Cars

Needing some advice on savings and asked Joanne and Ben on Friday before the others arrived. They've been working for some time already and I thought it would be great to know their gauge on how much to save and what we should spend on. Expectedly, everyone has a different understanding but the general consensus is that we need to buy insurance so as not to burden others when we are down with illness and would require a monthly payout to lighten the hospital treatment bills. It's simple with death, but not illness which may drag.

My Mum is a home-maker and strongly believes that money is accumulated through saving. Through buying things in bulk and buying when there is an offer on the non-perishables in the supermarket, etc.

I find it so much more difficult these days as compared to my parents' even though my Mum would never agree. Well, back in the 70s and the 80s, the growth in GNP across the world was so high that pay increment was obscene when viewed in today's context. A University degree wasn't necessary and people didn't rush to sign up for MBAs, CFAs, ACCAs. Stress? What stress.

I also believe that saving is important. Yes, God will provide but it just isn't right to spend irresponsibly. It's better to accumulate to bless others rather than to pray and wait for others to bless me when I'm broke. Also believe that when I need to dip into my savings, no amount will ever be enough and so, there isn't such a thing as saving too much per month at all.

But different from Mum, it isn't feasible for me to compare prices between The Guardian and The Watson's before making purchases, I don't have so much time unless I'm a home-maker. My idea is that I just need a strict saving plan for my monthly income. Investment can only be considered after accumulating some principals anyway.

Am now fighting the urge to get a car (sigh*) I have all the excuses to get one, since my trips to office will include: taking MRT, switching to bus, walking up or taking a shuttle bus up a knoll. Return journey will be similar. I can spice it up a little with standing at the bus-stop on rainy days, packed buses and trains, etc lol. Moreover, there isn't ERP gantries (yet) between the 2 locations.

Been joking that I'll twist my Dad's arm for a car. But frankly speaking, I can't bring myself to spend my parents' money. It's not about pride but because I know where their savings come from. They were thrifty through their lives and worked hard for it. And it's already a wonderful gift that they'll never burden me to take care of them, cos they had made preparations. It never once came across their minds to make us shoulder mortgage of the flat etc and hey, that's a huge relieve.

That's why I'd be taking public transport for at least a year. I know I can afford a cheap car with my income and spending habits but then I don't know if I'll still be in Singapore 4, 5 years from now. I will as much as possible not to commit on anything big with huge depreciation just yet. Something I learnt when I was studying overseas. It was a nightmare to own too many things. My house in the future will be so Spartan. lol