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?

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.

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​​​