Asked on 04 Aug 2020
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?
Here is a guide that you may find useful: Understanding Your Personal Cash Flow
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
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