Can I save 100k by 30 with my current situation?

Hey there!

Well, as a start with some calculation, I am assuming you have exactly 4 years to get 100K, and you are starting from 0. So basically:

1.5k - 500 (to parents, as a start) = 1k/month.

1k 4 years 12 months = $48K.

So you need to make up for the $52K (and note again, assuming you are starting from zero). This doesn't take into account salary increment, bonuses etc. For me, I am more of the "grind" type, so I actually gave tuition while working full-time to generate more $. I limited my spending, like eat home most of the time, bring water instead of buying drink outside. These are small costs but to me it will kinda add up in the future.

Next, maximize the bank accounts and credit card. Take a look at Stand Chart Jumpstart/DBS Multiplier/UOB One. UOB One card also gives 10% rebate with Grab with $500 min spend/month, and you can clock your UOB One account criteria also.

Once above is done & you have set up an emergency fund (for me it's 6mths salary), you can consider to some of it to investing - be it to ETFs/REITs (as a start), or even other growth stocks.

One last tip I have, even though it might sound ironic, is to invest in yourself. Certain things can be seen as a cost, but there are also other things which should be taken as an investment to yourself, for example an investing course to accelerate your learning, the occasional "treat yourself" experience etc. All the best!

Without counting how much you intend to give your parents - At $1500 per month, you would save $18000 per year. Putting this money in the bank would get you $72,000 + abit of interest by the time you're 30.

The best way for you to hit your target would be to set aside emergency cash, and then invest the rest.

Many other have done the math already so I won't. Instead I will just give some broad tips:

1) Allocate your salary - seedly recommends the 50-30-20 rule and while your savings are around there you can try saving an additional 100-200 a month. If you haven't started investing you should soon!

2) Cutting your expenses - you can start by tracking the breakdown of the expenses and choose 1-2 categories where it will be easier to cut down

3) Growing Income - develop side hustles or aim for a promotion/higher paying job

4) Growing Wealth - learn how to invest, spend a bit of time each day reading up

I'm not gonna go into the maths of it as it's already explained by the others here.

My boss would only say 1 thing whenever we talk about money: "Work harder lah!" with huge smile.

There is alot of truth to it. 2 ways to make money.
People at work, Money at work. Do both. Do more.
Get promoted or a raise. Get extra income through small business, teaching, freelancing. Cut expenses.

(Also, give to your parents and donate to the needy, it's a big blessing)

My bestfriends and I have a saying, translated to English,"Willing or Not Willing. That's all".