Saturday, 4 February 2012

Financial matters for 2012

A couple of years back, I used to envy people driving that Lexus luxury car and was so tempted to get one for myself, I told my friends I will get one of those as my next car, a rich man son's friend of mine even encouraged me to get one as he said this might enhanced my image in my part time real estate agent job.

Fast forward to 2012, I am thankful I did not succumb to my "wants" and made the silly mistake of buying the car, I am already contented admiring the car on my blog's avatar for now. If I had purchased the car, monthly car loan installments might be in the range from near to 1K$ per month or more. I look at my upcoming bills for this month, confinement nanny (3400$), hospital delivery and Gynea charges (6000++$), confinement food (1000$) and cord blood banking fees (2000$). Having to foot all these bills at one go is already a challenge since I only started back regular savings last year, I cannot imagine if I still need to service the high car loan and yet have some many expenses to foot.

I expect to see my savings greatly reduced after this month on these expenses. Coming months ahead, I am expected to get our first 4 room flat direct from HDB, another round of huge expense on renovation and furnishes come to my mind. Ever since marriage I wanted to be the alpha male, to me it is guys' responsibility to bring food to the table and I believe it is my duty to service all expenses. But after looking at my bank account now and being realistic about it, I have limitations to continue to foot all the bills, unless I sell my stock holdings.  I chatted to my wife and we came to a conclusion we will need to tap on her savings for the housing expenses ahead. Her habit of regular savings has helped me and I start to really see the need to have more savings and be frugal.

I can breathe a little easier now and can now continue to focus on our retirement plans. One of my new target now is also to save up as much cash as possible so that I can use it to pay up my next car in 2 years time. (not a Lexus but a second hand car). It is a challenge but I think it is feasible if one is frugal and disciplined.
With the sale of my company's stock options and external income coming in soon. I should be in a better cash flow position by March. I am thankful I will not need to sell any of my stock holdings this time.
Sometimes, two is better than one when it comes to financial matters.


  1. Hi Guru

    The journey in life is always hard and that is why it is sometimes interesting. I am sure you and your family will stay stronger as you cross each of the hard experience you have faced.

  2. Thank you B, I am sure you will do well in the financial journey too :)

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