my MPF is my saving is that ok LOL
< 20% (Working - Salary)
20% - 40% (Working - Salary)
40% - 60% (Working - Salary)
> 60% (Working - Salary)
< 20% (Retired - Passive Income)
20% - 40% (Retired - Passive Income)
40% - 60% (Retired - Passive Income)
> 60% (Retired - Passive Income)
I am not going to pay vets bills for my kids Dental fees are not an emergency, we just wouldn't eat out or go on a trip that month. Remember this is the Philippines, things rarely cost much. My sister in law was just quoted for a caesarian operation in a private hospital, private ensuite room with a spare bed for visitors for three nights, care and medication for her and the baby - total HKD 5200. I wouldn't classify that as an emergency.
The emergency fund is very small. I did all my saving to ensure we have a rent/mortgage free nice house, some other properties for the future (that is my savings if you want), my wife has her small business to provide her independent money, we both have cars, kids are going through private education. If I die my wife is set up ok. To put it into context my pension is about ten times the average salary here - that is before my state pension starts.
I've found my spending habits don't change too much even when income varies.
when i earned more, i felt less guilty spending but i never spent more than i made. Now when i earn less, i feel a bit more guilty, but i don't feel my lifestyle has suffered much and i still spend less than i make. I just saved more before.
To whoever is saving more than 60% in retirement, (i.e. drawing less than 1.6% of your nest egg) that is extremely impressive!
Maybe not if you consider these numbers.
https://geoexpat.com/forum/40/thread180353.html