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Anonymous
I’m 27 and I have barely $9k in savings now. I admit I have been making a lot of impulse purchases and the purchases are big sums. Since last month purchases slowed down, I am at a loss so I’m seeking help here. What should I do?
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Vincent Tan Wen Bin
03 Jul 2019
Assistant Vice President at Thinkers Alliance
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Gabriel Tham
03 Jul 2019
Tag Team Member at Kenichi Tag Team
If you want to supercharge your savings, perhaps your food and entertainment can cut down.
Simple example calculation here: Lunch $5 + Dinner $5 =$10 a day. 30 Days, $300.
Why didn't count breakfast? Buy a loaf of bread + butter or peanut butter, even nutella also can. 1 Week 1 loaf of bread = about $2 a week.
You need some entertainment, maybe a movie a week $10. Restaurant don't eat so expensive, can go those $20-30 range.
I think you can cut down your $800 food/entertainment as a single. No starbucks, no bubble teas :)
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I read to the answers of the others before replying. Most of what they say is right. One way to cut a large cut out of your expense is to move to a place with lesser rent. Think a room rent in HDB flat, in say Yishun or Sengkang is about $400-500. But this is subject to your current contract.
I’m assuming your Budget above is not what you’ve been spending but what you are proposing cause if you have followed it you would have saved more than $20k already. Looks good for a starter. If you keep to it. But follow the advise of others if you want to save more
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Hi anon,
I recently answered a similar question, you can have a look at my analysis here: https://seedly.sg/questions/i-have-been-working...
My additional advice for you would be:
Hope this helped! All the best :)
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Chin Guo Qiang (ITIL4 / CSPO / CSM)
01 Jul 2019
Assistant Vice President, IT Operations at Bank of China Limited
Start by paying 50% income (nett income after CPF deduction) to yourself in a good savings account, ...
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One way that I use to build up my savings is the concept of "paying myself first."
I started saving 10% of my income before CPF contribution when I first started working. I transferred those funds into a savings account which I have no access to. No ATM card.
When I see the savings account grow, I started to save more and more aggressively till 30% of my income. This strategy works well for me and I manage to save and work within my budget.
Budgeting is tiring. But when you pay yourself first and budget with the rest of the funds, you will be able to find more joy seeing your account grow. This will motivate you to save more.