45-year-old S’pore man says that his family is unable to save any money monthly, says “it’s not right”

A 45-year-old man whose family was not able to save any money monthly wrote that he felt it was “not right”.

In an anonymous post to popular confessions page SGWhispers on Sunday (Jun 12), the man wrote that he had a 40-year-old wife and three children between the ages of three to ten. The man explained that they were living in a fully paid-up resale five-room HDB flat in Clementi, and that they owned a Japanese car. He added that they each had less than S$30,000 in their Ordinary Accounts (OA).

CPF Funds are split into the following accounts: Ordinary Account (OA) – This is meant for housing, insurance, investment, and education. Special Account (SA) – This is meant for old age and investment in retirement-related financial products. He then said that the couple had managed to hit the minimum sum of S$192,000 in their Special Account (SA).

The pair’s combined income was around S$11,000, and they had about S$50,000 in savings.

But, the man added, “the thing is this, we are not able to save any money monthly and I feel it’s not right”.

He went on to try to explain why they were not able to save any money monthly. The man added that both his and his wife’s parents were given S$400 per month, along with their MediShield and insurance rider also being paid for. He added that they had a domestic helper, credit card bills, their car’s instalment payments, and petrol, and maintenance fees to pay for.

“Well like most couples we send our kids for enrichment classes”, the man wrote.

The man ended his post by saying: “As inflation is on the rise I can’t help but wonder can I retire comfortably. Worried”.

Here’s what netizens said in response to his post:

S$6,426 a month affords family of four a basic standard of living: Study