I currently have 10,000 and I am trying to save up to 15,000 for my exchange in October. Are there any tips/investments to achieve this? - Seedly
 

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Asked by Anonymous

Asked on 04 Mar 2019

I currently have 10,000 and I am trying to save up to 15,000 for my exchange in October. Are there any tips/investments to achieve this?

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Jan)

Level 9. God of Wisdom
Answered on 21 Mar 2019

Actionable way to do this:

Months left: 7

Target: $5,000 - I am assuming your total savings target is $15k, of which you already have 2/3

Amount to be saved per month: $714

Assuming you are a student - find an internship or side gig (for eg. private tuition) that pays you enough to save that $714 a month PLUS your living expenses. If the $15k amount is a die-die-must-have, then I would not recommend investing since returns are not definite. A job where you deliver, and can hold for 7 months, would get you to your $15k total goal.

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Good Samaritan
Good Samaritan
Level 4. Prodigy
Answered on 23 Mar 2019

Very short time frame to invest and grow into $15k!! Try to take up freelance work like Grab delivery. Normal part time jobs usually pay less than $15/hr!

You need average $714/mth to achieve yout financial goal!

If you have skills, find a freelance job that offers good offers. Its killing two birds in one stone. Not only you get to showcase your talent/skills, you also get to money!

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Thanh Dat
Thanh Dat
Level 3. Wonderkid
Answered on 23 Mar 2019

Hi members, I agree with Junus Eu and Benny Tan. You need the money's for exchange program. Investments is only when you have additional spare cash in hand. Kudos to you.. savings to a amount of $10,000. Sad to say many adults don't even have this kind of savings. The more you earn the more you spend as all the expenses from housings..car..kids expenses all come in. Savings a monthly $714 is not a easy task. Follow Junus Eu advice definitely is a good way.

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Benny Tan
Benny Tan
Level 4. Prodigy
Answered on 04 Mar 2019

Be very disciplined! By straight line calculation it's $714 per month, so you gotta ask yourself what you have to sacrifice now, so that your later event materialises. Be comfortable with delayed gratification - it'll serve you well. Assuming that your 5k target is just to make it happen, you should also consider if you want or are able to save more to be able to spend better while you're at it.

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Ernest Yeam Wee Leong
Ernest Yeam Wee Leong
Level 6. Master
Answered on 28 Nov 2019

I hope you managed to hit your target.

Considering that you had 7 months period to earn 5k, that is equivalent to $714 per month.

To get that amount, you can probably do carousell, part time job at $8 per hour which is 90 hours per month such as banquet, barista, FnB, being packers for ecommerce companies, delivery job and many more.

I write cool stuff about personal finance and money-saving hacks here.

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To OP - with benefit of hindsight - did you make the 15k goal? How did you do it?

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