Advice: Spend or invest?

[Pesantkie]

Hi, this is my first time working in my whole entire life.

I have calculated for this vacation (as I am a poly student), I will earn about $1.6k after deducting cpf and $1.7k if I include my food allowance saving.

Before working, I have decided to set aside $1.2k to invest in ES3 thru maybank kimeng monthly investment plan.

As this is my first time working and earning my own money, I feel like spending on my wants etc.

I am sure that I will be working during June, Sept and Dec Vacation (as long as I am able to find job or there is suitable job in the market).

Should I set aside $1.2k from that $1.6k im gg to earn or I should spend more on my wants?

Thanks for reading!

 

[fzhfzh]

Good idea to invest it. But I would advise that you invest it in stocks rather than a bank investment plan. As Warren Buffet said, you should take on more risks when you don't have much money, and diversify when you have more to lose.

 

[Darkzi0n]

invest.

if u asked this question before u decided to set aside 1.2k for investment, i would say do watever u wan with ur money. but since u alr decided, then stick with it... dont start making excuses like this is ur first time working etc to justify urself to stray from ur inital plan.

 

[Smallboy96]

Hi, this is my first time working in my whole entire life.

I have calculated for this vacation (as I am a poly student), I will earn about $1.6k after deducting cpf and $1.7k if I include my food allowance saving.

Before working, I have decided to set aside $1.2k to invest in ES3 thru maybank kimeng monthly investment plan.

As this is my first time working and earning my own money, I feel like spending on my wants etc.

I am sure that I will be working during June, Sept and Dec Vacation (as long as I am able to find job or there is suitable job in the market).

Should I set aside $1.2k from that $1.6k im gg to earn or I should spend more on my wants?

Thanks for reading!

I'm going to say spend it. It's your first pay. Get something for yourself. But remember to spend wisely. Still young, 1st pay dun so niao to yourself ah.

Other than that, since you're in poly. If you could find a job that is flexible enough to allow you to Work/Study. (E.g. after school or on weekends) You could portion and invest that money as well. (This is what I did).
-if need recommendation for job I can help you out in that area for my pt job just pm me if need. (rather flexible scheduling)

If you are doing the monthly investment in maybank, average 1mth easily 200-300 achievable through study/job.

 

[choco roll]

Spend 400 a month abit hard on urself ba. Go out have some fun..buy some things for urself. Maybe 600 to 700 expense. Rest just invest

Sent from Samsung SM-G920I using GAGT

 

[Shiny Things]

Hi, this is my first time working in my whole entire life.

I have calculated for this vacation (as I am a poly student), I will earn about $1.6k after deducting cpf and $1.7k if I include my food allowance saving.

Before working, I have decided to set aside $1.2k to invest in ES3 thru maybank kimeng monthly investment plan.

As this is my first time working and earning my own money, I feel like spending on my wants etc.

I am sure that I will be working during June, Sept and Dec Vacation (as long as I am able to find job or there is suitable job in the market).

Should I set aside $1.2k from that $1.6k im gg to earn or I should spend more on my wants?

Thanks for reading!

This is a totally personal decision—how aggressively do you want to save? or do you want to trade off future savings for current fun?—but I'd probably lean a little less toward saving and a little more toward spending. Saving 75% of your disposable income is a huge amount, it's almost masochistic.

 

[Pesantkie]

Good idea to invest it. But I would advise that you invest it in stocks rather than a bank investment plan. As Warren Buffet said, you should take on more risks when you don't have much money, and diversify when you have more to lose.

thank you! I am planning to invest in MayBank Kim Eng's monthly investment plan!

 

[Pesantkie]

invest.

if u asked this question before u decided to set aside 1.2k for investment, i would say do watever u wan with ur money. but since u alr decided, then stick with it... dont start making excuses like this is ur first time working etc to justify urself to stray from ur inital plan.

yeap before working I have decided to invest le, but then the investment amount can be obtained from other vacation's earning of this year. (that is if I am able to find jobs for the next few vacations)

 

[Pesantkie]

I'm going to say spend it. It's your first pay. Get something for yourself. But remember to spend wisely. Still young, 1st pay dun so niao to yourself ah.

Other than that, since you're in poly. If you could find a job that is flexible enough to allow you to Work/Study. (E.g. after school or on weekends) You could portion and invest that money as well. (This is what I did).
-if need recommendation for job I can help you out in that area for my pt job just pm me if need. (rather flexible scheduling)

If you are doing the monthly investment in maybank, average 1mth easily 200-300 achievable through study/job.

Thank you! I think I will spend more than $400 bahhh!

I do not intend to work part time during school term because my parents are still giving me allowance. Another reason being I would like to study hard and get good gpa and get into local uni.

Is it possible if I can pm you for some job recommendation if I am not able to find any jobs after looking for it? (for next few vacations)

 

[Pesantkie]

Spend 400 a month abit hard on urself ba. Go out have some fun..buy some things for urself. Maybe 600 to 700 expense. Rest just invest

Sent from Samsung SM-G920I using GAGT

thank you!! i think that is a great idea too! I still have other vacations and I can still earn some money during other vacation

 

[Pesantkie]

This is a totally personal decision—how aggressively do you want to save? or do you want to trade off future savings for current fun?—but I'd probably lean a little less toward saving and a little more toward spending. Saving 75% of your disposable income is a huge amount, it's almost masochistic.

Hi Shiny Things! I did read your thread and will read again when I am going to invest next year.

is it ok if I were to save 60% and spend 40%?

 

[planktonfull]

Hi Shiny Things! I did read your thread and will read again when I am going to invest next year.

is it ok if I were to save 60% and spend 40%?

As mentioned, proportion of savings and investment fund is up to personal needs. If you can get by comfortably while investing more than half of your income then by all means go ahead

 

[Perisher]

Suggest you start investing first, since investing works better the earlier you start.

 

[akwl88]

Power of delayed gratification!

http://singaporeanstocksinvestor.blogspot.sg/2015/10/delaying-gratification-and-getting.html

 

[unhinged_loon]

This is a totally personal decision—how aggressively do you want to save? or do you want to trade off future savings for current fun?—but I'd probably lean a little less toward saving and a little more toward spending. Saving 75% of your disposable income is a huge amount, it's almost masochistic.

Saving 75%, Giving to parents 12.5%, and spending 12.5% is doable if you earn a $4000+ salary*.






*I didn't say anything about having a social life.

 

[jacky5297]

Saving >50% of your take home pay is not that difficult, I would say stick to your original plan, then adjust to your comfortable % along the way...

 

[doody_]

If you're only earning 1.6k after CPF, why not spend a bit on yourself? Life is for living, not only for investing. The extra few hundred you invest now hardly makes a difference, but if you spend it on yourself you'll feel much better.

For example, if you saved extra 1k now and invested it for 30 years at 5% returns annually, after 30 years you would have 4.3k only. Hardly anything great in absolute terms given the 30 year time period.

 

[hwmook]

TS, my advise to you is use the money wisely. I would save up all these money and go for tours. Go out to see the world when you are still young. Don't worry about investment yet. When you are closer to 25 then start thinking about saving and investment for future.

 

[Darkzi0n]

From the way I understand his post, 1.6k is from his part time job during sch vacation. Meaning extra pocket money for a student. He is not a full time worker depending on this income for all his expenses.

I don't agree with the 'I will make up for it later' mentality. But not my money anyway.

 

[akwl88]

tiagong compounding interest is the 8th wonder of the world and cost of living only has one direction