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There is no point saving for the sake of doing it. Saving must come with an objective in mind. Learn to income and lead quality lifestyles.
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Increase your income
Savings rate is important but more important is improving your income. Increase your income but keep your expenditure low, that's the best way to increase savings.
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I don't think OP is being chided. She needs to be in an independent living environment to understand truly how much she can save. When I was her age, I spent about 400 a month. Then when I was married and doing graduate school, we spent about 30k a year. I thought if I made a 60k after tax, we will be saving comfortably. That turned out to be untrue.
While I can live a pauper's life, I can't expect my wife, kids, and our parents to live like this (and I don't want to). I want to make sure they are as comfortable they can and trust me, it is not cheap. That said, it is a good habit to save. My advice to you is that you save so that besides giving yourself options, you can be generous too. I have seen families broken apart because of money issues, where couples live more like two singletons than a family unit concerning finances. |
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Good to see that you are taking the comments positively. Fr your age, I guess you've just started working not too long ago. With a long career pathway ahead, the two most important things when it comes to finances is to work hard at increasing your income, and try not to get too caught up with lifestyle creep. If you can maintain your savings rate and plan your finances appropriately, you should find yourself in relatively good stead down the line. As someone also pointed out, saving money for the sake of saving up can be a difficult journey. The temptation to spend once you build up a tiny amt of savings is very real. I would suggest that you try to set some targets for yourself e.g. 100k savings by 30, 300k by 40 etc. Having a target helps to focus your efforts in savings and investments. |
take home = 3.3k
rent = 800 insurance = 300 expenses = 1100 savings + RSP = 1100 (33%) |
8k..after cpf 6.8k.
Spendings 1.5k. Saving 5.3k per month. 32 with gf. |
take home = 4.4k
parents = 800 insurance = 300 expenses = 1900 savings = 1400 (32%) single no kids stay with parents |
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