29 October 2013

When will I Buy a Car?

I was thinking as long as I'm in Singapore, I will never buy a car, the reason is obvious, I can't afford it, but when can I afford it? Let's see.

I'm currently earning S$3480, after CPF and CDAC deductions, my take-home pay is S$2783, now let's look at my expenses.

Expenses
Give mom 500
Give wife 600
Myself 500
Mobile phone 46.65
Internet/Cable TV  66
Total 1712.65
Left 1070.35

I invest most of the rest, probably about S$800 a month, so I am left with S$200+, don't think it's enough to pay for one month's installment, unless I have another S$1000, I think that will help, that means if my take-home pay is S$3783, I think I might be able to afford a car, but that's provided I don't have children.

So when will my salary hit S$5000? Maybe when I'm 40? By then S$5000 is probably not much due to inflation, and COE will probably be a 6 digit sum, when I think about this, it's quite scary, better try not to see too far, can get depressing.

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