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How much do you earn and save?

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  #1 (permalink)  
Old 02-06-2020, 11:13 AM
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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.

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Old 02-06-2020, 12:12 PM
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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.

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Old 02-06-2020, 12:18 PM
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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.

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Old 02-06-2020, 12:27 PM
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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
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Old 02-06-2020, 12:32 PM
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Location: Singapore
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Have a target around $7.5k per year savings. then go for investment choices
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Old 02-06-2020, 12:33 PM
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I earn $0/month


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  #7 (permalink)  
Old 02-06-2020, 01:03 PM
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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
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Old 02-06-2020, 01:54 PM
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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.
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Old 02-06-2020, 03:34 PM
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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.
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Old 02-06-2020, 04:20 PM
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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
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