I'm almost 28yrs old but I didn't save any money at all. How can I manage my salary if I intend to save the money? What skills or jobs can I learn and work to earn extra income at the fastest way? - Seedly
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Anonymous

Asked on 09 Nov 2018

I'm almost 28yrs old but I didn't save any money at all. How can I manage my salary if I intend to save the money? What skills or jobs can I learn and work to earn extra income at the fastest way?

I prefer no f&b, tuition and driver pt job.

I'm working as full time admin take home pay $1400/mth, studying part time diploma. Currently highest education level is O level.

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Gabriel

Gabriel

Level 8. Wizard

Updated on 10 Nov 2018

Here's an infographic from Seedly on how you can manage your income every month! Given that you're working full time while taking up a diploma course, you might not have time to take on additional part time jobs. So maybe you can consider other alternatives like dropshipping

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First, look through your monthly expenses, and break it down into weekly expenses. Give yourself a fixed pocket money, say $100 per week and do not exceed it.

As for part time jobs, you seem quite fussy about it. Nonetheless, you can look for those warehousing/packing type of jobs for part time.

As for skills, perhaps you can look through what courses you can apply for using Skillsfuture credits. Most importantly, you must have the passion and interest for it

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Npm Adele

Npm Adele

Level 5. Genius

Answered on 27 Nov 2018

You could focus on reducing your expenses, such as preparing your own food, buying a transport pass if it is more worth it, etc. Always think, "is it a need or a want?" before making a purchase.

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You can use the 70-20-10 rule to budget out your salary.

  • 70% for monthly expenses

  • 20% for savings, unless you have pressing debt

  • 10% for investments, retirement,

so effectively you'll be saving 30%, about $420 per month. Making your own meals, bringing water bottle when eating out, can add up to huge savings! I'm not too sure how to go about with increasing income though.

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Michael

Level 2. Rookie

Answered on 14 Sep 2020

Do some budgetting, and make sure you stick to it all the way.

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Rais M

Rais M

Level 7. Grand Master

Answered on 06 Mar 2020

First, you should start tracking your expenses. Once you know how your expenses are, work out a budget. In this budget, please assign paying yourself (to another bank account) at least 10% of your income as your savings. You will first need to accumulate your emergency funds of 3 to 6 months of expenses. Perhaps at this point you should focus on accumulating your savings rather than going into investing. But if you do have $100 to spare, you can consider POSB Invest Saver.

As for side income, it could be challenging to find one if you have restrictions. Perhaps you can start off by selling things you don't need in Carousell. You will be surprised by how much money you can 'earn' out of it.

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Geraldo L.

Geraldo L.

Level 7. Grand Master

Answered on 06 Mar 2020

I would start off by tracking my expenses to know where my money is going. Once you have a clearer idea on how much you are spending each month and what are you spending on, then you can have a more objective POV of where to cut down to save your money from there.

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MT2020

MT2020

Level 7. Grand Master

Answered on 06 Mar 2020

Hmm, maybe you can consider taking up events job like IT show which happens every 3-4 months. But the best way to save the money would be to budget your money properly. Allocate your money between savings, expenses and investing properly and stick to them strictly.

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JY

Level 4. Prodigy

Updated on 21 Jan 2020

Budgeting! (Find ways to cut down on your expenses). Apart from that, you can consider do weekend part time jobs (can find in Facebook) for ushers & events. Though, once your diploma is over, do consider finding a new job for a higher pay.​​​

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First, we must have the will, then we can find the way. Just with any business, our own personal "profit" follows the same formula: Profit = revenue minus costs. so there's really two components that you need to work on: Increasing the amount you make; and reducing the money you spend.

I'm assuming you dont have much savings at the moment then i will focus on things that i can do in my spare time with my existing skills; just to earn some extra income. Since you're already a full-time admin, i'm assuming your weekday office hours are taken up. I would suggest looking for another admin job in the weekends - whether it's for tuition/enrichment centres. As you are studying for a diploma as well, it's going to be quite tough. But have faith, with the diploma completed, you will be able to command a higher pay.

For reducing your costs, some has suggested cooking and bringing food from home. I think this may take a lot of time away from actually working another job or from your own downtime (unless you like cooking). I would suggest just having a budget and going with it. There's a limit to how much you can reduce costs in Singapore.

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SX

Sora X

Level 2. Rookie

Answered on 19 Jan 2020

Not sure its a problem of expenses based on your pay, you can be eating grass and your savings won’t go anywhere because there’s a fixed cost of staying in SG.

You need to earn more, and if you don’t want to part time, nothing much to do until you get your diploma/degree and a better paying job (sales or programmer)

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Can consider industry related skills to upsell yourself as more technically capable to contribute for your current company. Then ask for pay adjustments (pay raise sounds a bit crude to ask).

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Good Samaritan

Good Samaritan

Level 4. Prodigy

Answered on 23 Mar 2019

Hey there!

1) Cut down your expenses and prepare home meals

2) Take on freelance work. You seem very fussy about pt jobs. Don’t understimate Grab deliver. They can earn more than $2k/mth. You may dislike it but simple as them can earn more than you!

3) Invest portion of your money. Returns will get in the future but definitely will benefit you

You cannot belittle jobs such as tution and driver jobs! Did you know Tution in Singapore is increasing because Singaporean parents are “FOMO”. It is a billion dollar demand!!! Imagine GRAB. More of the business owners nowadays are using delivery platforms to get more sales!

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I’d think it’ll be better for you to focus your non-work time on your dip rather than work more.

therefore you should try saving up instead. But what are you actually saving up for? Maybe first up is to save an emergency fund of 3-6months your income? Try this needs-wants method:

Needs: Work out how much you must spend each month, e.g. transport expenses, basic food costs, bills etc.

Wants: Then decide how much you want to let yourself spend on stuff like new clothes, shoes, gatherings etc. Once you’re adding up the amounts here you’ll likely realise how much money you can actually save if you spend less on things you don’t actually need.

Your savings would be the leftover amount when you deduct your needs and wants from your take home pay. Since you said you have no savings, it’s most likely that your wants are too high. Are there some stuff that you can spend less on? Maybe don’t shop so much? Or maybe your needs are too expensive? Are you Grabbing instead of taking public transport? Would a SIM-only phone plan be better for you than a usual conttract plan? If you’re smoking, would you consider quitting smoking?

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Yong Kah Hwee

Yong Kah Hwee

Level 8. Wizard

Updated on 07 Jun 2019

The most important thing for you now is to reduce your expenses. Record your expenses, and analyse them at the end of each month to see where you can cut.

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Charmaine Lim Xiaomei
Charmaine Lim Xiaomei

09 Nov 2018

TS might want to consider downloading the Seedly mobile app to help you with tracking your expenses and budgeting Iphone: https://get.seedly.sg/ios Android: https://get.seedly.sg/android
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Learn how to budget and save money first. If you earn abit more now but dont know how to budget and save, you will still have trouble saving. Side gigs wise im not too sure

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