Asked by Anonymous
Updated 2w ago
Since you are self-employed, your saving may be different & the way you handle will be much different too Especially if you cash flows comes in big amount.
What I can suggest is,
List down what is your monthly expenses then multiply by how many mths (this is for how long that your big amount is expected to last you)
Set aside emergency fund 6 to 12 times of your monthly expenses. (some trades, only receieve pay maybe after few months, therefore your emergency fund will be more than the usual scenarios)
Set a min target of saving (fixed amount) and the rest will be additional.
How to set a fixed amount: find your average income per month & use that as a guideline to allocate a % to save up. Usually saving is 20 to 50%. this amount includes for investment/retirement etc.
After identify it then you may start doing investment like the rest of community. Hope this helps you to understand how you may be able to handle. :)
I'm 26 years old and I save around $4,000 a month and I strictly set aside $600 for own spend. I'm building up the first pool of money before divesting into more investments - currently hold some stocks as well for dividends.
Looking to purchase my own private property and thus that explains the amount of savings I'm doing.
I am taking home slightly more than 2.5k each month, I save slightly more than 1.5k a month. Can probably save more however i do not have the habit of tracking my expenses - which i figured out I should start now as it really makes a difference from what i see.
28 this year.
Have been working part time on and off.
Curently just started full time job.
When payrolls come in.
I wont touch anything.
Basically just save the entire amount.
When your wallet empty already just go ATM withdraw. $50
Spend only what you need.
Saving and insurance: $400
When I was 26, I take home around 3,000 every month, I saved 2,000.
I save about 30% of my income and do this via permitted automated transfer of fund from my savings account into the other account. Under POSB, i use MySavings Account. Currently I also have Multiplier Account. I think there are other savings plan offered by banks or insurance agencies which work the same way but you'll have to practise caution before signing up just in case you end up with an endowment plan.
I save 1k and that's the first thing that comes out of my paycheck. I then ensure that my other expenses fit what remains. That 1k goes toward my emergency fund. If however I am saving up for a trip or some other one-off large expense, I will usually add anywhere from 200-500 per month of savings. (I am actually over the 20-30yo age range by a few years but thought I'd give my input anyway lol)
I usually go by how much can I save after deduct my necessary expense. So end up I will save around 1k to 2k after deduc everything.
I started off setting aside at least 50% of my salary from the time I got my first paycheck and it is possible once you determine the kind of lifestyle you need and it's relating budget. It works for me - my aim was to hit six figure savings by 25, and also to buy freehold property by that age. I missed by target for property buying by one year (i was 26 then).
Bottom line is - it always helps to have a monthly goal!
P.S. I started from 18, don't come from a privileged background, and paid for my university education in full as I did not want to take on debt.
Spend carefully & save the rest in your case. Your good months will make up for the bad months.
Saving around $800 a month as a NSF with side income.
I know its weird but instead of thinking of how much to save each month, I think about how much I really need to spend, the rest are saved
I save around 50% of the take-home salary.
I aim to save 50 percent after deducting CPF. Most of the time it is possible especially if I reduce all burdens like gym membership fees and business newspaper subscriptions which I don't read (straits times and google news is enough)
I'm 27 currently, self-employed too cos I'm in financial planning.
For myself, I set aside 10% of my income for insurance, and save about 30 - 40% as my commitments such as Wedding, House, honeymoon is coming up in the next 2 to 3 years. I split my savings/investments by liquidity and risk. Non-liquid and high risk is mainly got long term retirement planning, while liquid and low/mid risk are for my upcoming commitments.
I would recommend most of my clients to set aside 20% of their income as savings/investments, and only to start building investments after they have amassed at least 6 months of income in their bank account in case of any rainy weather.
At 20 to 30, we can afford to take more risk as time is on our side, but do set aside some for short term commitments.
I’ll like to take the approach of setting an amount I like to reach by the end of the year then setting aside a consistent amount monthly so I can hit that target. This way it gives you more flexibility monthly while not deviating away from your goals. I’m currently saving at about 1.2k monthly
26 this year.
1000 to SSB
500 to roboadvisor
200 to sg etf
800 to parents
save the rest after remaining expenses
Just exceed your age range but gonna reply nonetheless. my personal saving is 1k to joint account directly for all family related expenses (i'm married but it works for pre-wedding purchases and prep as well) and then i try to save another 500 personally as best as i can.
I save 30% every month automatically via standing instructions to transfer from my salary crediting account to my savings account :)