How much do you earn and save? - Page 3 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




How much do you earn and save?

 Citibank Cash Back Card - up to $350 cash back* - Click to Apply Now 
Reply
 
Thread Tools
  #21 (permalink)  
Old 02-06-2020, 10:21 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Frankly you screwed yourself over by paying so much for 'insurance' plans. Most of what u paying for is not even insurance, it's investment/savings plans, a lot of it is paying for your agent's BMW. I also make 5K but spend only $60 per mth on insurance. I save and diy invest probably 3000 per mth. Give my single parent $400 per mth and utilise my parent's own money to help her some passive no risk income.

And the rest of you scolding OP for not giving more money to her parents have no right to any moral high ground, filial piety is not just throwing money at your parents. A child is not an investment.
I agree, cancel your insurance **** plans man. 5k is decent and you should be saving alot more.

Reply With Quote
  #22 (permalink)  
Old 02-06-2020, 10:59 PM
Unregistered
Guest
 
Posts: n/a
Default

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.

Reply With Quote
  #23 (permalink)  
Old 03-06-2020, 10:21 AM
Unregistered
Guest
 
Posts: n/a
Default 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.

Reply With Quote
  #24 (permalink)  
Old 03-06-2020, 11:23 AM
Unregistered
Guest
 
Posts: n/a
Default

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.
Reply With Quote
  #25 (permalink)  
Old 03-06-2020, 04:27 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
assuming the following monthly expenses:

- give parents $200 each = $400
- 62 packets of Caipng a month = 62x 3.5 = $217
- hp bill: $25
- broadband bill: $30
- cut hair: $3.80 snip avenue
- walk to work
- weekend: jog, play football, basketball, Badminton at public court

Doable.
Lanjiao lah go cut hair $3.80. Threadstarter is a female. Most probably go salon cut and wash alrd $30+. Havent talk abt hair treatment and all.
Reply With Quote
  #26 (permalink)  
Old 03-06-2020, 07:43 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
assuming the following monthly expenses:

- give parents $200 each = $400
- 62 packets of Caipng a month = 62x 3.5 = $217
- hp bill: $25
- broadband bill: $30
- cut hair: $3.80 snip avenue
- walk to work
- weekend: jog, play football, basketball, Badminton at public court

Doable.
I eat 66 packs of cai png per month so my expenditure is also about there.
Reply With Quote

  #27 (permalink)  
Old 03-06-2020, 08:24 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by catspajamas View Post
Guys lol no need to get so worked up...yup agreed that i'm lucky to have no liabilities (as mentioned by someone) but that's only for now.

My parents' stance is that while they are still financially able they want me to save as much as i can for myself, which is also why i'm asking. Of course some of the money i put aside today will go to them as well. All things considered, i'm really just checking if i'm doing okay with the sum at hand, so dont have to judge me for "showing off" or "being selfish" lol you guys are misconstruing my intentions here. Main point is to get a good sense of how people are coping and using shared anecdotes as a point of reference for my own learning as well. As for the insurance plans, yes i will take over and pay my own premium soon. But background is my dad used to be from insurance field so he's happy to settle everything in the meantime until he thinks im ready to take over.

As people share their liabilities, it also helps me plan better on how i can better portion my savings in future when I have my family and liabilities to settle. Seeing some of your posts, I also will use it as a good rule of thumb on how much $$ to give my parents too! And just to be clear, we all split the household utilities and groceries so i dont let my parents absorb all the burdens too. Any time they need me financially i will be there.

Thanks for sharing guys!
OP of #8 here.

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.
Reply With Quote
  #28 (permalink)  
Old 03-06-2020, 08:33 PM
Unregistered
Guest
 
Posts: n/a
Default

take home = 3.3k
rent = 800
insurance = 300
expenses = 1100
savings + RSP = 1100 (33%)
Reply With Quote
  #29 (permalink)  
Old 03-06-2020, 08:36 PM
Unregistered
Guest
 
Posts: n/a
Default

8k..after cpf 6.8k.

Spendings 1.5k. Saving 5.3k per month. 32 with gf.
Reply With Quote
  #30 (permalink)  
Old 03-06-2020, 08:38 PM
Unregistered
Guest
 
Posts: n/a
Default

take home = 4.4k
parents = 800
insurance = 300
expenses = 1900
savings = 1400 (32%)

single no kids stay with parents
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Save A LOT on your Vitamins Salary.sg Investments and Net Worth 3 18-03-2020 04:14 PM
How to save money by using Telegram MiloPeng General Discussions 0 14-05-2019 11:51 AM
Does decoupling really save on ABSD newsgprop Marketplace and Find Work 0 02-10-2017 04:39 PM
Does decoupling really save on ABSD newsgprop Market Talk 0 02-10-2017 04:37 PM
You can still save for retirement even if money no enough admin Investments and Net Worth 0 11-05-2016 10:10 AM

» 30 Recent Threads
Lawyer Salary ( 1 2 3... Last Page)
9,620 Replies, 3,085,955 Views
Starting Pay for CS/Ministries... ( 1 2 3... Last Page)
156 Replies, 36,621 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
3,173 Replies, 1,335,532 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
2,726 Replies, 1,136,613 Views
OCBC Graduate Talent Programme... ( 1 2 3... Last Page)
338 Replies, 115,230 Views
Compare civil service salary ( 1 2 3... Last Page)
10,718 Replies, 5,927,676 Views
DBS tech seed programme ( 1 2 3... Last Page)
32 Replies, 4,444 Views
How much are you earning per annum? ( 1 2 3... Last Page)
12,051 Replies, 3,847,286 Views
Career as Teacher ( 1 2 3... Last Page)
2,887 Replies, 1,758,422 Views
MAS : Mid Career Professionals ( 1 2 3... Last Page)
226 Replies, 137,889 Views
ITE lecturer ( 1 2 3... Last Page)
140 Replies, 134,051 Views
Job Application with MOE... ( 1 2 3... Last Page)
246 Replies, 225,159 Views
Engineer Pay ( 1 2 3... Last Page)
121 Replies, 47,066 Views
Fresh grad wanting to know about... ( 1 2)
17 Replies, 5,465 Views
Number of FT in Singapore coming... ( 1 2 3)
23 Replies, 7,946 Views
Ex-MOE Teachers ( 1 2 3... Last Page)
81 Replies, 120,574 Views
Where would you invest your money... ( 1 2)
18 Replies, 11,020 Views
MasterCard Graduate Developement... ( 1 2)
11 Replies, 5,059 Views
DBS Graduate Associate Program ( 1 2 3... Last Page)
745 Replies, 374,621 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
1,630 Replies, 1,345,862 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
3,006 Replies, 1,146,705 Views
Invitation to apply to civil...
0 Replies, 212 Views
HSBC Graduate Programme 2021
6 Replies, 432 Views
ST Electronics ( 1 2 3... Last Page)
873 Replies, 260,577 Views
Looking for job referral,...
5 Replies, 528 Views
Diploma in Digital Marketing at...
4 Replies, 2,528 Views
How rich/poor am I compared to... ( 1 2 3... Last Page)
44 Replies, 34,875 Views
Employment agency taking me to...
2 Replies, 151 Views
[advice] Recruitment agency... ( 1 2 3)
21 Replies, 3,254 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 10:05 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2