Quote:
Originally Posted by catspajamas
Hey guys! Just wanted to know what are your savings habits like and whether i'm on the right track [w the format below]:
Take home aft CPF: $2,700
Save: $2,000 (~74%) every month
I'm currently 25 y/o female w no liabilities (live w parents, parents both working w income, not married, no sickness etc.).
(putting aside savings for BTO, no active investments at the moment, insurance paid for by parents)
I did receive some insights from my friends who told me im rly saving a lot, though i thought this was a norm because i always heard we should save aside 60% as a rule of thumb.
If you can offer more insights on how i can improve / do more w my savings, let me know too. I think this is a good place to share insights, anecdotes and advice for entry level workers/savers too.
What about you guys?
*This was inspired by what i read in the news ytd about singaporeans not having enough savings to last 6 months. |
TS, suggest that if you are working already and drawing a proper income, you should be paying for your own personal expenditure such as insurance and mobile phone bills etc instead of having your parents bear the cost. My honest opinion since you are asking how you can improve / do more with your savings.
Whether you give your parents an allowance or not, I shan't comment. Every household has their own way of working out their own shared finances. But at a minimum, I think you should fully bear the cost of your own personal expenses (which includes insurance).
Other than that, I think you're doing quite well. From my anecdotal observations, saving more than 20% of your pay puts you way ahead of many Singaporeans already.