80% of respondent in survey says they have only 3 months emergency savings

[jw5]

3 months is overrated as most of them are credit card slaves, house loan slaves and car loan slaves. They cant even survive 2 weeks.

I have friends who are in deep financial trouble after being retrenched. the compensation dry up fast and the future looks dark. Most of them can't even survive 1 week after the compensation is used up.

1 friend ever quote me, "even if I don't eat, my car still need to eat." and he is single and living in his parents' house. What about those who are married, with kids, with house loans?

That fool can always sell his car right?

 

[Conan the Barbarian]

That fool can always sell his car right?

Probably not as he cannot afford to pay up for the balance of the loan after selling the car.

Most married people with kids have more than enough buffer, if they are responsible.

 

[Leongsam]

Just came across an article in today's Zaobao. In a survey conducted by Citibank, 80% of respondent says that in the event they are being retrenched or laid off, they would only have savings to last approximately 3 months.

That's really pathetic. Singaporeans earn such high salaries that 80% should have reached financial independence by the time they are 40.

Sinkies obviously have no discipline when it comes to saving for a rainy day.

 

[makapaaa]

That's really pathetic. Singaporeans earn such high salaries that 80% should have reached financial independence by the time they are 40.

Sinkies obviously have no discipline when it comes to saving for a rainy day.

I share the same sentiment! Sporns should learn from my Familee and make their cash works harder for them. *zzzz*​

 

[chinkangkor]

Fingers crossed for what?
Little drips and draps from the masters?

That is the last shred of hope for many who lives from hands to mouths.

 

[R4g3]

That fool can always sell his car right?

he is those who stretch maximum loan type, sell car need to cough out money. not sure how much but maybe 6-8 thousand.

 

[lifeafter41]

Probably not as he cannot afford to pay up for the balance of the loan after selling the car.

Most married people with kids have more than enough buffer, if they are responsible.

I do know there are those who took 10 years loans on their car. Even better, there are even those that took 10 years loan with CASH REBATE.

They had better pray hard that they do not lose their jobs or business. Or else how to pay it back. Even if car lelong, probably have to top up at least another 10k or more, if it is sold within the first 3 years.

 

[jw5]

I do know there are those who took 10 years loans on their car. Even better, there are even those that took 10 years loan with CASH REBATE.

They had better pray hard that they do not lose their jobs or business. Or else how to pay it back. Even if car lelong, probably have to top up at least another 10k or more, if it is sold within the first 3 years.

10 year loan?
The car must represent a lot to them.

 

[lifeafter41]

10 year loan?
The car must represent a lot to them.

It is an aspiration to be able to own a car in Singapore.

 

[nextinfidel]

It is an aspiration to be able to own a car in Singapore.

anyway, I heard there is a new dastardly way to avoid your car from having re-possessed.

can't pay your mthly installment due to a job loss? sell off your car first to a 2nd hand dealer and collect that money. when the repoman/bank comes calling, viola!! there is nothing for him to tow away. and the money is safely in your pocket.

how effective or true this is, pls verify.

 

[0939]

They realised their hats is getting too big to wear

 

[VIBGYOR]

MIW :U peasants die is your own business.Don't come and disturb me counting my gold bars.

the world has the most billions of trillions of dollars

and yet there are hundred of millions going hungry everyday.

are you sick or sad?

 

[VIBGYOR]

can't pay your mthly installment due to a job loss? sell off your car first to a 2nd hand dealer and collect that money. when the repoman/bank comes calling, viola!! there is nothing for him to tow away. and the money is safely in your pocket.

obviously you have never sold a car before?

 

[nextinfidel]

obviously you have never sold a car before?

Looking at the no. of ERPs, payments, repossessed cars, accidents, I've wouldn't dare even think of buying a car before.

 

[Helena09]

According to what I've read, the general rule is that each individual, or by extension every family unit, should have at least six months of basic expenditures in emergency savings at all times. However, many cannot keep it in check, as a recent Bankrate study found almost one-third of participants lacked any. Get more data here: Bad credit loans with payment plans