How to properly manage the income?

Originally Posted by deon

Hi guys, I need some honest feedback that could help me turn over my life to be more proper.

I'm turning 29 soon. i've income of around S$9000 and some other bonuses probably 1-2 months of my salary.

I've issue with money management, despite working for the past 7 years with good income, i only have less than 10k SGD in my account.

I don't have insurance, don't have house, don't have wife, i'm spending money on food, gym, giving parent, dating, renting house (parent house too far from office), lots of nonsense subscription, volunteering, travelling, but NO alcohol/party/nightlife etc.

I'm planning to re-start my life , by making use of those income properly. How do i start?

- What insurance should i buy? and how much is considered "good" amount i need to put on insurance?
- What mobile plan or internet plan that worth the price?
- How many percent should i save per month?
- I don't know what else i need to focus to manage my money, should i hire people to do that? or just manage my own.

Sorry, it's dumb question.

Insurance wise, get one that covers your medical side, as well as term insurance. It shouldn't cost more than $1.5k/year.

Mobile plan just get the one that gives you data, no frills. Around ~$50/month or maybe slightly more if you have add-ons like spotify.

If you have no liabilities, you should seek to have a 50% expenses, 30% investment, 20% savings split.

What's your job? If you are financially savy you can make your own investments. Be cautious of financial advisers as not all have your interests at heart.