Asked by Anonymous
Asked on 04 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.
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!
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.
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.
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.
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