View Poll Results: How much should a early to mid-thirties have in his/her bank?

Voters
74. You may not vote on this poll
  • S$20,000 to S$35,000

    14 18.92%
  • S$35,001 to S$50,000

    8 10.81%
  • S$50,001 to S$70,000

    12 16.22%
  • S$70,001 to S$100,000

    7 9.46%
  • S$100,001 to S$150,000

    5 6.76%
  • S$150,001 and above

    28 37.84%
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Thread: How much money you have saved?

  1. #61
    Member
    Join Date
    Aug 2004
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    Singapore
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    156

    Default Re: How much money you have saved?

    Quote Originally Posted by Paul_Yeo View Post
    I am $1000 poorer in 2008 after getting iPhone
    Don't get it and you are $1000 richer.

  2. #62

    Default Re: How much money you have saved?

    CS many rich pple ..
    no options for me to poll .. lolz

  3. #63

    Default Re: How much money you have saved?

    Quote Originally Posted by redstorm View Post
    How to save 20K a year at such a young age? Assuming that you are earning $2k, which is considered not bad for someone in his early 20 and just entering the job market, u need to save about $1.6k in order to achieve the targeted 20K, leaving you with only $400 which is definitely not enough for monthly expenses. No way!
    why not? i have saved $1900 every month for the past 1 year.
    my monthly expense including food, bus, mrt, hp, internet, vcd bills total $300 max.
    i have no credit card = meaning no credit card bills
    my house utility bills = $100 per month for 4 people living in the house and my father pays for it, so thats not part of my bill. even if one day he decides to make me pay for it, its only $100 which will not detract me from my $$$$ saving plan.
    i have no car = no other bills
    i have no wife nor kids = no other bills.
    i travel once every 2 years and the money comes from the year end bonus, so there's no issue with spending on travel.
    i have already bought all the clothes, watch, bags, sandals, towels and other apparel that i need an they will last for the next 5 years (theoretical maximum).
    my track shoes are free from SAF.
    i have already finalised my DSLR gear and will only buy the EF100-400L after getting this year's year end bonus. digital compact cameras if i want one, i can simply pick up a good used copy for just $200 if i hunt a little. after all at that level, the image quality is more or less the same.
    i have an IBM laptop that will last for the next 5 years at least. my harddisks and thumbdrives still have space to store stuff, so no need to upgrade. my altec lansing speakers will last for a very long time. my mp3 player is still going strong. practically i dont have to buy any toys anymore.
    even if i have nothing to do, i still have a pile of books on my shelf that i havent read that i can always read for intellectual nourishment for the next few years. biology, quantum mechanics, biochemistry, genetics, differential equations, physics, chemistry.
    all i need to do now is to report to work and save the money everymonth.

    trust me it can be done.

  4. #64

    Default Re: How much money you have saved?

    Quote Originally Posted by scanner View Post
    Assuming he/she spend $1000 on food, transport and etc,
    $1000 is too much. with discipline, it can br cut down to $400 at most. or $300 even better.

  5. #65

    Default Re: How much money you have saved?

    Quote Originally Posted by user111 View Post
    $1000 is too much. with discipline, it can br cut down to $400 at most. or $300 even better.
    Some folks out there need to give their parents allowance/contribute to the family...

  6. #66
    Member
    Join Date
    Oct 2002
    Location
    Hougang
    Posts
    456

    Default Re: How much money you have saved?

    Quote Originally Posted by user111 View Post
    why not? i have saved $1900 every month for the past 1 year.
    my monthly expense including food, bus, mrt, hp, internet, vcd bills total $300 max.
    i have no credit card = meaning no credit card bills
    my house utility bills = $100 per month for 4 people living in the house and my father pays for it, so thats not part of my bill. even if one day he decides to make me pay for it, its only $100 which will not detract me from my $$$$ saving plan.
    i have no car = no other bills
    i have no wife nor kids = no other bills.
    i travel once every 2 years and the money comes from the year end bonus, so there's no issue with spending on travel.
    i have already bought all the clothes, watch, bags, sandals, towels and other apparel that i need an they will last for the next 5 years (theoretical maximum).
    my track shoes are free from SAF.
    i have already finalised my DSLR gear and will only buy the EF100-400L after getting this year's year end bonus. digital compact cameras if i want one, i can simply pick up a good used copy for just $200 if i hunt a little. after all at that level, the image quality is more or less the same.
    i have an IBM laptop that will last for the next 5 years at least. my harddisks and thumbdrives still have space to store stuff, so no need to upgrade. my altec lansing speakers will last for a very long time. my mp3 player is still going strong. practically i dont have to buy any toys anymore.
    even if i have nothing to do, i still have a pile of books on my shelf that i havent read that i can always read for intellectual nourishment for the next few years. biology, quantum mechanics, biochemistry, genetics, differential equations, physics, chemistry.
    all i need to do now is to report to work and save the money everymonth.

    trust me it can be done.
    I think it's an exception rather than the norm. Not every young man earn that much and even if they do, I don't think many can save that much as they have other commitments like giving to parents, contributing to household expenses, car, hobbies, etc.

  7. #67
    Member
    Join Date
    Dec 2005
    Location
    Singapore
    Posts
    130

    Default Re: How much money you have saved?

    Quote Originally Posted by user111 View Post
    why not? i have saved $1900 every month for the past 1 year.
    my monthly expense including food, bus, mrt, hp, internet, vcd bills total $300 max.
    i have no credit card = meaning no credit card bills
    my house utility bills = $100 per month for 4 people living in the house and my father pays for it, so thats not part of my bill. even if one day he decides to make me pay for it, its only $100 which will not detract me from my $$$$ saving plan.
    i have no car = no other bills
    i have no wife nor kids = no other bills.
    i travel once every 2 years and the money comes from the year end bonus, so there's no issue with spending on travel.
    i have already bought all the clothes, watch, bags, sandals, towels and other apparel that i need an they will last for the next 5 years (theoretical maximum).
    my track shoes are free from SAF.
    i have already finalised my DSLR gear and will only buy the EF100-400L after getting this year's year end bonus. digital compact cameras if i want one, i can simply pick up a good used copy for just $200 if i hunt a little. after all at that level, the image quality is more or less the same.
    i have an IBM laptop that will last for the next 5 years at least. my harddisks and thumbdrives still have space to store stuff, so no need to upgrade. my altec lansing speakers will last for a very long time. my mp3 player is still going strong. practically i dont have to buy any toys anymore.
    even if i have nothing to do, i still have a pile of books on my shelf that i havent read that i can always read for intellectual nourishment for the next few years. biology, quantum mechanics, biochemistry, genetics, differential equations, physics, chemistry.
    all i need to do now is to report to work and save the money everymonth.

    trust me it can be done.
    Good to start saving at an early age....

    Only 4 more things you missed that I can think of, if you're interested....

    i) Taxes.....gotta pay them.
    ii) Get a sound LONG TERM investment plan. No gambling on the stock market, please!
    iii) Purchase Hospitalization & Surgical insurance. Can get a decent one via CPF approved plans from NTUC or AVIVA at very good rates (even with riders that cover the excess).
    iv) Do remember to give yourself a treat every now and then. There's a difference between being careful with your money and being downright parsimonious. Can't take it with you.....


    Bernard

  8. #68

    Default Re: How much money you have saved?

    how come your poll doesnt have the $00,000 - $00,050 option..

    like ta very hard for me to poll leh

  9. #69

    Default Re: How much money you have saved?

    Quote Originally Posted by bartman View Post
    Don't get it and you are $1000 richer.

    Actually, if he don't spend and keep it 10yrs at 3%pa compounded in savings, that's $1343.92 on the 10th year.

    Now if he had bought stocks/unit trusts, ......

  10. #70

    Default Re: How much money you have saved?

    Poll results doesn't follow a gaussian distribution or bell curve. In a way it shows the divide among the rich and poor

  11. #71

    Default Re: How much money you have saved?

    Long term investments are a must, with proper diversification and allocation.

    For taxes, plan your annual taxable income well and from what I gathered, you shouldn't have to pay any unless it's over 40K.

  12. #72

    Default Re: How much money you have saved?

    Yup health insurance is one of the expense one should not miss. One major sickness/surgery may suck up all your savings...

    Quote Originally Posted by bernardy4416 View Post
    Good to start saving at an early age....

    Only 4 more things you missed that I can think of, if you're interested....

    i) Taxes.....gotta pay them.
    ii) Get a sound LONG TERM investment plan. No gambling on the stock market, please!
    iii) Purchase Hospitalization & Surgical insurance. Can get a decent one via CPF approved plans from NTUC or AVIVA at very good rates (even with riders that cover the excess).
    iv) Do remember to give yourself a treat every now and then. There's a difference between being careful with your money and being downright parsimonious. Can't take it with you.....


    Bernard
    "He is no fool who gives up what he cannot keep to gain what he cannot lose."- Jim Elliot

  13. #73

    Default Re: How much money you have saved?

    Quote Originally Posted by user111 View Post
    why not? i have saved $1900 every month for the past 1 year.
    my monthly expense including food, bus, mrt, hp, internet, vcd bills total $300 max.
    .....
    trust me it can be done.
    wah... nobody says it cannot be done...
    hmmm $300 max per month... very interested to see how to achieve...
    that means an average of $10 per day...

    let says, only the few items you mentioned...
    1) how much u spend for transport per day. (bus, mrt?)
    2) how much u spend for your food...
    3) how much is your hp per month.
    4) how much is your internet access per month..
    5) vcd bills? let say that is your only entertainment that need to fork out money (beside taking photos with your DSLR)

  14. #74
    Senior Member
    Join Date
    Sep 2005
    Location
    Raffles Place
    Posts
    1,808

    Default Re: How much money you have saved?

    saving hard alone is not safe anymore in today's context.

    one need to know how to generate wealth by investments and upgrading personal worth in the job market.

    u can save as much as u could but u can never beat inflation.


  15. #75

    Default Re: How much money you have saved?

    not all jobs pay 2.8k for fresh grad. some 1.6k-2.2k for fresh degree, 1.3-1.5 for diploma...


    $300? u really can save! for me,
    $160-$200 on bus every month ($3 everyday i take bus to work)
    $200-$300 on food (assume every meal is $2, 3 meals a day; usually it's $4-5) (hmm, did u dig from dustbin or always go for free food???)
    $50 internet
    $20+ hp
    $8.33 home phone
    total = $438.33 - $600
    Last edited by quekky; 17th January 2007 at 11:28 PM.

  16. #76

    Default Re: How much money you have saved?

    Quote Originally Posted by quekky View Post
    not all jobs pay 2.8k for fresh grad. some 1.6k-2.2k for fresh degree, 1.3-1.5 for diploma...
    Agreed not all fresh grads are paid 2.8k.
    As mentioned it depends on industry.

    However, with improvement in job markets, achieving >2.8K for a IT graduate with about 1 year of experience is not difficult at all.

  17. #77

    Default Re: How much money you have saved?

    to date, i 'saved' abt -100K+ ah longs looking for me everywhere.....
    "ashes to ashes; funk to funky..we know major_tom's a junkie
    strung out on heaven's high....."

  18. #78

    Default Re: How much money you have saved?

    sometime is the more you earn, the more you spend.
    i don't have saving for myself after paying for housing loan, utiltities, insurance, all kind of fees and remaining money is used to speed up the housing loan. hope to be debt free by 45 and then have to save for my 3 kids education.

  19. #79
    Senior Member
    Join Date
    Feb 2004
    Location
    Sengkang
    Posts
    2,156

    Default Re: How much money you have saved?

    Quote Originally Posted by quekky View Post
    not all jobs pay 2.8k for fresh grad. some 1.6k-2.2k for fresh degree, 1.3-1.5 for diploma...


    $300? u really can save! for me,
    $160-$200 on bus every month ($3 everyday i take bus to work)
    $200-$300 on food (assume every meal is $2, 3 meals a day; usually it's $4-5) (hmm, did u dig from dustbin or always go for free food???)
    $50 internet
    $20+ hp
    $8.33 home phone
    total = $438.33 - $600
    i guess if live with parents, the money spent on food wwill be lesser as only 1 meal is eaten outside.

  20. #80
    Senior Member
    Join Date
    Feb 2004
    Location
    Sengkang
    Posts
    2,156

    Default Re: How much money you have saved?

    Quote Originally Posted by scanner View Post
    Agreed not all fresh grads are paid 2.8k.
    As mentioned it depends on industry.

    However, with improvement in job markets, achieving >2.8K for a IT graduate with about 1 year of experience is not difficult at all.
    agreed. bcos some fresh grad (eg law, medical) are paid more than 2.8K

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