How much savings do you have?

How much savings you with have? (Relative to your monthly income)


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Kit

Senior Member
Jan 19, 2002
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#1
Hi folks! Let's do this again.

We've been taught to save for a rainy day. However, how much are you saving a month? How much savings do you think you are comfortable with? To some, it has been a constant struggle to meet saving targets or were they being realistic to begin with? Let's talk..... :)
 

donut88

Senior Member
Nov 14, 2008
2,182
5
0
#2
Hi folks! Let's do this again.

We've been taught to save for a rainy day. However, how much are you saving a month? How much savings do you think you are comfortable with? To some, it has been a constant struggle to meet saving targets or were they being realistic to begin with? Let's talk..... :)
Rule of thumb. Save at least 20% of your salary
 

Mar 19, 2011
453
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16
Lavender
#4
Hi folks! Let's do this again.

We've been taught to save for a rainy day. However, how much are you saving a month? How much savings do you think you are comfortable with? To some, it has been a constant struggle to meet saving targets or were they being realistic to begin with? Let's talk..... :)
Saving in terms of cash in bank? Or other investments etc? About 40% including CPF contribution, bank have about 6 months pay for rainy day and ponding... Big flood coming soon?
 

TWmilkteaTW

Senior Member
May 30, 2011
2,251
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#5
Every month. As soon my salary come in. I put 30% of it into another account.
The rest ill use it for food, bills, transport, parents and etc etc and if possible after many months or end of year a good present for myself.
 

Kit

Senior Member
Jan 19, 2002
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#7
Saving in terms of cash in bank? Or other investments etc? About 40% including CPF contribution, bank have about 6 months pay for rainy day and ponding... Big flood coming soon?
I was thinking in the line of cold hard cash..... :)
 

Bukitimah

Senior Member
Nov 28, 2010
1,268
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Singapore
#13
This is interesting. One thing for sure. If you simply put aside $ in the bank, your saving will depreciate faster than inflation.

For investment, there are plenty but what is best? If you ask around, many will tell you property. I heard many telling people how much their HDB is now worth. Is that good for us?
 

ricohflex

Senior Member
Feb 24, 2005
3,353
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sing
#14
What savings?

Must prepare to queue up at Kim Yam Road temple for free charity lunch.




The most destructive silly notions that people have are:

"Invest" & "make your money work for you" & "don't let your money lie idle in the bank"

Conmen simply love to say the above to suckers. Conmen say to these suckers:
"Trust me" ..................................................................................................................................................................... (to rip you off)

Mai kay kiang. If you have LOTS of money lying idle in the bank, thank your lucky stars and don't try to be too smart.... like those pitiful people protesting at Hong Lim Park about Unit Trusts, Lehman Brothers minibonds, Some-Bank-high-notes.......
 

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Mar 19, 2011
453
0
16
Lavender
#15
This is interesting. One thing for sure. If you simply put aside $ in the bank, your saving will depreciate faster than inflation.

For investment, there are plenty but what is best? If you ask around, many will tell you property. I heard many telling people how much their HDB is now worth. Is that good for us?
No risk method to counter inflation is use it all, use it all now, no money left how to depreciate.
 

ManWearPants

Senior Member
Jul 14, 2008
4,198
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Singapore
#16
I heard many telling people how much their HDB is now worth. Is that good for us?
Only if you have fully serviced your loan and have another property to stay in. I have also heard of people who jumped after they sold their HDB to find that they fall well short, after paying off loan, interests and duties, to cover the new HDB purchases.
 

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kei1309

Senior Member
Apr 12, 2010
7,312
23
0
Earth
www.facebook.com
#17
What savings?

Must prepare to queue up at Kim Yam Road temple for free charity lunch.




The most destructive silly notions that people have are:

"Invest" & "make your money work for you" & "don't let your money lie idle in the bank"

Conmen simply love to say the above to suckers. Conmen say to these suckers:
"Trust me" ..................................................................................................................................................................... (to rip you off)

Mai kay kiang. If you have LOTS of money lying idle in the bank, thank your lucky stars and don't try to be too smart.... like those pitiful people protesting at Hong Lim Park about Unit Trusts, Lehman Brothers minibonds, Some-Bank-high-notes.......
it's not about NOT investing your money, or having a lot of savings. if you want to invest, invest wisely, and ensure that you have enough in your bank account to back you up.
 

edutilos-

Senior Member
Dec 28, 2010
6,032
17
38
The Universe
www.facebook.com
#18
What savings?

Must prepare to queue up at Kim Yam Road temple for free charity lunch.




The most destructive silly notions that people have are:

"Invest" & "make your money work for you" & "don't let your money lie idle in the bank"

Conmen simply love to say the above to suckers. Conmen say to these suckers:
"Trust me" ..................................................................................................................................................................... (to rip you off)

Mai kay kiang. If you have LOTS of money lying idle in the bank, thank your lucky stars and don't try to be too smart.... like those pitiful people protesting at Hong Lim Park about Unit Trusts, Lehman Brothers minibonds, Some-Bank-high-notes.......
There are good investments and bad investments, and there are always risks involved.

Nothing wrong with leaving your money leaving idle in the bank as FD, the returns are low, and the risks are low. Some people may view this as eroding away the value of your money because the interest rates aren't going to be beating inflation. That's your choice, as long as you acknowledge that your returns aren't great. Also, if you have an upcoming commitment you also can't risk losing even part of that money either, that's another reason to stay put.

At the same time, there is also nothing wrong with diversifying this, by taking the amount of money you can tolerate taking a slight or moderate loss on, do some homework to invest wisely. You won't be 100% on top of it, no one has perfect foresight but with your eyes open and expectations tamed, you probably won't end up in Hong Lim Park.

It has nothing to do with investing or not, it has everything to do with investing WISELY or not. Just because the whole fiasco happened doesn't mean that everyone should just sit on their money in the bank. That's silly advice imho. The lesson learnt from that experience was to take everything people tell you with a pinch of salt and do your own homework. The same goes for purchasing cameras, and the same goes here (albeit with much greater impact on your life if you don't heed it).
 

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ahboy168

New Member
Mar 30, 2009
980
0
0
East
#19
More like how many months you can afford not to work. My longest one is 1.5 years !
But now with 2 kids, there will be much much shorter ...
 

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