MAN ASKS IS IT NORMAL TO BE 30 Y.O AND BROKE IN S’PORE, SAVINGS WIPED OUT

30 and broke??

Married with a new born, and paying for home renovation and furnishings with cash. No added debt apart from mortgage which is serviceable.

There were structural issues to be rectified for safety, and essentially renovation is wiping out our accounts.

Wife and I have been financially prudent, have some investments not intending to liquidate. The cost of renovation has sky rocketed post covid and gst hike (general consensus after sourcing multiple IDs and contractors and receiving their quotes)

Is this normal in Singapore??

Definitely causing some anxiety

Netizens’ comments

1. Bro, you are not broke, tight in cash is probably better way to put it
2. OP’s not broke at all. You’ve just hit another stage in life when a family hits a milestone that’ll require high initial cost. Your money stash will recover eventually.
   Peeps who are broke are likely unable to afford anything you’re doing.
3. Yes it’s the same for us too. No loan other than mortgage. (Couldn’t justify borrowing for Reno) Reno was 6 figures. Blew our savings wide open.
   Slowly build back your 6 months, then 1 year (maybe longer since you have a kid and all) cash buffer again.
4. I’m 30.no money,no wife no kids no job staying with parents
5. Don’t mind me asking. How much is essential renovation costing before and after covid?
6. Let’s see. You have savings, investments, renovated house, wife, baby… Be honest, are you humble bragging?
7. What’s your definition of broke? Maybe start from there
8. It’s not uncommon for reno costs to escalate, especially post-COVID and GST hikes. Completely understand why wiping out your hard-earned savings is anxiety-inducing but do acknowledge that it’s in fact a win cos that’s exactly what those funds are for
   I do wanna caution OP to avoid feeling impatient and reckless in an attempt to “build back” your savings fast. Given your situation, continue to focus on prudent spending, explore insurance modifications, and set realistic milestones to rebuild savings without taking high risks
   You might see your lost savings as a blow, though it’s in fact a successful save (remember, if you hadn’t had those savings, you’d be worse off).