How do u all save money?

[qhong61]

There is risk in 1,2,3 and 4. Controlling spending always work in good and bad times.

What if lost all our saving? Then eat what?

 

[pcmdan]

There is risk in 1,2,3 and 4. Controlling spending always work in good and bad times.

everything also got risks one..so earning is definitely better than saving.

u save the money no life to spend also no use mah..

so the best is still earn faster than u spend

 

[peterchan75]

What if lost all our saving? Then eat what?

You won't lost your saving if you put in bank. Your money is insured by government upto to 50K. If you keep your money in this then you might lost it during a fire.

 

[Alienwaree]

Prudential lor. 25 year one.

For online shopping I use shopback. Buy stuff online can get money back. Not sure if this is a way to save money since you have to spend first. www.shopback.sg/hwz

Sent from Samsung SM-N920I using GAGT

 

[akwl88]

cut off all the unncessary wants. save, invest and earn more

 

[QNH1013]

Just curious how the hwz member save money? For me I have POSB mysaving account and plus posb invest saver account. How about the rest ? Just want to learn how u guys grow ur money. Singapore saving bond not for me as I don't have large cash on hand hehehe

Like what some of the guys have said in the thread, do your best to earn more from your job when you are young.

Once you reach a point where the amount of effort required to earn more money is excessive (this is subjective to each individual. Some are willing to put in a lot more effort, while others may prefer less effort, but end up with a lower quality of life), then try cutting down on your variable expenses, then your fixed expenses.

Personally, I think I have reached the abovementioned point where its hard to increase my salary without putting in excessive effort. So what I do is:

Firstly, have a long term financial goal, and then calculate a monthly savings target (which then you invest as required. But that's a separate topic ).

From your take home pay, deduct your monthly fixed expenses, such as mortgage (only if you need to pay it out of your take home pay), utilities, telephone bill, etc. At this point, also see if you are overpaying for anything in your fixed expenses (such as telco services you don't require), and eliminate them

From what is left after deducting fixed expenses, deduct your monthly savings target. What is left (hopefully a positive value) is your budget for your variable expenses, such as dining out, petrol, holiday fund, etc. I use an app called expense manager to ensure that my variable expenses stay within my budget, so I always hit my savings target.

just my 2c worth

 

[qhong61]

Like what some of the guys have said in the thread, do your best to earn more from your job when you are young.

Once you reach a point where the amount of effort required to earn more money is excessive (this is subjective to each individual. Some are willing to put in a lot more effort, while others may prefer less effort, but end up with a lower quality of life), then try cutting down on your variable expenses, then your fixed expenses.

Personally, I think I have reached the abovementioned point where its hard to increase my salary without putting in excessive effort. So what I do is:

Firstly, have a long term financial goal, and then calculate a monthly savings target (which then you invest as required. But that's a separate topic ).

From your take home pay, deduct your monthly fixed expenses, such as mortgage (only if you need to pay it out of your take home pay), utilities, telephone bill, etc. At this point, also see if you are overpaying for anything in your fixed expenses (such as telco services you don't require), and eliminate them

From what is left after deducting fixed expenses, deduct your monthly savings target. What is left (hopefully a positive value) is your budget for your variable expenses, such as dining out, petrol, holiday fund, etc. I use an app called expense manager to ensure that my variable expenses stay within my budget, so I always hit my savings target.

just my 2c worth

Dont mind ur age?

 

[jackieatbtu]

My issue will be how much percentage should I put aside for each purpose? Retirement, expenses, savings etc? Can share yours?

 

[y2kbug]

Like what some of the guys have said in the thread, do your best to earn more from your job when you are young.

Once you reach a point where the amount of effort required to earn more money is excessive (this is subjective to each individual. Some are willing to put in a lot more effort, while others may prefer less effort, but end up with a lower quality of life), then try cutting down on your variable expenses, then your fixed expenses.

Personally, I think I have reached the abovementioned point where its hard to increase my salary without putting in excessive effort. So what I do is:

Firstly, have a long term financial goal, and then calculate a monthly savings target (which then you invest as required. But that's a separate topic ).

From your take home pay, deduct your monthly fixed expenses, such as mortgage (only if you need to pay it out of your take home pay), utilities, telephone bill, etc. At this point, also see if you are overpaying for anything in your fixed expenses (such as telco services you don't require), and eliminate them

From what is left after deducting fixed expenses, deduct your monthly savings target. What is left (hopefully a positive value) is your budget for your variable expenses, such as dining out, petrol, holiday fund, etc. I use an app called expense manager to ensure that my variable expenses stay within my budget, so I always hit my savings target.

just my 2c worth

Look like a good software. Just downloaded it. Thanks for sharing

 

[y2kbug]

You won't lost your saving if you put in bank. Your money is insured by government upto to 50K. If you keep your money in this then you might lost it during a fire.

Your bank interest so Low and inflation so high.

 

[arigatoast]

i think learnig how to earn is more impt than learning to save.

Save only can save that much but if u can earn faster than u spend...den no need worry liao haha

i think both are equally impt. Revenue - cost = Profit.
of Revenue = cost, den profit zero.
the most easy to control is your cost -- cut down on unneccesary expenses.
take lesser taxi, change telco plans etc....

For Revenue wise,
its quite difficult to earn faster than u spend.
cost of living is always going faster % than your annual increment.
and promotion don always happen every year.
and u cant possibly jump jobs every year.

like i order one homemade lemon tea in a hawker center... to my horror, it cost $1.50...... one canned drink cost $1.60. just 2 years back, how much nia? if u count in percentage.. thats quite a lot.
just to showcase an example..

 

[qhong61]

i think both are equally impt. Revenue - cost = Profit.
of Revenue = cost, den profit zero.
the most easy to control is your cost -- cut down on unneccesary expenses.
take lesser taxi, change telco plans etc....

For Revenue wise,
its quite difficult to earn faster than u spend.
cost of living is always going faster % than your annual increment.
and promotion don always happen every year.
and u cant possibly jump jobs every year.

like i order one homemade lemon tea in a hawker center... to my horror, it cost $1.50...... one canned drink cost $1.60. just 2 years back, how much nia? if u count in percentage.. thats quite a lot.
just to showcase an example..

Instead of buying barley and chrysanthemun drink from shops, boil ur own. Instead of buying red bean soup, green bean soup and sweet potatoes soup, cook ur own. And last for at least 2 days.

 

[limster]

like i order one homemade lemon tea in a hawker center... to my horror, it cost $1.50...... one canned drink cost $1.60. just 2 years back, how much nia? if u count in percentage.. thats quite a lot.
just to showcase an example..

I consider drinks discretionary items with higher profit margin. You can survive without them. Can also have a tea/coffee in your office or keep your own canned drinks in the office fridge.

Things like haircut, chicken rice, price relatively stable (not say no increase, but stable). Haircut by Singaporean barber for $8 in HDB shophouse (but I give $2 tip).

 

[Pandule]

Drink plain water. It's healthier also.

But I admit. In current hot weather. By the time you walk to a hawker centre you already perspiring Liao lol. Quite common to just ask for a canned drink.

I consider drinks discretionary items with higher profit margin. You can survive without them. Can also have a tea/coffee in your office or keep your own canned drinks in the office fridge.

Things like haircut, chicken rice, price relatively stable (not say no increase, but stable). Haircut by Singaporean barber for $8 in HDB shophouse (but I give $2 tip).

 

[peterchan75]

Use the 80/20 rule.

Focus on the 20% of effort that will affect 80% of savings. It's ok to look at the 80% of the effort once you are done with the 20%.

 

[Soul77]

quite true.. no point saving $1.xx on drinks when frequently eat dinner at restaurant..

 

[akwl88]

Drink plain water. It's healthier also.

But I admit. In current hot weather. By the time you walk to a hawker centre you already perspiring Liao lol. Quite common to just ask for a canned drink.

can bring water out with you

 

[starlight318]

I work out how much regular expenses i have per month and transfer this amount plus a little extra cushion to a spending account. Only withdraw money from this account and dont touch the salary credit account. Any ad hoc discretionary spending like holidays, gadgets, new handphones will come from another pool of money set aside after i receive bonus. This way, my savings are more predictable n easier to keep track. Also, less bonus wil mean i get to spend less on the non essential stuff. Of course this doesnt mean i hav to spend all my bonus.

 

[QNH1013]

Dont mind ur age?

Mid-late 20s

My issue will be how much percentage should I put aside for each purpose? Retirement, expenses, savings etc? Can share yours?

Really depends on your income, desired standard of living as well as financial goals.

Personally, on average I spend 20% on fixed expenses, 20% on my variable expenses, and save 60% of my take home pay per month.

Saving around a quarter of my monthly savings for big ticket items, and the rest are invested.

 

[qhong61]

Mid-late 20s



Really depends on your income, desired standard of living as well as financial goals.

Personally, on average I spend 20% on fixed expenses, 20% on my variable expenses, and save 60% of my take home pay per month.

Saving around a quarter of my monthly savings for big ticket items, and the rest are invested.

For ur age, u already know how to plan for ur future. Ur parents must have little worries.