I had written the same topic 6 years ago and there are many new expenses now.
JK Holdings: TRUE Living Cost in Singapore (jkfund.blogspot.com)
I didn't know we spend quite a fair bit until I list down all the expenses. I think it will pretty much the same in the next 5 years. A family of 3. My boy is 10 years old. :)
(1) My monthly HDB rental of S$3,300 can cover the living expenses, from item 1 to 13 comfortably as our HDB is fully paid.
(2) Car loan will be fully paid 3 years later in Oct 2025. That shall free up S$1,300 a month. My car is only 2 years old. :) Honda Civic 1.5 Turbo, a fun car to drive.
(3) Once the boy enters secondary 1 3 years later, student daycare of S$380 a month can be re-deployed.
(4) Monthly insurance of S1,921, only S$436 a month has no surrender value as they are H&S insurance. The rest of 77.3% ( S$1,485 a month ) can be treated as a forced disciplined savings as they will carry a surrender value.
The expense excludes personal income tax, holiday trips, CPF MA self-top up, CPF SA child-top up, CPF VHR (Voluntary Housing Refund) to OA, SRS annual S$15,300 top up, etc. .
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