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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Asked by 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 Lee
Gabriel Lee
Level 6. Master
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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Npm Adele
Npm Adele
Level 3. Wonderkid
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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Brandan Chen
Brandan Chen, Financial Planner at Manulife Singapore
Level 6. Master
Answered on 09 Nov 2018

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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Lok Yang Teng
Lok Yang Teng
Level 6. Master
Answered on 09 Nov 2018

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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Good Samaritan
Good Samaritan
Level 2. Rookie
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 6. Master
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

Updated on 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

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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