Fresh Grad Savings

[aamaterasu]

Hi guys,

Can someone provide any advice on how to handle my financials?

Lets say my earnings are 3.5k/mnth
20%=>parents
20%=>cpf
40%=>savings
I would be left with around $750 per month for transport food etcetc. Is that reasonable?

Also with the savings what should I do with it?
How much should I pay for insurance and is it wise for me to open a separate bank account for the savings (to ensure I wont anyhow spend money)?

Would appreciate any past mistakes or experiences as a young professional!!!

 

[Darkzi0n]

yes 750 is possible. personally, my expenses add up to ard that amount.
create a spread sheet to keep track of ur weekly expenses to understand ur spending habit.

insurance wise, im spending $46.42 per month. 250k term life, healthshield, 100k ECI and 100k CI.

n i dun believe in separate bank acc. if u have no discipline, it dosent matter wat u do. if u have discipline, u dont need it. jus concentrate ur savings in one high interest account such as boc smartsaver.

 

[Daniel.Y]

yes 750 is possible. personally, my expenses add up to ard that amount.
create a spread sheet to keep track of ur weekly expenses to understand ur spending habit.

insurance wise, im spending $46.42 per month. 250k term life, healthshield, 100k ECI and 100k CI.

n i dun believe in separate bank acc. if u have no discipline, it dosent matter wat u do. if u have discipline, u dont need it. jus concentrate ur savings in one high interest account such as boc smartsaver.

Are you able to list down which are the exact plans from each insurer for this? Quite amazing for me personally to find one that has all these components all in together.

To TS, a better estimate would be to use your take home pay(after CPF) to do your calculations since you know exactly what amount hits your bank account every month.

 

[vince123123]

I agree that a separate bank account is not needed.

 

[choco roll]

Fresh grad 3.5k. See liao damn gian haha

Sent from Samsung SM-G920I using GAGT

 

[Layers]

Fresh grad 3.5k. See liao damn gian haha

Sent from Samsung SM-G920I using GAGT

I worked 2 yrs not even 3k.....fml....tong ren bu tong ming

Base expenses I need 500. But when u add in phone bill and Internet bill insurance 800+. That is the Base. Stuff like supplements and activities also add up. And of cos give to parents.

All in all I need 1200 a mnth.

pray that things dont spoil too no wedding dinner to go to. Less friend outing.

Sent from Sony E6853 using GAGT

 

[intime]

Hi guys,

Can someone provide any advice on how to handle my financials?

Lets say my earnings are 3.5k/mnth
20%=>parents
20%=>cpf
40%=>savings
I would be left with around $750 per month for transport food etcetc. Is that reasonable?

Also with the savings what should I do with it?
How much should I pay for insurance and is it wise for me to open a separate bank account for the savings (to ensure I wont anyhow spend money)?

Would appreciate any past mistakes or experiences as a young professional!!!

I feel that 20% to parents can be cut by 10%.
You can slowly increase it over the years back to 20% or further, as your parents grew more dependent on you.

 

[wahkao3]

need to invest some ba