You need to have savings to cater for at least a few months worth of installments.

Apart from that, there is a need to cater for maintenance cost, insurance cost and road tax.

If you intend to cut down on your monthly loan payments,

you need to put down a larger down payment.

House

To book a new flat at HDB, you need pay $1,000 to $2,000 of option fees.

If you are buying a resale flat,

you need to cater for the agent's commission of 1% of the purchase price,

plus an option fee of $5,000 will be required to exercise the option.

Not to mention the down payment of 20% of the flat's valuation.

Lastly, there is the renovation cost required, which could easily to around $30,000

(it is not advisable to take a renovation loan due to the high interest rates).

Marriage

You need money to buy the engagement ring, be it a Lee Hwa or Cartier.

The price could vary from $500 to $12,000 based on the carat size
and the requirement of your partner.

A pair of wedding bands can also cost more than $500 for a mid tier brand.

There is also the photography package that costs around $4,000.

We have not even included the honeymoon cost,
ang pow money for the in-laws (for guys), and lastly to standby
the money to repay the difference for the wedding dinner package

should the ang pow money received fall below the average cost for each table.

Starting a Family

The government encourages family planning
but the cash perks offered are simply insufficient.

The cost for a delivery package by a gynecologist is around $3,000.

 There is also the cost of the pre-natal gynecologist visits.

Apart from that, other major expenses include
the confinement nanny and tonic food for the wife.

We have not included the baby expenses like baby cot, pram etc.

With enough savings, we can breathe better when it comes to the expenses required.

3 Ways to Save More

Force yourself to save automatically

Pay yourself first. Create a separate bank account,

budget a fixed amount to be transferred to the account once you receive your pay check.

Save any other additional income you get.

Cut down on expenses and practice delayed gratification.Be frugal.

Do not be influenced by peer pressure for luxury items and learn to say NO to salespeople.

Monitor your expenses

Do this for to up to three months to understand your spending habits and make tweaks.

After many months, you will see your savings being accumulated slowly and steadily.