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How to properly manage the income?

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  #1 (permalink)  
Old 21-08-2020, 05:25 PM
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Default How to properly manage the income?

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.

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  #2 (permalink)  
Old 21-09-2020, 01:24 AM
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Maybe start with insurance, looks like it's very risky being alive without insurance nowadays given the crazy medical bill



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  #3 (permalink)  
Old 21-09-2020, 02:31 AM
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The biggest question is what are you spending your money on? You should record all your expenses in one month to figure out what you are spending your $9k on. There are apps for this.

For insurance, get an integrated shield plan (health insurance) asap. You can compare the plans here though I think they are mostly similar.
s://.moneysmart.sg/health-insurance
Then get personal accident plan. After that critical illness plan. Then only after that, term/life insurance.

For internet, if you are trying to save money M1's 500mbps for $29.90 is enough. There is also a free landline and a free 1GB data sim.
For telco, if you are trying to save money Zero1's 6u plan for $9.90 is good. It has unlimited internet data (though if you use beyond 6gb, the speed drops to 1mbps). It also has free caller ID, 200 incoming minutes, 200 outgoing minutes, 200 free sms.

Don't jump into investing now. Put your money into a high interest savings account while you read up on investment options. Here's a list of high interest accounts:
s://docs.google.com/spreadsheets/d/1xRB1I9gPaaTRUL-Z5nJ6Qx_TfenR_AOp/edit#gid=1948369204

Given you only have 10k savings, and you should have 3 - 6 months of living expenses, I would say save as much as you can.



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  #4 (permalink)  
Old 21-09-2020, 02:35 AM
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A typo above. Zero1's plan has unlimited incoming minutes, not 200.

I'm sure you'd have many financial advisers PM-ing you to offer their services. No harm meeting them to find out more, but be sure to do your research before committing to any products they recommend.
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Old 22-09-2020, 01:02 AM
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Figure out your expenses first.

Write down what are recurring and what are one-time expenses.

Then, decide what expenses you want to keep.

Next, decide on an amount you want to save every month.

The trick to saving money is to save before you spend.

This means the moment the salary comes, you must move the amount you want to save out of your spending wallet/account.

I recommend you make it as troublesome to take money out as you can.

For eg. Get another bank account or convert it to illiquid assets. Basically, if you ever lose discipline and want to touch the money, minimally, it should require you to take a few steps before you can get the money be it having to do OTP, login or pull out the debit card from a difficult place so you have time to think if you really should spend it.

Next, spend only 10% of your income on insurance. Just get a term plan and a hospitalisation plan. A term plan has no cash value but it will be much much cheaper than an endowment or whole life plan for the same coverage. Also, once you are in your 70s or 80s, you will have kids to support you so you don't need as much coverage so whole life plans become less useful past those ages. Get a financial adviser that can sell multiple companies' products and not just one.

Lastly, learn to invest. Find out about technical and fundamental analysis and at least learn one of them. For a start, go for mutual funds and REITs which are basically funds that pool money to buy a portfolio managed by a fund manager. You can do this via ETFs, Unit Trust or REITs. Try to pick those with global exposure because it is harder for the entire world to suck economically than a region at any one point so if you are diversifying over the globe, it is safer than investing into just 1 region, industry or company. If you are risk aversed, at least go for bonds or Singapore Savings Bonds instead of letting your money get eroded by inflation.
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Old 24-09-2020, 09:59 AM
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Basically for individual growth and income, global online marketing/personal development , info at [email protected]
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  #7 (permalink)  
Old 24-09-2020, 11:44 AM
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I had your income and savings and your age. Now Iím 35, annual comp around 400k, cash savings also around 400k (growing at 250k per year)

1. Focus on increasing your income. If you make 9k at 29 (with 4 years experience if you are a guy) you should be fairly high potential. Take on challenging assignments, invest to upgrade yourself.
2. At your income level, you can save your way to being rich. But that would mean a threadbare lifestyle. Focus on earning more instead.
3. Itís okay to inflate your lifestyle when youíre earning more, but please make sure that (1) your lifestyle inflation is less than your income inflation, (2) your income inflation is not a fixed long term liability, unless it is an income producing liability.
4. People will tell you to stop renting, if it helps you be more productive at your work (mental health, tiredness from commute, etc) then keep renting. Again you should focus on earning more.
5. Insurance is cheap - just get disability and CI first. You donít have liabilities/family you need to match.
6. Mobile what plan also wonít make much difference - you should be thinking in hundreds or even thousands now not tens. Donít be penny wise pound foolish.
7. Agree you should review your expenses, but please focus on the 3-4 digit ones
8. If you know nothing about investments just use endowus or stashaway first. You should at least max your SRS so you get the instant tax benefit.
9. Your savings rate should automatically increase this year due to no traveling - use that amount to invest.
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