Thursday, 29 December 2016

How $60,000 is gone before 2017...

I was evaluating my expenses to be for 2017.

Unlike previous years, where I have no mortgage to pay for, there is mortgage for 2017, and other additional. Hence, 2017 seems likely to be a year of high expenses.

Except for the home that we bought, my partner and I have totally separate finances, so his expenses are not included here. It's astonishing that even before 2017 starts, almost $60,000 is likely to be out! Do you have this problem like me? Some of the items can actually be cut down. Like cable TV, but it's at my parents' place... And the amount is small, compared to insurance and endowment, which easily eats up about 20% of the likely expenditure. Ridiculous.

Unless I do something about insurance and endowment, it's likely that I will need to spend $65,000 or more 2017. I am keeping $65,000 as the maximum target for 2017. I hope to spend lesser than that. Variable will be about $490 per month. Welcome austerity...

Fixed Expenses  - $59,130
$5050 for insurance (this includes a life insurance which takes up a huge portion of it; some term insurances, and health insurances)
$8000 for endowment plan;
$24,000 for parents
$15,000 mortgage (estimated)
$600 for Ang Baos
$480 for cable tv
$6000 childcare (estimated)

Others - $5870
which will comprise all other expenses, like taxes (property and income taxes), food, transport, entertainment, medical, etc., etc. That will leave just $490  per month for me myself then to keep to $65,000. Welcome austerity.


  1. Hi Rena,

    Wow, that's huge fixed costs you have there, and insurances do make up a big part of it.

    I guess you are relying alot on your insurances to reach your target of >$2 million by 45?

  2. I used to think like the majority, work and put money into those financial products promoted by retail banks. Until I get the payouts, only considering the guaranteed sum as part of retirement plans.