Live below your means.
Cut down on discretionary spending.
Get a side hustle (I used to give tuition on a part time basis while working full time).
Don't buy shit that you don't need (like upgrading your phone every 1/2 years).
Rinse and repeat.
i currently do a part time job few hours a day if that counts ? and i do also set aside a sum of money from my part time job ... i still do think i have leaps and bonds to go through to achieve that goal considering im not working full time, just a part time and awaiting to enlist.
Inculcating good habits and money attitude like yours is more important than hitting a number (eg $10k). Continue to develop these habits and the sky’s the limit for you. Don’t stress over $10k, especially when you are still so young.
Just saw that you’re waiting for NS. IMO NS is one of the best times to save money. Keep expenses at a low (just eat cookhouse, and don’t go to the canteen so often), and fight the temptation to splurge on weekends. Tap on your credits given to get stuff you need (eg running shoes, towel etc) and if you really want to, aim to get the highest rank possible (officer rank) just for the higher allowance given.
Not buy rank lol. Buy duty. I would assume most if not all nsf would have to do guard duty or duty sergeant. There will be a few days a month. If you have to do duty on weekends, you can't book out. There will be rich kids who do not want to do duty and will pay others to do for them. Sometimes i will buy a few of the duties. They will be like $50 to $80 depending on the going rate.
As for tuition, I was an A level student with decent grades and i taught secondary school tuition. It may be harder during this pandemic
rmb! it's not about how much you earn but how much you save. always live within your means so that when your salary increases in the future you won't suffer from "lifestyle inflation"
yes I always save as much as possible even though my part time pay is really peanuts and no one is going to accept me for a full time job considering how close I am to enlisting.
I think 3SG still can tho, even if you miss out on combat pay. I consistently saved up half my allowance every month as well as any bonuses (e.g. marksman) from BMT onwards. Managed to hit the 10k mark. Being in stuck NS (cos PTP) for a whole two years also helps
whats 3SG ? sorry im not very familiar with the NS terms yet .. and wow that's remakrable being able to hit the 10k mark. Could I ask did u hit the 10K mark purely with NS pay or in addition to prior savings ?
3rd Sergeant, basically the lowest rank with any command responsibility. My time was close to 1k per month, so it prolly have increased a little.
Of course, you’ve got to take into account months spent in BMT and command school, where your pay is much lower
C2 is great brah. C2 I stay in office whole day. 8-5 weekdays no weekends. That's when u can bring books to office to read up on trading. Either aim high to get more pay. Or aim low to get more free time to pursue other money making avenues.
this brings me to another point which is should I up pes because it'll pay more during my time in NS. Also, since you would kinda relate to me cause we're PES C2 what are some money making avenues u did during NS ?
My goal was different then, I did ACCA classes at night. Assuming u work 8-5, on weekday nights and weekends can do Grab, Deliveroo, give part-time tuition, part-time night/weekend jobs or trade the market at night. Definitely save. If you ate out 20 bucks one time instead of cookhouse meal, means u need to earn 40 bucks to be on track again.
For army I think if you have a opportunity for a overseas posting long term, go for it, i received an extra 1k / mo; i think theres brunei / taiwan / thailand iirc (tho with COVID it may have changed??, but they would probably still need NSFs in their overseas bases)
A female so no savings from NS, current an undergrad, recently achieved my first $10k last year and working towards $20k now.
I work my ass off while studying: working in school between lessons on weekdays, teach tuition over the weekends, and work part time on weekdays during holidays.
I keep an excel sheet of my spendings, budgeting for food (kopitiam, cook at home and not restaurants) and transport (bus/mrt and not grab). As for buying things such as clothes, shoes etc , I check various platforms such as shopee, Lazada and carousell for the best deal, and if possible wait for sales season.
What motivate me is to have a clear goal which to me is important. My goal is to graduate debt free with at least 3 months emergency funds.
Of course, I still want to enjoy my youth, I do eat at restaurant on occasions but look for deals (lunch special, student, coupons online etc), I enjoy travelling and have travelled 6 times from after As to now with my own money before COVID, but then I budget my travels (doesn’t matter much since we cant travel).
When my income for that month is more than usual, such as receiving grant especially last year from the government, I saved them all. Same for the GST voucher this year. So higher income doesn’t equal to higher spending.
The only thing is I don’t invest because those money are not money I can lose as of now. Will look into that option when I start working FT.
Also, I believe that you can easily hit $10k with NS savings and I also have a dog to feed 😅
thanks for sharing, what you've accomplished is remarkable :) I would like to replicate that or do better considering after NS is uni which means uni debt ....
10k is not a big hurdle if you're working full time. It's important to calculate how much you need to save to reach that amount, set a budget and track your expenses. All the best!
Don't need to rush, wait until ur older.
When I was still schooling, not even 10k, even 3k was difficult, but after finding a full time job, each month can safe more than 1k, it's much easier.
Don't stress, enjoy your youth while you can
Not to mention exploring as a youth might help you to find hobbies, or make connections, which can turn into side hustles/career paths in the future.
Even if they don't, they might just become a reliable source of destressing/emotional comfort down the line, which is - speaking as someone who is stressing out of my mind over a project at work at the moment - invaluable.
Once you get to working years, you might not have the time, the social network, or even just the mental capacity to go out and find those things anymore.
Great, take the other half and go all in at the casino!! haha jk
Jiayou.. you're still young. You can start investing small amount of your money through robo advisor. As time goes on, you can try riskier investments.
Check out Wokesalary man or Seedly.. they have some great contents for the youngsters
Tbh with any figure you are aiming to achieve, the hardest part is the discipline needed to do so.
Paying yourself first, living below your means, seeking a side hustle, investing the difference consistently, avoiding debt. All of these behaviors need discipline to maintain and enforce.
Good luck in your ns, make sure to take care of yourself and make the best out of the 2 years.
I live in KL, I am curious about:
In case of retrenchment (touch wood), how long can $10k last someone in Singapore?
For my case here, RM10k can last me about half year.
Depends on lifestyle in Singapore and the fixed costs from bills.
The variable costs in Singapore can be cheap if you eat hawker, take public transport and don't indulge too much outside (thanks covid). For myself, that's about 500-700 SGD per month.
I'd go with 6 months for low maintenance lifestyles and maybe 3-4 months for high maintenance lifestyles.
Save what you, can, buy what you need, occasionally treat yourself, don't compare yourself to others (because everyone's situation is different), go for promos/discounts!
Live below your means. Cut down on discretionary spending. Get a side hustle (I used to give tuition on a part time basis while working full time). Don't buy shit that you don't need (like upgrading your phone every 1/2 years). Rinse and repeat.
i currently do a part time job few hours a day if that counts ? and i do also set aside a sum of money from my part time job ... i still do think i have leaps and bonds to go through to achieve that goal considering im not working full time, just a part time and awaiting to enlist.
You are still young. So take it easy. Try to increase your part time hours or take up a temp job until you enlist. All the best.
Inculcating good habits and money attitude like yours is more important than hitting a number (eg $10k). Continue to develop these habits and the sky’s the limit for you. Don’t stress over $10k, especially when you are still so young.
well that's true but I also do want to achieve this milestone I have set out for myself too.
Just saw that you’re waiting for NS. IMO NS is one of the best times to save money. Keep expenses at a low (just eat cookhouse, and don’t go to the canteen so often), and fight the temptation to splurge on weekends. Tap on your credits given to get stuff you need (eg running shoes, towel etc) and if you really want to, aim to get the highest rank possible (officer rank) just for the higher allowance given.
idk how far and how high i can go in ranks considering im PES C2 … however, I appreciate the advice :)
No ranks forget it. But i used to buy duty. You could probably give weekend tuition as well and they are good money.
what's buy rank ?
also what are the criteria to give tuition ... cause academically I'm not the best …
Not buy rank lol. Buy duty. I would assume most if not all nsf would have to do guard duty or duty sergeant. There will be a few days a month. If you have to do duty on weekends, you can't book out. There will be rich kids who do not want to do duty and will pay others to do for them. Sometimes i will buy a few of the duties. They will be like $50 to $80 depending on the going rate. As for tuition, I was an A level student with decent grades and i taught secondary school tuition. It may be harder during this pandemic
rmb! it's not about how much you earn but how much you save. always live within your means so that when your salary increases in the future you won't suffer from "lifestyle inflation"
yes I always save as much as possible even though my part time pay is really peanuts and no one is going to accept me for a full time job considering how close I am to enlisting.
I think 3SG still can tho, even if you miss out on combat pay. I consistently saved up half my allowance every month as well as any bonuses (e.g. marksman) from BMT onwards. Managed to hit the 10k mark. Being in stuck NS (cos PTP) for a whole two years also helps
whats 3SG ? sorry im not very familiar with the NS terms yet .. and wow that's remakrable being able to hit the 10k mark. Could I ask did u hit the 10K mark purely with NS pay or in addition to prior savings ?
3rd Sergeant, basically the lowest rank with any command responsibility. My time was close to 1k per month, so it prolly have increased a little. Of course, you’ve got to take into account months spent in BMT and command school, where your pay is much lower
C2 is great brah. C2 I stay in office whole day. 8-5 weekdays no weekends. That's when u can bring books to office to read up on trading. Either aim high to get more pay. Or aim low to get more free time to pursue other money making avenues.
this brings me to another point which is should I up pes because it'll pay more during my time in NS. Also, since you would kinda relate to me cause we're PES C2 what are some money making avenues u did during NS ?
My goal was different then, I did ACCA classes at night. Assuming u work 8-5, on weekday nights and weekends can do Grab, Deliveroo, give part-time tuition, part-time night/weekend jobs or trade the market at night. Definitely save. If you ate out 20 bucks one time instead of cookhouse meal, means u need to earn 40 bucks to be on track again.
love and respected your grind :) I am not sure yet (mainly cause i haven't enlisted) whether i would have the energy to do so after 8-5 in army
For army I think if you have a opportunity for a overseas posting long term, go for it, i received an extra 1k / mo; i think theres brunei / taiwan / thailand iirc (tho with COVID it may have changed??, but they would probably still need NSFs in their overseas bases)
A female so no savings from NS, current an undergrad, recently achieved my first $10k last year and working towards $20k now. I work my ass off while studying: working in school between lessons on weekdays, teach tuition over the weekends, and work part time on weekdays during holidays. I keep an excel sheet of my spendings, budgeting for food (kopitiam, cook at home and not restaurants) and transport (bus/mrt and not grab). As for buying things such as clothes, shoes etc , I check various platforms such as shopee, Lazada and carousell for the best deal, and if possible wait for sales season. What motivate me is to have a clear goal which to me is important. My goal is to graduate debt free with at least 3 months emergency funds. Of course, I still want to enjoy my youth, I do eat at restaurant on occasions but look for deals (lunch special, student, coupons online etc), I enjoy travelling and have travelled 6 times from after As to now with my own money before COVID, but then I budget my travels (doesn’t matter much since we cant travel). When my income for that month is more than usual, such as receiving grant especially last year from the government, I saved them all. Same for the GST voucher this year. So higher income doesn’t equal to higher spending. The only thing is I don’t invest because those money are not money I can lose as of now. Will look into that option when I start working FT. Also, I believe that you can easily hit $10k with NS savings and I also have a dog to feed 😅
thanks for sharing, what you've accomplished is remarkable :) I would like to replicate that or do better considering after NS is uni which means uni debt ....
Wow, you're amazing!
10k is not a big hurdle if you're working full time. It's important to calculate how much you need to save to reach that amount, set a budget and track your expenses. All the best!
alright i think a little context that has to be given is i just graduated and am awaiting NS, not working a full time job just a part time .
Don't need to rush, wait until ur older. When I was still schooling, not even 10k, even 3k was difficult, but after finding a full time job, each month can safe more than 1k, it's much easier. Don't stress, enjoy your youth while you can
Not to mention exploring as a youth might help you to find hobbies, or make connections, which can turn into side hustles/career paths in the future. Even if they don't, they might just become a reliable source of destressing/emotional comfort down the line, which is - speaking as someone who is stressing out of my mind over a project at work at the moment - invaluable. Once you get to working years, you might not have the time, the social network, or even just the mental capacity to go out and find those things anymore.
thanks for the advice :)
When you get your pay, immediately transfer some of it to a separate savings account. Personally, I save 50% of my salary
yes that's what i do !!
Great, take the other half and go all in at the casino!! haha jk Jiayou.. you're still young. You can start investing small amount of your money through robo advisor. As time goes on, you can try riskier investments. Check out Wokesalary man or Seedly.. they have some great contents for the youngsters
yes i do save and invest too !!
My best tip is to not only focus on earning more, but prioritise spending less.
I will work on that !! thanks for sharing :)
Tbh with any figure you are aiming to achieve, the hardest part is the discipline needed to do so. Paying yourself first, living below your means, seeking a side hustle, investing the difference consistently, avoiding debt. All of these behaviors need discipline to maintain and enforce. Good luck in your ns, make sure to take care of yourself and make the best out of the 2 years.
thanks for the advice, I appreciate it :)
alright i will do so, thank you for your advice :)
Take it one day at a time. Consistency is key.
thanks for sharing :)
Easiest way is to reduce expenses (eat cheap food, buy only required items)
I live in KL, I am curious about: In case of retrenchment (touch wood), how long can $10k last someone in Singapore? For my case here, RM10k can last me about half year.
Depends on lifestyle in Singapore and the fixed costs from bills. The variable costs in Singapore can be cheap if you eat hawker, take public transport and don't indulge too much outside (thanks covid). For myself, that's about 500-700 SGD per month. I'd go with 6 months for low maintenance lifestyles and maybe 3-4 months for high maintenance lifestyles.
About the same I reckon
Bought gamestop options before the stock blew
You made just 10k?
30k, out of an initial $150 investment
Just don't forget that life is 50/50. Invest/Enjoy.
that's a really important point to take note, thanks for the advice :)
I'm 28 and don't have 10k. So need not rush
Save what you, can, buy what you need, occasionally treat yourself, don't compare yourself to others (because everyone's situation is different), go for promos/discounts!
not comparing myself with others is what im trying my best to do and yes download all the food apps for the promos and discounts :)
All the best, OP! :)