Wah, 75% savings rate? Is it even possible in Singapore? A recent Reddit post sparked a huge debate about saving habits, and it’s got Singaporeans talking about everything from family expenses to ‘crab mentality’. Let’s dive into what everyone’s saying.
Makan Kakis’ Key Takeaways (Reddit Insights)
- Family Matters: Many Singaporeans pointed out that high savings rates are often easier for those without kids or elderly parents to support. As one Redditor put it, “Those who don need pay for elderly or parents will never know the pain of such expenses.”
- Privilege Check: Some users acknowledged the privilege of living with parents and having minimal expenses in their younger years. A Redditor shared, “I never realised how privileged/lucky I was in my 20s – single, staying with parents…it would be incredible to NOT save rather than to save, tbh.”
- Crab Mentality? The thread highlighted a common online phenomenon in Singapore: the tendency to downplay others’ success. As one Redditor noted, “this subreddit likes to actively downplay success ðŸ¤ðŸ¤ crabs in a bucket.”
- Income Transparency: Some commenters questioned the accuracy of reported figures, especially when expenses seemed unusually low. There was skepticism about under-declaring income to receive subsidies, with some saying “this doesn’t add up. He’s probably under declaring his income…”
- Lifestyle Inflation is Real: Several users admitted that as their income grows, so does their spending. One user mentioned, “I definitely let the lifestyle inflation creep up on me. A lot of money was spent on fine dining and leisure.”
SG Context: The Latest Updates & What It Means For You
Singapore’s cost of living is always a hot topic. With rising costs for everything from HDB flats to childcare, saving can feel like a constant uphill battle. The recent debate on Reddit underscores the challenges faced by many Singaporeans, particularly those supporting families. Singapore’s Total Fertility Rate (TFR) hit a record low of 0.97 in 2024, and the discussion highlights the financial burden of raising children.
Real Talk from the Ground: Singaporean Experiences on Reddit
Yeah its true, I never realised how privileged/lucky I was in my 20s – single, staying with parents, they didn’t need my money and even paid for all my meals when I was home (actually even when we went out).
Outside-Ad9447
33M with two kids. Household income of $360k (with wife). We saved about $110k last year. Realistically very hard to push higher with kids. Kids really take a huge chunk of the budget – I project spending to rise a lot more as they start to go for enrichment classes.
planefreak
The digits in the bank or investments doesn’t mean anything until you spend them away. And never sacrifice your health and eat cheap just to save the money. You don’t want those money saved to go to healthcare bills in the future.
Winter_Public_5746
I think we may have different components to our spending. For example, I don’t own a car. My largest spend categories are parental support (4k/m), mortgage (4k), taxes (5k). I have vacation at 1k/m.
Copious_coffee67
These comments highlight the diverse situations and financial priorities of Singaporeans. Some prioritize family spending and experiences, while others focus on maximizing savings. The discussion shows there’s no one-size-fits-all approach.
Chiong Ah! Your Practical Action Plan for Singaporeans
- Track Your Expenses: Use an app or spreadsheet to monitor where your money is going. As one user shared, “I use an excel sheet to track.”
- Prioritize Your Spending: Identify your values and spend accordingly. Is it family, experiences, or long-term savings? Decide what’s important to you.
- Be Realistic: Don’t compare yourself to others, especially online. Everyone’s situation is different. Focus on your own financial goals and progress.
- Consider CPF: While CPF contributions might feel like ‘locked up’ money, remember it’s a crucial part of your retirement savings in Singapore.
- Balance Saving and Spending: Don’t sacrifice your health or happiness for the sake of saving. Find a balance that works for your lifestyle and goals. As a Redditor wisely said, “Never sacrifice your health and eat cheap just to save the money. You don’t want those money saved to go to healthcare bills in the future.”
Ultimately, the Reddit thread reminds us that personal finance is personal. What works for one person might not work for another. The key is to be mindful of your spending, prioritize your goals, and stay informed about the latest developments in Singapore’s economic landscape. Jiayou, Singapore!
Source: My 2024 saving rate is 75%