How much savings do you have?

[Kit]

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]

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

 

[dreaming]

Rule of thumb. Save at least 20% of your salary

Does it include insurance premium, cpf contribution, ?

Actually what is the ideal lump Sum? 50k

 

[JohnJon82]

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]

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]

Rule of thumb. Save at least 20% of your salary

We all have figures. They all differ. It would be more interesting to know how well we can keep to these resolution.

 

[Kit]

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.....

 

[Halfmoon]

We all have figures. They all differ. It would be more interesting to know how well we can keep to these resolution.

It is not easy........

 

[kei1309]

let's see. right now i'm saving about 70% of my income

 

[Big Kahuna]

Left pocket in ...right pocket out....my mother aways joke my palm leak $.....

 

[kei1309]

Left pocket in ...right pocket out....my mother aways joke my palm leak $.....

is your palm always grasping around something?

that could explain the "leaking" part.

:bsmilie:

 

[Sion]

How much savings do you have?

$20 in my back pocket. :bsmilie:

 

[Bukitimah]

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]

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.......

 

[JohnJon82]

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]

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.

 

[kei1309]

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-]

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).

 

[ahboy168]

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 ...

 

[Halfmoon]

is your palm always grasping around something?

that could explain the "leaking" part.

:bsmilie:

I guess he must be grasping his 1DX too much....... :bsmilie: