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Old 28-01-2010, 07:18 PM
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You're on your way. Don't forget your income will increase over time, and if you maintain your rather frugal lifestyle, you will be able to save more and more.

Learn to invest wisely too.

Quote:
Originally Posted by Unregistered View Post
Below are my actual earnings and savings since i graduated at age 24 from nus in June 2006.

Please advise on how i can increase my net worth.

24, my starting salary was $2500, $2000 after CPF.

Income from June - Dec 2006: $15000 + $2500 (1 month bonus), $14000 after CPF
Monthly expenses from June - Dec 2006:
Give parents: $300
Tuition fee loan repayment: $200 (Balance at end of 2006 is $18800)
Insurance: $200
Food: $400
Transport: $200
Misc: $200
Savings: $500 per month.
End of 2006, savings accummulated: $3000

25, salary increase to $3000
Income from Jan - Dec 2007: $36000 + $6000 (2 month bonus), $33600 after CPF
Monthly expenses from Jan - Dec 2007:
Give parents: $300 monthly
Tuition fee loan repayment: $200 (Balance at end of 2007 is $16400)
Insurance: $200
Food: $400
Transport: $200
Misc: $200
Savings: $900 per month.
End of 2007, savings accummulated: $3000 + $10,800 - $1000 (Got bonus give parents)

26, salary increase to $3200
Income from Jan - Dec 2008: $38400 + $8000 (2.5 month bonus), $37120 after CPF
Monthly expenses from Jan - Dec 2008:
Give parents: $300
Tuition fee loan repayment: $200 (Balance at end of 2008 is $14000)
Insurance: $200
Food: $400
Transport: $200
Misc: $200
Savings: $1060 per month.
End of 2008, savings accummulated: $3000 + $10,800 -$1000 (Got bonus give parents) + $12720 - $1000 (Got bonus give parents)

At this stage, i cleared off my loan to save on the interest. So my savings decreased to $10520.

27, salary increase to $3500
Income from Jan - Dec 2009: $42000 + $10500 (3 month bonus), $42000 after CPF
Monthly expenses from Jan - Dec 2008:
Give parents: $400 (Give parents more money + extra given due to bigger bonus)
Insurance: $200
Food: $600 (Got gf now, so expenses increased)
Transport: $200
Misc: $200
Savings: $1200 per month.
End of 2008, savings accummulated: $12520 + $16800 - $1000 (Got bonus give parents)

28, salary increased to $3800

I'll continue the rest at the end of the year.

So currently, i have accummulated $28320 of savings.

Please teach me how I can increase my savings. I have applied for bto which is going to to ready in 2013. So probably will be getting married in a few years time.

I have been working for 3.5 years but I don't think I can accummulate savings of 100k after 10 years of work which some of you did.

My salary is already 1 of the better ones among my peers who are working in the offices and non sales related.
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