The past year has been a period of notable growth and significant challenges. My assets grew from $143K to $180K in 2024, primarily due to paper gains from investments in OCBC and cryptocurrencies. This growth was a marked improvement over previous years, where I typically anticipated an annual increase of $6K–$10K based on modest monthly savings, given my family commitments. The asset calculation excludes property, joint savings, and an endowment shared with my spouse.
Despite achieving financial progress, 2024 was personally challenging. In January, I moved into a new flat with my wife and son, taking on the responsibility of managing daily household and family duties independently for the first time. This transition brought a significant financial impact, as a larger share of my monthly income now goes toward household expenses—costs that were previously non-existent when living with my parents. Expenses such as Service & Conservancy Charges (S&CC), utility bills, and broadband alone amount to nearly an additional $400 each month. While spending on daily necessities hasn’t increased substantially—partly because we previously dined out frequently—the overall expenses remain considerable as we now prepare and eat meals at home more often.
In addition to these expenses, infant care represents a significant monthly recurring cost. Even after subsidies, it amounts to over $700 per month. Things improved slightly when my child transitioned to playgroup at 18 months old a few months ago, as the fees dropped significantly. However, with another child arriving in 2025 who will also likely attend infant care, the combined "school fees" for both children are expected to exceed $1,000 per month.
Goals for 2025
- Asset Growth: Building on this year’s progress, I have set an ambitious goal of increasing my assets by 40%, reaching $250K by the end of 2025. This will require strategic planning, disciplined investments, and careful budgeting to ensure sustainable growth amidst economic uncertainties.
- Pursue Passion Projects: I aim to invest time in exploring passion projects that align with my interests and long-term goals. These projects may serve as creative outlets, personal development opportunities, or even avenues for additional income streams.
Reflection and Outlook
Looking back on 2024, the year underscored the importance of adaptability, efficient time management, and strategic decision-making. Moving forward, my focus will remain on balancing financial growth, family responsibilities, and personal development.
As we step into 2025, I am optimistic about the opportunities ahead and am committed to staying disciplined in achieving my goals. To anyone reading this, I extend my wishes for a successful and fulfilling year ahead.
