It All Adds Up

Dear1 says that our savings account has been growing very slowly, despite us bringing home slightly more pay compared to the same time last year. Hmm… Have we been spending too much in this past year?

Insurance – both personal and car insurance have been accounted for. Holiday – the Taiwan/ Hong Kong trip and Cruise have been accounted for ah. Electronics – no new addition except for the laptop. Pay off car when we converted our OPC to normal plate. Hospital bills when Baby1 was delivered in Thomson Hospital. All the big ticket items have been accounted for, plus some estimation of our monthly expenses on food, household allowances, groceries and car, but why is it that our savings account has not been growing as strongly as it should have been?

Oh, there’s this sum spent when we ate in restaurant during Mother-in-law’s birthday. And we ate out too on Father-in-law’s birthday, and Grandma’s birthday too… And there’s the birthday cake too, for MIL, FIL, brother, sister etc. And sister’s Coach wristlet as a present and brother’s hair tonics too.

And yes, we changed our handphones too. Top up $100 to $200 for each phone, that makes $400 already.

And there’s that 3 new tops, and new shoes, and new skirt, and new bag when Dear2 wanted a change because she felt that she has not been buying any clothes ever since Baby1 was born. Are you really sure there’s no new clothes during this past months!? And what about car? We cut down on Ez-link top up because Dear1 drives nowadays, and replace with approximately $70 per pump, 3 pumps a month on petrol, but what about those Cash Card top up and Parking Coupons when we go out shopping with Baby1 more often?

And ermm, food. 1 Ichiban Sushi, 2 Ichiban Sushi, a couple Fig and Olive (because there is 1 for 1 during lunch hours at Jurong Point!), some Swensens, some mid range eateries when we wanted to “eat something nice” ever so often. “Hardly eat restaurant” becomes “quite often” actually!

And and, BK breakfast every weekend – that alone is more than $10 per meal, compared to a few bucks if we just eat from the market. And that “once in a while” $3.50 fish bee hoon over the $2.50 Youmian actually is not so “once in a while” when it’s at least once every week.

And oh, yes, Baby1, how can we neglect all the expenses on her!? Diapers, milk powder, cereals, wet wipes, toys, clothes, this and thats. Yes, she’s a third person staying in our household now.

Gosh! All the little things add up! Unknowingly, we have been spending more than we thought we are. This is so becoming unhealthy, and we need to have some restraint!

One thing luckily for us, unlike other people, we never believe in spending on credit. We make sure that we are comfortable with the purchase, AND it’s financing before we buy it. Imagine being okay servicing the monthly repayment on one item, and okay servicing a second item, but put together both loans and it becomes not okay, or just passable. I can never agree with people who live on the days waiting for the next pay day, cos it’s here-in-there-out for them.

Enough about other people though, for us, we definitely need to practice more restraint!!

– Dear2

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5 thoughts on “It All Adds Up

  1. Hi,

    Both of ur combi Blog is brilliant!

    Both of u are graduates & would climb up the cooperate ladder much easier than an average couple if both of you are in there.

    $ is definitely always hard earned… & I felt was well spent as it was for ur loved ones…

    Both working parents work hard & pamper urself once a while is fine.

    We had to save, but $ can be earned back whereas things u need now or things u buy now might not be available in future or for most cases only get higher.

    Spending our hard earn $ is painful… But spend wisely & meaninfully for the family is ultimately why a couple are working for…

    I always tell my wife one thing which is quite sad but true… We were born with nothing & we will leave with nothing… Just make sure we have savings for medical & food is sufficient….

    Dun foreget we still owe HDB, Power Supply, Telcos… $ & all these are the factors we worked for a tmr… It’s definitely important, but just spend wisely will do as there are more stuffs to worry ahead for us…. Childcare, Children education, aging parents, health….

    Both of you are enjoying life & having fun… Cheers & stay happy!!!

    Lam

    • Hi Lam,

      Glad you liked our blog!

      Yup, I also agree with you that spending must be meaningful. That is why I prefer to spend on items that everyone in the family can enjoy together, such as going for a short holiday. Other personal expenditures such as branded goods and car accessories are of lower priority for me.

      Thanks for your comments! :D

      -Dear1

    • Hi Lam,

      Yeah man, we work so hard for $, but we also need the life to spend it, otherwise it becomes “got money no life to spend”!

      Having said that, we also don’t want to spend too extravagantly now, lest when we need the $, we don’t have it. It’s a delicate balance, one that you don’t feel miserable everyday scrimping and saving, but yet at the end of the day, you can have the comforts of life comfortably.

      Have fun!

      – Dear2

  2. Hello,

    I’ve stumbled on your blog awhile back while searching for some credit card promotions on the internet.

    I can relate to your blog as my wife and I are a young couple just like yourselves. We met in while staying in the same hall in NTU, and got married a year after graduation.

    I really enjoy the money saving tips (although I agree with Lam we shouldn’t scrimp too much), but I guess your life stage is different with a kid. Which is why I enjoy observing how you both manage a young family, and progress from there – so I can have better family planning when we are more financially stable.

    My wife and I have liabilities such as a car and house to pay for, so we expect to pay these off in 4 – 5 years before starting a family (i’m 27, she’s 24 this year). I am also doing my part time masters, so I need the after office hours during school term for projects/assignments, etc.

    Thank you and do keep the advice flowing! Cheers.

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