More CPF savings with new rules

[Showster]

Children sinking fund like childcare? 

 

Example 10k income,

 

After 2016 adjusted cpf, take home 8.8k.

 

Assuming car loan payment 1.4k, left 7.4k.

 

Income tax instalment 400, left 7k.

 

Perhaps endowment plan 400, left 6.6k.

 

Self food allowance 20 a day (20 x 30), left 6k.

 

Discounted 95 for CAT A 300, left 5.7k.

 

ERP and misc. parking 200, left 5.5k.

 

Groceries, internet, SCC, SP - 500, left 5k.

 

Parents sinking fund 1000, left 4k.

 

Wife sinking fund 1000, left 3k.

 

Did I miss out anything?

 

[Wt_know]

Change car sinking fund leh?

else coe expires cannot buy next car ...

 

if got kid and maid ... parent + wife $2k sinking fund also gone liao

 

probably wife salary is also $10k ... ho say liao

 

Children sinking fund like childcare? 

 

Edited January 6, 2016 by Wt_know

[Volvobrick]

Example 10k income,

 

After 2016 adjusted cpf, take home 8.8k.

 

Assuming car loan payment 1.4k, left 7.4k.

 

Income tax instalment 400, left 7k.

 

Perhaps endowment plan 400, left 6.6k.

 

Self food allowance 20 a day (20 x 30), left 6k.

 

Discounted 95 for CAT A 300, left 5.7k.

 

ERP and misc. parking 200, left 5.5k.

 

Groceries, internet, SCC, SP - 500, left 5k.

 

Parents sinking fund 1000, left 4k.

 

Wife sinking fund 1000, left 3k.

 

Did I miss out anything?

 

Kids Bottomless Pit - What ever is left...

 

So you end up with ZERO....

Edited January 6, 2016 by Volvobrick

[Weez911]

Kids Bottomless Pit - What ever is left...

 

So you end up with ZERO....

Wa then 10k is the new poor ah? Actually still got the car and the maid. Edited January 6, 2016 by Weez911

[Lala81]

500 millions and spend 2k ... don't know what to say ...

not that i condone to spend like MJ until pokai but ... still ....

hearsay, you got 500M in the bank but if you cannot spend it ... as if you don't have 500M ... lol

 

I kinda agree.

That's a whopping sum of money. Haha not the usual few million lol.

[Sunny]

Example 10k income,

 

After 2016 adjusted cpf, take home 8.8k.

 

Assuming car loan payment 1.4k, left 7.4k.

 

Income tax instalment 400, left 7k.

 

Perhaps endowment plan 400, left 6.6k.

 

Self food allowance 20 a day (20 x 30), left 6k.

 

Discounted 95 for CAT A 300, left 5.7k.

 

ERP and misc. parking 200, left 5.5k.

 

Groceries, internet, SCC, SP - 500, left 5k.

 

Parents sinking fund 1000, left 4k.

 

Wife sinking fund 1000, left 3k.

 

Did I miss out anything?

 

 

if this person

Smokes

Drinks

Visits Lor 2-44,ktv

No left over Liao

[Enye]

Example 10k income,

 

After 2016 adjusted cpf, take home 8.8k.

 

Assuming car loan payment 1.4k, left 7.4k.

 

Income tax instalment 400, left 7k.

 

Perhaps endowment plan 400, left 6.6k.

 

Self food allowance 20 a day (20 x 30), left 6k.

 

Discounted 95 for CAT A 300, left 5.7k.

 

ERP and misc. parking 200, left 5.5k.

 

Groceries, internet, SCC, SP - 500, left 5k.

 

Parents sinking fund 1000, left 4k.

 

Wife sinking fund 1000, left 3k.

 

Did I miss out anything?

Seems like must follow standard template to live our lives

 

 

[lausai88]

Example 10k income,

 

After 2016 adjusted cpf, take home 8.8k.

 

Assuming car loan payment 1.4k, left 7.4k.

 

Income tax instalment 400, left 7k.

 

Perhaps endowment plan 400, left 6.6k.

 

Self food allowance 20 a day (20 x 30), left 6k.

 

Discounted 95 for CAT A 300, left 5.7k.

 

ERP and misc. parking 200, left 5.5k.

 

Groceries, internet, SCC, SP - 500, left 5k.

 

Parents sinking fund 1000, left 4k.

 

Wife sinking fund 1000, left 3k.

 

Did I miss out anything?

 

income tax too low. 400 x 12 = 4800 

children sinking funds, tuition etc?

mistress sinking funds?

maid

 

10K not enough 

[Enye]

makes sense, just dont be conned by some char bo from whatever land

Maybe they are pampering themselves with some char bo from whatever land?

 

 

[Kusje]

Maybe they are pampering themselves with some char bo from whatever land?

 

 

[Kusje]

I kinda agree.

That's a whopping sum of money. Haha not the usual few million lol.

 

Well, I kinda like him like this.

 

In fact, we were good friends in school and I only knew he had so much money a good 6 years after we graduated and I was sending him home 1 day.

[Kb27]

Don't think too far lah... just enjoy life now, save a bit or whatever we can afford and we shall see where we are when we retire...

 

I think if you're in your 30s~40s and you are a high flyer now, you can look at retirement.

If you're still a working class and lower, you cannot afford to retire in SG.

Bcuz the cost of living goes up by leads and bounds, you never catch up.

[hsl118]

Children sinking fund like childcare?

If put average type, deduct 1K before subsidies.

 

If put branded like mindchamps, deduct 2K before subsidies.

 

Multiply by number that makes up the brood.

[Showster]

Economy class has got economy class strategy.

 

Business class has got business class problems.

 

 

I think if you're in your 30s~40s and you are a high flyer now, you can look at retirement.

If you're still a working class and lower, you cannot afford to retire in SG.

Bcuz the cost of living goes up by leads and bounds, you never catch up.

 

[Wt_know]

yes - the legendary hawker, foodcourt or restaurant analogy kicks in again

 

retire frugally ... every dollar count and go library/cc read newspaper

retire normally ... use public transport and cutdown all unnecessary expenses

retire happily ... eng eng cheng cheng bo tai chi go buy rolex

 

Economy class has got economy class strategy.

 

Business class has got business class problems.

 

Edited January 7, 2016 by Wt_know

[Showster]

It's not the same thing I was referring to.

 

First, understand oneself and your immediate environment (close family and friends).

 

Second, prioritise and harmonise. Try to establish a personal system where purchases (and non-purchases) as well as actions (and non-actions) are measured using one's own yardstick.

 

Third, identify areas of growth that lead to improvements in the first or second area, especially those related to finances (income and expenditure).

 

For example, Rolexes itself is a possible aspiration to motivate oneself. But if one understands himself or herself sufficiently, a normal consumer will note a trend of wanting more and more and upgrading more and more to new types / classical types. So one possible angle is to go for one or two symbolic ones, and then move on to other areas of life that can provide fulfilment. Unless this is tied to one's earning potential, then it makes sense to explore more and more into it. And to begin with, if there are other more urgent or fruitful ways to deploy income, it makes more sense for a middle or lower income person to consider them before catering for aspirational needs.

 

Play around with delayed gratification, consider long term impacts before action, examine and consider the feasibility (pros and cons analysis) and success of other strategies first before dismissing or adopting them etc.

 

If one is prudent plus resourceful, there has never been a better time in our history for the middle income group. My opinions only.

 

yes - the legendary hawker, foodcourt or restaurant analogy kicks in again

 

retire frugally ... every dollar count and go library/cc read newspaper

retire normally ... use public transport and cutdown all unnecessary expenses

retire happily ... eng eng cheng cheng bo tai chi go buy rolex

 

[Mustank]

yes - the legendary hawker, foodcourt or restaurant analogy kicks in again

 

retire frugally ... every dollar count and go library/cc read newspaper

retire normally ... use public transport and cutdown all unnecessary expenses

retire happily ... eng eng cheng cheng bo tai chi go buy rolex

 

   

[Jimmylim]

That's why you need to plan.

 

10k income spend 7k and save 3k for the future so that you at least get 5k per month next time?

 

It's easy to gauge their expenditure but do you know their income?

 

Otherwise difficult to say if it is over the limit or not.

 

Based on my observation of my friends, most are quite thrifty - even the chap who will easily inherit 100-500m. He probably only spends less than 2k per month. 

that's why i said i hope i'm wrong based on what i know only. of coz for some you roughly know what is their income, example you know your staff income at certain job grade etc. but i really hope i'm wrong.

 

i do know a friend of mine who keep on rolling over his credit card bills and also making use of those credit lines stuff. and looks to me is to maintain his current living expenditure. again, hope i'm wrong on it.