facebookWhen we talk about the 10% savings for salary, where does savings for weddings or houses fall under? - Seedly

Anonymous

01 Jun 2023

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Saving Hacks

When we talk about the 10% savings for salary, where does savings for weddings or houses fall under?

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Savings is savings.

Do not touch it for other wants or needs such as Weddings. You should have already done the calculations for how much you need for retirement.

You should create multiple categories for Savings.

10% usually is for emergency funds and not linked to other expenses.

Savings for a house and your wedding fall under the 10% as well.

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For house, you can use you and your partner's CPF to pay for the downpayment and monthly installment. Perhaps you need to save for renovation and purchasing of furniture.

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If you have money left, you can consider holding a wedding lunch/dinner.

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Ultimately, it depends on what you want. If not, you may consider to save 10% for wedding, 10% for house, and 10% for emergency funds.

10% savings is seen more for emergency savings, but you can repurpose it for other functions.

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If you need more though, you need to figure out a good target number and plan based on that.

Billy

02 Jun 2023

Development & Acquisitions Manager at Real Estate Private Equity

I believe the 10% savings is more for emergency savings i.e. if one gets retrenched and one needs to...

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