I am 29 and late to the savings game due to family debts. I'm starting off with $5k in DBS multiplier. What should my saving strategy be? - Seedly
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DBS Multiplier Account


Asked 2w ago

I am 29 and late to the savings game due to family debts. I'm starting off with $5k in DBS multiplier. What should my saving strategy be?

My monthly salary is $3k. How much should be saved when I'm 30?


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Level 5. Genius
Answered 2w ago

I would suggest you to build an emergency fund of 6 months of your expeditures.

If you have yet to clear the debts, I would suggest clearing it as soon as possible.

After clearing your debts and saving for an emergency fund, you should look into how you can invest your money!

If you have upcoming expenses such as wedding and house coming up, I would suggest you to set those aside as well or put them in low risk investment! You may even choose to put them in high interest savings account such as the DBS multiplier account you have currently!

If possible, try to aim to save up about 50% of your salary! But if that's not achievable for you at the moment, perhaps you can save at least 20% of your salary and slowly increase this percentage.


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1) clear your debt first

2) really depends on whether you're single, getting married or already married!

  • If you're single, save as aggressively as possible to build up a larger emergency fund base. some people I know can save up to 50-70% of their income if they have no financial commitments already (eg. Parents allowance)

  • if you're married or about to be married, it's natural to be spending slightly more knowingly or unknowingly. when I got married last year and moved out, I had to spend on a lot of things I never used to. (Utilities, household goods, furniture) try to hold more cash in liquid and short term investments if you have a house approaching as well, renovation could cost a bomb.

Ideally, it is encouraged to save at least a minimum of 20% of our income regardless of your income level so perhaps you could start from there.

Should you need some help with looking into things you could cut down on, I have a user friendly budgeting template on excel that I could provide for free! Just follow me on my IG page and I'll send It over​​​


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Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit.

Here is a Guide:

Understanding Your Personal Cash Flow

On the whole, I will suggest for you to look into opportunities to optimise your income. For instance, it could be to upgrade yourself to retain employability and to gain promotion over time. On the other hand, it could be to create a source of passive income.

At the same time, scrutinise your expenses and ensure that you do not overspend.

Next, create a budget that is capable of helping you to plan for the future. The best way to do this is via automation.

How I do My Budget:

How to create a Monthly Budget

If you are single, then you should strive to save at least half of your salary every month. At the most basic level, save at least 10% to 20% of your take home income.

Use an automated budget (explanation in the post) to enforce discipline upon your savings. Set a goal, and ensure that you reach it by the time you reach 30.

I share quality content on estate planning and financial planning here.


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You are not too late. Not at all in fact. 30 is young and you are still in your first quarter of life. I have multiple clients like you who started "late" because they had multiple family debts, and I worked with them for years before they started out net positive. https://www.aaronleow.com/calculators

The above link will get you started as it will answer 90% of the most commonly asked questions on seedly through the fundamental question: how much do you earn per month.

6 Months of an emergency fund is the minimum, but I always subscribe to an autopilot program because that has always worked better for 95% of my clients. DIY just does not work for the majority of the people I work with. The best diet plan is one which you stick to for life - this is the same for financial planning.

I must commend you for getting out of the family debt, having seen first hand on so many occasions, the ordeal must have been a tough journey. Congratulations. Stick to your gut, guns and you will never be too late.​​​


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Shaun WQ Lim
Level 7. Grand Master
Answered 2w ago

Build your emergency fund first, if you have not done so. The target can 3-6 months of your expense or more if you are risk averse.

Then divide the target amount by the months and strive to save that amount monthly. If the monthly amount is too high, you can extend the time period instead of just a year.


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