How much savings do you have?

Originally Posted by toto

Take home pay 2.7k.
Loans- 1.5k
Parents- 200
Phone bill- 50
Transport- 100
Food- 450
Entertainment (movies etc)- 100
Misc (contact lens etc)- 100

Guess I still have around $200 left. Can I invest with this amount or do you suggest I save it? Also, do you have any comments regarding my expenses? Thanks!

What's the loan interest? Suggest you repay $500 instead, save $1.2K each month for a few years, and invest when stocks or property is in a down market. On a positive note you are still young and your earning will grow as well as cpf. My wife and I started work with less than $3K salary but after 15 years mine is $20K and hers is $10K.

[toto]

Originally Posted by 168

What's the loan interest? Suggest you repay $500 instead, save $1.2K each month for a few years, and invest when stocks or property is in a down market. On a positive note you are still young and your earning will grow as well as cpf. My wife and I started work with less than $3K salary but after 15 years mine is $20K and hers is $10K.

Around 5%. I don't think I'll be able to finish paying if i only pay $500.. Which industry are the both of you in?

Originally Posted by toto

Thanks for the advice. I think i need 4-5 years to pay finish my loans. I was thinking about buying insurance or those endowment plans. It's good to buy those early right?

You should buy insurance to have peace of mind. Pay off your loan as fast as possible. With interest of 5%, you should pay as soon as possible unless you can generate consistent returns of more than 5%, which in most likelihood you can't.

To pay off your loan faster, you can give tuition during weekends. What do you do during your free time?

Originally Posted by toto

Around 5%. I don't think I'll be able to finish paying if i only pay $500.. Which industry are the both of you in?

5% is high. In that case it's better to clear it in 3 years.

We work for banks.

[toto]

Originally Posted by Unregistered

You should buy insurance to have peace of mind. Pay off your loan as fast as possible. With interest of 5%, you should pay as soon as possible unless you can generate consistent returns of more than 5%, which in most likelihood you can't.

To pay off your loan faster, you can give tuition during weekends. What do you do during your free time?

I won't have any savings left if I buy insurance

I'm looking for tuition assignments now. I can't think of any other better options actually. Either going out with my friends or exercise.

[toto]

Originally Posted by 168

5% is high. In that case it's better to clear it in 3 years.

We work for banks.

Yeah.. Trying hard to clear as much as possible. I don't think I'll ever earn 10k in 10 years in my industry.

Originally Posted by toto

I won't have any savings left if I buy insurance

I'm looking for tuition assignments now. I can't think of any other better options actually. Either going out with my friends or exercise.

Get the basic insurance. Good that you have started looking for tuition assignments.

Are your parents working? If they are, I think they will (should) understand and accept that you have to build up your savings and pay off your loans first before asking for allowance from you. There are other ways of showing filial piety. Giving them allowance is just one of them.

My daughter also just entered the workforce - half a year ago earning about the same pay as you. We told her to save up and invest instead of giving us allowance. She has no study loans or any other loans, as we paid for studies and living expenses before she started work.

I think she is able to save $2k+ per month. She now has about $50k in savings
from both the allowances we gave her during her student days and her earnings during school holidays.

Come to think of it, her phone plan is still being paid by me, and she has her breakfast and dinner at home.

She spends mostly on clothes and traveling.

Originally Posted by toto

Take home pay 2.7k.
Loans- 1.5k
Parents- 200
Phone bill- 50
Transport- 100
Food- 450
Entertainment (movies etc)- 100
Misc (contact lens etc)- 100

Guess I still have around $200 left. Can I invest with this amount or do you suggest I save it? Also, do you have any comments regarding my expenses? Thanks!

[toto]

Originally Posted by Unregistered

Are your parents working? If they are, I think they will (should) understand and accept that you have to build up your savings and pay off your loans first before asking for allowance from you. There are other ways of showing filial piety. Giving them allowance is just one of them.

My daughter also just entered the workforce - half a year ago earning about the same pay as you. We told her to save up and invest instead of giving us allowance. She has no study loans or any other loans, as we paid for studies and living expenses before she started work.

I think she is able to save $2k+ per month. She now has about $50k in savings
from both the allowances we gave her during her student days and her earnings during school holidays.

Come to think of it, her phone plan is still being paid by me, and she has her breakfast and dinner at home.

She spends mostly on clothes and traveling.

They are not working and I have a sister who is still studying. I also wish my parents have the ability to pay for my studies

Originally Posted by toto

They are not working and I have a sister who is still studying. I also wish my parents have the ability to pay for my studies

How old are they? Where do they get the money to pay for household expenses? Do they have passive income or they draw down on their savings?