facebookIf your take home pay is $1.5k, is it ideal to save 60% of your take home pay? - Seedly


12 May 2021

Saving Hacks

If your take home pay is $1.5k, is it ideal to save 60% of your take home pay?

I save for about $1k for every month, I have 3 sets of accounts with POSB/DBS.

Savings account - DAILY SPENDINGS
POSB SAYE - During savings for ns but ord already should I close it?
DBS REMIX ACCOUNT - EMERGENCY FUND ACCUMULATED $18K, should I close and open up a new account? Have it more that 2-3years.

My main 2019 goal is to make $12k savings for the year end. But how do I be realistic to make it grow?

Discussion (5)

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Oh ChengKok

12 May 2021

Financial Services Consultant at AIA Singapore

I think it is a very good habit to save XX% of your income consistently. If you have a goal to save money, make sure you earn some side hustle money (be it tuition etc) to make your goal realistic.

Gabriel Tham

07 Jun 2019

Tag Team Member at Kenichi Tag Team

You can try CIMB Fastsaver account for 1% interest rate.

Or you can put some emergency funds into Singapore savings bonds for a higher interest rate and longer term savings goal.

These are nearly risk free ways to grow your money.

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60% is of course very good if you can do it. Most of the time, people give some amt to parents, dedu...

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