SINGAPORE: A man shared on social media that he and his partner are feeling extremely anxious after realizing their savings will soon be completely depleted due to house, renovation, and wedding expenses. In a post on r/askSingapore, he provided more context about their situation, writing:
“We are in our late 20s and are currently waiting for our BTO, which is due in 2027. Our combined income is around $7K+, and we have been saving aggressively as we are both very frugal. However, come 2027, we are likely to use up all our CPF OA and savings for the house, renovation, and wedding.”
The man added that although they have not yet reached that stage, the thought of starting over from scratch has been weighing on them. With the rising cost of living in Singapore and the additional expenses that come with homeownership, they worry that saving and investing will become even more challenging than before.
Wanting to hear from others who have experienced similar financial setbacks, he turned to the Reddit community for advice.
He posed a straightforward yet pressing question: “Savings going down to S$0. How to cope with this feeling? I would like to hear your stories or advices on how to cope with this feeling or even steps to start over again. Thanks!”
“Honestly, a wedding is not a necessity. Just settle the house and renovation costs first.”
In the comments section, many Singaporean Redditors strongly urged the man to reconsider how much he and his partner were spending on their wedding, arguing that it was one of the most unnecessary and avoidable financial burdens.
Several pointed out that a lavish wedding might seem important now, but in the grand scheme of things, it is a single-day event that won’t contribute to their long-term financial stability.
One said, “How much are you spending on the wedding? This is potentially one of the most needless things to spend on because there is a very high likelihood that you will not recoup your cost. It’s just one day—sure, a very important day—but I find a lot of people place too much emphasis on making it a big thing just for face (or because “my parents expect it”) and then after that, regret.”
Another Redditor, who had been through a similar experience, shared his regret over splurging on a grand celebration. He wrote, “Five years down the road or less, you will think a wedding is a waste of money. I have not even opened my wedding photo album and honestly don’t have much memory of it. It was just a rush and busy day, and I was glad to have it done and over with. Honestly, a wedding is not a necessity. Just settle the house and renovation costs first.”
Beyond cost-cutting suggestions, some Redditors also shared practical financial advice on how to manage their money and avoid completely depleting their savings.
One advised the man to start preparing a financial buffer, “Take stock of your monthly bills today and estimated monthly home loan amount in 2027. Save up 6-9 months of that in cash/SSBs/T-Bills/money market funds and keep it as a buffer at all times.”
Another commented, “Identify the amount needed for an emergency fund if you haven’t yet done it, and set it aside. This helps with some of the anxiousness as you will have enough money for a set duration of time in the event of an unlucky lay off.”
Some also tried to reassure the man, reminding him that while seeing their savings wiped out can be nerve-wracking, it’s not necessarily a bad thing.
One individual said, “Emptying out your accounts for a future together isn’t that bad. You’re using money as it is designed to create a future together. And after that you’ll start building your ‘bank’ together. Money isn’t the be all and end all.”
In other news, a 30-year-old Singaporean woman recently shared on social media that she’s considering leaving her well-paying job to take a six-month break and travel the world. While the idea sounds exciting, she expressed doubts about whether it was the right decision and sought advice from others who have made a similar choice.
“For those who have taken a career break like this, was it worth it? Did it affect your job prospects when you returned? How did you manage your finances during the break? I’d appreciate any advice or insights,” she wrote on the r/singaporefi forum.
Read more: With a S$10.5K salary and a career on hold, should she take the ultimate break?
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