree that these are very good values. Dh used to think like that as well. He got very hung up on \"splurging\" because he felt that he can only do so when we are eventually \"debt free\" and sometimes he would become \"paranoid\" when we talk about the housing loans, etc.... Currently our outstanding loans is around 20%+ of the property value and we are targetting to repay everything within 15 years.

However, I also hold the thinking that life is short, if we work hard to earn a living, it's ok to pamper ourselves once in a while. There is nothing wrong with going for that holidays or buying that desired watch/ handbag. It's just my personal thoughts that there is a time for everything. I don't want to be going on holidays only when I am in my 50's and when my leg start to ache and couldn't take walking around to explore. Pls do not be offended as I am not talking about you. I am just thinking about myself. With that in mind we do bring kids + parents for holidays. To me, it's also an exposure for the kids to see the world. Whenever dh start to count.... oh we could have save so much every year if we don't do holidays and this could go into housing loan. I simply tell him, our parents are in their 60's and 70's, how many 10-20 years do they have???? So don't get too hung up and regret not doing so later on.

My fil only retired at mid 60's. He don't earn much, has 5 kids to bring up and mil was a housewife. But despite that, he managed to build decent savings through investment, etc.... They are very thrifty till the extent that they will keep leftover food though it's a little left. My parents is the opposite, don't believe in keeping leftovers, not rich and probably hand to mouth? I am not driving that we must keep leftover food to get rich... :roll: Fil used to work for one of SQ companies and heard that based on old scheme, they are actually entitled to free tkts when they retire. It has been 10 years since he retired. We've never seen them travelling on those schemes. Don't think they will as they are getting older now. Sometimes I tell dh that his parents are already old, they should 看开and enjoy life. Don't get too hung up with the dollar and cents since they can well afford it.

[Mychildren]

MMM,

Thinking of M&Ms now, I do agree on the point about traveling.
I had wanted to bring my dad to travel to those countries that he has never been too but he was dead now. I only manage to bring him to Hong Kong, Shenzhen & Penang only, not even any of the western countries. I feel so bad about it.
As for my mum, she still not so bad , travel to as far as Munich but I don't think I can bring her for those tours that require a lot of walking now.
My DH & me same thinking, if don't travel now, when then? Wait till we old, cannot walk, have $$ then, also cannot go. But travel within the budget and not on loan is what I mean.
Luxury or branded goods, I've no interest. A $10 watch & a $500 watch is of no difference to me if they serve the same purpose. I not saying others must think the same way as me. Don't get me wrong, OK?
Sometimes, people thought that I'm from China by the way I dress to fetch my boys from school. Only when they start to talk to me, they know I'm not....Kekeke :evil:
One mother even explained & told me how to register for p1 when my kid was in k2. She thought I from same country as her. I just nodded my head and did not stop her.
Later when she realised I'm a Singaporean from someone, she apologised to me. But I'm OK with it since she's so helpful....Kekeke
By the way, we also don't chase after the most up to date gadgets. We often spend some time to think whether this are needed. If the simple ones can provide the functions I need, is more than enough.
Its important u must have your own stand & not to be easily influence. I do know that there are peer pressure from friends, colleagues or even relatives. But as what most said here, do it within your means. Also, do differentiate wants & needs too.
I'm not :imanangel: , I'm also learning about saving up.
:celebrate:

[Imami]

Funz:

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.

I am only trying to give some examples on how one can save without much pain. Many people fail to see how those little here, little there can amount to big sums.

[Mychildren]

Imami,

Yes, those little here, little there can amount to big sums, this I do agree.
I made egg sandwiches for my 2nd DS instead of buying them. It costs about $2 plus when I can do it for less than $0.50. Same flavour even better with wholemeal bread. :hi5:
Imami, not to worry, I understand your example on the fruits. I did that too, sometimes, I don't drink outside & back home for own-made milk tea or coffee O etc. But sometimes, no choice when outside. :celebrate:
Hey, everyone here, we're not telling u what is a must or what mustn't. Live within your means & be happy. We're just sharing our views here.

[Imami]

Mychildren:

Imami,

Yes, those little here, little there can amount to big sums, this I do agree.
I made egg sandwiches for my 2nd DS instead of buying them. It costs about $2 plus when I can do it for less than $0.50. Same flavour even better with wholemeal bread. :hi5:
Imami, not to worry, I understand your example on the fruits. I did that too, sometimes, I don't drink outside & back home for own-made milk tea or coffee O etc. But sometimes, no choice when outside. :celebrate:
Hey, everyone here, we're not telling u what is a must or what mustn't. Live within your means & be happy. We're just sharing our views here.

:hugs:

So what egg sandwich you prepare - fried eggs, mayo eggs or? You Sahm right? Your children are so blessed.

I think I am just very tired with the complain queens around me lately. Some of you may have read my posts about - \"I don't earn much\" and a \"I don't have time\" and these days I got one more lunch kaki \"I cannot save\" :slapshead:

Sometimes as they complain, I quietly wonder - what's mine (complain)? Must be \"I very tired (of your complaints)\" :rotflmao:

But seriously, no matter what yard stick or how much one earn (ok, those very low income level one's don't count), we can always be innovative and yet still enjoy the little things in life.

I personally find enforcement (on diet or spending) very painful. So I always look out for cheaper alternatives.