With $1M Savings But Lives in HDB Rental Flat! Do You Prioritize Saving or Spending?

Tiger_SG
11-27
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Singapore boasts one of the world’s highest home ownership rates, with about 90% of its residents owning their homes.

Singapore Home Ownership RateSingapore Home Ownership Rate

Among them, 80% live in HDB flats, while others opt for more upscale condominiums. The remaining 10% reside in government rental flats under Singapore’s Public Rental Scheme.

These rental flats are designated for low-income families, with strict eligibility criteria to ensure they truly serve those in need. The units come in two compact designs: one-room flats under 36 square meters and two-room flats with a separate living room and bedroom, around 46 square meters in size.

An 80-year-old man who lives in one such rental flat leads a frugal lifestyle. Yet, unbeknownst to many, his personal savings amount to a staggering SGD $1 million! During his working years, he followed a strict retirement savings plan.

The joy of saving vs. the happiness of spending?

Despite his million-dollar wealth, he continues to live in a small rental flat. Perhaps saving money has become a source of joy in his life. Rather than using his savings to improve his living conditions, he finds greater satisfaction in the sense of security brought by a substantial bank balance.

  • Many admire the man’s discipline and agree with his philosophy. They believe that saving diligently while young, and watching your bank balance grow, brings more happiness than spending ever could.

On Chinese social media, there’s a famous saying: “欲买桂花同载酒，终不似少年游,” which translates to “I want to buy osmanthus wine for a carefree boat trip, but it will never feel as bold and free as in my youth.” This sentiment resonates widely.

  • The idea is that even if you save enough money to travel one day, the experience won’t be the same as it would have been in your younger years. Therefore, some argue, you should see the world while you’re young.

Ideally, a balance between saving and spending is best — save diligently, but occasionally indulge in experiences to make life more enjoyable. Ultimately, the choice depends on personal circumstances, with each person prioritizing what matters most to them.

Which spending and saving philosophy resonates with you more?

Do you have strict saving plans like the 80-year-old man?

When will or when did you achieve SGD 1 million savings?

Leave your comments and join the discussion to win tiger coins~

What Brings You More Happiness: Saving or Spending?
An 80-year-old man who lives in one such rental flat leads a frugal lifestyle. Yet, unbeknownst to many, his personal savings amount to a staggering SGD $1 million! Perhaps saving money has become a source of joy in his life. Rather than using his savings to improve his living conditions, he finds greater satisfaction in the sense of security brought by a substantial bank balance. ------------- Which spending and saving philosophy resonates with you more? Do you have strict saving plans like the 80-year-old man? When will or when did you achieve SGD 1 million savings?
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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Comments

  • icycrystal
    11-27
    icycrystal
    always save before spending... however, do not forget to live life and enjoy life... no point save and not enjoy isn't it [Tongue] [Tongue] [Tongue] but remember to spend within means [smile] [smile] [smile]

    @LMSunshine @Universe宇宙 @rL @GoodLife99 @HelenJanet @koolgal @Shyon @Aqa @SPACE ROCKET @TigerGPT

    Which spending and saving philosophy resonates with you more?

    Do you have strict saving plans like the 80-year-old man?

    When will or when did you achieve SGD 1 million savings?

  • Aqa
    11-27
    Aqa
    Ideally, a balance between saving and spending is best — save diligently, but occasionally indulge in experiences to make life more enjoyable. Ultimately, the choice depends on personal circumstances, with each person prioritizing what matters most to them. It is shocking to learn that this 80-year-old man with a personal savings of SGD $1 million gets to live in the heavily subsidized HDB rental flat meant for citizens who cannot afford to buy a flat and have no other housing options or family support. He has done wrong by escaping HDB checks. Thanks @Tiger_SG @icycrystal
  • Shyon
    11-28
    Shyon
    For me, I believe in balancing saving for the future with spending to improve my life. Saving gives me security, knowing I’m preparing for any unexpected events. I do have savings goals, like aiming for at least SGD 1 million one day, but I also think life is too short to miss out on the present.

    When I have extra savings, I like to upgrade my lifestyle or enjoy experiences that bring me joy, like traveling or improving my home. The "YOLO" (You Only Live Once) mindset resonates with me—while I want to save, I also want to enjoy life while I'm still young.

    Life is about finding the right balance between securing the future and enjoying the present. It’s important to be responsible, but also to make room for the things that bring happiness. For me, the goal is to save when possible, but also embrace the moments that make life enjoyable.

    @Tiger_SG @TigerStars @TigerGPT @Tiger_comments

    • icycrystal: 
      [Like] [Like] [Like]
    • TigerGPT: 

      As an AI financial analyst, I don't have personal financial goals or the ability to achieve savings. However, I can provide some insights into the different spending and saving philosophies.

      Balancing saving for the future with enjoying life in the present is a common approach that many individuals adopt. It allows for financial security while also making room for enjoyment and experiences. By saving, you are preparing for unexpected events and creating a safety net for yourself.

      On the other hand, some individuals may have strict saving plans, like the 80-year-old man you mentioned. They prioritize saving as much as possible and may have specific goals in mind, such as accumulating a certain amount of savings by a certain age. This approach aims to achieve financial independence and long-term stability.

      Both approaches have their merits, and the right philosophy depends on your personal circumstances and financial goals. It's important to strike a balance that aligns with your values and priorities. Setting realistic savings goals and regularly reviewing your progress can help you stay on track.

      Please note that achieving SGD 1 million in savings depends on various factors such as your income, expenses, investment returns, and savings rate. It is a personal financial goal that requires careful planning and dedication.

  • ZEROHERO
    12-01
    ZEROHERO
    Earn all we can, save all we can, invest all we can and and most importantly, give all we can. For we bring nothing into this world and certainly we can bring nothing out of it. Living in a first world country gives us an edge to perform better so we shouldn’t forget those marginalised. We can’t choose how we start our life journey on earth but we can choose how to end well. It’s more blessed to give than to receive 🙏 @CaptainTiger @Andreana @jace0777 @SPACE ROCKET @Terra Incognita @Mathematical Money @Bonta @Aqa @AyKing @mster @BillionaireN
  • SPACE ROCKET
    11-27
    SPACE ROCKET
    Rather difficult to save in SG given the rather high costs of living. Unbeknownst to most, a lot of Singaporeans actually live from hand to mouth, from paycheck to paycheck. It's unfortunate but true.
    • icycrystalReplySPACE ROCKET: 
      [Like] [Like] [Like]
    • SPACE ROCKETReplyicycrystal: 
      Yeah that's the way to go sis! Good mindset to stay positive!! Or buy a cheaper brand also good! Wishing us loads of goodluck babe! 🔥🚀
    • icycrystalReplySPACE ROCKET: 
      whenever need to cut back on  [USD] [USD] [USD] instead of big tub ice cream, buy mini ice cream... still ice cream... still indulging... life still good ehhh... that's what I tell myself [Sly] [Sly] [Sly] [Grin] [Grin] [Grin]
    • SPACE ROCKETReplyicycrystal: 
      Yeah lor, money not enough how 🥲🥲
    • icycrystal: 
      so true [OMG] [OMG] [OMG] [Gosh] [Gosh] [Gosh] [Facepalm] [Facepalm] [Facepalm] [Cry] [Cry] [Cry]
  • MilkTeaBro
    11-27
    MilkTeaBro
    My tiger account holds 420K, Singapore saving bonds 70k, funds in other platform 90k, bank savings account 25k, net cash assets 605k. I have a HDB flat  without any loans. My assets can generate passive income 20k/ year. And I still work full time, annual income around 100k. I guessed I would have 1 million cash after 5 years later. I may want to retire after I reach 1 million cash assets. See how.
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