How to stay out of debt in Singapore?
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Most Singaporeans are unlikely to have sufficient saving in their CPF account if their monthly CPF contribution is just enough to cover the mortgage loan.
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We will have problem paying the monthly mortgage loan if we are out of job for 3 months or more.
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Most young couples are unlikely to stay with their parents. And they are unlikely to have more than two child. Therefore they should avoid buying bigger flat.
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What type of flat should a couple in their early 30s with a monthly combined income of $6500 buy?
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Is it wise for them to own a small car, have two child, employ a maid and buy a flat valued at $610000?
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They are likely to get into financial difficulty if one of them is out of job.
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We shouldn't assume.
We should ask what if ... before committing to buy a flat at such a high price.
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Should young couple spend all their savings on their wedding?
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Originally posted by Llg2178:
What type of flat should a couple in their early 30s with a monthly combined income of $6500 buy?
4 rm hdb at unmatured estate, pricing less than 350k.
6500 - 1200 housing - 500 transport - 500 insurance - 300 parents - 1500 food - 200 PUB - 150 Handphone and boardband - 65 Town Council - 500 others
You might be able to save $1k plus if u have no children, u can forget about owning a car.
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Illustration
Monthly gross salary: $6000.
Monthly net income: $4800
Parents: $1500
Wife: $1500
Uitility bill: $200
Phone bill: $200
Transportation by bus / MRT: $50
Food: $600
Insurance: $200
Entertainment / shopping: $200
What is left for personal saving? $350
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Stay healthy.
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Exercise regularly.
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Eat more alkaline food and less acidic food.
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Acidic food can cause cancer.
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Originally posted by Bus Fan:
Ya. First go work Part TIme for Uni then try to earn as much as possible if not take loan
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Then Go buy house first, Car not worth, only 10 yrs compare to Bus.
If got money then go buy car, but remember, try to save for ur
retirement next time.We shouldn't buy car unless we are earning at least $10000 per month.
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Originally posted by zulkifli mahmood:
If you want to continue your study in University, work part time to pay for your fees or work full time and study part time.
About how much you left after paying your housing loan for thirty years, my advise don’t hope for your CPF fund for your retirement, you need to create you own saving account for your retirement. Again that depends whether you can afford to retire in Singapore or you want to stretch your dollars and retire abroad.
About cars….you can’t afford it, don’t buy. Save your money instead.
Working part time and study is tough but achievable.
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Originally posted by zulkifli mahmood:
You guys and gals, should learn how to save from your school pocket money given to you from your parents. During school holidays, work part time to earn your own money and save for your future study. Be independent and don’t depend on your parents always to support you. When you commence your first job as a single, make sure you continue your saving and build up your saving. About credit cards…don’t think it is very high class or classy…only stupid people think like that eventhough they can’t afford to owe money to the bank. In fact, when you patronise any place…they prefer you to pay cash rather than credit card.
We should cultivate the habit of saving for rainy days.
We should eat at hawker centre because the foods are cheaper.
But how often can you see young Singaporeans at hawker centre? Rarely as majority prefer fast food outlets over hawker centre.
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Originally posted by DoctorateDriver:
MoneySENSE - A National Financial Education Programme
MoneySENSE is a national financial education programme launched by Mr. Lee Hsien Loong, then Deputy Prime Minister and Chairman of the MAS on 16 October 2003. MoneySENSE brings together industry and public sector initiatives to enhance the basic financial literacy of consumers.
The MoneySENSE programme covers 3 tiers of financial literacy:- Tier I - Basic Money Management - which covers skills in budgeting and saving, and provides tips on the responsible use of credit;
- Tier II - Financial Planning - to equip Singaporeans with the skills and knowledge to plan for their long-term financial needs; and
- Tier III - Investment
Know-How - which imparts knowledge about the different
investment products and skills for investing.
Since its launch in October 2003, MoneySENSE has published over 253 educational articles in the media, organised talks, seminars and workshops that have attracted over 93,000 participants as well as issued 29 consumer guides with a total circulation exceeding 2.2 million.
MoneySENSE has also disseminated financial tips and messages in interesting ways such as a series of games at the inaugural MoneySENSE 2006 Roadshow which attracted over 89,000 visitors, organised a MoneySENSE-CPF inter-polytechnic financial education outreach that saw over 33,000 visitors, and subsequent roadshows at the Institute of Technical Education and various locations. In addition, MoneySENSE commissioned TV shows “Dollar and Sense” and “Mind Your Money” which saw over 1.1 million viewers, and various radio programmes with total listenership exceeding 1 million.
The MoneySENSE programme covers 3 tiers of financial literacy:
- Tier I - Basic Money Management - which covers skills in budgeting and saving, and provides tips on the responsible use of credit;
- Tier II - Financial Planning - to equip Singaporeans with the skills and knowledge to plan for their long-term financial needs; and
- Tier III - Investment Know-How - which imparts knowledge about the different investment products and skills for investing.
MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee (FESC). The FESC provides strategic direction and oversees financial education programmes in Singapore. It comprises representatives from the Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People's Association.
The FESC works closely with the MoneySENSE Industry Working Group (MIWG) to implement MoneySENSE programmes. The MIWG comprises the Association of Banks in Singapore, the Association of Financial Advisers (Singapore), the Consumers Association of Singapore, the Financial Planning Association of Singapore, the General Insurance Association of Singapore, the Insurance and Financial Practitioners Association of Singapore, the Investment Management Association of Singapore, the Life Insurance Association of Singapore and Singapore Exchange Ltd.It is good to have such programme in our primary schools.
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Originally posted by Summer hill:
University loans...borrow from your parents CPF. Should be very easy to pay off.
Cars? You don't need one.
Flat? Live with your parents.
CPF....take it as tax lor.
Living with parents can save money but will create problem between mother and wife.
What deter us from staying with our parents?
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Originally posted by Medicated Oil:
No car, No gf, Less social, No KTV, No cable tv, Lowest cable internet, lowest phone plan - Lower spending.
As for no debts, it is a bit impossible as you will need to save more to pay off the debts.
As for food, stick to fruits and home cooked food.
Stay healthy as the medical cost in Singapore is pretty steep.
Drink water and not branded coffee or bubble tea as they are expensive and bad for your health.
We should cut down on expensive drinks such as branded coffee and bubble tea.
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Originally posted by charlize:
We should smile more to stay happy and healthy.
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Originally posted by SJS6638:
Just be a member of the famiLEE lol
Not so easy.
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Originally posted by M the name:
You go and be monk or priest then you will be debt free.
Otherwise :
For University, apply for scholarship, if you have to sign bond, just treat it like NS, better than take loan cos you still have to pay interest. Otherwise ask from the school whether they have installment plan or government's subsidies
For Housing, if you cannot buy an HDB, you can also get an living space from rental, especially I know of those super rich one who didn't stay frequent in their condominiums they always rent out to people.
Cars? Unless you are doing an sales job which some company required, otherwise look for car leasing company or if your "best" friends have one, just "borrow" it from them and return it in "one" piece.
Getting a scholarship is not easy.
Monk and priest are rich people. They charge highly when you engaged their service for funeral prayer sessions.
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Originally posted by Llg2178:
Eat more alkaline food and less acidic food.
What is alkaline food?
What type of foods and drinks are acidic.
What are the benefits and side effects of alkaline food?
The following are acidic foods: - rice; fish; meat etc.
Fruits and vegetables are alkaline foods. We should consume such foods on a daily basis.