$20k/month, actually
jasonleow • 9 Jan 2025 •
Just had an annual ‘retreat’ of sorts with my wife. It’s a bit of a nice ritual and habit we had since we got married. Just conversation, over some topics in the family, about the kid, money, travel, household stuff.
Since money was a big concern last year, we did an audit of our monthly expenses averaged out from a year (includes big one-time recurring payments, like taxes, insurance):
Family - $2400
House - $1500
Work - $1000
Lifestyle - $1600
Education - $900
Insurance - $500
TOTAL = $7900
That’s how much we need each month. Eight thousand dollars. It’s crazy how expensive living in Singapore. And mind you, we don’t have a car, we don’t really take cabs often, mostly train/bus. We don’t eat out in expensive places often. We don’t buy things every week, shop like crazy online. We don’t indulge in the typical luxuries like most middle income families do in Singapore. $8k buys us a comfortable but basic middle income lifestyle - enough to not feel like we’re struggling, but not enough to feel pampered. And $8k doesn’t even include emergency or unforeseen expenses, like having to replace our entire air conditioning system a few months ago. It’s considered a good month if I get to save a bit.
This is why I said I’m shooting for $10k/month of revenue. Because that’s like ramen profitability for us, plus a tiny sliver of buffer.
That’s why I wrote, we’re just past survival stage. No where near thriving… yet.
If anything, what I learned from our audit is, I actually need to earn $15k/month. Ideal would be $20k/month… or more. $15k would be considered comfortable, and $20k is the start of thriving:
$8k → “We survived! *gasp” (survival waterline)
$10k → “We’re okay”
$15k → “We’re comfortable”
$20k → “We’re thriving”
>$20k → “We’re grinning”
Got my work cut out for me! Onwards! 💪🔥
Comments
@poppacalypse only way is UP
Family and Work means?
I believe mine is also around 8 to 10k, but it’s split between my wife and me. Yours becomes a bigger issue because you are the sole breadwinner.
Are you adjusting up from $10K, then?
@knight Family means money going to family members, like allowance. Work means expenses, including Medisave, taxes etc. My wife started doing half day part time work, so maybe will help ease it off, but still going with being sole breadwinner, cos things might change, her job might not extend etc.
@therealbrandonwilson Nope, not this year. Still 10k for 2025. The 20k is for me to know that I can’t rest at 10k…
@jasonleow, Actually, did you consider getting your wife involved in your indie work? there are some couples out there are doing a great teamwork.
@knight Not yet if that’s a good idea. We have very different working styles haha, and also vastly different vocation (she’s social worker/counsellor)
Onwards and upwards 🚀