your savings can last you....
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for how long if you lost your job today?
was chatting with a gal friend of mine..she mentioned that her bf (28 this yr) will be out of job this year due to end of contract...
apparently...her bf owes abt 3k of credit card debts and has almost close to 0 savings...part of the money is spend giving to parents (abt 400-500) and payment of insurance premiums (abt 400)...the rest about 1.5k?? no idea....most likely on entertainment...and daily expenses...
the 0 savings is frightening (to me at least) despite him getting about 2.5k (after cpf). more importantly..how is he going to finance his premiums and lifestyle while he is looking for a job?
in another topic posted previously on how much you save....majority forummers seem to have difficulty...saving up...is it because of upkeep of lifestyle? earning too little? or too much finanical committments?
will the thought of u losing your job today spur u on to save more for rainy days? -
mainly debts n earnin too littleOriginally posted by Peppermint:in another topic posted previously on how much you save....majority forummers seem to have difficulty...saving up...is it because of upkeep of lifestyle? earning too little? or too much finanical committments?
will the thought of u losing your job today spur u on to save more for rainy days?
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low income, high expenditure........
mainly on food, transport.......
if im out of job (touch wood) but everyday at home zo bo, expenses will be low loh...... -
I've got savings~ phew!
How long can it last? Not long I guess... I've gotta find other avenues for income. -
of course that assumes that...you are able to eat at home, stay with parents, got bf ^^...etc etc..Originally posted by FireIce:low income, high expenditure........
mainly on food, transport.......
if im out of job (touch wood) but everyday at home zo bo, expenses will be low loh......
i suppose u do not have to contribute to household expenses? like daily essentials? utlities bills?
if you do...will it still be low? -
How come he bought so much insurances? hopefully he bought the correct policies.. I'm already saving some $$ in case i got retrenched or quit my job so that i have the $$ for pay for my expenses such as insurance bills, HP bills etc.. The amount of $ he owned Credit is not hugh but imaging the longer he draged.. the higher the interests..Originally posted by Peppermint:for how long if you lost your job today?
was chatting with a gal friend of mine..she mentioned that her bf (28 this yr) will be out of job this year due to end of contract...
apparently...her bf owes abt 3k of credit card debts and has almost close to 0 savings...part of the money is spend giving to parents (abt 400-500) and payment of insurance premiums (abt 400)...the rest about 1.5k?? no idea....most likely on entertainment...and daily expenses...
the 0 savings is frightening (to me at least) despite him getting about 2.5k (after cpf). more importantly..how is he going to finance his premiums and lifestyle while he is looking for a job?
in another topic posted previously on how much you save....majority forummers seem to have difficulty...saving up...is it because of upkeep of lifestyle? earning too little? or too much finanical committments?
will the thought of u losing your job today spur u on to save more for rainy days? -
3 days.
no, im serious. 
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if u're out of job.. i dont think u will be able to contribute to the family.. unless u really SAVE a lot..Originally posted by Peppermint:of course that assumes that...you are able to eat at home, stay with parents, got bf ^^...etc etc..
i suppose u do not have to contribute to household expenses? like daily essentials? utlities bills?
if you do...will it still be low? -
yes me also wondering what sort of insurances policies he bought...Originally posted by tokyofire:How come he bought so much insurances? hopefully he bought the correct policies.. I'm already saving some $$ in case i got retrenched or quit my job so that i have the $$ for pay for my expenses such as insurance bills, HP bills etc.. The amount of $ he owned Credit is not hugh but imaging the longer he draged.. the higher the interests..
the interest rate for his cc debt is 18%/pa...its still manageble...if he control a bit should be able to pay it off in 4-5 months...
me also preparing for my eventual retrechment...reaching 30 soon -
The very first thing he needs to do is to clear up that credit card debt in full, within the next 3 months or so. Then he can sleep slightly better at night.
I think I can probably survive for about 2 or 3 years on my current savings....hopefully it doesn't need to come to that. -
assuming my expenses remain constant...(not boasting or what) but i can survive for about a year...this would include contributions to the family...Originally posted by tokyofire:if u're out of job.. i dont think u will be able to contribute to the family.. unless u really SAVE a lot..
after that if i still have no job / other income...i will have to depend on my income from investments...
edit
this is because like i mentioned..i live a frugal lifestlye...no clubbing, expensive gadets, drinking, car, cc debts etc...almost to the point of boring -
u're doing much better than i!!Originally posted by Ito_^:3 days. no, im serious. -
No i dun have, i will die on the spot
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a few days ago straits times reported that the number of white collar workers without job is very high.
its certainly a cause for concern. -
Let me give some of u guys a bit of advises..
First of all, try to save a min amount of money.
Gross salary x 3 times
$y x 3 = $3y
This will be ya emergency money.. never try to touch this amount of $$. Always try to save this emergency money first.
Insurances is not a must.. just get something that is enough for u.. remember to have critical illiness in ya policy.. will save u if u have the 30 Major CI.
Get a good hospitial plan to protect yaself from high medical costs.
There is a nice website where u guys can learn about insurances and investments.
http://forums.sgfunds.com/
Hope it benefits u guys~ -
ehh are u working full time?Originally posted by Ito_^:3 days. no, im serious. -
are you an insurance agent?Originally posted by tokyofire:Let me give some of u guys a bit of advises..
First of all, try to save a min amount of money.
Gross salary x 3 times
$y x 3 = $3y
This will be ya emergency money.. never try to touch this amount of $$. Always try to save this emergency money first.
Insurances is not a must.. just get something that is enough for u.. remember to have critical illiness in ya policy.. will save u if u have the 30 Major CI.
Get a good hospitial plan to protect yaself from high medical costs.
There is a nice website where u guys can learn about insurances and investments.
http://forums.sgfunds.com/
Hope it benefits u guys~ -
come come.. here is 10 bucks. there another day will pass.Originally posted by sonicworld76:No i dun have, i will die on the spot
no la! of cuz im not a full time worker, haven even go ns u say leh. -
Dear Peppermint,Originally posted by Peppermint:assuming my expenses remain constant...(not boasting or what) but i can survive for about a year...this would include contributions to the family...
after that if i still have no job / other income...i will have to depend on my income from investments...
edit
this is because like i mentioned..i live a frugal lifestlye...no clubbing, expensive gadets, drinking, car, cc debts etc...almost to the point of boring
It's possible to survive for a year with contributions to family. Only if u have low expenses and alot of saving.. but remember that as time goes by, ya saving will decreases.. But remember there is always unseem circumstances like Health problems, Hospitalisation etc which will cost u a bomb nowdays.
And when u're really down on luck.. lot of unlucky things start to happen.. (maybe true or not)
Always be prepared to for the worse.. -
It depends. Some is considered as earning too little, some considered as non-knowing how to manage their own funds.
I have frens like urs above that earns almost $2.5k but with their lifestyle, they spend it all. Some bring home only $2k, already thinking about buying a car...where to save then?
Some have issues because a bundle of the money goes to helping their family with their household expenses.
$$ is always not enough for most of us. Alot has to do with self budgeting. -
i quit my job in '98 to pursue a dream
first few years lived on savings and these few years i've got some fundings
but when i return i hope to get a decent job and probably hv to work my ass off to make up for lost time. -
then u are still ok lah ;pOriginally posted by Ito_^:come come.. here is 10 bucks. there another day will pass.
no la! of cuz im not a full time worker, haven even go ns u say leh.
not much financial committments -
dragg,Originally posted by dragg:are you an insurance agent?
sadly, I'm not... these are what i have learn from those agents and forums. It's always good to gain all these knowledges.. BECAUSE i always got cheated by those so-called financial advisors etc.. -
yes its always not enuff...however much we plan...someone up there/down there has other plans for uOriginally posted by tokyofire:Dear Peppermint,
It's possible to survive for a year with contributions to family. Only if u have low expenses and alot of saving.. but remember that as time goes by, ya saving will decreases.. But remember there is always unseem circumstances like Health problems, Hospitalisation etc which will cost u a bomb nowdays.
And when u're really down on luck.. lot of unlucky things start to happen.. (maybe true or not)
Always be prepared to for the worse..
some of my friends...therefore have the mentality that you should spend and enjoy life while you can...what for save so much...when one day u could just be gone...would u then not regret that u have so much money and didnt get a chance to spend it -
should able to last for 1 mth only ....
jobless .... juz stay at home dont go out ... everuday eat maggie mee will survive longer