How Much I Spend In A Month As A Homeowner In Singapore

In the past, I’ve always told you guys to save and invest as much as you can. In this video, I’ll prove to you that it can be be done, by showing you how much I spend in a month, how I’m able to save on my expenses, with the goal of achieving financial freedom in my 40s. Enjoy.

►‌ ‌Free Tiger Brokers stock vouchers: https://www.tigersecurities.com/accounts?invite=11JAQW
►‌ ‌Additional‌ ‌cashback‌ ‌with‌ ‌Shopback:‌ ‌
https://app.shopback.com/sgp?raf=vdv5G9&slug=referred-signup-bonus‌ ‌
►‌ Download Shopee and get $10 off your first purchase with my code AHVIN223: https://shp.ee/ktxkscp?smtt=0.0.7
►‌ ‌Credit‌ ‌card‌ ‌cashbacks‌ ‌with‌ ‌Fave:‌ ‌https://myfave.com/invite/R2PYT?city=singapore
►‌ ‌Convert‌ ‌credit‌ ‌card‌ ‌payments‌ ‌to‌ ‌cash‌ ‌payments‌ ‌with‌ ‌CardUp:‌ ‌Use‌ ‌"KELVINT928"‌ ‌to‌
signup‌ ‌at‌ ‌https://www.cardup.co/‌ ‌and‌ ‌get‌ ‌$20 ‌off‌
►‌ ‌Tuas‌ ‌Referral‌ ‌Code:‌ ‌‌RCC4AAF‌
►‌ Discord chat: https://discord.gg/Sj5HG6sedv

0:00 - Introduction

1:27 - My philosophy
Regardless how much money i spend, is completely irrelevant to how much money i earn. I have kept my expenses about the same since graduating from university 9 years ago. I don’t have the habit of splurging my money, and spending money on non essential stuff will actually make me feel bad.

Whatever I spend money on, I always try to make sure it is at the best possible value, dig out promo codes, and make sure that I am using the best credit card to pay.

It doesn’t matter how much you make, but rather, how much you keep. There’s a difference between being rich and being wealthy. Being rich is having money to spend, but once you used it, it’s gone. Being wealthy is having assets making money for you, rather than you working for money. And if your assets are large enough, you will have enough money coming in that you no longer need to work another single day in your life. So nowadays, my principal is always to save and invest as much as I can right now, so that the future me will live a better life.

Some people will tell me to live a little and don’t save so much. However, this assumes that the lesser I spend, the less happier I would be, which is wrong thinking. Being happy doesn’t necessarily involve spending too much money. I can be happy just spending time with my family, play some old console games, watching manga and anime.

Many people follow the 50-30-20 budgeting rule, but it will only allow you to retire at 62 years old. Instead I save and invest 50 to 70% of my income. That’s because I want to be able to afford to quit my job and do the things that I really want to do.

4:57 - My personal spending
Ever since the pandemic came along, my food and transport spendings have dropped by alot. For phone bill, I use the Singtel sim only plan, but intend to switch to Gomo which is much cheaper. My insurance cost is low, that’s because I have term life insurance instead of whole life plan.

7:15 - My joint spendings
My and my wife cook often, so our savings on food is huge. Our utility bills have went up since working from home, but its still lesser than the average because we don’t really use aircon, and is using Tuas Power for our electricity. We signed the 500mbps internet plan because we don’t need the usual 1gbps plan.

We give money to our parents, which is very common among asian families. But I hope that our generation can try to plan out our retirement so that we won’t have to ask our kids for pocket money after we retire. That’s because if you think things are expensive now, just imagine how expensive it would be 30 years from now, and how hard it would be for them to save money, let alone paying for our expense.

10:13 - My business spendings
I also have a bit of spending for my business. But these spendings will generate me more money in the future.

Me and my friend developed a game called Tiny Monster Battlers a few years ago.
https://apps.apple.com/sg/app/tiny-monster-battler/id1441139633
https://play.google.com/store/apps/details?id=com.busybeegames.tinymonsterbattler&hl=en

I haven’t spent to much money on YouTube yet, but plan to upgrade my background in the future :)

11:10 - Conclusion
I do not pay for things I don’t need, like Netflix and Spotify. I do not own a PlayStation of Switch, but I have a Raspberry Pi which costs only $200 but already has a few thousand games to play. I don’t upgrade my phone every year, just to have a slightly better phone. And even if upgrade my phone, it’s a second hand phone from Carousell, like my current phone. I don’t own a car as the transportation in Singapore is extremely good.

As for anything that’s remains after my spending, I’ll treat them as though they don’t exist. The purpose of these extra money is to help me make more money, so that little by little, they will replace my day job income. Until eventually, i do not have to work for money anymore.

Видео How Much I Spend In A Month As A Homeowner In Singapore канала Kelvin Learns Investing