Club SAHM

[TheAnswer]

Ladies, how many months of reserves do you think we should set aside? I mean in terms of liquid cash.

[sharonkhoo]

SAHM Chew - My husband did give up his high-paying job years ago to go and study, before we had kids. I also quit my job (fairly good) to go with him. We used our savings and my income from a part-time job, then he got a scholarship (but not the high-paying type that Singapore gives) for the remaining 3 yrs. During that time we had 2 babies and I gave up my job to be a SAHM. We had to be very frugal for those years, and even after he started working again, he didn’t get a very high-paying job (non-profit sector) and I remained a SAHM. Of course, living in a cheaper part of the world has helped (not Singapore), but we have had to make many economies and live simply. The upside is that we have been very close as a family, partly because we have had to oversee our kids’ education ourselves and had to find inexpensive ways for family fun. I don’t think my kids feel short-changed by the life they have led. My point is that there are positive aspects to living with less, so don’t be too stressed about what income your husband can get with a new job.

[SAHM Chew]

Canvas:

SAHM Chew:

Ladies, what is your darkest moment as a SAHM?


I am facing my darkest moment now. My DH had decided to quit his high paying job and soon we will be unemployed with 3 young boys. And high expenses to maintain.

No new job at the moment and we have to tap into our savings.

I hope you are feeling a little better today. I can imagine the stress and uncertainties that you are going through because I had gone through my darkest period 9 years ago and it was excruciating.

I am hoping that you and your DH will find a good solution soon.

Thanks
I did feel better today, after catching a movie with DH yesterday. There is nothing much I can do except to be a supporting role.
Today, I am busy with 2 kids doing E-learning... :skeptical:

[.036281.036281.036281]

SAHM Chew:

Thanks
I did feel better today, after catching a movie with DH yesterday. There is nothing much I can do except to be a supporting role.
Today, I am busy with 2 kids doing E-learning... :skeptical:

I am sure your husband would appreciate your support.

My personal experience, must 敢敢 cut expenses. Some might seem to be a need at the point of cutting, but the fact is they aren't.

You are now at a busy junction, once you have cross the road, you would be fine. :rahrah:

[SAHM Chew]

路人甲:

SAHM Chew:

Thanks
I did feel better today, after catching a movie with DH yesterday. There is nothing much I can do except to be a supporting role.
Today, I am busy with 2 kids doing E-learning... :skeptical:

I am sure your husband would appreciate your support.

My personal experience, must 敢敢 cut expenses. Some might seem to be a need at the point of cutting, but the fact is they aren't.

You are now at a busy junction, once you have cross the road, you would be fine. :rahrah:

Thanks

Actually, we have been living very simply. No branded goods, no atas toys for my kids, nothing much to cut. As I mentioned, the most expensive are IRAS, car, ins and tuition. In term of food wise, the most we can cut down on eating out and stayed at home to eat.

IRAS and car need to pay for another one year. Total of around $34k.

Insurance hard to cut and I don't want to pay high interest for not paying the premiums.

We shld hv lesser expenses after apr 2014. 1 yr to tahan.

[KSmom8]

SAHM chew :hugs:


My darkest time was about 9 years ago, we had to do without DH's income for almost 1 year. Had to deal with DH's emotional well being ( I was so worried he'd become depressed or suicidal ) plus there was a high risk of bankruptcy. Fortunately, that was before I became a SAHM, so we still had my income to cover the expenses. Also had to cut back on expenses and save because of the uncertainty. It was emotional draining, had to be the highly supportive DW, plus put up a front for DS. I didn't want DS to worry or let it affect him.

[KSmom8]

TheAnswer:

Ladies, how many months of reserves do you think we should set aside? I mean in terms of liquid cash.

I think this depends on the individual's comfort level. I believe the recommended level is at least 6 months, on the assumption that one can find another job within the 6 months.

[wonderm]

KSmom8:

TheAnswer:

Ladies, how many months of reserves do you think we should set aside? I mean in terms of liquid cash.

I think this depends on the individual's comfort level. I believe the recommended level is at least 6 months.

As a single income family, my comfort level is very low... so the liquid assets including cash is v much higher than 6 months.

Yes, the recommended level is 6 months of expenses. Personally, I also find it too low.

[Harlequin]

wonderm:

KSmom8:

[quote=\"TheAnswer\"]Ladies, how many months of reserves do you think we should set aside? I mean in terms of liquid cash.

I think this depends on the individual's comfort level. I believe the recommended level is at least 6 months.

As a single income family, my comfort level is very low... so the liquid assets including cash is v much higher than 6 months.

Yes, the recommended level is 6 months of expenses. Personally, I also find it too low.[/quote]I think the comfortable level is cash reserves of 6 months for each of the family member. A typical family of 2 adults 2 kids, should set aside cash reserves of 4 x 6 months of the total family expenses, better still if can achieve 4 x 6 months of salary as cash reserves.

[SAHM Chew]

KSmom8:

TheAnswer:

Ladies, how many months of reserves do you think we should set aside? I mean in terms of liquid cash.

I think this depends on the individual's comfort level. I believe the recommended level is at least 6 months, on the assumption that one can find another job within the 6 months.

I would rather say at least 1 yr if high income earner. At least 2 yrs if there is only one income.

We have been saving aggressively since DH is the sole income. Our savings can last 3 yrs if we maintain our current lifestyle. But despite this, I am still worried.

Worried about the uncertainty. Worried about that we could not save back the money that we have used since that is meant for retirement.