Is a single income of 100k per year enough for a family of 4-5 to live in Singapore?
I am turning 33 this year and my wife is 1 year younger and in early pregnancy with our 1st child. We have discussed and she has plans to quit the workforce and be a full time stay home mum when the child is born.
In the last 2 of her jobs, she was unlucky to be in toxic workplaces and it has pretty stressed her out. We had also agreed that it is good she would take care and be fully present for our kids during their growing up years and it will allow me to concentrate on my career also.
We have plans to have 2-3 kids eventually. She currently earns about 60+k per year and we won’t have this income anymore in a few months’ time.
For myself, I earn slightly above 100k per year but I foresee that the future increases in the next few years won’t be substantial as I am nearing the ceiling of the market rate for my type of job. Unless I go into management or totally change industries, which is really not my preference.
Our home is currently a 5 room resale flat with monthly payment of 2.5k per month for the home and reno loan paid with CPF and cash.
We have no plans to change houses for a long time as the place is big enough even with 3 kids.
Insurance about 500+ per month for the both of us and I believe it will go up as more kids come along.
Other than these, we have no other major fixed expenses. We also have no other passive or investment income as we are not experts in investments and most of our savings have went into the house and wedding and our remaining funds need to be saved for the future kid’s expenses.
I might get a used car for transport if we have 2 or more kids, but it is still early days.
I would like to ask for any advice esp for folks with a young family and who have done it on a single income, is my income of 100k alone enough to support a family of 4-5 people in Singapore?