How much do we actually need?

@Sanitary (3968)
Singapore
March 1, 2011 10:15pm CST
Different jobs in different countries has different salary packages to their people. Some may be high income earners while some might earn just enough to scrap by. At the end of the month, no matter how much we earn, we will always hear that money is not enough to go around. Thinking back, do we really need thousands or 10s of thousands of monthly salary? I did my own calculation based on basic needs with some cheap entertainment, i only require about S$800 to survive comfortably! It's much lower than what i expected it, and with that amount, i'm still able to set aside at least S$50 for savings! So guys, do your calculation to find out how much do u actually need to survive.
2 people like this
11 responses
@huruxiao (39)
• China
3 Mar 11
To me,the calculation to find out how much do one actually need to survive can't say anything.Firstly,you don't fall form sky,so you need to provide you parents and to breed your childen.secondly,surviving is a consecution,you can't only survive today,this month or this year,you consume something that you got before,so you need to prepare something for the future.Thirdly,you maybe get ill or become old in one day when you can't work,so you need saving some money for urgent needing.In those mean,salary is buying-power that you get.Further more,salary is substance that you can use in you mind,so you can get calm from salary.
2 people like this
@Sanitary (3968)
• Singapore
3 Mar 11
YEs, but does having more salary means that one is able to save up more? On the contrary, it's not. The more one earns, the more one spends, especially when insurance companies come knocking, asking to pay high premiums, credit cars and many more. IF one is earning a lot, it means they should be very busy at work, with that, there will be a lot of entertainment to clients, and lots of travelling to do. At the end of it, earning more comes with a price.
1 person likes this
@cher913 (25782)
• Canada
2 Mar 11
its just that we all have a case of consumeritis which means we just buy, buy and buy even if we dont need the stuff. we still keep buying. if we only bought what we needed and not what we wanted, it would be very different.
2 people like this
@Sanitary (3968)
• Singapore
3 Mar 11
Yes, u are right. ONly buy what we need, spend on what's meant to be paid for, and that would make our money last beyond the month.
1 person likes this
@kun2349 (23381)
• Singapore
10 Mar 11
$800? lol =D That's not gonna be enough for me for sure! It's way too low for me to survive even if i'm spending like u. My food per month is already costing me at least $800 while my bills are choking up at about $200. Not to mention my household expenses as well as some miscellanous fees, i think i would need about 2k or more to survive.. haha
1 person likes this
@Sanitary (3968)
• Singapore
11 Mar 11
I'm just stating the basic expenses i need in my life. When i'm busy with work, i won't have the time for entertainment and so no need for cosmetics all that. While food, can be eaten at home and that's how i save. 2k is more than enough for me, and i should be able to put aside at least $500-$600 for savings and investment purposes.
1 person likes this
• Philippines
2 Mar 11
I do my calculations every month, and every month based on that my salary is just enough to pay for all the bills and give me a little more savings... But even with that, every single month, I still come up short.. I guess it's those little things that we buy, or those sale stuff that I was tempted to swipe in my card that really sets me back..
@Sanitary (3968)
• Singapore
3 Mar 11
YEs, when we have some extra money about paying for bills and other neccessities, we tend to feel the temptation to spend them all, than to leave them in the back. I'm fighting those temptations too, and i'm lucky to be able to do it.
1 person likes this
@kingparker (9673)
• United States
2 Mar 11
With all the utility bills, and food and other expenses, I might need more than $800 to keep myself survive here though. Money is never enough, and we need more than simply a hermit life right? We have our desires, and wants for different things from television commercials and other seductions. So, more and more money we wish to get. We definitely look forward to make more money, don't we all?
1 person likes this
@Sanitary (3968)
• Singapore
3 Mar 11
What we want may not be what we need. As long as we are able to differentiate it clearly, we would be able to have more money. Even for us adults, if we want something, we ought to save up for it, and not go all out to buy upon our next paycheck.
@tiffnkeat (1673)
• Singapore
2 Mar 11
Hi Sanitary, I guess when you started this discussion, you are thinking of the here and now. For many, the amount is for planning down the road for retirement. I am quite curious how you arrive at the figure for living in sg. We could meet and discuss. If it were really true, I pay you a meal. If I show you that what you calculated may not be sufficient, maybe you buy me a meal? hehe.. Have you taken into account the following. 1) housing (including taxes) and utilities 2) children and their education + the rest of the same list. 3) insurance 4) transport 5) other taxes 6) groceries and food 7) basic entertainment 8) clothing 9) for you cosmetics and beauty treatments (eg. hair salon or even QB) and most importantly 8) medical consultation and contingencies (or accurately emergencies) and many more... (
1 person likes this
@Sanitary (3968)
• Singapore
3 Mar 11
1)Housing, take a loan with lower interest but higher payback which might be about $300 (part of it paid by parents) 2)No children yet, because not married, thus can afford to save now 3)Insurance, basic coverage about $40 a month 4)Transport about $110 on a daily basis, via bus/train 5)No tax to pay as i'm under the minimum 6)Grocies and food = household expenses, $300 Lunch for work will be about $60 on a monthly basis, while clothing need not buy every month, and cosmetic, only simple ones. I'm not a performer so need not so many. Medical consultations, will be from my savings.
@akinad (446)
• Philippines
2 Mar 11
I am a freak when it comes to budgeting. Before I even spend our earnings, I need to put all the basic necessities and commodities on paper and allot certain amounts for it. I have the need to see if all will be met. However, despite the budgeting, there will still be lots and lots of things that need to be addressed financially. I always felt like our money is never enough to cover all things :( I guess calculations and budgeting is not enough. What I need right now is an additional source of income to make all ends meet.
1 person likes this
@Sanitary (3968)
• Singapore
3 Mar 11
I tried the same method in the past too, and i realise it's useless because i will end up having to spend more money than saving it. In the end, i stop budgeting, and try to stretch my dollars instead. Stetching of dollars is the best possible way to save and still be able to get what we need. With every dollar stretch, it means every dollar saved too.
• Singapore
2 Mar 11
I don't really need alot for myself because I don't spend much. But I do set aside for monthly expenses, bills and insurance.
1 person likes this
@Sanitary (3968)
• Singapore
3 Mar 11
That's good for u. As long as u are able to have savings at the end of the month, it means u are doing good.
@jazel_juan (15747)
• Philippines
2 Mar 11
It is hard to say how much i need because what me and my huby earn right now is just enough for our needs, barely to some luxuries. The thing is, i have 3 kids so i guess i need more for me to be able to give them their basic needs.
1 person likes this
@Sanitary (3968)
• Singapore
3 Mar 11
Life should be simple, and need not be luxury. IF everybody is able to live a luxury life, what will luxury mean to those rich? No difference right? U have 3 kids to provide for, and it's natural for your expenses to be higher than most of us.
@larrychen (165)
2 Mar 11
Well, good discussion here. I never calculated how much I actually need to sustain the daily life and some necessary entertainment, but I know it won't be a great number. However, I have to earn as much as I can in order to afford a house in the city, where the price of house is so high. And I also have to do much saving for buying a car which is so necessary a tool. As a result, although I don't need very much to survive, I really need a high salary to get the foundation of my life. Then, maybe my life will be a little relaxing~~
1 person likes this
@Sanitary (3968)
• Singapore
3 Mar 11
Most of us need to earn money due to our future. Like u mentioned, u don't need much to survive, but it's the circumstances we are in, makes our future seems miserable.
@staria (2780)
• Philippines
2 Mar 11
I really got my hands full when it comes to budgeting, sometimes even w/o knowing it my mind is running into countless budgeting schemes and Im trying hard to figure out how can our money at hand can be utilized and worked out to the fullest. I really can't give you a figure but what we work on what we have. My husband's job isnt as stable as mine, so budgeting is a must.
1 person likes this
@Sanitary (3968)
• Singapore
3 Mar 11
I understand that. What i can say is, stop budgeting. It will only make one feel worse, poorer than they really are. It's just like having the money in hand, yet we are not able to spend due to constraints? U should actually stretch your dollars in order to save more.