WOMAN WITH $0 IN BANK, JUST STARTED WORKING, ASKS IF $500/MTH ENOUGH TO BUY BTO

$500 savings/month enough to buy bto?

A 27F failure who just started working with no money in bank. Please take in consideration that my salary is less than minimum so my cpf won’t be a lot.

I can save barely $500 every month which is around 60K in 10 years. Are they any grants for singles?

Netizens’ comments

1. Please don’t call yourself a failure.
   Why judge yourself even before you reach the end of the finish line?
   We are all work-in-progress until we breath out our last breathe.
2. Don’t think I’m in a position to give any financial advice but just wanted to say don’t view yourself as a failure OP. You only fail when you stop trying so keep pressing on and I’m sure you’ll find a way to reach your goals
3. You need to find a better job. That’s the best way forward. At least get minimum first, then slowly try to hop upwards from there. Don’t rely purely on grants.
4. Never too late, good that you started to save more money per month
   You can try to move your money into fixed incomes (SSB, T-bills, etc) when you hit into the 30k+s, also depends on your risk level
5. You will not be able to buy any flat until 35yo, still have time to save, upgrade and improve your financial situation.
6. Hi.
   Yes. a. First timer resale grant – 40k b. Proximity Grant – 10k c. Enhanced housing grant if you earn on average less than 4.5k/mth. Income based on last 12 month for assessment. Please refer to HDB’s site for the breakdown.
   *Edit – missed out the BTO part. Single buying 2 room flexi in non-mature is affordable. The only issue is the huge queue of it.
   2. Depends on how much u accumulated in CPF OA. Flats will be cheaper due to lease decay but in order to max out gearing on HDB loan, you will need to buy a unit that’ll last till you are 95yo. So be wary of that.
   3. 500 might not be enough. Rule of thumb to have 6 months salary cash flow as a emergency fund.
   4. I don’t get what is CPF less than minimum. You earning less than 1.6k? If yes, it’s easier to find a higher paying job than planning on what you have now.
7. It’s definitely possible to buy a bto with that amount, you just can’t be picky with the location and unit.
   A quick google will show you that a 2 room flexi (the only bto option for singles) can go as low as 100k. 60k is already more than 20% (downpayment) of that. There are also grants for singles.
   Feasibility aside, don’t be too hard on yourself, being financially independent already sorts you out of the failure pool!