How much do you earn and save? - 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?

Reply
 
Thread Tools
  #1 (permalink)  
Old 02-06-2020, 11:13 AM
Junior Member
 
Join Date: Jun 2020
Posts: 3
catspajamas is on a distinguished road
Smile How much do you earn and save?

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.

Reply With Quote
  #2 (permalink)  
Old 02-06-2020, 12:12 PM
Unregistered
Guest
 
Posts: n/a
Talking

Gross mthly salary = $3500 (take home abt $2800)

2 to 4 mths bonus yearly.

Non degree holder. Save about $400 mthly. Minimum savings one year is $4800. If save some bonus money, total can hit abt $7k to $8k per year savings.

Driving car hence cannot save that much.

Reply With Quote
  #3 (permalink)  
Old 02-06-2020, 12:18 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by catspajamas View Post
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.
Take home $2700 and save $2000? Did u even give your parents allowance? Did you even pay electricity bills, water bills, you are staying at your parents.

Reply With Quote
  #4 (permalink)  
Old 02-06-2020, 12:27 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Take home $2700 and save $2000? Did u even give your parents allowance? Did you even pay electricity bills, water bills, you are staying at your parents.
preach bruther
Reply With Quote
  #5 (permalink)  
Old 02-06-2020, 12:32 PM
Verified Member
 
Join Date: May 2020
Location: Singapore
Posts: 13
SubbuPD is on a distinguished road
Default

Have a target around $7.5k per year savings. then go for investment choices
Reply With Quote
  #6 (permalink)  
Old 02-06-2020, 12:33 PM
Super Member
 
Join Date: Apr 2020
Posts: 186
sinkingfeeling is on a distinguished road
Default

I earn $0/month
Reply With Quote

  #7 (permalink)  
Old 02-06-2020, 01:03 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by catspajamas View Post
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.


You are so lucky to have no liabilities. I earn 5k/month but hardly save much
Gross pay 5k. Take home 4k
Parents allowance- 1600
Insurance- 912 (Including hospital plan, term plan, life insurance and CI plans)
Savings endowment plan with aia- 500
Personal spend- 600
Personal cash savings - 400

My bonus around 3 months on average including aws. (Will try to save at least 40- 50percent of it)
I have worked for close to 5 years now, have around 22k in savings and 12k in investments (stocks)

I am currently living with my parents, have no car, do not own my own house.
Still single as I don't think I am financially stable/secure to look for a partner yet (esp given current covid situation)

The dream of being financially free looks a million miles away


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #8 (permalink)  
Old 02-06-2020, 01:54 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by catspajamas View Post
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.
Reply With Quote
  #9 (permalink)  
Old 02-06-2020, 03:34 PM
Unregistered
Guest
 
Posts: n/a
Default

TS your post is very facepalm to most cos you really gotta try living out on your own, paying mortgage bills, insurance, petrol, household expenses, condo maintenance, giving to parents, wedding ang pows, donations etc. You really gotta trying doing it yourself.

You will then find how outrageous it is to claim that it is "normal" to save 60% monthly for your income level.

FYI I take home 3.9k but I save only a couple of hundred monthly without even eating at restaurants/cafes at all or buying clothes/gadgets etc.
Reply With Quote
  #10 (permalink)  
Old 02-06-2020, 04:20 PM
Unregistered
Guest
 
Posts: n/a
Default

Graduated local uni last year, male, 26 now.
Basic pay 4.3k (excl. bonus & employer CPF), take-home pay after CPF deduction 3.4K.
Parents - 1300
Savings plan - 200
Bills - 200
Spending - 800 (not much of a shopper, mostly just eat nice food during the weekend, parents cook dinner every day, so I don't spend that much haha)
Actual savings in bank - about 1000/mth? If include bonuses, about 2000/mth
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 8 07-05-2021 03:12 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
GIC (Government of Singapore... ( 1 2 3... Last Page)
320 Replies, 433,055 Views
Compare civil service salary ( 1 2 3... Last Page)
12,220 Replies, 7,069,844 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
2,040 Replies, 1,114,273 Views
Career as Teacher ( 1 2 3... Last Page)
3,776 Replies, 2,351,195 Views
Career as Insurance Agent - HR are...
2 Replies, 1,758 Views
Lawyer Salary ( 1 2 3... Last Page)
12,816 Replies, 4,238,331 Views
HDB (under MND) ( 1 2 3... Last Page)
447 Replies, 353,339 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
3,812 Replies, 1,614,735 Views
GovTech ( 1 2 3... Last Page)
407 Replies, 286,272 Views
Cybersecurity/Info security career ( 1 2 3... Last Page)
75 Replies, 21,735 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
701 Replies, 163,260 Views
How rich/poor am I compared to... ( 1 2 3... Last Page)
68 Replies, 62,086 Views
How much do you earn and save? ( 1 2 3... Last Page)
282 Replies, 87,618 Views
How much does influencers make... ( 1 2)
10 Replies, 3,365 Views
Hospital (Private or Public)... ( 1 2 3)
28 Replies, 13,717 Views
ICA (under Home Affairs) ( 1 2 3... Last Page)
107 Replies, 160,286 Views
IMDA (under MCI) ( 1 2 3... Last Page)
87 Replies, 45,489 Views
How is life as a doctor in... ( 1 2 3... Last Page)
2,480 Replies, 1,311,289 Views
advice
3 Replies, 290 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
978 Replies, 700,534 Views
ST Electronics ( 1 2 3... Last Page)
2,277 Replies, 512,538 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
440 Replies, 243,009 Views
Marsh Graduate Development Program ( 1 2 3... Last Page)
80 Replies, 31,544 Views
Anyone work for Casino (RWS/MBS) ?... ( 1 2 3)
28 Replies, 24,888 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
3,884 Replies, 2,396,078 Views
Our Children's Future in Singapore
2 Replies, 1,812 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
3,046 Replies, 1,271,547 Views
Engineer Pay ( 1 2 3... Last Page)
269 Replies, 111,016 Views
Work culture in IHiS ( 1 2 3... Last Page)
124 Replies, 122,294 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 02:26 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2