How do you & your partner saving up money for marriage, house & future plans?

slogd3ad

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Hi,
I've been wondering how do you & your partner saving up each other's money for marriage, buying a BTO, renovating it, and also future plans..?

I'm still on the middle of saving up my money for marriage.
Already had someone in mind to start a family.
Worried though still got a long way to go.

Need to know how much you save from the start.
Marriage, to put aside how much..
And do you also save money for BTO purchase before marrying your partner? What about renovation and furniture/appliances... I heard it cost above 20k..

Just how many months or years do you take.. and each month how much money you keep aside?
I've been saving up for $1000 monthly for marriage.. been living in frugally but it's all good. Manageable.

Would love to hear your methods or your way of building a family.
Especially to my Malay netizens.
Thank you!
 

KinoChoco

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Haha it's actually not easy for someone to get married mid twenties, unless they come from a well to do family that the parents usually sponsored(or partial) their wedding cost.

I would say it also depends on when did you grad and whether you paid for your own school fees or not. Example of a less well to do family, you would probably grad at 23-25 years old, setting aside additional 1-2 years to pay off your loans, theoretically speaking you can only start saving from 25-27 onwards, if you can save 15-20k per annual, probably in 3 years time(28-30) you can start a marriage and getting a house? - Considering the fact that you will be taking up a little renovation loans.

Renovation cost will depends if you're getting a BTO or resale flat. If you're looking at resale 4room HDB, be prepared to fork out 60-70k renovations, for BTO new 4room HDB, 20-30k would be a good amount to get it done nicely.

don't forget to add in about 10-15k for furniture

PS: The amount mentioned are the full cost, don't forget to divide by 2 with your spouse :)
 

FrontierX

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applied bto with gf in 2012, had been saving 4 years with her till we wed this yr. 2017 already almost 5 years. contributing ard 1k each a month. we add money when we take VB and AWS too.

we achieved joint savings above 100k for all our stuff. we did not take loan or borrow from parents for anything.

was lucky our chinese dinner breakeven, dinner + ceremony and etc cost us 70k but hongbao was 75k; more then covered everything. reno coming in 1-2 months, so all is good.

gd thing for both of us is: equal+ increasing income; from 2.5k to above 5 now, stable contributions from both side and committments, understanding parents helped alot
 

slogd3ad

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applied bto with gf in 2012, had been saving 4 years with her till we wed this yr. 2017 already almost 5 years. contributing ard 1k each a month. we add money when we take VB and AWS too.

we achieved joint savings above 100k for all our stuff. we did not take loan or borrow from parents for anything.

was lucky our chinese dinner breakeven, dinner + ceremony and etc cost us 70k but hongbao was 75k; more then covered everything. reno coming in 1-2 months, so all is good.

gd thing for both of us is: equal+ increasing income; from 2.5k to above 5 now, stable contributions from both side and committments, understanding parents helped alot

BTO completed for 5 years? What's the damage? And also monthly need to pay how much?

Wa your wedding dinner cost about 70k? That's quite a huge bill from my view..nevertheless glad you had best wedding dinner on your marriage!
 

FishVille

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Married at 25 with combined income at 4k with simple buffet wedding.
Savings about 20k
Got a resale flat about 360k with HDB loan, so no cash outlay except we need to TOP up cos CPF not enuff for the down payment, n TOP up with cash for monthly mortgage.
Struggling initially... have first kid only at 29 when financially stable...

Never look back since.

My advice, just do it if you feel your partner is someone who's willing to build a future together with you. Everything else is only going to get better if you are willing to work for it!
 

FrontierX

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BTO completed for 5 years? What's the damage? And also monthly need to pay how much?

Wa your wedding dinner cost about 70k? That's quite a huge bill from my view..nevertheless glad you had best wedding dinner on your marriage!

Damage is 530k, loan should be taking about 350k, remaining with cash and cpf.

Thanks! We were lucky we breakeven, some friends who were without a job or relatives retired we tell them it's okay dun feel obliged to bao market rate just come and have a gd time.

Considering we tell a considerable amount of pple this yet managed to breakeven is really a bonus to us
 

slogd3ad

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Married at 25 with combined income at 4k with simple buffet wedding.
Savings about 20k
Got a resale flat about 360k with HDB loan, so no cash outlay except we need to TOP up cos CPF not enuff for the down payment, n TOP up with cash for monthly mortgage.
Struggling initially... have first kid only at 29 when financially stable...

Never look back since.

My advice, just do it if you feel your partner is someone who's willing to build a future together with you. Everything else is only going to get better if you are willing to work for it!

Nice.
Savings combine 20k? That's for wedding alone or including after marriage?
Oh 360k for resale hdb, looks safe... so how much do you usually need to pay every monthly?
 

SteamFish

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applied bto with gf in 2012, had been saving 4 years with her till we wed this yr. 2017 already almost 5 years. contributing ard 1k each a month. we add money when we take VB and AWS too.

we achieved joint savings above 100k for all our stuff. we did not take loan or borrow from parents for anything.

was lucky our chinese dinner breakeven, dinner + ceremony and etc cost us 70k but hongbao was 75k; more then covered everything. reno coming in 1-2 months, so all is good.

gd thing for both of us is: equal+ increasing income; from 2.5k to above 5 now, stable contributions from both side and committments, understanding parents helped alot

1k per month ah. do you set aside private savings?
 

FrontierX

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1k per month ah. do you set aside private savings?

there is private savings, we give each other spaces to spend on discretionary stuff... she like to buy gifts for friends and family, i like to spend on food and buy stocks.

for me, other then 1k joint, monthly spending, some to parents, i still have around 1-2k spare savings to my private account.

we started humbly. i still remember i applied for a 500k flat when our joint income was less then 5k :s22::s22:
 

akloaklo

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When do you all start to create joint account?
Before ROM or after ROM ?

Which bank better to create joint account?
 

saveeverydrop

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On this topic, i like to share a visual diagram of how an average young singaporean adult can plan to save up for the wedding and hdb flat. Hope this helps those who have wedding and housing plans in mind to set a target and a reasonable timeline of when you can achieve those goals.

20170728_164313.jpg


wedding-cost-in-singapore-700.jpg


Love to hear comments and feedback on how the diagram can be further enhanced and improved.

Diagrams contributed done up by the the Savings Portal KiasuPromos .
 

akloaklo

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mine was a lunch and total it cost 18k for 15 tables.

I lose about 7-8k cause I only took my side angpow and not the bride side.

If the bride side angpow also I keep then should break even.
 

wellplayed

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Important to start saving together early, maybe set up a joint account that both transfer money to every month
 
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