Where to buy bike?

[Icomeforyou]

Hey there pal,

 

Savings wise, I do not have ( I had savings, just that I paid my bills monthly and at times, i don't work due to exams )

I am currently earning $300-400 for student study period, if holidays will be earning $800+/-

Yes I do have to serve NS, I am waiting for spore police force to offer me contract to sign on with them for 5 years ( that's the MTE - Minimum Term Engagement for pre-enlistees to sign a bond of 5 years which inclusive of the 2 year NS inside already )

 

Currently I have thoughts of keeping the bike till I get my class 2 license but things sure changed as I read from other users, once passed 2A, sure upgrade bike due to all kinds of factors e.g peer influence, craving for better performance or speed etc

 

The expenses increment is due to credit card bills - such as food ( i do eat alot ) and supplements ( once every 2 months ). This happen lets say... once every 3-4months?

 

Debts? Yes, a $5k debt ( not illegal things ah lol), a loan I took from my lecturer and she said can slowly repay her time by time, no rush ( after ns, also can or when i have a stable income )

 

Hello,

 

Okay, frankly, I am not of the opinion that you should get your bike. Because, primarily, your coming year still a bit unpredictable. I'm not sure of pre police ns training, whether they allow you to ride bike into PA, so, if they do, well okay, but if they don't your bike will be seating there usable only on weekends, at least for the first 3 months.

 

Secondly, you're looking to buy an old bike, meaning, again unless the owner took pristine care of the bike, it might give you some problems, and I don't think you would like to spend your booked out days at a mechanic waiting for them to patch up your bike.

 

Thirdly, your life style is rather high maintenance, supplements + many meals (neither come cheap) and hence, will also dent your income.

 

NS pay for regular assuming you are signing on as poly grad is 1958 ( From spf website). But first 3 months you are cadet, meaning your pay more likely to be 15-16? Minus CPF 20% = 12 - 13. You need to pay back poly (assuming you used cpf = $100) = 11-12. Minus your expenditure, plus living expenses, and the bike will cripple your long term.

 

I would also advocate that you return the loan asap, preferably in the first year even though your lecturer is nice. Your mean income for the first 12 months will already be about 12 x 3 = 36 + 15 x 9 = 135 Total = $19400. Your total debt = $6000 (Poly) + $5000 (Personal) = $11000 already.

 

Of course not saying you must pay off one shot, but over time, your total debt without the bike already more than 50% of your total income. Haven't included your living expenses , bike insurance, maintenance + Season parking + petrol. Plus you mention your pt degree, most schools do installments of 4k per semester, so you have to save up 4k from your average salary of 1.4-1.5 every 5-6 months.

 

Well of course, the plan I envision is to get debt free asap, so it might not be what you have in mind. But in any case, still would like to caution against taking more debts when you can be clearing them.

 

Do feel free to contest me or ask further. =)

[Nikkkolaaa]

Hello,

 

Okay, frankly, I am not of the opinion that you should get your bike. Because, primarily, your coming year still a bit unpredictable. I'm not sure of pre police ns training, whether they allow you to ride bike into PA, so, if they do, well okay, but if they don't your bike will be seating there usable only on weekends, at least for the first 3 months.

 

Secondly, you're looking to buy an old bike, meaning, again unless the owner took pristine care of the bike, it might give you some problems, and I don't think you would like to spend your booked out days at a mechanic waiting for them to patch up your bike.

 

Thirdly, your life style is rather high maintenance, supplements + many meals (neither come cheap) and hence, will also dent your income.

 

NS pay for regular assuming you are signing on as poly grad is 1958 ( From spf website). But first 3 months you are cadet, meaning your pay more likely to be 15-16? Minus CPF 20% = 12 - 13. You need to pay back poly (assuming you used cpf = $100) = 11-12. Minus your expenditure, plus living expenses, and the bike will cripple your long term.

 

I would also advocate that you return the loan asap, preferably in the first year even though your lecturer is nice. Your mean income for the first 12 months will already be about 12 x 3 = 36 + 15 x 9 = 135 Total = $19400. Your total debt = $6000 (Poly) + $5000 (Personal) = $11000 already.

 

Of course not saying you must pay off one shot, but over time, your total debt without the bike already more than 50% of your total income. Haven't included your living expenses , bike insurance, maintenance + Season parking + petrol. Plus you mention your pt degree, most schools do installments of 4k per semester, so you have to save up 4k from your average salary of 1.4-1.5 every 5-6 months.

 

Well of course, the plan I envision is to get debt free asap, so it might not be what you have in mind. But in any case, still would like to caution against taking more debts when you can be clearing them.

 

Do feel free to contest me or ask further. =)

 

Hey, thanks for the point of view you gave me. Yes I know myself have a little high maintenance. Oh well, trying to save every bit I can . My debt is only $5k, the 6k debt I do not have at all.

 

And before I sign on with them, I will clarify whether during my training pay is the same as my regular pay because I'll be joining them as Regular in Police force. From what I asked during my interview, they told me will be paid full salary during 6 months of training in PA.

 

Yes, nice to talk and meet people like you in forums!! I hardly use forums due to busy - work, study , sports lol.

 

If so, may I ask whether is it feasible if I complete my PA training ( 6months later ) then save aside my PT degree school fees of 4k ( 24k / 6semester ) then save up for a bike?

[Icomeforyou]

Hey, thanks for the point of view you gave me. Yes I know myself have a little high maintenance. Oh well, trying to save every bit I can . My debt is only $5k, the 6k debt I do not have at all.

 

And before I sign on with them, I will clarify whether during my training pay is the same as my regular pay because I'll be joining them as Regular in Police force. From what I asked during my interview, they told me will be paid full salary during 6 months of training in PA.

 

Yes, nice to talk and meet people like you in forums!! I hardly use forums due to busy - work, study , sports lol.

 

If so, may I ask whether is it feasible if I complete my PA training ( 6months later ) then save aside my PT degree school fees of 4k ( 24k / 6semester ) then save up for a bike?

 

No worries, we help out each other around here =)

 

Okay, they will say full paid salary, but salary is accordance to rank. So people have allowance of $400 now is it? per month, you will be paid, not a Sergeant's pay of 1.9k, (because its according to rank) , but Recruit pay of maybe 1.4-1.5k per month. It is only after the 3 months of Basic, then maybe another few months of training here and there, maybe about 9 months, when you get promoted to Sergeant, then you will draw the full 1.9k.

 

Cool, so you have outstanding debt of 5k, try to clear this asap. Several financial books advocate the 10-20-70 ratio of income, 10% keep for savings, 20% for debts, and 70% for your usage. However in your case, as during training you will be in camp regularly, you can up the weightage of debts from 20% to 40-50% considering your meals are provided for by tax payers.

 

Ideally, you should start saving as soon as possible, meaning even your first month pay save maybe 2-300 (Which may be too little). I certainly wouldn't expect you to spent your entire pay check? So meaning you can put aside quite a hefty amount each month. Which PT degree you eyeing? Always invest in yourself first. So yes, you are correct and feasible.

 

And if you are eyeing scramblers and plan to stick with one for a long time, Honda has a WR200 or something rather recent? The silver lining, its a 4 stroke engine. Meaning better fc and lesser maintenance