facebookCan y’all share how long it takes for you to save up 100k? - Seedly

Anonymous

29 Oct 2022

Saving Hacks

Can y’all share how long it takes for you to save up 100k?

For context I dont have a high salary, no commitments. I'm feeling very unmotivated and slow in the financial journey.

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Took me 5 years or so, i stay with my parents and no commitment

with a salary of 3k or 2.4k after CPF

invest and dollar cost average through out the 5 years

I quite thrifty, with about 1.1-1.4k in spending setting aside of 1k a month toward investing.

spending includes food, transport, insurance, bills as well as parents allowance.

within the first year, I have saved enough for 6 months of emergency funds(8+k)

so I not as worried to save more, my goal is to put more into investment every year.

With increasing salary every year, I have an increment in my investing journey putting about 100-200 more every year. Assuming every year that I will get another 6-10% return I manage to hit my goal within 5 years.

Assuming you have the same situation as me, it fine, just automate your investment and budgeting and I think you will be good to go

Just monitor ... it will be slow at the start...but dont give up

If you are thrifty and doing your best to save, then you're doing a good job already. If you have spare time then use the time to earn more income since there is somehow a limit to how much you can save.

I would say I didn't save much in my first 3 years of working. First because of lower starting pay, and also splurging it on things to enjoy the high of finally getting things from your hard work.

Then as I realise why I didn't save, then I cut down on spending and save a portion of my salary. With higher salaries and bonus subsequently, I saved to $100k in around 6-7 years (with some setbacks like buying a car and occassional travelling).

It's not realistic to not spend a cent and reach $100k immediately acter work. Take your time and enjoy the journey of spending on things that you need or want, and also save the remainder, and the journey to $100k will be less painful.

My debt is more than my saving......

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