SINGAPORE — Mr Karl Teo and Ms Doris Tan have been dating for the last three years, and plan to tie the knot and start a family soon.
The couple, both financial advisors, started saving up for their dream home in May 2022, but they have had to redraw their financial plans as inflation kept rising throughout the year.
“It affected our planning, but you have to stay adaptable,” Mr Teo said, adding that he and Ms Tan will consider setting a smaller budget for their wedding. So we have to save about S$200,000 in total, over three years. If we divide that by 12 months – that is the amount that we have to save every single month from now till then.
I realised that setting aside my monthly goal amount and manually transferring it from my savings account to another account was very hard initially. So I set up standing instructions, so part of my salary from my savings account gets automatically transferred to my goal account every month on a specific day.
We have the option to choose what kind of house, what kind of style we want. If we find a house that is just nice – the layout, the fittings, everything is ok – then we won’t have to spend so much on renovation. So that’s something we’ll look out for as well.But we believe in buying good furniture that will last us for a longer time, so that’s something that we are willing to spend on. We want furniture that can last and move with us into future homes.
I also think it’s important to not inflate your lifestyles too quickly. For example, maybe we could afford a condominium that meets our size preference, if we choose to stretch our budget a little. But it would mean taking on liabilities that are way higher than an HDB flat. For couples considering a resale flat, the HDB resale portal also provides flat and housing grant eligibility checks for interested buyers, she added. This would help them to know their loan limits before committing to buy an HDB resale flat.
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