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80% of young singaporeans have little to no savings

makapaaa

Alfrescian (Inf)
Asset
[h=1]80% OF YOUNG SINGAPOREANS HAVE LITTLE TO NO SAVINGS, ARE YOU ONE OF THEM?[/h]
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24 Oct 2014 - 1:16pm





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According to this link, 4 out of 5 Singaporeans have little to no savings at all! True?
Now, firstly I would not know if EnjoyCompare.com, which did the survey is accurate or not. 80% of Young Singaporeans is an appalling number.
Having no savings is nobody's fault but yourself. Be honest with yourself, do you make an effort to save but end up spending on the latest gadget, fashion apparel or clubbing?
Do refer to my previous blogpost on how to save if needed.
([url]http://teenageinvesting.blogspot.sg/2014/08/saving-during-your-growing-years.html)[/URL]
I constantly emphasise the fact that Singapore is getting increasingly expensive to survive in, and young Singaporeans should not be ignorant of this fact.
Indeed, social media has done an excellent job of posting things like "PRCs shitting outside MRT station" or "PRC allows child to urinate in plastic bag" and so on. These are not the things that Singaporeans should be concerned about. I'm not saying that we shouldn't be indignant that a foreigner is doing such absurd acts in their host countries but we should be more focused with ourselves and our lives.
Other than the fact that the PRC or the famous Anton Casey has made us feel insulted and angry they could and did not do any harm to our personal lives, am i correct? (Feel free to disagree)
However, if you suddenly lose your job today, and have no savings to fall back on until you find your next job, would that concern you and directly impacting your life?
All I'm trying to say is that we should be focused on the things that "Directly" impact us. Once we are done with that, then by all means focus on the things that "Indirectly" impact us.
What about teenagers like myself? 20% of you reading this blogpost may have already understood that fact and have taken the necessary arrangements to secure your financial future. Or at the very least we have exactly 6 months worth of "Emergency Funds" which i will talk about in my next blogpost.
The main thing of emergency funds is having exactly 6 months - 1 year of your allowance / salary as your back up fund should you run into a crisis *touch wood* but it's always better to be prepared.
Better Safe then Sorry.
The 80% of the people who read or do not read this, are however happily lost in their own world and caught up with their own lives to monitor Singapore's economy and the ever worrying rising costs of living. Or else they were already born to rich parents and have no cause for worry.
However, don't assume that because you're already in this situation there is"No Use In Doing Anything" because once you assume that mindset. It's Good Game for you.
Simple steps to secure your financial future is very easy.
1. "Start saving." Work on that Emergency Fund


2. "If you feel that your allowance or salary is too little, get a job."
If a 70 year uneducated old lady can save up to $400,000 in her lifetime, why can't you? In which way are you inferior?
(http://www.straitstimes.com/lifestyle/more-lifestyle-stories/story/400000-gone-day-20140629)
3. Earn side cash.
Because you're a Singaporean, there's always ways to make money if you truly put effort. We have the popular app Carousell don't we?
[Carousell will also be featured in the subsequent blogposts if possible :smile: Stay tuned.]
It is an excellent place to sell off pre-loved or new stuff and get some cash. Of course if you wish to blow your money on great deals, it's your choice too. But limit your spending!


4. PAY OFF ALL YOUR DEBTS ASAP.
It's crucial. The interest on your debts can ruin any saving measures you have already set into place. University loans, bank loans, money you loaned from a friend, whatever. Just pay if off!
5. Start planning for your future.



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How much do you intend to save for your wedding, your house, your retirement? It's never too early to start planning. Have a plan.
As the saying goes, if you fail to plan, you plan to fail. Keep that in mind.
6. Set your short term goals.
Simple things like, I intend to save up 1k! Don't laugh, I've seen friends who have $2 left in their accounts. When you achieve your short term goals, you will feel motivated to set other goals and it will become a habit.
7. Monitor your expenditures.
No matter how much you save, if your expenditure exceeds your budget you will have NO savings. That's definite.
8. Invest, Invest, Invest.
Don't invest blindly. Read books, ask an adult that knows about it. Heck, ask your accounting teacher if you must. Just invest. Savings will slowly lose its value as inflation increases. $50k now and $50k in the future will not have the same value. $1 now and $1 during your primary school days is different isn't it?
It won't be easy. But it's doable. Step by step. Dream big! Start small. But most of all, START.

Teenage Investor
*The writer blogs at http://teenageinvesting.blogspot.com/
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
By the time I was 21, I had already saved $15,000. I started giving private tuition to primary school kids when I was 15 and continued through university.
 

shittypore

Alfrescian
Loyal
By the time I was 21, I had already saved $15,000. I started giving private tuition to primary school kids when I was 15 and continued through university.

Kopi with milk 10cents and prata with eggs 20cents. Bus ride Changi Point to Capitol 20cents.
I remembered I had 20k in POSB when Policeman were in short pants.
 

frenchbriefs

Alfrescian (Inf)
Asset
so little money can migrate?

yes it can let me live on 50 aud a day for 20 years or 75 aud a day for 13 years.

quite comfortable.....or i can use the 370k to generate passive income......5% a year,about 18.5k a year or 50 aud a day,and maybe work part time at mcdonalds...20 hours a week......thats another additional 320 aud a week or 50 a day......so total 100 aud a day.100 aud a day i can live like a king in melbourne.
 
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frenchbriefs

Alfrescian (Inf)
Asset
Might as well not live. No need to pay bills? Mobile phone? ultilities? clothes? Live in desert like Aborigigine issit?

i backpacked to australia twice....stay in hostel or rent a cheap apartment.....rental about 30 aud a day,including utilities....clothes buy from target,laundry go to laundromat,mobile 3g internet i get prepaid 25 bucks for 4gig plus free calls,food budget $20 aud a day,sometimes eat restaurant,others just eat cheap chinese food or vegetarian indian or get some fish and chips......or buy cheap groceries from woolsworth or coles....transport just fucking walk or take the tram or whatever....also i can go to the casino in melbourne,play some poker and maybe make some money.....life is good in australia.
 

xebay11

Alfrescian
Loyal
i backpacked to australia twice....stay in hostel or rent a cheap apartment.....rental about 30 aud a day,including utilities....clothes buy from target,laundry go to laundromat,mobile 3g internet i get prepaid 25 bucks for 4gig plus free calls,food budget $20 aud a day,sometimes eat restaurant,others just eat cheap chinese food or vegetarian indian or get some fish and chips......or buy cheap groceries from woolsworth or coles....transport just fucking walk or take the tram or whatever....also i can go to the casino in melbourne,play some poker and maybe make some money.....life is good in australia.

That is backpacking, you don't have bills and a home. If you want to live as a backpacker your whole life you might as well stay in Singapore and live in District Tent.
 

SgGoneWrong

Alfrescian (Inf)
Asset
i backpacked to australia twice....stay in hostel or rent a cheap apartment.....rental about 30 aud a day,including utilities....clothes buy from target,laundry go to laundromat,mobile 3g internet i get prepaid 25 bucks for 4gig plus free calls,food budget $20 aud a day,sometimes eat restaurant,others just eat cheap chinese food or vegetarian indian or get some fish and chips......or buy cheap groceries from woolsworth or coles....transport just fucking walk or take the tram or whatever....also i can go to the casino in melbourne,play some poker and maybe make some money.....life is good in australia.

Are u krafty?
 

frenchbriefs

Alfrescian (Inf)
Asset
That is backpacking, you don't have bills and a home. If you want to live as a backpacker your whole life you might as well stay in Singapore and live in District Tent.

australia is about the backpacking experience,its about the freedom and adventure,there is so many things to do and see in australia everyday is like an adventure,in australia everyone is chill,laid back and friendly,ang moh is so good at partying and having fun its unbelivable,u have the feeling that life is like a never ending goodtime in australia,no need to face all the black and stressed out and sullen sinkie faces everyday and face these chao ah tiongs and pinoys and shitskins....althought theres alot of tiongs in australia now......well australia still rocks......also the culture and nature in aussieland is unbelivable........also the food and cafe and bistros.....ang mohs are culturally refined.....they take their books and coffee and french pastries very seriously....music is everywhere on the streets....alot of baskers.

oh yeah the weather also doesnt piss u off and make ur life a living hell.

one big difference between singapore and australia,in singapore many people are struggling to survive and scrape by,wearing their raggedy clothes,eating their cai png at hawker center,taking bus mrt to work,living in their tiny filthy pigeon hole in their ghetto hdb,ang mohs live in beautiful houses in the most beautiful victorian era neighbourhood next to the most beautiful nature park u can imagine,their parks are no joke something out of a fairy tale disney pixar movie like motherfucking bucking ham palace type of nature.....australia everybody is living the fucking good life,except for the homeless.
 
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Leongsam

High Order Twit / Low SES subject
Admin
Asset
Kopi with milk 10cents and prata with eggs 20cents. Bus ride Changi Point to Capitol 20cents.
I remembered I had 20k in POSB when Policeman were in short pants.

Yes but earnings from private tuition were a lot less too. I was being paid $30 to $60 per month for 3 hours a week of tuition

Nowadays $30 is the hourly rate for private tuition so 3 hours a week would be $90 per week x 4 = $270 per month per student.

Besides savings isn't about the price of stuff or how much one earns. It's all about how much is saved. In varsity giving private tuition was used by many to earn money in order to party. Whatever was earned during the week was spent at Barbarella or the Kasbar over the weekends. Many tutors didn't save a cent.

Savings is a habit and it needs to be learned early in life.
 

xebay11

Alfrescian
Loyal
australia is about the backpacking experience,its about the freedom and adventure,there is so many things to do and see in australia everyday is like an adventure,in australia everyone is chill,laid back and friendly,ang moh is so good at partying and having fun its unbelivable,u have the feeling that life is like a never ending goodtime in australia,no need to face all the black and stressed out and sullen sinkie faces everyday and face these chao ah tiongs and pinoys and shitskins....althought theres alot of tiongs in australia now......well australia still rocks......also the culture and nature in aussieland is unbelivable........also the food and cafe and bistros.....ang mohs are culturally refined.....they take their books and coffee and french pastries very seriously....music is everywhere on the streets....alot of baskers.

oh yeah the weather also doesnt piss u off and make ur life a living hell.

one big difference between singapore and australia,in singapore many people are struggling to survive and scrape by,wearing their raggedy clothes,eating their cai png at hawker center,taking bus mrt to work,living in their tiny filthy pigeon hole in their ghetto hdb,ang mohs live in beautiful houses in the most beautiful victorian era neighbourhood next to the most beautiful nature park u can imagine,their parks are no joke something out of a fairy tale disney pixar movie like motherfucking bucking ham palace type of nature.....australia everybody is living the fucking good life,except for the homeless.

Yep my daughter is actually born Aussie citizen and I have owned property there and been a PR. Next time can go back.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Yep my daughter is actually born Aussie citizen and I have owned property there and been a PR. Next time can go back.

Why would you want to go to such a crap place? Singapore is so much better.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
I'll vote for the party that will make a huge dome covering all over Singapore and put this tropical island in air-conditioning. Bloody weather.

Australian weather is far worse. I should know I had to put up with 45℃ summers on a regular basis.
 

JackyCheung

Alfrescian
Loyal
i tried to save some money every month end. but after deducting out my car loan, entertainment expenses and parents allowance.there is no much money left.
how to save? all thanks to garment, make everything so expensive!
:oIo::kma:
 
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