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Anonymous

04 Jan 2020

SeedlyAMA

What's an ideal savings range to hit before key milestones such as buying a house, wedding etc?

How much do i roughly need/ how much should i budget for these things?

Discussion (17)

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Yiwei Feng

04 Jan 2020

Learning and Development Executive at Click Pte Ltd

I guess it's important that your potential partner is on the same page as you on the budgeting. We have agreed that to go for a lower end hotel for our wedding which come up to about 80 per pax. We did our own wedding video and sourced for a cheap wedding package. I think we made quite a profit which funded our honeymoon. We furnished our entire home with Taobao excluding aircon, fridge and television. I think we spent about 36k plus all in. Don't rush and it's important to do your research.

Budgeting very important, you need to find time and sit down with your spouse to discuss about this. What kind of house you going to buy resale or bto or private? If buying resale you need to save for renovation too. What kind of wedding banquet your spouse and you going to held at? Must be in a 5 star hotel or restaurant is acceptable? Then research about the costing, from there then work out how much you need to save.

First of all, it's important isolate each big ticket item, instead of lumping them together to identify how much in savings is required.

Housing - Depends on what kind of flat you're getting, your income to debt ratio, etc. So if you and your other half are salaried worker, then getting a HDB should not be a problem since upfront cash required is minimal given that you would be tapping on CPF.

Wedding - Budget accordingly. On average, I reckon $10 to $12k - don't forget that wedding banquet you should "recoup" some from angbaos, so always give a buffer of "how much you are willing to lose per table". $10 to $12k because these include items like bridal package, proposal ring, wedding bands, videographer just to name a few.

All the best!

For me it was 30k, because 2 parties ma. We looked at home that did not require us to fork out any cash for the downpayment, so that the bulk of our savings can go towards Reno and wedding.

First budget the costs of these milestones and when you probably need them by. Then work backwards:
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