Sign up now with my link below, and my referral code T599334 sqkrisplus.page.link/jKS4qi3Kc11LT2Uj8 and we'll each be rewarded with SGD 5 worth of KrisPay miles upon your first transaction. Check this Personal Accident PA Plan with referral link for SOMPO PA EASE ►‌ www.theastuteparent.com/2022/12/pa-ease/ NEW Event - JOSH TAN FINANCE SUMMIT 2023 - See YOU Then! 💥 29Oct2023 Purchase TICKETS early now at $69 only: www.eventbrite.com/e/sunday-29th-oct-josh-tan-finance-summit-2023-tickets-705689174317 💥 4Nov2023 Purchase TICKETS early now at $69 only: www.eventbrite.sg/e/saturday-4th-nov-josh-tan-finance-summit-2023-tickets-705698722877 ENGAGE Josh Tan on a fee for full retirement planning NOW - Hear the IMPROVEMENTS you can make IMMEDIATELY! ►‌ www.theastuteparent.com/josh-tan

Not here to judge anyone's living standard and expectations but I'm so glad that I'm debt-free and liability-free = stress free. My monthly basic expenses on necessities is only $600 for myself, my 2 cats and 1 dogs.

@DonYang73

10 ай бұрын

Well done, i too am debt free with almost $300k of passive income, but my family monthly expenses is about $13k-15k with 2 teenage girls and homemaker wife

I really agree with prudence on leverage.

Thanks Josh for this video and ignore those whiners and rude people on your wall. I note that this is your (50%) share of the total monthly household expenses. Even if we removed the housing costs (mortgage), car costs, and vacation budget, it’s still a (whopping) $4k per pax which means $8k combined. Still on the high end of the median household income spectrum.

@joshconsultancy

10 ай бұрын

Thank you for the kind reminder. Preschool, after school care, classes, insurance are the next few bigger components. As long as there is a healthy savings rate, spending on these are better than luxury goods and lifestyle costs. Cya around 🙂

Thanks Josh for this honest video on spending. 1st point congrats to you reducing your mortgage costs. The benefit isnt only the dollars dollars, it is a mental and emotional uplift on a person. 2nd point i would like to suggest is to eliminate your entertainment costs and your car. There are ways to enjoy for the family without the high cost, like outdoor activities, sports. And yes, travel by BMW (Bus,Mrt,walk), the whole family. It isnt difficult.

@joshconsultancy

10 ай бұрын

Oh no no its ok, no worries. The spending levels are very well within means. At this stage in career, car or any cab rides to buy back time are a sought out trade. Cya around ya

I am so glad I went through those difficult children growing years and now I am left with just the younger one doing national service and thereafter Uni which the education endowment will fund it. However, I am spending huge amount on holidays - 3 times a year and restaurants and just going out. Maybe I am at the stage where I am just looking at spending instead of saving. You are prudent and good to do so when you are younger.

@chinchowpowpook

10 ай бұрын

If u felt the pinch in spending already, man..u r done, at most u only have 20 Christmas more for your pay check, afterwards come the real deal..heavy spending on medical health.

Food costs can be adjusted by cooking home meal more often. We have also scrapped our car almost 20 years ago when kids in primary school as our flat located near mrt station. Do away with maid also as we use gadgets for housekeeping n family members share out house work. Both my husband n i are working full time.

@rebeccalau8930

10 ай бұрын

@@chinchowpowpook things need not be mutually exclusive but can co-exist. Cooking not necessarily resulting no time to improve one's financial position. We have been investing all these years as well. Just sharing some tips on budgeting. One always has the choice to spend in the way he prefers n it's a lifestyle choice.

can do a video on what insurance to get ?Life insurance term accident etc

@joshconsultancy

10 ай бұрын

I have it done. Sharing this - REVEALING MY INSURANCE PORTFOLIO | WHICH INSURANCE PLAN TO GET IN SINGAPORE! - kzread.info/dash/bejne/e6yhmqyBlMW4fZs.htmlsi=ffW-QWDDFWENV4zA

Wa quite high. I decided not to upgrade to condo Liao leverage now is scary

Hi Josh, I have downloaded the apps with your referral code. Must I use Google Pay or Apple Pay to pay or I can use the physical card for transcation?

@joshconsultancy

10 ай бұрын

Hi Connie, I’m using iPhone. Kris+ links to Apple Pay which is linked to my Ocbc.

The median household monthly spend is around $6000 in SG. If yours come to $12K (you plus your wife), it is within top 15%. Your mortgage is a lot. Food bill looks overly high at $90 per day! With that, you could buy grocery from NTUC that last a week.

@Whatexactlyispeace

10 ай бұрын

How did u calculate $90 per day? Isn’t it just $980x 2 / 30 days? And it’s ~$66? That’s not a lot for 4 pax a day.

@joshconsultancy

10 ай бұрын

Maybe $90/day is with cash items then its possibly correct. But groceries spent is broad. Diapers and milk are also possibly inside As long as not spent on ice-cream then its ok 😝

@chinchowpowpook

10 ай бұрын

Great things when paying down mortgage, u able draw equity loans for surviving and reinvesting..that’s the Rich’s secrets secrets

what about savings?

Every year, our income should increase 10% in order to keep the current lifestyle.

@joshconsultancy

10 ай бұрын

Inflation long term won’t be 10%

Can you do one including your wife portion, then we can see how much expenses in total for household. Also what about income taxes, parents allowance ?

@joshconsultancy

10 ай бұрын

X2 for total household expenses

Investment return is never guaranteed. However, paying down high interest loan certainly means guaranteed saving that 3.4%.

@joshconsultancy

10 ай бұрын

Yes agree. If want to leverage up must be prepared to deleverage down

@exploringapis4495

10 ай бұрын

@@xxxcool2565 because just 1.5 years ago we could get 1% interest

Can elaborate on the considerstion to go for 3.4% fixed mortgage loan vs floating?

@joshconsultancy

10 ай бұрын

Yes stay tuned

Hey Josh, great sharing of your monthly expenses! However, you mentioned a few times that "it's your half" does that mean your spouse is paying the other half (Just to clarify). If so, does that mean the actual expenses for your family would be double of what is stated in your table (or close to double)? Secondly, would like to seek an advise from you regarding my outstanding home loan. I've recently repriced my outstanding homeloan and reduced the monthly payment by more than half of what i was paying previously, also had to take out a term loan as my outstanding balance was too little for any bank to want to reprice for me. Previously I was paying about $2800/mth, but now im doing about $1400/mth (first payment in oct). I currently have a $185k mortgage to pay up, and I believe I can pay that up in 4-5yrs if i were to start saving from $0. Should I aim to quickly pay it up or just slowly pay it up? Thanks for your advise in advance

@joshconsultancy

10 ай бұрын

Hi Nelson, yes other half is paid by my wife. Family total is x2 Term loan - you're owning a private property. Prepricing sometimes bank charge fees. Refinancing likely too small. I would suggest aggressively preparing to pay off the loan since its quite small already. Save the money into T-bills or cash funds and once you are near serve notice to pay it off. All the best =)

@Twodaae

10 ай бұрын

@@joshconsultancy got it... yeah I had a discussion with my wife regarding aggressively trying to pay off the remaining loan. We plan to stash $10k/mth savings just for the aggressive repayment which means we might have to forgo some of our current luxury (we try and travel every month if possible but looks like we have to cut that down a lot). Thanks a lot for the advise and kudos to your videos, keep them coming please! Big fan...

Hi Josh, notice the insurance you have are for yourself. Do you have any for your 2 kids? Or so what are they?

@joshconsultancy

10 ай бұрын

Hi yes I’ve bought insurance for them also. Mentioned the screen shot is only portion. Total expense factors them in too

@thebestbees

10 ай бұрын

@@joshconsultancy what kind of insurance do u have for them?

very prudent expenditure. Mine is much higher. Enrichment lessons totaling about 3K + 2K plus parental support. Already 5K sunk cost.

@joshconsultancy

10 ай бұрын

From your experience which enrichments are a gimmick and which are a good investment?

@Stat8989

10 ай бұрын

@@joshconsultancy I think should try to look for those small set-up tuition centers where the founder is the teacher.

It makes a lot more sense to convert Krispay miles into SQ Krisflyer miles - 0.67 vs >2.0 cents per mile.

@joshconsultancy

10 ай бұрын

Can. I happen to prefer flying budget hence I dont mind the spending on dining

Hi Josh, for car did u pay it off once you can, and does that also mean that $500 is half of the insurance, parking etc, meaning all this costs $1000 per month? I know you drive a Mazda 6 🤗 Did you get a brand new car or a second hand one? Thank u.

@joshconsultancy

10 ай бұрын

Yes I fully paid at purchase. Brand new. Car loan structures are bad. I’ve a tutorial on it. $500x2 per month is petrol, insurance, parking, servicing, repair etc. 👌🏻 hope it’s useful info

which accident plan is recommended for kids as i think kids might get injured more easily than adults.

@joshconsultancy

10 ай бұрын

Hi Id suggest SOMPO PA JUNIOR www.sompo.com.sg/co-brand/pa-junior/quotation/?q=FbuDGTXdvxK1eiXJa2935g%3D%3D A previous article review I wrote www.theastuteparent.com/2019/03/the-dos-and-donts-of-personal-accident-coverage-for-your-child/

Josh, for your car expense, did you include petrol? $500 seems to be low.

@joshconsultancy

10 ай бұрын

Petrol only around $300 per month, I really looked into my esso smiles. Below my own rough guess initially also

Decent lifestyle. I think this is still on the low end of the expenses though. Appliances replacement, repair works, etc, may easily increase the expenditure by 20% for the month.

@joshconsultancy

10 ай бұрын

Repairs? Ok you’ve a point

The English & berries lesson each shld not be 1 lesson per month...is that right?

@joshconsultancy

10 ай бұрын

Once a week, factored in already and divided by 2

I noticed allowance for your parents are not in the breakdown or I may have missed it. 😅

@joshconsultancy

10 ай бұрын

Ya should be added

Hi Josh, i see yr monthly expenses don’t have parental allowance

@joshconsultancy

10 ай бұрын

Agree should be added in

Hey Josh, is it fair to assume that you have split costs with your mrs by 50%?

@joshconsultancy

4 ай бұрын

Yes all calculation is on split 50%

Wow. $12k household expenses is high. No wonder the studies said $6k is basic living. 😅

Erm so if this is yr half, then total family expenses is $12k a month? 😅

@joshconsultancy

10 ай бұрын

Yes but main part is not overspending and spending on things that are important 👌

Bro, I believed I'm more frugal than you. I have 3 kids around the age as yours. My monthly expenses is around 6.5k, excluding income tax and home loan installment.

@joshconsultancy

10 ай бұрын

👍👍👍

respect, just did twice a year travelling.. all my budget burst Liao jia luk

@joshconsultancy

10 ай бұрын

🙏 my trips are nearby hence cheaper. You went somewhere far?

you dont need to pay iras income tax? you dont need cpf 20% contribution? you dont need to give your parent allowance?

@joshconsultancy

10 ай бұрын

Tone not needed. Parent allowance ya should be factored. Income tax not included

No parental allowance?

@joshconsultancy

10 ай бұрын

Agree Should be in

@enquiry.mars210

10 ай бұрын

Josh's parents must be rich enough to be independent 😂

Wow.. your lifestyle is not even luxurious but the spending is crazy.. it scares me once my kids grow up.

@joshconsultancy

10 ай бұрын

There’s no maid cost… nothing fancy or luxurious. You have an infant?

@shihui444

10 ай бұрын

@@joshconsultancy Josh, you may have misread his statement here, he is just saying your lifestyle is not luxurious yet cost is quite "crazy" already.

@Whatexactlyispeace

10 ай бұрын

@@joshconsultancy yes. Both my wife and I earn above more than $15k combined but I wouldn’t say we are comfortable. Our expenses are lower than yours largely cause of the childcare portion. But other than that, the rest of the expenses pretty much similar except for the car and food. I spent loads on food because that is pretty much my only form of enjoyment. Sometimes I wonder how the other families in Singapore survive :(

@Twodaae

10 ай бұрын

@@Whatexactlyispeace How much is "loads on food" I am in a similar situation as you, without the child expenses. My wife is retired since we got married, so we have only my income to spend. Hahaha... Do you drive an expensive car or just a regular car to get from point A to point B?

@Whatexactlyispeace

10 ай бұрын

@@Twodaae I don’t own a car. I take public transport and grabtaxi (if I were to bring my kid out) around. I also eat out a lot and use grab food quite a bit. My grab expenses (both food and ride) totaled around $1.2k every month. But I don’t split the expenses with my wife so I pay most of the grab expenses. My wife and I and my 2 infants goes out for a nice meal once every weekend. Each meal is about $150.

you paid down 400k of your loan so fast?

@joshconsultancy

10 ай бұрын

Some hdb flat sale proceeds, cpf and savings

Last time I like to complain. Now I learnt that complaining is for losers. I have accepted that singapore cost of living will never fall and will keep going up just like flats have past 1million dollars. If we complain now, the future will be worse. But its not as bad as it seems. Reality is almost all singaporeans are happy with the sg model. The system is what we voted for. Instead of complaining, we should work harder, eg. Take up a side hussle. We must Not be loser and lazy buggers. Sg is very good already. Just compare with the worst in the world and we will be happy. So, the future flat prices foe your children can be 1.5m to 2million dollars based on current trajectory. Yes, singaporeans even rich people like to release tension and complain but we all know at the end of the day, we Vote PAP. 86% voted against Opposition. This speaks volumes. Work harder everyone. We must Not be called losers. Even if flat becomes 2million what's the issue? Sell at 3million.👌😊👍🤝👏

@joshconsultancy

10 ай бұрын

That sounds like a complain imo

@Twodaae

10 ай бұрын

@@xxxcool2565 in terms of property? I think it would be fair to compare psf, I don't think Singapore would be losing out to those cities you stated above by a large margin. Shall we compare cars too?

@Twodaae

10 ай бұрын

@@xxxcool2565 well said about the public transportation system in Singapore. However ride hailing is not as cost efficient and convenient as owning a car for some working folks and parents. We also have to take into consideration those who actually require a car for work (apart from those private hire drivers). Nevertheless, housing is always a need more so than a want and the crux of the matter is that housing in Singapore is getting a bit too pricey for the younger generation to afford. I have my own views on cars and how car prices should be regulated in sg, but that could be for another chat on another video. Cheers...

@Twodaae

10 ай бұрын

@@xxxcool2565 I agree with you on many points u made regarding self entitlement in sg. However home prices in those area u mentioned are not as low as you mentioned anymore. I myself stay in khatib area, and have been tracking the prices around where I stay but I can't find a decent place in the $200k range. I do agree that for convenience and comfort one should be prepared to pay a price, but pricing for cars in sg, that I cannot agree. It's way too expensive. If u really want to "pay" for owning a car, just ensure all buyers pay in cash without a loan... haha which we will never see that happening anyway.

@malita354

10 ай бұрын

@@joshconsultancy aiya , dun complain me lah. Aiya bohbian one bro. Singapore model is our collective endorsement. What's very inevitable is children of today's citizens will likely be paying 1.5m to 2mil for Housing. Who would say this is not the Likelihood? That flats will get cheaper and cause the present generation to lose money? It's a vicious cycle for all to enjoy. We can just earn more now and give some to our children so that they can afford housing in future. How much do they need to pay parents for their allowance? Mortgage their parents flat?

Wow only $6k expenses per month for whole family? Really frugal

@joshconsultancy

9 ай бұрын

12k. My half is $6k. Without tax and parents allowances inside yet

Life lesson - Find an understanding wife to get 50% of your "half"

Having watched your video really gives a wake up call. Having children really bump the figures up. I do wonder how other would strive with kids on median SG salary. Basically that’s 1/3 of ur income/expenses. Surely a lot of trades off. Maybe that’s why many prefer not to have kids and pets instead 😢

@joshconsultancy

10 ай бұрын

Kids do bump up cost thats true but a lot is parent choice dependent. I engage after school care and bring them on vacations. These are choice dependent. If my career growth was different, I understand Id had to choose differently too #advocateforkids =)

@muzzplaygames

10 ай бұрын

@@joshconsultancy Definitely no one size fits all. Have to manage with what we have, and with that’s still is what brings happiness to the family no matter how high one income makes. Family time priorities everything else.

Think those are still drawing salary and age 40+,, u only have another 20 Christmas to work to survive..and if u already feeling the pinch of saving stagnant or decreasing..time to learn investing..don’t wait till job gone then act

LOL... wait till your boys are teens!

@joshconsultancy

9 ай бұрын

oops haha