Anonymous
Seeking some day-to-day financial advice
25 year old female - I currently take home $5000 a month and spend about $1750 (food, shopping, bills, personal care) thereabouts, which means about 65% of my income is saved or invested.
Out of this 65% -- $500 is going in AIA Pro Achiever (which many people have told me is a horrible plan, but I'll go through with this and keep the sum for retirement), $1700 is going into mid-term savings for wedding/renovations, and the rest is either invested into S&P500 and individual stocks, or idling in the bank. I don't have a disciplined investment strategy and I usually just open my TIGER app every month and buy additional units when I feel like I'm comfortable with the price.
My net worth now is about $45k right now (with > 6 months of expenses in the bank). With my current rate of saving, I will likely take an extra 17 months to reach $100k.
In view of an upcoming house which means I will be bombing at least $25k on renovation (after splitting with my partner), does anyone have any advice on how I can further optimise my finances and reach my goal earlier? Thanks in advance for your advice!
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You seem to be doing great and are doing the main things really well like saving and not spending too much of your income.
You're on track and doing better than most people your age. If you really want to optimise even more, you can look into using the best savings accounts, credit cards rewards etc.
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AlpacaInvestments
09 Apr 2023
Sharing my FIRE journey at @alpacainvestments on Instagram
I think you're already doing great! the reno seems to be a short / mid term expense, so I don't think there's a need to take too much risk for those funds. Perhaps T-bills / FDs / SSB may be suitable.
As for investments, I think you might want to broadly think of how you want to allocate your portfolio - think of diversification across geographies, industries and asset classes. All the best :)
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Wow you are alrady quite amazing with your savings and investment amount
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Cryotosensei
07 Apr 2023
Blogger at diaperfinancingfund.blogspot.com
I think i need to take lessons from you instead haha. but since you asked, is it possible to trim th...
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Go top up CPF every year! watch that CPF grow.