Currently earning $1720 after CPF, with $905 going to family of six. What are some other ways for me to increase my savings?

Lost my father at 13, mother at 29. The stress is high when you have to support your family. as Much as im an advocate of saving more, there's a limit of what you can save based on how much you earn. With $815 left it's really tough.

thus at your age, I'll strongly suggest you to do some side gig to increase your income. You can consider tutoring or doing grab food on evenings and weeekends to boost your income and savings!

I admire you for being strong in such adversities and being determined to do right by your family. Yes, with $815 a month, you can save.

I started working in 1980, immediately after A levels. My salary then was $350, with $200 going to the family. I could only save $5 to $10 a month. Of course, food, transport and other items were cheaper then. But so were opportunities.

As I had a 5.5 day job, I did not have the time or energy to consider a 2nd job, night classes, even if the opportunities were there. I did not have elder relatives or friends who could advise me on life or career goals.

Having walked in the same shoes, I like to share my errors and lessons.

1.
Monthly expenses and savings

Record your daily expenses for several (at least two) months

Group them into essentials; food, transport, medical, others

Try not to confine yourself to eating the cheapest or same food every day. By doing so, you may feel more weary (or sian) and this will affect your morale, attitude and at worse make you resentful of your life. Motivate yourself once a while with new affordable food or little luxuries

At the end of the month, review your expenses and see how much you can save. I will not ask you to see how much more you can reduce, I believe you are already living as frugal as you can get.

Open another bank account. Put your savings into this account. The idea is to have a clear separation of your most used account (salary credit, expenses) from the savings, so like me, you can see and enjoy looking at a bank statement which only have income and no withdrawals.

Even if you save $100 a month, after 12 months, you will have almost 1 month's take home pay. I was on high at my one year mark and this encouraged me to deposit more.

2.
Career goal / job

I assume with your present family situation, COVID-19, you have not or are not ready to think long term career goals. I also hazard a guess that you do not have anyone to advise you on this and your single goal now is to work and save.

If you are working for a SME now, consider looking for a job in government or MNC. With your age and work experience, you will be suitable for more job positions, than if you have worked longer; to an employer, you already have basic working knowledge, but not too much that you will have entrenched attitudes and habits.

Why government or MNC, over SME;

• on-time, guaranteed salary payments

• 13th month and Variable Bonus (these 2 can add to your savings)

• 14 days leave; use this to attend courses or exchange unused days for cash

• government or MNC more likely to send you for paid training

• more people of your same age group, who you can relate to and discuss life / career goals. Your supervisor is also "oblighed" to mentor you.

• more benefits, medical, dental, loans, etc

3.
Upgrade skills, personal grooming

• Use your Skills Future $500, accumulate your leave to attend training

• if working for government or MNC, find out through the e-portal what courses are available. Include courses on leadership, management, communications; to build up your soft skills and resume.

• Budget to purchase 2 presentable suits for interviews; jacket, skirt, heels (can be low or flat heels) in black / dark blue

• Include light cosmetics, lipstick, face powder. You can feel the "power" when you are presentably dressed and the interviewer can feel your vibe too

4.
Long term

How much longer will your family situation remain? Give yourself a horizon to look towards to, when you have completed your responsibilities. Near that time, you may be more confident and energetic to plan your future

4.
Other tips

• Never lend or borrow. It will never stop. If you lend to one, that person will return for the next loan or let others know that you have money-lending facility. At worse, your money will not return

• Avoid group meals. There will be someone who will say "pay for me first, I pay you tomorrow"

• buying insurance, investing is great if you can afford the spare cash. Note if you are without a job, you still have to pay that monthly premium. Suggest you invest when you are more cash-comfortable and have stashed away 6 months of emergency cash savings

I wish you the very best you can achieve and sincerely hope you will do well.​​​

Hi there, I'm sorry for your loss. I think that
You can consider changing to a higher salary job to expand your cash flow and have extra money to investment or sign a saving insurance plan for your future in 5-8year time for needs or etc.

To me I don think that saving money in the bank will let you have more money due to the yearly inflation percent

❤️