The answer, as you would have expected, depends on largely two broad factors, how much are you and your spouse earning (income), and how much are you and your spouse spending (expenses) so your savings = income - expenses.
Since the second part of your question is about after having kids, I guess you are more interested in the expenses part. Both me and my wife are saving roughly 50% of our income as our expenses are kept largely the same before and after having kids, having the two biggest ticket items which is a car loan and the property mortgage. The kids expenses are the school fees which is quite shag in the first 16 months for each child, where we start sending them to infant care that costs about $1k a month for a private pre-school and $750 for MyFirstSkool, an NTUC Social Enterprise. The other high cost which we avoided was the infant formula cos we breastfeed the children. Diapers cost about $100 a month because we use the washable ones at home and disposable ones for their school from infant care to playgroup, before they are toilet trained by 4 years old or earlier. You need to keep track of your large ticket items and attempt to reduce or eliminate them so that you can save as much of your income as possible.
Income can come from a variety of sources, largely categorised into active and passive; active income such as your salary which comes from employment, small business, side hustle, moonlighting etc. Passive income can come from investments in the equities (stock) market, properties (there are various ways to invest), selling advertising space through websites and mobile applications, dropshipping, writing articles or having some form of royalties paid out to you when your patented product or service is rendered. These are just a few examples of incomes which are too many to name here. After having kids, it is wiser to set up passive income sources as compared to active income, as the main effort is usually in the initial phase, development, sales and marketing etc, while the minor effort comes in the subsequent phases, maintenance, etc.
Hope this answers your question!
The answer, as you would have expected, depends on largely two broad factors, how much are you and your spouse earning (income), and how much are you and your spouse spending (expenses) so your savings = income - expenses.
Since the second part of your question is about after having kids, I guess you are more interested in the expenses part. Both me and my wife are saving roughly 50% of our income as our expenses are kept largely the same before and after having kids, having the two biggest ticket items which is a car loan and the property mortgage. The kids expenses are the school fees which is quite shag in the first 16 months for each child, where we start sending them to infant care that costs about $1k a month for a private pre-school and $750 for MyFirstSkool, an NTUC Social Enterprise. The other high cost which we avoided was the infant formula cos we breastfeed the children. Diapers cost about $100 a month because we use the washable ones at home and disposable ones for their school from infant care to playgroup, before they are toilet trained by 4 years old or earlier. You need to keep track of your large ticket items and attempt to reduce or eliminate them so that you can save as much of your income as possible.
Income can come from a variety of sources, largely categorised into active and passive; active income such as your salary which comes from employment, small business, side hustle, moonlighting etc. Passive income can come from investments in the equities (stock) market, properties (there are various ways to invest), selling advertising space through websites and mobile applications, dropshipping, writing articles or having some form of royalties paid out to you when your patented product or service is rendered. These are just a few examples of incomes which are too many to name here. After having kids, it is wiser to set up passive income sources as compared to active income, as the main effort is usually in the initial phase, development, sales and marketing etc, while the minor effort comes in the subsequent phases, maintenance, etc.
Hope this answers your question!