How can I save more for my goals? - Seedly
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Alcander Seow

Asked on 05 May 2020

How can I save more for my goals?

Hi, I would like to ask this question with relation to the current situation.

My goals:

25Y/O - $100k ~ $0.5M in savings

30Y/O - $1.5M ~ $5M in savings

35Y/O - Buy a $1M ~ $2.5M home

40Y/O - $5M in savings

50Y/O - "FIRE" Status

Any ways to build up this type of 'extreme' goals? Currently, I'm 19Y/O with ~$1k savings, no investments, on/off part-time job during the holiday (~$1.5k)

I'm tracking my spending, $200 ~ $220 /mths. Occasional overspending (family treats, personal wants, etc)


4 answers

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Colin Lim
Colin Lim, Financial Services Consultant at Colin Lim
Level 7. Grand Master
Answered on 07 May 2020

Wow this is very ambitious goal..

you are 19 years old, to achieve 100k by 25 years have 6 years...if u save 1000 per month and get a returns of 10% per probably will achieve 100k.

So u need to ask yourself... do u have the risk appetite to invest in riskest assets? equity?

if you have, you can look at various investment: passive investment: robo advisors, ILP, etc

active investment: building your own portfolio. FSM, Interactive brokers, etc

you can reach out to me to understand on how to achieve your goals and also planning for the future.



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Shaun WQ Lim
Level 7. Grand Master
Answered on 07 May 2020

25yo -19yo = 6 years period

$1k - $100k = -$99k

$99k / 6 years = $16.5k required to be saved per year to hit $100k in 6 years

$16.5k / 12 months = $1375 required to be saved per month for 6 years

Including your expenses of $200+/month and some overheads, you probably need to have inflow of $2000/month.

What is your current monthly income level?

And what are your plans to grow your income?

You need a plan and break it down into smaller parts and work on them.


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Heng Kai Le
Heng Kai Le, Mondomover at School Of Life
Level 6. Master
Answered on 07 May 2020

I read this yesterday and thought this might apply to you.

Behavior = Motivation + Ability + Prompt

I managed to slash my Singtel bill by $40 every month, so yesterday when I received a message stating my current bill this month, I immediately went to transfer $40 from my POSB account to my higher-interest, never-touch-at-all-costs ICBC account. So I paid myself using the savings I had gained.

I hope to identify other great prompts so that I can build good behaviors towards saving more.

You are motivated by your goals and have the ability to earn $1,500 this holiday. What you need is to set up good prompts. How do you pay yourself first?

Hope this helps!​​​


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Alcander Seow
Alcander Seow

07 May 2020

Hi, Thanks for the reply, I don't know if this is paying myself. As I'm a student, I don't have a steady flow of income, so my daily allowance is $70/week during my semester period, not holiday period. So every time, when I fork out cash, & there are coins changes, I don't use them, I accumulate them in a jar till it full before exchange for notes, then depositing the amount in my Jumpstart acc (2% interest). Then should I have remaining notes from my $70 that week, I'll deposit them into the acc as well. Currently, my jumpstart acc is acting as my saving, while my OCBC acc is acting as a spending acc. I have the habit of always finding ways to cut my cost & saving as much as possible. Then once I have a backup of $2k ~ $5k, then I might consider investing a monthly sum of money or buying a stock for dividends.
Heng Kai Le
Heng Kai Le

09 May 2020

Hi Alcander, seems that you are alr v disciplined with saving! maybe the next step is to think about how to increase your sources of income. i'm sure you don't need me to introduce you to tutoring or housecleaning since these are popular part-time gigs for students like yourself i don't have the time to do tuition these days, so i turn to apps like Milieu (allows you to do surveys on the go) and Partipost (be a microinfluencer and post IG Stories or IG Posts for a relatively hassle-free $8-$10). not that i will get rich from this, but well, every buck counts, right? haha please allow me to PM you my Milieu referral code if you are inclined to try it out, haha
Level 9. God of Wisdom
Updated on 06 May 2020

Before we talk about whether the numbers are realistic, we need to know one cannot just save to be rich or reach a retirement goal (unless you have a super high income). While saving is important, there is a limit to how effective it can be. Imagine saving 90% of a $3,000 income ($2,700) and saving 50% of a $10,000 ($5000). Investments are critical to help appreciate your capital and maintain it's real value from inflation.

Time should also be spent t build up your skillsets and knowledge, not just on investing and savings. Good acamdemic performance in university gives one of the highest return on investment so you should consider that in your planning too. You can look at the 4M65 movement (though a spouse is needed) which relies mainly on CPF.

I would like to think being FIRE as a by product of a lifestyle instead of a goal to work towards. If your aim is solely FIRE by 50, you may neglect relationships and experiences in your 20s and 30s that you may regret later on.​​​


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