My Expenses Have Ballooned Up By 50%! | Cost Of Living In Singapore | Monthly Expenses And Budgeting

I'm worried about the money habits my boys learn. Hence, we've been financially prudent to convey the right message and whenever we make a purchase, we explain "the value".
But today, I'd share what my latest expenses summary are and why it has ballooned up by 50%!
*******
✅ ENGAGE Josh Tan on a fee for financial planning to build towards for your retirement!
►‌ www.theastuteparent.com/josh-tan
✅ NEW EDITION 3Q22 - Find Out Josh Tan's Choice For Mortgage Loan & Term Insurance Now www.theastuteparent.com/2022/...
******
BUY SOMETHING YOU VALUE ✅ ✅ ✅ (All sales will be part of the $10,000/y JOSH TAN BURSARY to NTU for two deserving students or towards promoting financial literacy)
#1 ONLINE INVESTMENT COURSE AT JOSH TAN ACADEMY
► Follow this link - jtinvestacademy.thinkific.com...
Why you do NOT need to spend thousands on investment courses?
LEARN HOW to research into stocks and identify multi-baggers (at least in Josh Tan's way). Course price at $37 only. NEW 2022 BONUS MODULE ADDED and UNLIMITED re-access given with this new structure for future revision.
#2 PRIVATE MEMBERS channel
►‌ / @joshconsultancy
TIER #3 "LETS MAKE A DIFFERENCE " and TIER #2 "PRIVATE INVESTMENT VIDEO"
Will UNLOCK ALL VIDEOS especially those with VALUE/Momentum matrix on certain stocks!
TIER #1 Support our channel tier will unlock ONLY the cryptocurrency videos
#3 SUPER THANKS Stickers & Super Chat during LIVE SHOW
****
►‌ NEW LAUNCH 🔥 In partnership with WeBull stocks trading account! Get Your Free Shares! (T&C applies) Step #1 www.webull.com.sg/i/joshtan Step #2 - Go under open account and use Myinfo. Step #3 - Deposit after application approved! Step #4 Start trade
►‌ To IMPROVE ON RESEARCH 🔥 In partnership with SeekingAlpha! Special $99 price with my affiliate link www.sahg6dtr.com/4LNG39/GTSC3/
►‌ ‌Get your FREE stock from Moomoo: www.moomoo.com/en-sg/act/welc...
►‌ NEW LIVE Q&A "The Josh Tan Show" On Personal Finance: / thejoshtanshow
By Spotify - open.spotify.com/show/7Hdw7jm...
►‌ To get updates on TELEGRAM, JOIN "PASSIVE INCOME 2.1k" here - t.me/pi21k
►‌ Meet Josh Tan On Instagram / joshconsultancy
►‌ Looking For A Career With Us www.theastuteparent.com/conta...
✅ ENGAGE Josh Tan on a fee for financial planning to build towards for your retirement!
►‌ www.theastuteparent.com/josh-tan
****
0:00 Introduction
Pokemon Gaole free tiles my boy has collected
1:10 Previous expenses measured in Aug2020 which was $4,112
Understand budgeting
1:56 Car expenses in Singapore
Factoring new petrol cost and parking charges.
Average petrol cost assumed at $2.70
4:32 Housing expenses in Singapore
Maintenance charges in a condo.
6:15 Term equity loan on house and latest mortgage cost
Estimates are at 2.8%.
10:05 Food, grocery and entertainment
Summary in credit card, cash and grabpay
12:30 Childcare in singapore
Childcare cost vs enrichment, school fees, after school care and other allowances
14:24 Holidays
16:08 Insurance cost for family
#familyexpenses #expensesinsingapore
We do not make any recommendations on whether a security is a buy/sell as every investor has different investment goals and risk profiles. The presentation of ideas from Josh Tan and TheAstuteParent are strictly for education purposes. You are advised to perform independent research yourself or seek a qualified financial adviser. We will not be liable for any losses directly or indirectly from the material. Some of the referral links in the video summary are products and services personally used by Josh Tan and they may pay an affiliate commission or referral bonus.
It is not an endorsement of the product unless explicitly stated and we will not be liable for any losses. The content in this video and any promotions mentioned is accurate as of the posting date.
*******
About Josh Tan:
Josh holds a degree in Accounting from NTU. In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips.
As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video.
✅ ENGAGE Josh Tan on a fee for financial planning to build towards for your retirement!
►‌ www.theastuteparent.com/josh-tan

[@christopherk7920]

always good to be moderately frugal on your expenses. Many are careless when it comes to buying stuff they dont need and end up regretting later

[@gparamaeswary7276]

I made my daughter read 16 story bks when she was 6yrs old to get a water bottle. She still remembers it and appreciated it. She felt a sense of achievement.

[@joshconsultancy]

Happy for you :)

[@louth1770]

Childless(no need education expenses, tuition fees, etc), car free( take public transport), HDB flat (paid up all), avoid staycation (cheaper in overseas), stay healthy (avoid medical bills)

[@joshconsultancy]

spend on experiences spend on experiences

[@raerae165]

@@joshconsultancy opps i think i accidentally dislike. Love this comment agree spending on experiences and making memories is more worthwhile

[@duncanng6286]

Good sharing Josh, spending on family for holidays and such also resonates with me. Good to build experiences with family, and the money is always well-spent (imho).

[@joshconsultancy]

Thanks Duncan :)

[@fksdldid]

slight difference. my list also includes supporting elderly parents and income taxes.

[@CheahKennycheah]

time to face up to the realities of life and it never is what you want and must have

[@jschia]

Hey Josh, i thoroughly enjoyed your video. I can totally relate to you. You can expect enrichment cost to go up especially price adjustment and tuition for the other subjects. Oh yes, one tip, please book your airfare soon. They have gone up and will continue to rise. Enjoy your well-deserved holidays. Cheers!

[@joshconsultancy]

You are right jay!

[@jeremysng4214]

I salute u for daring to calculate yr household expenses. 😅 I m glad my days of berries, kumon etc are gone. Coincidentally yr video reminds me of the Netflix show "Get Smart With Money" I just watched. Concept on managing our finances while not compromising on family life is so very important.

[@joshconsultancy]

Have too calculate Jeremy. Daring part is putting it up here where there’re always a minority who hear it the wrong way

[@cathhl2440]

Skipping holidays this year. Not worth. No loans, no worries for now. Maybe just kids' tuition in the next few years. And retirement funds.

[@peterlan8525]

Most enlightening perspective of your management of your expenses. Such expenditures will depend on how much you earn per month to be abled to afford these expenses. However there are key essential expenditures which one cannot do without which must be addressed first before anything else.

[@TemplarLove]

It seems like I preferred Mr loo’s approach on properties.

[@mrsnowmanshow]

True while we squeeze on frugality, the time with family is now. My Respects for calculating family expenses with such details. Youre not in the sandwich gen situation.

[@joshconsultancy]

No probs. Im fortunate my parents are mostly self sufficient and it certainly eases the equation.

[@daniellim5829]

I am blessed to hear the sharing by Josh with so many videos, but this is truly an eye opener and I could resonate his open sharing. Josh, be bless and may you continue to share more as we learn. Do contact me if you need some of my inputs into your video for narrative. More than ready to open sharing , just like u.

[@upinipinbeen]

Hi, good insight. How about income tax, Prop tax… costs

[@joshconsultancy]

Prop tax inside alr. Income tax not inside

[@R6ex]

CPF interest rates need to keep up !! 🙏🙏🙏

[@joshconsultancy]

Unlikely I guess haha

[@TemplarLove]

Go and watch 1m65 and you will understand why CPF interest rate wont go up

[@ALim-bs5ze]

Hi Josh, Car cost could be understated. Should also include a) cost of car plus interest less scrap value divide by 10 b) additional repair costs apart from normal servicing eg dents, tyre changes, suspension/exhaust repair, aircon service/repairs - they are more common on older >5yr cars. c) traffic & parking offences. d) washing costs

[@joshconsultancy]

Agree!

[@JRambonian]

I bleed alot on my 5yo+ car past 1 yr as well....repair coolant leak, aircon leak, oil leak....don't know whats next haha

[@ocswoodlands]

quite typical for a HH with 2 kids. Basically its 6k x 2 x 12 =$144k. You haven't add in lumpy expenses eg CNY angpows, birthday parties, allowance to parent(s) etc. should easily be 160k pa for a family of 4. Totally can relate to that

[@joshconsultancy]

You are right ocs

[@JRambonian]

Really depends one....many households can survive with 80-100k combined income....the more you earn, the more you spend de....whahaha

[@hhspore]

I now pay $8 to $10 dollars for a mid size bowl of yong tau fu when it was previously it cost $5. And gimbap (korean roll) costs $10 per roll when previously each roll costs $5. I dont know how you end up paying $700 for monthly maintenance......I thought that $500 per month is bad enough but paying $700 is really shocking.

[@jasonlim4512]

why doesn't banks allow fixed rates for maybe 10 years? or 20 years? it will make planning much simplier, barring income losses. make money is important. family time is priceless. remb u said in another video u wished u had gone for some experiences with your wife if u could do it again. really, make money is to spend on family.

[@joshconsultancy]

Agree w point one coz us can fix. Only hdb loan is “fixed” in sg. Yes still maintain family time is priceless :)

[@fool1124]

with $50 you can hire a private tutor for coding in which the tutor will come to your home give your kids one to one attention. my boys are 2 year apart so they can learn together.

[@joshconsultancy]

IDEA!

[@perpetualquotes]

Like that some of us will have to labour till 80 yo

[@joshconsultancy]

No la, Some expenses will drop off. More importantly mortgage is the biggest cost. Have a plan to pay it off by 55 or 65

[@lumvincent7431]

Not yet . If u chge new car next 2 yr , u be stunned . COE price be exorbitant .

[@DonYang73]

See? Those people who think they can retire 15yrs later with $1,600 per mth, think again!

[@joshconsultancy]

A lot of the choices I’ve made have substitutes priced differently. Let’s respect the situation that others are in too

[@R6ex]

Spot on! That's the equivalent of living on $700/mth NOW, assuming 5% inflation for 15 years. Few will be able to survive on this amount.

[@steveh6863]

That y investment is key to survive as inflation will be horrible

[@CometFire2010]

Poeple need to relocate to another affordable country to live with 1500-2000 pension/annuity a month. Singapore is among the most expensive country to live in, hence certainly not easy to retire.

[@CometFire2010]

I wonder if CPF payouts will be inflation adjusted every couple of years.

[@CometFire2010]

It must feel weirdly funny to know that your children will see your videos in the futures talking about their food consumption and costs related to it. 😁

[@joshconsultancy]

Lol! No probs with that. Bought ice cream for my boy and he rationalized the KitKat flavor cone was more expensive and chose a soft serve instead :) so proud.

[@CometFire2010]

@@joshconsultancy wow, you raised him well. 👌

[@starrysloth8018]

the 6k is per spouse per month? which means household expenses about 12-13k per month! it is quite scary...and considering you didnt really splurge on food etc... how about income tax, hp bills, netflix etc? did u put under entertainment? starting a family soon and this really helps! the infant care costs a bomb >

[@joshconsultancy]

Yes equal. Personal income tax ya not inside yet. Housing cost is a big factor. Having said that, there are cost which I've taken that have simpler solutions like enrichment and holiday $9k budget

[@edwintkc]

Hi Josh..May i know where did you send yr kid for coding class? Thanks.

[@joshconsultancy]

Hi Edwin, Roboto

[@edwintkc]

Thank u

[@Phonedumb]

The part about self CPF contribution is not covered. Taking 6K limit for deductions, that would be like 1.2K (20%). Do you also put in another 20% to emulate the employer's contribution? Being put into CPF, how would you classify the amount put in? Part of investments? Do you also discount the CPF contributions and save at least 20% of your nett income? How does rhat work towards your retirement plans?

[@joshconsultancy]

Those are not expenses, I’d classify them as free cash flow for retirement. This year I may not max out VC. Will think through and depends on market conditions. Mayb will do an update. Stay tuned :)

[@hbu8012]

If CPF never balloon 50% to keep up then .... Jiao lard liao.

[@joshconsultancy]

Not necessarily. Stay tuned HBu

[@wantstolearnsheng]

Hi what coding centre your child is going

[@joshconsultancy]

Roboto

[@theendtimesmarketpredictio4940]

A lot of default is coming for those on House mortage .... possibe in singapore.. That is because the worst will probably scare the pants off most of the crowd. while the bank may be laughing now , later they may be crying ..

[@CometFire2010]

What happens to the houses that gets defaulted on HDB/bank loans?

[@theendtimesmarketpredictio4940]

@@CometFire2010 Possible ,if they cannot paid up, government will take back .

[@JRambonian]

During covid, property prices also never drop at all becoz MAS allow deferment of mortgage installment Our property market is very controlled nowadays.....Nanny state....private properties machiam hdb-alike with so many regulations like tdsr, absd, ssd etc etc

[@leslie-1127]

As I have no idea how youtube memberships work but had joined many why don't you start a patreon channels. Wondering if you ever keen to start a channel in Patreon.

[@joshconsultancy]

Hi Leslie they function the same. Just that on Patreon, I guess creators diversify away the power from youtube. KZbin JOIN is easier since its on the same platform. Hope it clarifies. I just released 1Hsep2022 members video, check it out

[@leslie-1127]

@@joshconsultancy I will need to try cos not sure how to access after signing up. maybe you can have a short video on that too. Apologise being so troublesome... LOL

[@CheahKennycheah]

please complain to reduce all the taxes and try to reduce them for everything consumed

[@joshconsultancy]

Huh thought we should support raising personal income tax and reduce GST? In that way it promotes more income equality

[@CheahKennycheah]

@@joshconsultancy time to reflect on values in life! Greedy mean nasty opportunity seeking has its price

[@CometFire2010]

@@joshconsultancy I believe the government is raising GST to recover the loss of revenue due to COVID. I doubt the salaries have ever caught up with inflation and raising income tax might not be a long term solution. Why not raise interest rate for CPF RA as a start?

[@joshconsultancy]

@@CometFire2010 4% seems hard to scary to sustain already imo

[@andyskw8932]

How about monthly phone bill? 🤣

[@joshconsultancy]

Inside all bills $203. Very small amount

[@andyskw8932]

@@joshconsultancy lucky u. Mine is $45 per month which means per year is $540..not so cheap.

[@joshconsultancy]

@@andyskw8932 go for no contract ones? Those w no phone just line. Of course then will need to factor in lump sum new phone cost into equation

[@andyskw8932]

@@joshconsultancy mine is the data only plan which doesn't come with free phone or discounted phone prices. However, the data plan is big with over 100GB per month.

[@MsCorydorus]

This form of calculation leaves alot of loopholes. Simply measure cash in saving account each year to determine the differences are more accurate. Eg. angpbao, clothing, medical, bills, tax, parent allowance, gadgets etc after deducting investments.

[@joshconsultancy]

Hmm cash measurements i guess will have shortcomings also coz cash will move to investments, what are your thought Cory? And mainly a breakdown exercise can see things itemized and hopefully more real time. Hope it clarifies

[@MsCorydorus]

@@joshconsultancy which is why "after deducting investments.". Usually is just a few lump sum and easily tracked in bank records. The whole idea is using bank records, do not need to spend time to find all the misc items yet accurate.

[@DonYang73]

My monthly expenses is about $13-15k, no mortgage no car loans, just me, wife and 2 teenage children. Solebreadwinner. I think i can spend a bit less to absorb the inflation. No issue at all.

[@JRambonian]

No loans and yet 13k+ monthly expenses…wow…..u stay landed with 2 maids?

[@gparamaeswary7276]

Actually landed doesnt cost much if fully paid. No maintenance fees like condo.

[@joshconsultancy]

Total family or divided equally w wife?

[@JRambonian]

@@gparamaeswary7276 it actually cost alot over a long period like roof repair, facade repainting etc. Not to mention SP bills easily cost $500-1k a mth if use aircon frequently. Usually need 2 maid as well if yr built in is 4k+ sqft

[@DonYang73]

@@JRambonian landed yes, no maids. I own 2 cars (1 SUV + 1 cabriolet).