Mid life and not able to save any more money from income
I’m 45 my wife is 40 and we have 3 beautiful children between the ages of 3 to 10 years old. We are living in a resale 5 rm HDB in Clementi and own a Japanese car.
3 years ago we finished paying our abode. Although our OA is below 30k each, we manage to just hit the min sim of 192k in our SA.
We do have a little savings of ard 50k for rainy days and our income combined is ard 10-11k. Now the thing is this, we are not able to save any money monthly and I feel it’s not right.
Here’s why.
1) Both our parents are still ard and retired. They brought us up well so naturally we have to look after them so my wife and I are giving them each $400 per month and also paying for their MediShield and rider. When we have gatherings or eat out during the weekends my wife and I will pay.
2) Well like most couples we send our kids for enrichment classes and sports classes.
3) We have a helper.
4) Car installment, petrol and maintenance.
5) House bills
6) Insurances
7) School Fees
Groceries
9) Food and beverage if we do not cook.
10) Credit card bills
As inflation is on the rise I can’t help but wonder can I retire comfortably.
Worried.
Netizens’ comments
The same old advice. Live below your means, now that you can live within your means. Money have to come out from somewhere.Thr fact that you asked this question shows you could not bear to cut further.My next suggestion is to set aside a small amount to out into their cpf. Your expenses seem suboptimal at this stage. This is the easier to achieve now (save money from spending).Switch to alternatives that does not hugely compromise your lifestyle. Car? Maybe grab works better, or car sharing.