Financial advice

I recently discussed finances with my husband, who is self-employed. His income varies and has decreased tremendously since my pregnancy last year. He's been trading at home, but unfortunately lost money in the last few months, which was meant for our HDB next year. I'm worried of his ability to save up, because of his poor saving habits. He also has a poor record of working consistently. I am still working and have decent amount of savings and cpf. My partner on the other hand, doesn't have much savings and barely any cpf. I worry about our financial stability and matters concerning hdb loan, if we can get the same amount. I worry HDB might reduce our loan and that means even more upfront money. Should I encourage him to focus on his work and help less at home? How can I best support him in improving our financial situation? Any advice on HDB loan for self employed worker?

Anonymous

4 Replies

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Just sharing my experience. I was in a same situation as your husband too few years ago (self employed, income varies, trade and lose money and HDB was due the following year and had to pay cash due to loan limit too). And as a self employed, I couldn’t get much HDB loan as compared to being an employee. It was really stressful as there were so many upcoming responsibilities. I decide to find a full time job and finally found one 6 months before my key collection. At least there’s a fix income, CPF to pay for house and I could get a higher loan amount for my HDB too. I could also set a fix amount to save every month, track expenses and still do trades on days when I see good opportunity. Mentally I was less stress and was financially stable too. Even though I had to adapt to being an employee again after being a self employed for many years and also cut unnecessary expenses as my income is not as high as being a self employed. But it was the best decision made for my little family.

Skye

1y ago

I wished I could convince my husband to take on a full time job. he has been self employed his whole life and I've spoken to him so many times abt this. he is anti cpf and anti corporation, it's so hard

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Home Pregnancy i recently discussed finances with husband who self employed income varies