I am 30 this year and recently I have been thinking and yearning to move out of my parents apartment and buy my own apartment. A place where I can call home. But I can’t do that until I am 35, me being single and if I want to buy an HDB flat, then 35 is the age when I can buy a flat for myself to live in. 5 years of waiting of planning. And all the time this part few months, of imagining myself owning my own home, naturally led to thinking about money.
Buying a home is a significant investment and commitment. The cash deposits, the bank loans, the monthly mortgages, more bills to pay, all led to the fact that I had to start thinking about money more and more often. Lately I have kinda obsessed in managing my money, to the point where I no longer think of where to save, or how much cash saving I should have, but more in the veins of: How much emergency funds should I have? How much of the monthly mortgages am I comfortable at paying? How much money should I put in my retirement fund? Where should I invest? For how long? How much can I afford in buying a house? Where should I look for, for my first home? So many questions. So many adult questions!
My thinking about money has become so granular, that every dollar is carefully considered. Of course, keeping a tight lid and having sheer discipline in managing your money all the time is unrealistic. Circumstances change, you might lapse in your spending habits, and there will be days where you might have the extra cash to do anything you want, be it saving or spending. Again so many decision, its paralysing.
I used to think that I should just set aside the amount of money I should save, and then whatever is left is for spending. That is no longer the case. Life just got a little more complicated. Savings, expenditures, investments, deposits, withdrawals, transfers, mortgages etc.
I have 5 years to plan. 5 years to determine where I should go where my money is concern.