facebookDo you all find it a struggle to own a car in Sg and still wanting to invest? It seems to me, without family support on car, we need least 6k salary to balance out of portfolio due to wanting to invest in stock & reit. Any thoughts? - Seedly

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Anonymous

04 Aug 2020

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Do you all find it a struggle to own a car in Sg and still wanting to invest? It seems to me, without family support on car, we need least 6k salary to balance out of portfolio due to wanting to invest in stock & reit. Any thoughts?

Do let me know, your way of balancing out financial especially how much money will you spend on car monthly, investment, parent allowance, insurance, house utility & expense?

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What are your thoughts?

Pang Zhe Liang

Pang Zhe Liang

04 Aug 2020

Senior Financial Services Consultant at AIA Singapore Private Limited

Here is a guide that you may find useful: Understanding Your Personal Cash Flow

Generally,

Total Expenditure = 50% to 60% of monthly income

Insurance = 10% to 20% of monthly income

Savings & Investment = 20% to 30% of monthly income

How much insurance coverage should You have?

Basic Life Cover = 10 times your annual income

Critical Illness Coverage = 5 times your annual income

As for owning a car in Singapore, it is not difficult. Instead, it is more on whether it is justifiable to spend a portion of your hard-earned money on an asset that depreciates over time. Here is some information about it: Cost of owning a Car in Singapore

I share quality content on estate planning and financial planning here.

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