I remember chionging as a poor student.
We couldn't buy too many drinks. The cover charge was almost SGD25. A jug cost about SGD60.
We got high on our youth, and drinks in the hostel before we made our way to Zouk.
It's tough to buy enough drinks to get sloshed.
I think once someone contributed this bottle called Black Cat or something... It tasted like sour plum with industrial alcohol. I'm surprised we even managed to wake up the next day.
On the average, for a group of 15 (not that we chiong in such a big number), we didn't spend SGD3,000 per night! That's like SGD200 per person per night on drinks?!! 1 bottle per student?!!
That's crazy!!
Usually... It's just SGD50. At the very very very most, SGD100 for 1 night. And it probably has to be a special occasion like a birthday, made some money modeling, or kena dumped, or the usual... to impress some new chick.
I dun claim to know much about kids today.
But I know many do take study loans for their tertiary education. Computer loan for that laptop.
It's tough enough to graduate in the red with these loans.
One shouldn't be killing oneself with credit card bills from chionging!!
Don't tell yourself it's ok because once you start working, you will be able to pay back in no time.
That's self-deception.
Ok, lemme put it to you in your face:
Assuming you make
SGD3,000 (gross) upon graduation.
This is a figure I have gathered from some article on fresh uni grads in the banking sector. I dunno how many fresh grads can make this type of money, but let's just use it for our simulation purposes.
Your bring-home pay after CPF =
SGD2,400.
Your estimated
minimum monthly expenses are as follows:
- Transport (2.5 mrt rides per day) = 2 x SGD2.50 x 30 = SGD150
- Give parents (10% of nett income) = SGD240
- Food (1.5 meals per day) = 1.5 x SGD10 x 30 = SGD450
- Insurance = SGD200
- Mobile Phone = SGD70
- Clothes = SGD200
- Haircut + other vanity products = SGD100
For the basic necessities, you have blown a total of
SGD1,410.
You have about SGD900 left.
If your school fees and computer loans come up to about SGD500 per month, it means you have about
SGD400 left.
Remember, this SGD400 is meant to tide you over your lover's birthday, your occasional shopping for big items, someone's celebration in the office (demise of kin, birthday, newborn etc), class gathering(s) at Marche etc. And in the following year, you will have to pay about SGD90 for income tax (assuming no further deductions).
I almost forgot... Some donate a portion of their income to their religious organisation. Another 10%.
Even if you can make ends meet, what about saving for the long term? For that love nest (its purchase price + renovation costs? For that 'BM-thinks-it's-a-waste-of-money' wedding? Oh.. perhaps you intend to 'break-even' for your wedding? Or perhaps... make some money out of your family, friends and colleagues?
Say you manage to save SGD400 per month + all your bonuses (let's assume SGD6,000 in total), you have managed to save about SGD11,000 for that year.
Assuming you save at this rate for the next 5 years... You ought to have at least SGD60,000 in your savings account. (This is without investing your money otherwise.)
Yes... After 5 years of continual work, no expensive holidays, no chionging, very very few big items etc.
Am I being optimistic here?
I do know of people who barely have any savings after working for 5 years.
What's the downpayment for the HDB flat these days?
How about the renovation costs which ought to be in cash, unless you intend to take yet another loan?
And the down payment for the car. Oh... lemme guess... a 10-yr loan to drive away the brand-new Vios at zero down payment and a few hundred bucks for installment per month. Wait a minute.. Have you factored in the cost of petrol, road tax, insurance, ERP, parking etc??
................................
All I'm saying is that if you are starting on your own, i.e. parents can hardly help you much in terms of dollars and cents, then start to cultivate some sense, please!
This ain't no rocket science.
Common sense will do nicely.
My friend once bought a bumper sticker for me from the US, it says:
If Sense is so Common,
how come you don't have any?
=)))
I think to help those without Common Sense, I think it's best for the tertiary institutions to put up a compulsory online e-learning module on
Basic Personal Finance.
Who cares about the Human Resource Management (HRM) module when one cannot even calculate his own expenses soundly, right?!
Last time, we were brought up to think that once you made it to the University, you is set for Life.
Somewhere along the way, I think Inflation caught up with the value of the scroll(s).
Today, I think... The Life Struggle begins after you get your scroll.
So, don't start in the red, please.
It's tough enough to start on a clean slate oredi!!