Working for close to 2 years

[quirkyhill]

Really happy to see so many youngsters so conscious about savings and investment.
Wasn't like that when I was young(er).

I will recommend reading this blog mrmoneymoustache - search for it, will be worth your while. Made me realize why savings rate is much more important than earning rate when it comes to your financial freedom.

actually i guess there's self selection bias... those who heck care about savings wouldn't be surfing this forum...

 

[ikilledbarbie]

actually i guess there's self selection bias... those who heck care about savings wouldn't be surfing this forum...

hahahaha yes thats very true

 

[djchris]

Amazed that young working adults these days have strong awareness about the need to save. I wish I was like you guys when I was young.

Now I am saving around 70% of my monthly salary.

 

[ahbear82]

I saw alot of you guys saving more than 70%, is this percentage base on your salary or take home pay (after deducting cpf)

for me i save about 30% of my pay (after deduct CPF).

How much you save also depends on how many weekends u need to "survive" before your next pay day. Normally you guys spend how much on a weekend (sat n sun) ?

I also have a habit of saving $1 coin and i have stop using $1 coins since i started work and all of these $1 coin i gather from change get dump into my superhero coin banks, lol. Trust me, you will feel a sense of achievement after seeing your coin bank gets heavier n heavier over the months.

 

[ikilledbarbie]

I saw alot of you guys saving more than 70%, is this percentage base on your salary or take home pay (after deducting cpf)

for me i save about 30% of my pay (after deduct CPF).

How much you save also depends on how many weekends u need to "survive" before your next pay day. Normally you guys spend how much on a weekend (sat n sun) ?

I also have a habit of saving $1 coin and i have stop using $1 coins since i started work and all of these $1 coin i gather from change get dump into my superhero coin banks, lol. Trust me, you will feel a sense of achievement after seeing your coin bank gets heavier n heavier over the months.

hahaha maybe now need to upgrade to $2 notes!!

 

[ikilledbarbie]

i save and invest into low risk, high return investments opportunities

what wld those opps be?

 

[djchris]

I saw alot of you guys saving more than 70%, is this percentage base on your salary or take home pay (after deducting cpf)

for me i save about 30% of my pay (after deduct CPF).

How much you save also depends on how many weekends u need to "survive" before your next pay day. Normally you guys spend how much on a weekend (sat n sun) ?

I also have a habit of saving $1 coin and i have stop using $1 coins since i started work and all of these $1 coin i gather from change get dump into my superhero coin banks, lol. Trust me, you will feel a sense of achievement after seeing your coin bank gets heavier n heavier over the months.

70% from my take-home pay (means after deducting CPF). I think it's boils down to individual habits. For me, it's food. I focus on reducing the number of times I dine in restaurants. That helps me to save quite a bit of money. Weekends, just try to do more healthy recreational activities like hiking, swimming, etc. instead of shopping or high-teas, etc.

I also cycle to work and pack lunch from home. So there are a few days in a week where I literally spend $0.

I feel that for a start, tracking expenses and setting budgets are very important to help you set a good habit of not splurging on unnecessary things.

 

[wahkao3]

what wld those opps be?

good stocks on the stock market!

 

[neolaw]

I did some maths.

I could only save 50-60% of my pay. Expenses (esp the rent) is so much

 

[djchris]

I did some maths.

I could only save 50-60% of my pay. Expenses (esp the rent) is so much

Still pretty amazing. MMM saved 50% for 7 years and retired early.

 

[Perisher]

Worked Full-time since Sep 2012.

10 days gap in changing job in 2013.

60 days gap in changing job in 2014.

Paid for wedding. No debt. No HDB/Condo/Property

Cash ... ~60k in saving account. 10k in SRS. Do your maths.

Male. Going to be 31 shortly.

Don't be sad yo... Invest smartly and you will see result within a few years assuming the bear don't come.

I only invested for 3 years and started from 10k... I also save at least 50% of my pay and has since gone way past 10k. My salary is low low one. Sure you can do better.

 

[ikilledbarbie]

70% from my take-home pay (means after deducting CPF). I think it's boils down to individual habits. For me, it's food. I focus on reducing the number of times I dine in restaurants. That helps me to save quite a bit of money. Weekends, just try to do more healthy recreational activities like hiking, swimming, etc. instead of shopping or high-teas, etc.

I also cycle to work and pack lunch from home. So there are a few days in a week where I literally spend $0.

I feel that for a start, tracking expenses and setting budgets are very important to help you set a good habit of not splurging on unnecessary things.

Wah you're really spend thrift hahah jiayou!!

 

[djchris]

Thank you.

I'm sure we all can do it too.

 

[havetheveryfun]

I will recommend reading this blog mrmoneymoustache - search for it, will be worth your while. Made me realize why savings rate is much more important than earning rate when it comes to your financial freedom.

I think both earning rate and savings rate are important.

Because lets say you only earn 1.5k a month, you cant really save much at all after CPF deduction. But if you earn 3-5k a month, then that is a different story. So both are equally important I feel

 

[djchris]

I think both earning rate and savings rate are important.

Because lets say you only earn 1.5k a month, you cant really save much at all after CPF deduction. But if you earn 3-5k a month, then that is a different story. So both are equally important I feel

I feel that saving rate is much more important because you need the discipline to keep it high and spend less when your earning rate increases.

If you work hard and have a proper career plan, your earning rate will only go up.

 

[Dividends Warrior]

I think both earning rate and savings rate are important.

IMO, it is like a pyramid.

Earning rate is the base/foundation

Savings rate is the middle portion

and to complete the pyramid

Investing rate is at the top.

 

[starfish.starfish]

I feel that saving rate is much more important because you need the discipline to keep it high and spend less when your earning rate increases.

If you work hard and have a proper career plan, your earning rate will only go up.

My sentiments exactly. I think I can control how much I spend (save) easier than how much I can earn (too many factors that will affect this).

 

[ikilledbarbie]

IMO, it is like a pyramid.

Earning rate is the base/foundation

Savings rate is the middle portion

and to complete the pyramid

Investing rate is at the top.

That's a good way of putting it..
Investing will maximize your returns
But it's really a bit hard to understand for newbs

 

[starfish.starfish]

IMO, it is like a pyramid.

Earning rate is the base/foundation

Savings rate is the middle portion

and to complete the pyramid

Investing rate is at the top.

For me, savings rate is the base, earning rate in the middle while yes, investment rate at the top.

 

[starfish.starfish]

I did some maths.

I could only save 50-60% of my pay. Expenses (esp the rent) is so much

That's a really good starting point! With time and experience am sure your earning rate will increase. If you don't increase your spending, that will drive up your savings rate. Most importantly, don't just put money in the bank, inflation will cause savings to depreciate.