I'm a 25 F, married to a 27 M PR. We have not applied for BTO due to insufficient savings. How do I save money on childbirth and save up for BTO at the same time? - Seedly
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Anonymous

Asked on 16 Jun 2020

I'm a 25 F, married to a 27 M PR. We have not applied for BTO due to insufficient savings. How do I save money on childbirth and save up for BTO at the same time?

Just found out I'm pregnant and currently renting a room at our friend's place. Any advice?

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Hey there!

Do get a liquid savings account eg. Singlife etc to get a bit of interest while you're saving. You might have to sit down with your partner to jot down the incurrable expenses and see how much you have to save then.

All the best!

Financial planning is an integral part of life. You can reach me here to find out more.

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These two calculators will help you:

https://www.aaronleow.com/life-budget-calculator

The above stipulates the guidelines for automated savings.

The following will describe the costs needed for a home in Singapore (taking CPF into consideration)

https://www.aaronleow.com/max-cpf-home-loan

TLDR: Start saving 20% of your income monthly.

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Time to start a small liquid savings account with your partner, each can put in about $100 as a headstart and review after 3 to 6 months, then adjust accordingly.

For the sum interest rate, you might want to consider OCBC Bonus+ account (min. $500 monthly without any withdrawls).

Do take note to do up the OCBC account if you are comfortable with saving up $250 or more per person upfront, and stash it away as emergency funds for children and other major expenses.

OCBC Bonus+ account: https://www.ocbc.com/personal-banking/campaign/july2020-deposits.page​​​

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SO

Sj Oh

Level 6. Master

Answered on 16 Jun 2020

Explore the possibility of getting a smaller bto at immature area, it will be cheaper.

What is your Budget for the flat? You will need down payment which is around 10% of the flat.

What are both of your long term plans?

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