18 Apr 2019
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28 Aug 2018
The Value Maximizer at @ Every Ma La Xiang Guo Stall
Hi! I would consider the following before any solution (because different people have different circumstances).
Really, because they can support themselves you may want to consider giving them a token sum and allocate more to your own portfolio of savings; then investments. Let compound interests work in your favor so you are in a better position to take care of them in future.
If they need your help to contribute to the household, what are the things you can contribute? I started small with groceries (with good planning you can save alot and only CNY is very expensive) then electricity bills and insurances.
Try for 50% necessary expenses (you + household), 30% for optional expenses (save remaining if possible) and 20% (must save) if you can.
Hope this helps!
28 Aug 2018
Analyst at Common Place
Let's us have some scenario base, using my personal experience as example - hopefully it can be related to you somehow.
My starting pay for my IT career is $1.8k before CPF. And because I opt for part time uni, I need to save my uni fee, so I put aside $500 per month. I gave my parents $300 per month (part of it is to pay my mobile bill). then education loan + insurance $200 per month.
I take home: $1,440
School Fee: $500
Education loan + Insurance: $200
Left over: $440 (30% of my take home) for expenses, etc.
So the questions which you need to think of:
List out your objectives, this helps you make a better decision making. In my case, my priority is my school fee, that explains why largest amount is on it.
In my case, I make it a point how much I would give my parents so I will spend lesser.
So the main flow usually is 1>2>3 but execuation will be 2>3>1
Another tip for ya - do not put 100% of all your saving into investment, do divide them out. You may use part of your saving for investment classes to learn & understand them before attempting or classes to enhance your skillset. And it is always okay to start your investment journey small (if you are looking at saving investment)
Hope this helps you to think through. I do understand the take home amount may be little but things can be done if you set your mind into it. Do PM me if you wish to have some detailed discussion on it. Good luck :)
28 Aug 2018
Senior Financial Consultant at Prudential
Savings always comes with a purpose. But there are two purposes that savings must fulfil:
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