17-03-2011, 06:10 PM
(17-03-2011, 06:20 AM)Musicwhiz Wrote: Ms Ylva Ng, 24, a clerk, and her husband, 25, are both looking to take on more work too. Though they take home about $3,000 together, they are still paying for their wedding held last December.
The couple are having a baby in a few months, and in a few years they will start paying for a new flat. How will they cope?
'We'll both work on the weekends,' said Ms Ng. 'Even $3 or $4 an hour is still money.'
While those with lower incomes will need the most help, the lessons of dealing with inflation should not be lost on even people who earn comfortable salaries.
Mr Roy Varghese, an adviser at ipac financial planning, a financial consultancy, cautioned those in higher-income brackets against being complacent. Households in the upper median income levels - $6,000 and above - tend to save little. 'Ideally, they should put about 15 to 25 per cent of their income into savings, which they can then invest,' he said.
'Do that, live within your means, and you'll be providing for your future.'
The couple are still paying for their wedding long after it's over? Sounds like they may have over-budgeted for it. I remember paying mine off with most of the red packet cash + some top up by credit card, and it was settled the following month and NOT through installments. Since they also chose to have a baby, I guess they must have worked out some sums?
$3 to $4 an hour is simply not efficient as work. Imagine working 8-10 hours and earning just $32 to $40. I would think teaching tuition for example, for 1-2 hours per day, can earn you about $70 to $80 as the rate is about $35 per hour for secondary students.
The upper median income levels of >$6,000 (I assume this means gross household income indicating BOTH husband and wife) save very little? This is a surprising find as they are supposed to have more disposable income. If they lived frugally and without a car, I should think they can save at least $2,000 to $3,000 a month, unless they have many kids.
Comments are welcome.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/